De Beers Cancels August Sight, Combines with October Sale

De Beers has called off its August sight and rescheduled sale dates for later in the year as the diamond industry battles an oversupply, Rapaport News has learned. 

The miner has combined its August and October trading sessions into one sight that will take place in September, it told customers Thursday.  

The move reflects sharp production cuts in India, with executives estimating a reduction of around 50% year on year for July and the first week of August. Kiran Gems is among the manufacturers planning extended vacations this month, which is usually a quieter time for the sector. 

“Following extensive discussion and feedback from sightholders, this decision has been taken to support sightholder businesses in navigating the prevailing midstream trading conditions, as well as to avoid timing issues with a UN conference set to take place in Botswana in mid-December,” the company wrote in a note to sightholders, seen by Rapaport News. 

The merged sight 7 and 8 will run from September 23 to 27, according to the note to sightholders. Previously, sight 7 was scheduled for August 26 to 30, while sight 8 was due to take place from October 7 to 11. 

Sight 9 will occur from November 4 to 8, having previously been set for November 11 to 15. Sight 10 will take place from December 2 to 6, instead of December 9 to 13 as planned. 

“We believe this revised scheduling will better support [sightholders’] business needs as we head towards the end-of-year season,” a De Beers spokesperson added in a statement.

Update, August 8, 2024: A comment from a De Beers spokesperson has been added to this story.

Image: Rough-diamond parcels in a De Beers sight box. (De Beers)