With a target to sell $5 billion worth of stones in 2013, each of De Beers 10 sales a year should trade at an average of $500 million, although the November sight is traditionally smaller. As part of a 2011 agreement with government, De Beers held its first sale in Gaborone this week amid reports of sightholder discontent with the company's management of pricing policy.
One industry source said sightholders, who have to apply in advance to De Beers for their allotment before coming for viewings and buying during the sight week voted with their feet by asking for a reduced amount of stones. "Sightholders have a far more effective way to deliver a message - the applications for the first sight ever in Gaborone, ostensibly an enormous festive event - were down by 40%. This may be mostly symbolic (and partly seasonal because of Diwali - an Indian festival) as clients will pick it up at the next sight. But it says something," said Israeli based industry commentator, Chaim Even-Zohar.
