DTC Lowers Rough Buying Requirement for Sight Application

(IDEX Online News) - The Diamond Trading Company (DTC) decided to adjust the minimum diamond utilization thresholds for those applying for a DTC Sight in London, Botswana or Canada. The minimum level was lowered from $20 million in each of the last three years to just $10 million in 2009. In 2010 and 2008 the threshold remains $20 million.

The company said today (Thursday) that the change follows feedback from potential applicants and other interested parties. "The feedback we received formed a compelling case to downward adjust the minimum diamond utilization criterion since global diamond sales during 2009 were substantially lower, and we believe that we need to reflect this in a reduced threshold for that year",” said Mahiar Borhanjoo, Executive Director, DTC Sales and Sightholder Services.

'Rough Diamond Utilization,' as defined by the DTC, involves the purchase of rough diamonds and prepared rough diamonds for the purposes of processing and/or onward sale. It excludes all purchasing of polished diamonds.

Turnover thresholds are unchanged - $30 million in each of the last three year for London, Botswana and Canada applications, $15 million in 2010 for South Africa applications and $10 million for those applying for a Namibian Sight.

The DTC has also reminded potential applicants for the next Supplier of Choice supply contract period that just ten days remain to register their interest. The deadline is April 18 at midnight. This is a necessary step before applying for the contract.