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.

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