De Beers has extended its traditional sightholders’ three-year contracts for an extra 12 months, citing the need for flexibility amid global uncertainties, IDEX Online reports.
The existing sightholder contracts, which determine allocations of rough, were supposed to run until the end of 2023 and have now been extended to run until the end of 2024. In January 2021, De Beers reduced the number of sight holders to around 70.
A spokesman for the company commented: “Sightholder contracts have been extended by 12 months until 31 December 2024. The extension has been put in place in recognition of the uncertain external environment resulting from the global geopolitical situation and associated macroeconomic headwinds. As we have in the past, we’re simply looking to be flexible to support our customers during periods of uncertainty.”
