De Beers is revamping its much-griped-about sightholder application process—to a simpler system that stresses financial strength and transparency.
Sources who have heard details about the system tell JCK that it will require that submitted financial records be verified by an independent auditor.
“In response to sightholders saying that is difficult to access financing at a competitive rate, there will be a new, more rigorous compliance process that will form a key part of sightholder selection,” says spokeswoman Lynette Gould. “Being a sightholder of De Beers must stand for financial strength and transparency that banks and business partners can count on.”
Gould also says that the new system will be “simplified,” and less “complex and time-consuming” than the prior one, in response to feedback from clients. But she declined to give further details.
“De Beers is committed to the Sight system,” she adds. “The sightholders have reiterated how much value the consistent and regular supply being a sightholder provides.”
She adds that De Beers will also aim to “forge deeper relationships” with its clients.