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De Beers suspends online auctions as sales sink deeper

Tricky times: Diamonds prices and sales are down by double digits this year PIC: AFRICANIAN.COM
Tricky times: Diamonds prices and sales are down by double digits this year PIC: AFRICANIAN.COM

Diamond giant, De Beers, has suspended its online auctions and given its contract buyers more flexibility in their uptake of stones for the rest of the year, after sales dropped to lows last seen during the pandemic.

De Beers sells 90% of its production by value to an exclusive list of contract buyers known as sightholders, who are offered stones at 10 sales events or 'sights' held in Gaborone each year.

The balance is sold via auction to more than 900 registered buyers.

Editor's Comment
A collective responsibility to end FMD spread

As cases continue to threaten herds and rural livelihoods, one simple but critical action can make a powerful difference: strictly adhering to FMD regulations, including refraining from slaughtering cloven-hoofed animals.Cloven-hoofed animals, such as cattle, sheep, goats, and pigs, are highly susceptible to FMD. Slaughter, especially during outbreaks or restricted periods, significantly increases the risk of spreading the virus through...

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