WFDB Delegation Met with Rio Tinto and BHP Billiton

A World Federation of Diamond Bourses delegation met in Antwerp earlier this month with representatives of Rio Tinto Diamonds and BHP Billiton Diamonds to initiate a dialogue with rough diamond producers other than De Beers, to support the supply of rough diamonds to the secondary diamond market.

The delegation, led by WFDB president Shmuel Schnitzer, met with Gordon Gilchrist, Rio Tinto Diamonds' managing director, and separately with Chris Ryder, director of BHP Billiton Diamonds (Belgium), and Terry Janes, VP for the marketing of diamonds and special products.

Schnitzer said after the meetings that they were a first opportunity for them to meet with the diamond producers and conduct discussions about rough diamond supply.

“In general, we discussed with both companies the current state of the diamond market and the supply problems that we are experiencing,” Schnitzer said, adding that, with De Beers' decision to terminate its custodial role in the business, and the concurrent rise to prominence of companies like Rio Tinto and BHP Billiton, regular contact with all the major rough producers is desirable.

“While these first gatherings served mostly to get to know each other, it was agreed that they would be followed up with regular meetings," Schnitzer declared.

Rio Tinto Diamonds is the rough diamond sales arm of Rio Tinto PLC, which is operating the Argyle Diamond Mine in Australia and the Diavik Mine in Canada's Northwest Territories.

BHP Billiton Diamonds is the diamond division of BHP Billiton, the world's largest natural resources conglomerate, operates the Ekati Mine in the Northwest Territories.