De Beers Restructures Diamdel; Market Scared

De Beers is restructuring Diamdel, its sightholder subsidiary that traditionally sells to smaller and medium-size dealers. The announcement caused anxiety in the diamond industry, since De Beers had cited Diamdel in response to criticism that its Supplier of Choice policy hurts middlemen. Diamdel will continue to sell to nonsightholders, principally through its office in Antwerp and Hindustan Diamond Corp. in India, the De Beers announcement said. But all of its operations, with the exception of HDC, will be “scaled back.” In South Africa, the Diamdel office will cease trading, as De Beers has agreed to provide diamond skills and services to the soon-to-be-established State Diamond Trader. In Namibia, the new Namibia Diamond Trading Co. the sales and marketing business owned jointly by De Beers and the Namibian government, will supply local factories. The reorganization was see

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