2007

De Beers Announces Change in Strategy

February 2007

De Beers says it has "reinforced its commitment to the Supplier of Choice strategy" in a statement, although they seem to be changing tack.

DTC managing director says the DTC will renew its emphasis on working with sightholders. It also planned to extend the companies ITOs (Intentions to Offer) for 12 months, to provide a "simplified but robust application process, recognizing an applicant’s expertise in specific types of rough diamonds"; as well as a greater focus on "building a cooperative partnership with sightholders." It also stressed "the importance of working with partners that add value ... regardless of where they operate in the diamond pipeline and regardless of their business model."

The DTC seemed to be indicating that it would reach out more to its clients in charting its future course.

"We want to have an increasingly mature relationship with sightholders," said Varda Shine, DTC managing director.

In his speech, De Beers chairman Nicky Oppenheimer reaffirmed the commitment of the Oppenheimer family to the De Beers Group and the diamond industry. He shared his optimism for the future while outlining some of the significant issues the industry faced in 2006, including pressure on profitability.

De Beers managing director Gareth Penny’s presentation focused on the priority De Beers places on ethical business practices and sustainability across the company.