De Beers extends sight contracts by a year

[] — The Diamond Trading Company (DTC), a
De Beers Group company, on Monday announced that it has offered all existing
sightholders a one year extension to their current three-year Supplier of Choice (SoC)

“By extending the current ITO by one year, we are providing both sightholders and
non-sightholders with the time they need to focus on recovery,” said DTC CEO Varda

The extension will start end March 2011 and run until end March 2012.

A new, three-year supply contract will now come into effect in 2012 with
sightholders and non-sightholders wishing to apply for DTC supply being able to do
so from the second quarter of 2011.

“We welcome the interest shown by companies that wished to apply to become
Sightholders in 2011. We hope that they understand the necessity of our decision not
to run an assessment in 2010,” said Shine.

Shine said the application process for the 2012-2015 contract period will take place
next year.

The proposed extension to the existing SoC contract will also apply to sightholders
currently receiving sights in Kimberley.

DTC Botswana and Namibia DTC will also offer to extend their current contracts
by one year.

The extended contracts will also run from end March 2011 to end March 2012, at
which point it is currently envisaged that DTC Botswana and Namibia DTC will enter
into new three-year SoC contracts with qualifying applicants for the 2012-2015
contract period.