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De Beers 2015 - 2018 GSS contracts to focus on transparency and financial robustness
Aims to increase third party confidence in GSS customers
By: Diamond World News Service
Apr 3 2015 11:31AM
Reference: 11339  

De Beers initiated its Global Sightholder Sales (GSS) contracts for the 2015-2018 period on March 31st, 2015, with the key aspect of the updated qualification process aimed at increasing third party confidence in GSS customers’ corporate transparency and financial robustness.

To achieve this the company has outlined that customers are to provide group accounts in line with International Financial Reporting Standards (IFRS) consolidation standards, customers are required to achieve unqualified audit sign-off from a GSS-approved auditor on their financial data and that their businesses maintain a maximum debt to equity ratio.

The Contracts will entail two types GSS customers: Sightholders and Accredited Buyers. ‘Sightholders qualify for term contract supply (provided via the ‘Intention to Offer’ or ‘ITO’ planning process), which indicates the nature and value of rough diamonds De Beers anticipates being able to offer Sightholders across the forthcoming 12 month selling period; Accredited Buyers have the opportunity to purchase rough diamonds on a more ad hoc basis via ‘ex-plan’ availability, which Sightholders can also purchase. The 2015-2016 selling period will commence with 84 Sightholders and two Accredited Buyers,’ the company noted.

The company also noted that it is committed to delivering sustainable beneficiation in the countries of its diamond producing partners. Over the course of the contract period De Beers will continue to support domestic beneficiation sectors in these countries by selling economically cuttable rough diamonds in-country. Adding further value to diamonds in-country, through this approach helps drive job creation, skills development and economic diversification.

“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,” said Philippe Mellier, CEO of De Beers Group. “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.”

Paul Rowley, Executive Vice President of Global Sightholder Sales, commented: “We are delighted to start the new GSS 2015 – 2018 supply agreement. We feel we already have a compelling product and service offering, but when this is combined with the flexibility and simplicity of the distribution approach in the new supply agreement – in which customers have the potential to increase their share of our availability by demonstrating their demand for the different types of rough we sell – Sightholders and Accredited Buyers will be even better positioned for success in the short, medium and long term.”

The Company announced that the updated GSS customer list will be published for the first Sight of the 2015 – 2018 supply agreement (which will take place from 4th May – 8thMay 2015). Those diamond companies that do not qualify as customers in the first annual ITO selling period of the 2015 – 2018 GSS supply agreement, De Beers assured, “will have the opportunity to qualify as an Accredited Buyer at any point over the contract period, once they have met the compliance requirements”. It added that “There will also continue to be an annual opportunity for applicants to qualify as Sightholders if they meet the compliance requirements and demonstrate sufficient demand for De Beers’ primary source rough diamonds over the prior reference period”.

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