At the Facets 2024 conference in Antwerp, De Beers CEO Al Cook outlined the company’s strategic vision for the diamond industry, including a reduced number of sightholders and a new emphasis on polished diamond sales. “We want to move from quantity to quality,” Cook stated during an interview with diamond analyst Edahn Golan.
Quality Over Quantity: A New Sightholder Approach
De Beers currently works with 69 sightholders, but that number is set to decrease as the company strengthens relationships with fewer, more strategic partners. “We would like to have fewer sightholders that we have deeper relationships with,” Cook explained.
In 2026, De Beers plans to sign new contracts with its sightholders, integrating polished diamond sales into these agreements. Cook revealed that the company is exploring polished partnerships that align with their mission to enhance the value of diamonds, especially those originating from Botswana.
However, this shift doesn’t mean De Beers will take over the cutting and polishing processes. “We are great at mining, marketing, and working with retailers, but there are many companies better suited for cutting and polishing,” Cook said. The new polished division will prioritize collaborative partnerships.
Reinventing Diamond Marketing
De Beers is also pivoting its marketing efforts, moving away from its proprietary brands like Forevermark and De Beers Jewelers to focus on generic campaigns promoting natural diamonds. Recent initiatives, such as “Worth the Wait” and “Forever Present,” emphasize storytelling that resonates with consumers.
“We’ve been benefiting from decades of marketing brilliance, but we’ve taken it for granted,” Cook admitted. “To rebuild the desire for diamonds, we must commit to long-term strategies.”
Cook called on the entire industry to support these efforts. “It’s not enough for De Beers and Botswana to lead. We need everyone to step up and reinvigorate demand for natural diamonds,” he emphasized.
Botswana’s Role in the Diamond Economy
Botswana’s new president, Duma Boko, also spoke at the conference, highlighting the nation’s deep reliance on diamonds. “Diamonds are the lifeblood of our economy,” Boko said, adding that ongoing negotiations for a new contract with De Beers are nearing completion.
“For Botswana, choosing our diamonds means contributing to sustainable and economic development,” he concluded.