GemNotes

DE BEERS WON'T SUPPORT SMALL DIAMOND PRICES Producers of small diamonds outside the Central Selling Organisation umbrella will no longer “get a free ride” from De Beers’ market protection and advertising, De Beers director Gary Ralfe told participants in the second Financial Times Diamond Conference in London Oct. 27. His blunt approach means that the two-tier diamond market is now a reality. Market forces will determine small diamond prices while larger stones remain De Beers-protected. The new get-tough attitude prompted Antwerp banker Paul C. Goris, a director of Antwerp Diamond Bank, to say publicly what many have been saying privately: “We must reconcile to the fact that the days of a predictable and stable market and a single-channel supply, with guaranteed profits, probably are over and that the diamond business is in a transition to a free market environment.” Pre
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