De Beers Pledges Support to Secondary Market

After a period where many feared that De Beers wanted to eliminate the secondary market, the company now says it will support that market.

In talks with the World Federation of Diamond Bourses, De Beers managing director Gary Ralfe said the Diamond Trading Company hopes to increase supplies to the secondary market through its subsidiary Diamdel in 2004.

He noted that the rough sold through Diamdel—up to $500 million a year—is not sold to sightholders but rather to a variety of companies in various centers.