De Beers Sight 4 Stalls as Buyers Defer Purchases and Large-Stone Pricing Faces Resistance

Executive Summary

De Beers’ Sight 4, held April 27-30, 2026, produced weak results as sightholders deferred purchases. Participants described conditions as stagnant, with particular resistance in the 5-carat-and-larger category, which received price increases in February and is now widely viewed as expensive relative to polished-yield economics. Q1 inventory data points to a deliberate drawdown strategy: De Beers produced 7.133 million carats but sold 7.723 million carats in Q1, drawing 590,000 carats from stockpile. This marks the second consecutive quarter in which sales exceeded production, indicating that De Beers is liquidating inventory to generate cash flow as Anglo American pursues its sale of the company. De Beers holds an estimated $2 billion in rough inventory. The weak Sight 4 feedback contrasts with the positive Q1 sales narrative. While the January price cut drove a volume surge, the February price increase on large stones appears to have weakened demand at the top of the range. With the Anglo American divestment process ongoing and sightholder consolidation imminent, the balance between pricing discipline and sales volume is the central issue heading into H2 2026.

Industry Impact

For rough buyers, Sight 4’s weakness signals a potential pricing adjustment at Sight 5 in early June, creating a possible buying opportunity for those with polished-market access in large goods. Manufacturers should avoid accepting allocations on 5 ct-plus rough unless polished prices justify current rough costs. The inventory drawdown suggests De Beers may prioritize revenue over price stability in H2, which could soften rough prices further across categories.

Next Steps

1. Review your position on 5-carat-and-larger rough before Sight
2. Model polished yields against current De Beers asking prices before committing.
3. Track Anglo American divestment announcements through May and June. Ownership transitions often precede supply or pricing policy changes.
4. If you deferred at Sight 4, monitor whether De Beers adjusts prices for Sight
5. Targeted concessions on large-stone goods are plausible.
6. Assess manufacturing capacity relative to De Beers’ ongoing inventory drawdown. Higher rough volumes may come to market at future sights.
7. Coordinate with trading partners on polished-market pricing for 5 ct-plus finished goods before committing to new rough in this size range.