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De Beers to stockpile more rough

De Beers is preparing to stockpile more unsold diamonds after this week's sight in Gaborone.

It is expected to offer sightholders smaller allocations than usual, with rough prices showing no sign as yet of picking up, and to hold onto more stock as a result.

"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," CEO Al Cook told a briefing in Gaborone,

November sales (cycle 9) crashed to just $80m, the lowest figure since it started reporting sight totals in 2016.

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