De Beers Global Sightholder Sales sells around 90 per cent of De Beers’ rough diamonds by value.
In just 15 years, the partnership between De Beers and the Government of the Republic of Botswana has made the country a global rough diamond hub.
The relocation from London to Gaborone of De Beers Global Sightholder Sales (DBGSS) gave a US$6 billion boost to the country and aided the growth of a range of ancillary services, such as hospitality and retail.
Diamond imports from De Beers operations in Canada, South Africa and Namibia, brought together and sold by DBGSS, accounted for the largest portion of the partnership’s revenue in 2014 – 34 per cent (about US$2.3 billion). That year, DBGSS in its first full year of operation in Botswana contributed more to the gross domestic product than the whole agricultural sector.
DBGSS sells around 90 per cent of De Beers’ rough diamonds by value, via term contracts to customers known as Sightholders, at events called Sights.
These customers, around 200 of them, are among the world’s leading diamantaires from major diamond centres in such countries as Belgium, Israel, China, India and the United States.
Sights are held 10 times a year in Botswana (and Namibia and South Africa), where customers will inspect their rough diamond allocations before deciding whether to purchase them. The Sights, every five weeks or so, last for up to a week.
Various business types are represented among DBGSS customers, including large global manufacturers and niche specialists. Most of DBGSS’s rough diamonds are sold from Gaborone in Botswana to customers that will, typically, export them to international markets for processing.
But the company is committed to working with the Government of the Republic of Botswana to help it meet its economic and social objectives. So DGSS is keen to make rough diamonds available for local manufacture. Currently, 20 Sightholders have cutting and polishing factories in Gaborone.
Only businesses that demonstrate financial integrity and sufficient demand for De Beers’ rough diamonds qualify as Sightholders. Diamond businesses that have not demonstrated sufficient demand for De Beers’ rough diamonds may qualify as Accredited Buyers.
Here is a list of Sight dates for 2016:
Sight 1: 18 January - 22 January
Sight 2: 22 February - 26 February
Sight 3: 4 April - 8 April
Sight 4: 16 May - 20 May
Sight 5: 20 June - 24 June
Sight 6: 25 July - 29 July
Sight 7: 29 August - 2 September
Sight 8: 26 September - 29 September
Sight 9: 7 November - 11 November
Sight 10: 5 December - 9 December
For further information on Global Sightholder Sales or to find out how to become a Sightholder please visit the DBGSS website.