De Beers to Allow 100 Percent Deferrals at Sight in November

Rapaport reported that De Beers plans to allow sightholders to defer their entire November allocations to December. Diamond prices are currently under pressure, and sightholders at De Beers’ October sight reportedly refused about half of their allocated supply.
As quoted in the market news:

“Further to discussions with several of you following recent cutting center visits, we are writing to provide an overview of some of the additional flexibility we will be putting in place for sights 9 and 10,” the company said in a note to sightholders obtained by Rapaport News. “We understand that many businesses’ short-term demand requirements may well have seen some significant changes, so we are looking to find the best ways to be flexible in meeting your needs.”
Diamond manufacturers have significantly reduced their rough diamond intake and factory output in 2015 as polished sales declined largely due to a slowdown in China.

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