De Beers Reschedules Sights, Kiran Extends Holiday to Ease Oversupply

In an announcement to its clients, De Beers has announced it is rescheduling sights to alleviate market pressure caused by decreased demand and a supply glut. Sights 7 and 8 will be combined at the end of September and Sight 9 and 10 dates are amended to accommodate timing issues in Botswana, to November 4-8 and December 2-6. Earlier today, Kiran Gems, major manufacturer, announced that it is suspending full production for ten days, with an extended holiday for its polishers, in response to market demand and supply dynamics. Petra Diamonds yesterday announced postponing its South African tender to a later date. 

Photo credit: Anglo American