"A quick note before Sight 9 – it’s going to be small, but it will take place," writes Edahn Golan. "De Beers is adapting to the market, or as some may say, they are playing it by ear. The company is trying to meet the changing needs of its clients. Sadly, these changing needs seem mostly like detrition. According to one definition, detrition means a wearing away by friction. This seems to size up the current situation aptly. Manufacturers are tired, worried and worn down by the past year’s uphill battle to keep their business running, while retaining as much of their workforce as possible, together with the backing of their banks. This process is not simple and like everyone else in the market, miners have to adapt as well.
"The market has very little need for additional rough diamonds at this point, especially with Diwali on the horizon. During the 10-day holiday break (November 6-16), Indian manufacturing facilities will close down; therefore, there is no need for much rough during this break even in the best of times."