De Beers has cancelled its August sight and rescheduled sale dates of the remaining sights for the rest of the year, as the oversupply in the global diamond industry persists.
De Beers reported sales for the fifth sales cycle of this year were $315 million and the sales figures of its sixth sales cycle in July have not been announced. The group has ditched sight by sight reports in favour of quarterly reports.
The miner has combined its August and October sights into one sight that will take place during 23-27 September, according to the note to its sightholders. Previously, sight 7 was scheduled for 26 to 30 August, while sight 8 was due to take place from 7 to 11 October.
Sight 9 will occur from 4 to 8 November, having previously been set for 11 to 15 November. Sight 10 will take place from 2 to 6 December, instead of 9 to 13 December as planned.
In a statement, De Beers said: "We are rescheduling sight dates for the remainder of the year to support sightholder businesses in navigating industry trading conditions, as well as to avoid timing issues with a UN Conference set to take place in Botswana in mid-December.
"Following engagement with sightholders, we believe this revised scheduling will better support their evolving business needs as we head towards the end of year season." (Photo courtesy: De Beers)
14-08-2024
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