Global Apparel Market – An Overview | Watch NOW! | Ad
Home / Knowledge / News / Fashion / DTC sight holders lose their prized status
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.


Must ReadView All

SABIC signs MoU with PRC province for petrochem complex

Textiles | On 26th Sep 2018

SABIC signs MoU with PRC province for petrochem complex

The Saudi Basic Industries Corporation (SABIC) recently announced the ...

Courtesy: Industree Skill Transform

Textiles | On 26th Sep 2018

Industree helps weavers enhance design capabilities

Industree Skill Transform Pvt Ltd (ISTPL) is a skill development...

Courtesy: Pexels

Textiles | On 26th Sep 2018

Fitch raises growth forecast for India to 7.8% in 2018-19

Rating agency Fitch last week raised India’s growth forecast for...

Interviews View All

Yash Maniyar, Rekha Maniyar

Yash Maniyar
Rekha Maniyar

Indian fashion market is growing at a staggering rate

Rashi Menda, Zapyle

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Rahul Bhadani, Looksgud

Rahul Bhadani
Looksgud

Navigating through catalogues is a bit hasslesome

Hardik Sanghvi,

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Abhishek Pachauri,

Abhishek Pachauri

Reckon Industries is into manufacturing of textile process house machines, ...

Paolo Crespi,

Paolo Crespi

For.Tex is an Italy-based leading producer of dyes and thickeners, and is...

Ray Baughman, University of Texas -Dallas

Ray Baughman
University of Texas -Dallas

<div>A team of scientists and researchers have discovered twistrons,...

Justin Gutierrez, INDA

Justin Gutierrez
INDA

The Association of the Nonwoven Fabrics Industry (INDA) has created a new...

Pierre Wiertz, EDANA

Pierre Wiertz
EDANA

Pierre Wiertz talks about the vast world of sustainable nonwovens and...

Sandeep and Sarah Shaikh Gonsalves, SS Homme

Sandeep and Sarah Shaikh Gonsalves
SS Homme

SS Homme celebrates the craft of traditional tailoring through the bespoke ...

Cigdem Akin, Cigdem Akin

Cigdem Akin
Cigdem Akin

She has carved a niche for herself as the national brand of Turkey. Her...

Rupa Sood and Sharan Apparao, Nayaab

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


October 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search