De Beers Slashes Number of Sightholders
March 22, 26
(IDEX Online) - De Beers has reportedly slashed the number of sightholders who can buy their goods by as much as a third, as it seeks to consolidate supply among a small core of stronger buyers.
The number of sightholders is understood to have been reduced from 69 to around 45, although De Beers has not confirmed numbers. Sightholders were informed by letter or phone call on Friday, 20 March.
It is the second biggest cut, in percentage terms, since sights were launched back in 1934. The number of De Beers sightholders peaked at around 350 in the 1970s.
It was halved in April 2001 as the company sought to prioritize value-driven buyers over sheer volume of sales.
De Beers warned current sightholders back in October 2024 that it would be terminating some of their supply agreements, by way of what it called an objective selection and allocation process.
Existing contracts, signed in 2021 and extended last year through June 30, 2026, end soon, paving the way for the new roster starting July 1.
The cutback suggests that the loss-making miner is repositioning itself for survival in a weaker market by creating a limited customer base that can reliably take volume in tough times.
Anglo American's repeated De Beers write-downs (the latest by $2.3bn in February 2026) underscore the loss-making reality. De Beers CEO Al Cook emphasized "quality over quantity" in late 2024, aiming for deeper partnerships including polished diamond sales from Botswana-sourced stones.
De Beers last reduced the number of sightholders in January 2021, when it introduced new contracts dividing buyers into three categories - dealers, manufacturers and integrated retailers.
We have approached De Beers for comment.