[miningmx.com] – ANGLO American subsidiary, De Beers, is to update its contracts with sightholders in order to accommodate more volatile markets, said BDLive citing Philippe Mellier, CEO of the diamond group.
“The contracts we have now were designed 10 years ago and do not take into account the growth and volatility of the market, the competition and consolidation. It is very rigid and cumbersome and, at the same time, the financial aspect of the marketplace and the companies has changed because of the global financial crisis,” he told BDLive.
“We want a simpler but more efficient process. We want the creme de la creme, the top guys from a financial point of view. If you tick the financial boxes, you can apply; if you don’t tick them, there’s no need to apply.”
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