Kristall Finds Rough Diamonds Outside DTC Supply
March 25, 04
DTC Sightholder Kristall of Smolensk, Russia’s largest diamond manufacturer, said yesterday it bought $4 million worth of rough diamonds on the open market to meet demand.
“There's an increasing demand for Russian-cut diamonds,” Kristall said. “The company needs more raw materials to meet this demand. We can as much as double cutting if we're well supplied with rough stones.”
The announcement underlies a growing issue in the diamond industry – availability of rough, which has driven prices up at a rate not matched by polished diamonds.
Kristall did not revel the source of rough, but did add that it has been negotiating supply with South African and Belgian sources for a year.