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DTC’s Commitment of Diamond and Doubts of Media

2004: DTC’s Commitment of Diamond and Controversy of Diamond Sale

June 2004

De Beers Diamond Trading Company managing director Gareth Penny recently repeated his commitment to the World Federation of Diamond Bourses president Shmuel Schnitzer that the DTC intends to supply up to $500 million worth of rough diamonds to Diamdel this year, to be distributed to the so-called “secondary market.”

Doubts about the DTC’s commitment had arisen after some recent reports in the media. But Penny said there was nothing to worry about.

“The supply of rough diamonds by Diamdel to the secondary market is of utmost importance to the well-being and survival of our industry and trade,” according to World Federation president Shmuel Schnitzer. “Without these middle and small range diamond manufacturers, our industry's future would be at great risk.”

Meanwhile, in the United States, there is some controversy over one Diamdel sale. According to a front-page editorial letter in the Rapaport Diamond Report, two industry leaders recently took 12 New York manufacturers to Diamdel and got commissions on the goods — which according to the allegations is a conflict of interest.


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