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GJEPC concerned by DTC pruning key sight holders
02
Jan '08
The Gem & Jewellery Export Promotion Council (GJEPC), the apex body of the Indian gem and jewellery trade in India expresses grave concern over De Beers Diamond Trading Company (DTC) announcement of pruning of Indian sight holders from DTC clientele for 2008-2011.

The new list has eliminated 25 established sight holders – some of many years' standing – including eight firms in India and three Indian-owned firms in Belgium and added six new ones, including three from India.

This means that 75 firms will receive regular supplies of rough diamonds for a three-year period beginning next year, down from the current 94.

While the inclusion of three new Indian firms in the sight holder list is welcomed, the pruning of eight Indian firms defies analysis in the GJEPC's view.

While the DTC has mentioned the cut down on the list of sight holders due to a global shortage of rough diamonds, it has confounded its own reasoning by adding six new clients and drastically increasing the allocations of rough diamonds to several existing firms.

While a shortage of rough diamonds worldwide is, indeed a reality, the GJEPC estimates that the shortfall will be no more than 10% of current global demand. The cuts instituted by the DTC impact processing capacity far above this shortfall – almost 25% of current installed capacity in India.

According to Chairman, Gem & Jewellery Export Promotion Council, Sanjay A. Kothari, “The concern is on the impact of DTC's business decision on the industry as a whole.


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