De Beers is gearing up to stockpile additional unsold diamonds following its latest Sight in Gaborone, Botswana, according to a report on IDEX Online.
Anticipating ongoing sluggish rough diamond prices, the company is poised to allocate sightholders smaller quantities than usual, leading to a buildup of inventory.
CEO Al Cook is quoted by Bloomberg as saying: “We build up stocks of those because we are confident that over time the diamond price will increase and we will be able to sell that supply into the growing demand that we believe will come.
November sales (Cycle 9) plummeted to a mere $80 million, marking the lowest figure since sight totals were first reported in 2016. The current Sight, which concluded on December 8, is not expected to yield a significant improvement.
