De Beers Continues Antwerp Sights, Miners Remain Flexible

Finance and Trade
24/07/2020 06:57

For the sixth sight of the year, De Beers will continue to offer their clients the possibility to view goods in Antwerp and also Dubai, starting on Monday. Alrosa announced earlier this week it will drop mandatory buyout minimum requirements for the July sale, also starting on Monday, and as of August, the volumes will be reduced to 50% leaving clients the option to purchase additional goods via auctions and tenders.

Both miners are sticking to increased flexiblity to defer goods, in a price over volume strategy, with prices that have remained unchanged since February, causing sales to drop dramatically; 96% y-o-y for De Beers (to $56 million) and 91% for Alrosa (to $74.1 million).