[miningmx.com] – CUTTERS and polishers buying rough diamonds from De Beers will be better able to raise finance and replenish their stocks, said Philippe Mellier, CEO of the Anglo American subsidiary.
In an interview with BDLive, Mellier said the diamond group had spent two years improving the financial transparency and quality of sightholder contracts which would assist them in raising finance from banks.
“This initiative has been extremely well received by the banking world,” Mellier said in comments timed to coincide with the inaugural publication of ‘Insight’, a report about the diamond market also intended to improve transparency.
“We know if a sightholder is under contract with us they will certainly get finance. This is for sure. This is a big plus,” said Mellier.
A sightholder is a cutter or polisher with the right to buy rough diamonds from De Beers. There are 10 ‘sights’ per year, in which diamonds are sold to sightholders, held in Gaborone, Botswana.
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