De Beers will resume its rough diamond sales events this week, marking the first such sale since September of last year, IDEX Online reports. The UK-based mining giant had halted its online auctions, which constitute all non-Sightholder sales, during its 9th and 10th sales cycles due to a global decline in demand. The initial rough diamond sales events of 2024 are scheduled for January 16-18.
The resumption of these sales will see a shift in approach, with a majority of the goods being channeled through a new platform called Offer. Offer will function more like a tender than a traditional auction. Al Cook, De Beers’ CEO, previously said that the suspension of auctions was aimed at restoring balance between wholesale supply and demand.
In other De Beers related news, Debswana (a 50:50 joint venture between De Beers and the Botswana government) has greenlit a $1 billion investment to facilitate underground mining at Jwaneng, its largest deposit. Construction will begin in May. Jwaneng is anticipated to conclude its open-pit operations by 2032, but the introduction of underground mining holds the potential to extend its operational lifespan to 2050 or beyond.
Presently, De Beers manages the sale of 75% of Debswana’s production. However, following a recent agreement in June, the state-owned Okavango Diamond Company (ODC) is set for a gradual rise in its share, increasing from the existing 25% to 50% over the next decade.
