De Beers Extends Sightholder Contract by Six Months

De Beers will extend the terms of its current sightholder agreement through June 30, 2026, amid uncertainty in the diamond industry, a company spokesperson told Rapaport News on Friday.

“Our focus is on the long-term success of the diamond industry, and we recognize that it continues to be a challenging environment for midstream businesses, particularly in light of the fast-evolving situation with US tariffs,” a De Beers spokesperson said. “As such, we have taken the decision to extend the current sightholder supply agreement period by six months in order to provide additional near-term stability and continuity for our sightholder customers.”

The contract governs De Beers’ rough sales to customers through its sight system. The company offers most of its goods at 10 sights per year in Gaborone, Botswana, with sightholders committing to buying specific quantities of rough in return for consistent supply.

The pause will also push back De Beers’ stated plan to reduce its sightholder numbers from the current 69.

Sightholder will receive “extension letters” during the fourth quarter of this year, De Beers said in a note to sightholders on Friday, which Rapaport News has seen.

“Due to the uncertain, volatile external environment, we believe it’s prudent to take additional time to understand the broader implications for the industry before introducing a new supply agreement,” the letter continued.

The decision also comes amid efforts by the Botswana and Angola governments to acquire stakes in De Beers — though the miner’s letter to customers only cited “external” conditions as the reason for the extension.

Image: A sightholder examining a rough diamond. (De Beers)