On Friday, Sightholders are expected to find out whether they will be offered a supply contract renewal or lose their Sight.
According to an announcement sent to Sightholders on Monday, the new contracts will begin on July 1, 2026.
For the past couple of years, De Beers has extended existing contracts without selecting new Sightholders. CEO Al Cook has said several times that the Sightholder list will be shortened.
Sightholders expect that more than 10% of the current client list will not be renewed. This expectation is partly based on the understanding that about 15 current Sightholders do not have an ITO, meaning they are not buying rough diamonds, or at least not buying regularly from De Beers.
The market also expects that a couple of companies that are not currently Sightholders will be awarded contracts.
The only group of Sightholders that will not be notified on Friday are those with a Sight in Namibia, which has been delayed by the ongoing negotiations between De Beers and the government.
Shrinking Supply
One of the factors driving the reduction in the number of Sightholders is the prolonged decline in diamond demand, which has led to the buildup of rough diamond inventories. In response, De Beers has reduced production.
In addition, the manufacturing sector is undergoing a consolidation process, with larger companies increasing their market share, while mid-sized and smaller firms are shrinking and increasingly relying on outsourcing.
Traditionally, De Beers’ policy has been to sell rough diamonds to the largest and most established companies in the market, as well as to those serving specific niches.
As a result of these changes, along with other factors, De Beers is moving to reduce the number of Sightholders.
Russian diamond miner ALROSA is facing similar challenges. It no longer discloses its client list following the sanctions imposed by the United States.
The new list will be officially announced in July, when the new contracts take effect.
Following is the update text:
“Sightholder Supply Agreement Update
Following the extension to the current Sightholder Supply Agreement period announced at the end of last year, we wanted to make you aware that De Beers Group will issue an update this week on the selection outcomes for the new contract period beginning 1 July 2026.
Full details will be provided by your sales team representative this Friday, 20th March 2026.
Please note the outcomes communicated this week will relate to supply arrangements in International, Botswana, South Africa and Canada only. NDTC outcomes will be communicated separately and at a later stage.
Kind regards,
Sightholder Services”