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DTC sight holders lose their prized status
01
Jan '08
Diamond Trading Company headquartered in London and the biggest supplier of rough diamond stones to the industry has removed a few companies of Indian origin from list of DTC sight holders for a three year period starting from 2008.

DTC sight holders are a privileged lot. The sights are held 10 times in a year and the purchases can be made in bulk at very competitive prices.

Losing the sight holder status means that those companies will have to make open market purchases at higher prices. This will effectively raise the cost and also cause a loss of guaranteed supplies of rough diamonds.

There are mainly 2 reasons which are being attributed to the DTC decision. One being that DTC since long is contemplating of putting in to place a Best Practice Principle among its buyers. Secondly DTC has set up joint venture companies in Botswana & Namibian industry.

So a portion of the diamonds sold worldwide could be sold through the joint ventures for eventually polishing them in the African countries. It is estimated that Botswana and Namibia could emerge as the new diamond processing centers in a few years.

At a time when the exports of the Gems and Jewellery were galloping at a very good pace, this is going to put brakes on the export potential. The decision of DTC could also mean an eventual loss of jobs for the workers of the processing units as supply of rough diamonds is going to be affected.

The only alternative available with the companies who will lose their sight holder status will be to source their rough supplies from the DTC-Botswana joint ventures.

The fate of those displaced companies will be known only in March 2008 when the DTC conducts its exercise done once in 2 years of adding & removing those privileged companies from their list.


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