De Beers Makes Sweeping Cuts to Its Elite Diamond-Buying Club.

The article focuses on De Beers' significant reduction in its group of sightholders, the handpicked diamond buyers, cutting their number from around 70 to between 45 and 50 amid ongoing industry challenges. This move aims to concentrate supply on the strongest clients as De Beers reduces diamond production in response to market pressures including a post-pandemic slump, decreased Chinese luxury spending, rising synthetic stones, and geopolitical tensions. The company’s traditional selling system, which requires sightholders to accept fixed prices and quantities, has faced strain, leading to controversial side-deals with select buyers receiving discounts up to 20%. These changes will take effect with the new contract period starting July 1, 2026, with smaller diamond buyers particularly affected. [Extracted from the article]