De Beers may Shift its Sight Location Temporarily

Gaborone: The global diamond giant, De Beers is working with Botswana’s government to temporarily move viewings to places closer to international diamond centres, with sales still recorded in the country, to try to restart trading hit by coronavirus travel restrictions.

Anglo American unit De Beers sells 90 percent of its total supply from Gaborone, capital of Botswana, whose economy relies on diamonds.

But since the coronavirus pandemic, diamond buyers from traditional centres, such as Antwerp and Mumbai, have been unable to travel to Botswana, which they previously visited ten times a year to view and buy diamonds.

“If we can move our product closer to them it would give us the flexibility to restart sales as soon as the markets reopen,” De Beers Executive Vice President, Diamond Trading, Paul Rowley told a media briefing last Thursday.

De Beers said it will move some goods to locations closer to international diamond centres only for viewings with sales, known as sights, still invoiced in Botswana.

“The temporary measure will enable us and our government partners to generate some revenue in this difficult period.”

The two-month coronavirus lockdown in Belgium halted business in Antwerp, the world’s largest diamond trade centre. Antwerp reopened at the start of this month.

Movement restrictions and weaker demand forced De Beers to cancel its diamond sales, known as sights, in April and May after the February sale declined by 36 percent to $551 million.