In March, De Beers amended its sightholder list—and it looks like a big win for India.
Indian companies accounted for four of the five new names added to the prestigious roster, another indication of the center’s dominance in the diamond trade. The fifth is from Hong Kong.
The new clients are Asian Star Co., H Dipak, HVK International, KP Sanghvi & Sons, and Wing Hang Diamond Co.
De Beers now has 82 clients for the current contract period, which runs until 2015.
Necklace with 46.86 cts. t.w. colored diamonds; $72,340; Asian Star Jewels, Mumbai; 91-22-2829-2871; asianstarjewels.com
The companies are the first to be added under De Beers’ new “dynamic” client-picking process, which lets consistent winners at the online auctions at its Diamdel subsidiary graduate to sightholder status.
All applicants must comply with De Beers’ Best Practice Principles, the company’s ethical codes, and were chosen based on prior applications for sightholder status.
“Our sightholders represent the world’s leading diamantaires,” said CEO Philippe Mellier in a statement, “and today’s announcement means that we will be better able to supply them with the right diamonds to support them in adding maximum value to our finite resource.”
The full list of clients can be seen at dtcsightholderdirectory.com.
A 28 ct. D-internally flawless diamond set a record at Sotheby’s April 8 Hong Kong sale of Magnificent Jewels and Jadeite. The stone, which had excellent cut, polish, and symmetry, achieved $6.9 million, or $239,352 per carat—a world record per-carat price for a round white diamond.