Supplier of Choice’ Dominates Meeting

The question of whether De Beers' new policy will hurt the diamond secondary market dominated the recent diamond association meeting in Sun City, South Africa. In an effort to assuage the often-angry gathering, DTC sales and marketing director Gareth Penny said that $500 million in stones would be sold this year through Diamdel, the De Beers subsidiary that typically caters to smaller, up-and-coming dealers and manufacturers. DTC spokeswoman Lynette Hori stressed that the $500 million "is not an annual figure," but was "a response to the depth of feeling at the [meeting.]" Many didn't know how to interpret the number, especially since there was nothing to compare it to. Hori said, "If we accept the $500 million as a ballpark figure, supply to the Diamdel will be more or less the same as last year." She added, "We want a vibrant secondary market to challenge our sightholders. After al
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