De Beers to Allow 75-percent Deferrals at Upcoming Sight

Rapaport reported that De Beers has told sightholders that they may defer up to 75 percent of their allocated rough diamond supply at the upcoming August sight. The move comes on the back of weak market conditions in the diamond space.
Lynette Gould, head of media relations at De Beers, said:

We put a note on the sightholder extranet yesterday to say that we’ve looked at how our sales approach for the remainder of the current intention to offer (ITO) period can provide sightholders with maximum flexibility and support through this difficult period.
We recognize that it’s a challenging period for our customers and this provides them with a lot of extra flexibility during this time. We’re looking to provide a platform for better industry prospects through the substantial additional flexibility outlined above, coupled with the continuing support we will provide during the rest of the year.

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