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De Beers relaxes purchasing rules

The world’s largest diamond mining company, the De Beers Group, has relaxed purchasing rules for sightholders in a move to address accumulating inventories.

De Beers has written to customers permitting them to delay purchasing parts of their allocations of two-carat stones and larger for the remainder of the year.

“The allowance is 25 per cent by value for some boxes and 50 per cent for others, and applies to sights eight to 10 — which will take place in September, October and December,” writes Joshua Freedman.

“The new concession is unusual because it allows buyers to push off purchases to a new ITO (intention-to-offer) period. De Beers did not specify when the final deadline would be in early 2024, the sources said.

Sightholders must purchase at least 65 per cent of non-deferred goods, with failure to do so considered a refusal. De Beers does not usually allow sightholders to defer more than one box per category of rough each six months.

SOURCE-Rapaport News,

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