The De Beers Group of Companies started the 2015–18 Global Sightholder Sales (GSS) contracts on 31 March. The qualification process is updated by increasing third party confidence in GSS customers’ corporate transparency and financial robustness, according to the company. The new contract period includes 84 sightholders and two Accredited Buyers, a newly added category.
Under the new contracts, customers have to provide group accounts in line with International Financial Reporting Standards (IFRS) consolidation standards, while achieving unqualified audit sign-off from a GSS-approved auditor on their financial data.
While sightholders qualify for term contract supply (provided via the ‘Intention to Offer’ or ITO), Accredited Buyers have the opportunity to purchase rough diamonds on a more ad hoc basis which sightholders can also purchase.
Philippe Mellier, CEO of De Beers Group, said: “The diamond industry is approaching a period of great opportunity and businesses need to be strategically well-positioned if they are to make the most of it. The approach to the new GSS contracts will support customers in this area by helping to identify them as bankable and resilient businesses. We believe that this can deliver real advantages in an increasingly competitive landscape.”
The updated GSS customer list will be published for the first sight of the 2015-18 supply agreement which will take place from 4 to 8 may 2015.
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