2003

WFDB, De Beers Meet To Discuss Rough Market

Dec. 2003

A delegation from the World Federation of Diamond Bourses, headed by President Shmuel Schnitzer, met with DTC officials to discuss rough supply to the secondary diamond market.

The WFDB told De Beers Managing Director Gary Ralfe, along with other DTC senior executives, that the rough supply to the secondary market should increase in 2004—by means of the Diamdel offices in manufacturing centers located around the world. The DTC said that the level of sales at Diamdel would be reviewed and that the DTC would, indeed, take steps to support the secondary rough diamond market. The DTC will continue its policy, Ralfe said, to not to sell to its own sightholders through Diamdel.

“It is imporant to note that all the rough diamonds that the DTC sells to Diamdel—up to $500 million this year—are sold on to a wide variety of companies,” he said. “It is De Beers’ hope and intention in 2004 to increase the DTC’s supply of rough diamonds to Diamdel in support of the ‘secondary’ market.”