DTC Botswana Names 16 Sightholders

Diamond Trading Company Botswana on Wednesday announced the outcome of the first application process for the supply of rough diamonds to manufacturers in Botswana.

DTC Botswana, the joint venture between the Government of the Republic of Botswana (GRB) and the De Beers Group, selected 16 Sightholders for the three year contract period (2008-2011).

The successful applicants are:

1. Ascot Diamonds
2. Dalumi Botswana
3. DDA of Botswana
4. Diamond Manufacturing Botswana
5. Eurostar Botswana
6. H& A Cutting Works Botswana
7. Lazare Kaplan Botswana
8. Leo Schachter Botswana
9. Moti Ganz Botswana
10. Pluczenik Diamond Company
11. Rand Precision Cut Diamonds
12. Safdico Botswana
13. Suashish Diamonds Botswana
14. Teemane Manufacturing Company
15. Yerushalmi Brothers Diamonds Botswana
16. Zebra Diamonds (IGC Group)

“Today is a momentous day for Botswana and its citizens,” said Kago Moshashane, acting permanent secretary of Ministry of Minerals Energy & Water Resources and a DTC Botswana director. “It is expected that $360 million of rough diamonds will be sold by DTC Botswana to Sightholders in 2008, with this amount set to grow to $550 million by 2009. The purpose of DTC Botswana is to maximise the long-term value that Botswana derives from diamonds. Our role in delivering this objective is through DTC Botswana’s sorting, valuing, selling, and marketing activities.”

DTC Botswana, the diamond sales and marketing company, was created in May 2006. Over the past 25 years, Botswana has had one of the fastest growing economies in the world with diamond revenue representing approximately 33 percent of the country’s GDP. The Botswana government are hoping that DTC Botswana is will be a catalyst in the government’s vision for the long-term growth and diversification of the country’s economy by encouraging the development of new business sectors such as banking, security, IT, tourism, and international business investment.

Supplies to sightholders will begin Jan. 1, 2008, provided their businesses are up and running, said Brian McDonald, DTC Botswana managing director. “This will help create in excess of 3,000 jobs, new skills and foreign capital investment in Botswana,”

 “All of our new clients have the requisite skills, experience and global reach to ensure that Botswana develops a world-class competitive, sustainable and economically efficient industry,” added Varda Shine, chairperson of the Board of Directors of DTC Botswana and managing director of DTC Intl., a wholly owned subsidiary of the De Beers Group.