2008

DTC Announces Far Fewer Sightholders, Especially in U.S

January 2008

Reflecting its diminished importance in the diamond market, De Beers has announced a dramatically scaled back client list.

In a long-awaited announcement, the company announced that 75 sightholders will be serviced through DTC London and DTC South Africa.

All told, there are 79 sightholders, including clients from DTC Botswana and Namibia Diamond Trading Company. According to one report, 150 companies applied.

Of the 75 sightholders for the 2008-2011 contract period, six are new companies.

The selection saw declines in the amount of sightholders in India, Antwerp and New York, although many New York companies were reportedly spared the axe. But America now has probably the same amount of De Beers stores as De Beers sightholders.

The only centers that have gained as far as DTC supplies are those in South Africa, Namibia and Botswana, where the governments have been pushing for increased local industries.

"Competition for rough diamonds is now fiercer than ever," noted managing director Varda Shine.