De Beers Group intends to have fewer sightholders from January 2026 as it aligns distribution with its Origins strategy, which includes the establishment of a polished diamond division and the repositioning of its diamond jewellery brands, among other initiatives.

Sightholder contracts expiring in end-2023 were extended till December 31, 2024 and then through to the end of 2025. In June this year, the miner announced it would not extend contracts again and would instead review existing arrangements.

Paul Rowley, De Beers’ executive vice president Diamond Trading, told JNA that the group wants to work with “like-minded” companies that aligns with its strategy for a sustainable future.

“We are reworking sightholder contracts because we see different new opportunities. The world is changing. We want to integrate into the pipeline and tell our Origins story with our brands – De Beers Jewellers and Forevermark. We want to work with and in partnership with our sightholders in a slightly different way. This is being developed in the next few months,” Rowley revealed.

A pivotal part of De Beers’ Origins strategy is its entry into the polished diamond space through manufacturing, partnerships and branding. Mahiar Borhanjoo, once the group’s executive director of Sales and Sightholder Services, is back to head its new Polished Division. 

Rowley explained, “The plan is not to manufacture all the diamonds ourselves. Contract manufacturing and building beneficiation are options, particularly since our Origins strategy highlights diamonds from the source.” 

The objective is to interlink the upstream and the midstream through distribution with De Beers’ brands while exploring other opportunities with sightholders, he continued.

Priorities include establishing a centralised polished platform into the market, working with independents and improving partnerships with sightholders such as Signet.

De Beers currently has 69 sightholders, including some with multiple sites and sister companies. Rowley sees this number shrinking in 2026 as the group selects partners that enable it to progress into the future. “Not everyone will be aligned with our strategy. It will be about fewer but better partnerships,” he said.