De Beers has postponed its August diamond sight and combined it with its October session. The new merged sight will now take place from September 23 to 27. This change is due to an oversupply in the diamond market and significant production cuts in India, which have reduced output by about 50% in July and early August. Kiran Gems is one of the manufacturers taking extended breaks this month, typically a slower period for the industry.
The decision aims to help sightholders manage current market conditions and avoid conflicts with a UN conference in Botswana scheduled for mid-December. Consequently, Sight 7 and 8 will be held together in September, replacing the originally planned dates of August 26-30 and October 7-11. Sight 9 is rescheduled to November 4-8, and Sight 10 will now occur from December 2-6.
A De Beers spokesperson noted that these adjustments are intended to better support sightholders as they approach the year-end season.
