Tiffany can’t be happy about the new De Beers store that is literally a few blocks away from their Fifth Avenue flagship, but otherwise these two seeming competitors are business partners.
Tiffany is among the 11 new sightholders picked by De Beers in its second Supplier of Choice selection. It joins other names like Stuller Settings and Almod Diamonds, which owns Diamonds International. The number of South African sightholders increased from 14 to 19.
Unfortunately, we can’t give you the complete list since De Beers isn’t officially announcing it until January 2006. But perhaps the biggest surprise is that none of the current sightholders were let go. Some speculated this was because it was worried about more lawsuits from dropped sightholders, but in a release, De Beers said it could afford to add so many people and not drop any “because supply chain efficiencies had resulted in a gradual increase in production in carat terms, during the last contract period, placing it in a position to satisfy more requests for supply from applicants for the 2005 contract period.”
Interesting … but does this logic fly at a time when De Beers is raising prices because it says supply outweighs demand?