De Beers has notified more than 20 of its 69 sightholders that their client relationships will not be renewed when new contracts take effect on 1 July 2026 — a reduction exceeding one-third of its trading roster and the deepest single-cycle cut in the company’s recent history.

The revised sightholder list stands at approximately 45 companies, varying slightly depending on how firms with multiple trading divisions are counted. New contracts will replace agreements originally signed.

The restructuring reflects a strategic pivot toward a leaner, more concentrated distribution model. Industry analyst Edahn Golan has noted that at least one new sightholder from India has been added to the roster, signalling a continued shift in rough-diamond purchasing toward South and East Asian cutting centres.

De Beers declined to confirm the full list of retained or terminated clients, stating through spokesperson David Johnson that the updated sightholder directory will be published on the company’s website when the new contracts commence in July.

At its peak in the 1970s, De Beers maintained a sightholder list of over 350 companies. The move to sub-50 clients marks a structural consolidation that mirrors broader pressures on the natural diamond trade, including sustained demand softness, competition from lab-grown stones, and margin compression across the midstream.