Changes in Diamond Allocations
THUNDER BAY – MINING – De Beers Canada operates the Victor Diamond Mine in Northern Ontario near Attawapiskat. The company has put forward plans toward expanding the mine starting last January with environmental assessments.
De Beers is also announcing the loosening of the market for diamond sales.
The De Beers Group of Companies have announced an updated model for the allocation of rough diamonds by Global Sightholder Sales (GSS) in respect of the March 2015 – March 2018 contractual period.
Around 90% of De Beers’ total rough diamond availability by value is sold through GSS.
The updated allocations model will involve a new method for determining GSS’s rough diamond customer-base, with a simplified, compliance and demand-based customer qualification process being introduced. It will also adopt a more flexible sales approach through which non-Sightholder diamond businesses will have opportunities to purchase rough diamonds from GSS.
Registrations of interest in applying for GSS rough diamond supply for the new contractual period will be open from 25th August to 29th August 2014.
Interested diamond businesses can learn more about the new arrangements at www.debeerssightholder.com/newcontractinfo.
Philippe Mellier, CEO, De Beers Group, said: “The Sightholder system has been at the heart of our selling model for decades and it will continue to be central to our approach in the new contract period.
“However, the changes we are introducing will provide greater flexibility in purchasing opportunities at De Beers. They will enable those expressing strong demand for the rough diamonds we sell to purchase them on a term contract basis as Sightholders, while also offering more opportunities for non-Sightholder diamond businesses to demonstrate their demand for De Beers rough diamonds. The more rigorous financial and existing ethical compliance requirements will also help to reinforce third party confidence in the strength and transparency of Global Sightholder Sales’ customer-base”.
