Elite Diamond-Buying Club Shrinks as De Beers Culls Old Clients
- De Beers cuts off some long-term buyers, people familiar say
- Anglo unit aims to strengthen resilience of diamond industry
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De Beers has cut off some of its long-term diamond buyers, marking one of the biggest shakeups in the way the miner sells gems since the end of its monopoly 20 years ago.
De Beers staff spent Wednesday calling its 80-odd handpicked customers, with some told they will be losing their seat at the industry’s top table, according to people familiar with the situation. The world’s biggest diamond supplier has spent more than a year mulling the changes, which are designed to funnel more stones into fewer hands, said the people, who asked not to be identified as the talks were private.