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De Beers reduces value of rough allocations

De Beers informed customers of their allocations ahead of the December sight, which takes place this week in Botswana, the sources said Monday on condition of anonymity.

De Beers reviews the allotments every year, basing its decisions on clients’ past buying records as well as expected availability of production. Sightholders tell De Beers how much rough they will require during the coming 12 months, with the miner subsequently informing them how much they will likely receive — known as De Beers’ “intention to offer,” or ITO.

The sources estimated drops in overall allocations ranging from 10% to 20% in value terms compared with 2023. As De Beers expresses the amounts in dollars, the changes reflect this year’s fall in rough prices as well as likely decreases next year, they explained.

The cuts focus on the international sight — rough that customers can manufacture anywhere in the world, most commonly in India — while goods earmarked for polishing in Botswana and Namibia have seen less of a reduction, sources added.

“As prices are projected to go down, ITOs generally have fallen,” said one source. “De Beers will say that they ITOed conservatively.”

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