Diamond processors queue up to De Beers for guaranteed supply of roughs

Indian diamond processors are reportedly participating aggressively in the De Beers’ sightholders contract registration to ensure supply of rough diamonds till 2018, reports say.

De Beers had called for registration from diamond processors for the period between 2015 and 2018 during August 25-29. The number of participants had increased 15-20 per cent compared to the registration three years ago. India accounted for more than half the 83 sightholders nominated by De Beers for 2012-15. Of the remaining, the most were Indian diamond processing groups in Antwerp (Belgium), South Africa, China and Hong Kong, the reports say.

Rough diamond purchases through sightholders is the cheapest compared to other means of procurement, including participating in open auctions and direct procurement from miners such as ALROSA of Russia. A sightholder is a company on the Diamond Trading Company (DTC)’s list of authorised bulk purchasers of rough diamonds. DTC is controlled by the Botswana-based De Beers, the world’s largest diamond miner, which accounts for about 40 per cent of global supplies of rough diamonds, report adds.