De Beers recently began contacting all Sightholders to announce that it has chosen to extend the deadline to demonstrate full compliance with the Financial Compliance Criteria (that is, IFRS Compliance, Unqualified Audit and Maximum Leverage) by one year. Accordingly, relevant Sightholders must be fully compliant with the Financial Compliance Criteria in respect of accounting periods commencing on or after January 1, 2017. Sightholders who are not already compliant with the Financial Compliance Criteria will be offered the opportunity to review their own timetables in light of the extension and update their Compliance Roadmaps accordingly.
While De Beers understands that the option to achieve financial compliance over this extended period is an important step for those Sightholders continuing on their compliance journey, they also commended those Sightholders that have already been able to achieve compliance, or will be able to do so by the original deadline. They will therefore consult with Sightholders in the new year on how early compliance might feed into future supply.