The De Beers waiting game

"By extending the current intention to offer [ITO] by one year, we are providing both sightholders and non-sightholders with the time they need to focus on recovery," DTC's managing director, Varda Shine, explained.

She is correct in noting the benefit for sightholders, who have profited from a guaranteed supply of what is arguably some of the best-valued rough on the market. Many may also feel relieved, as they may have had reason to be concerned that they could lose their status on the next sightholder list as De Beers sought to reward those who honoured their ITOs through the 2009 downturn. They will welcome the breathing space.