Now that the initial dust has settled, and 75 applicants have passed the selection hurdle, there are a couple of major challenges facing the newly-named Sightholders, especially in the coming three months.
Before listing who is on the new list (and by default, who is not) it should be pointed out that the selected Sightholders can be grouped into three separate categories: those who will get a Sight in London, those who will get one in South Africa, and those who are on the list for Canada.
The last two, not unlike the Botswana and Namibia Sightholders, will receive local goods for local manufacturing. This reflects a requirement set by the local governments to see a portion of the diamond revenues beyond royalties created and distributed beyond the mines.
All Sightholders Are On a Temporary Status
Those who were DTC clients during the last contract period (ending December 31) have signed a new contract for a three-month stretch.
Those on the new list will go through a verification process in the next three months. This is true for old and new Sightholders alike.
As for the first group, they received their ITOs (Intention To Offer, a breakdown of their supplies) for the next three months during the last Sight earlier this month. Disappointment was widespread and vocal. The ITO offered fewer goods in the January-March quarter, affecting supplies for Valentine’s Day and Mother’s Day (on February 14 and May 11). This means that those who had planned to replenish stocks, companies that were gearing up to start the new year with vigor and manufacturers that intended to supply big clients, have all been forced to downgrade their plans or seek rough diamonds from alternative sources.
Regarding the new list, the 2008-2011 contract period will begin only in April, after a verification process that will help the DTC determine that Sight applications reflected reality. This means that the DTC could decide not to sign a contract with a company if it finds that the company’s operations do not accurately reflect its application. Incidentally, this is one of the main reasons cited by the DTC for not yet making the Sightholder list public.
While some say the check is nothing more than DTC theatrics to prove its seriousness about BPP, in terms of running a business, this is a serious issue. Many companies are intensely preparing for the examination to ensure no last minute issues kill their contract.
The combination of low supplies and firms that continue to feel uneasy about their future is resulting in a shaky business environment. Although the DTC’s actions are understood and logical, this situation is the last thing the diamond industry needs following a tough year on many fronts.
One last note: Sightholders will no longer be allowed to use the DTC’s logo on their publications – not on their ads, not on their business cards, nor any where else. IDEX Online will follow up on this.
The List
The following is an unofficial list of Sightholders for the 2008-2011 contract period. Please note that some firms chose to not report their status, others were unavailable and some firms are rumored to be off (or on) the list while in fact their status is contrary to what is rumored. We can only say that just as in love and war, in business all is fair.
Continuing DTC Sightholders:
A. Dalumi Diamonds ltd.
Almod Diamonds ltd.
AMC NV
Arjav Diamonds NV
Asian Star Co. Ltd.
Bhavani Gems
Blue Star
Bornstein NV
C. Mahendra Exports Limited
Chow Sang Sang Jewellery Co. Ltd.
Chow Tai Fook Jewellery Co., Ltd.
Dali Diamond Company NV
DD Manufacturing NV
De Toledo Diamonds Ltd.
Diacor International Ltd.
Diamonds For Dignity
Diarough NV
Digico Holdings Ltd.
Dilipkumar V. Lakhi
Dimexon International Holding B.V.
E.F.D. Ltd.
Eurostar Diamonds International SA
Exelco NV
Festdiam Cutting Works (PTY.) Ltd.
Fruchter Gad Diamonds Ltd.
IGC Group
J. B. Diamonds
Jewelex India PVT. Ltd.
Julius Klein Diamonds LLC
K. Girdharlal International PVT. Ltd.
K.P. Sanghvi & Sons
KARP Impex Ltd.
KGK Enterprises
Kiran Exports
Kristall Production Corporation OAO
Laxmi Diamond PVT. Ltd.
Lazare Kaplan International INC.
Leo Schachter & Company Ltd.
Louis Glick Diamond Corporation
M. Suresh Company PVT. Ltd.
Mahendra Brothers Exports Private Limited
Michael Werdiger, INC.
Minestone
Mohit Diamonds PVT. Ltd.
Motiganz
Overseas Diamonds NV
Pluczenik Diamond Company NV
Premier Gem (Group)
Rand Precision Cut Diamonds (PTY.) Ltd.
Ratilal Becharlal & Sons
Richold SA
Rosy Blue (India) PVT. Ltd.
Rosy Blue NV
Safdico Ltd.
Salant Group Ltd.
Sanghavi Exports International PVT. Ltd.
Schachter & Namdar (PTY.) Ltd.
Sheetal Manufacturing Co.
Shrenuj & Company Ltd.
Stuller, INC.
Suashish Diamonds Ltd.
SunDiamond bvba/ HRA Investments Ltd
Taché Company NV
Tara Jewels Exports PVT. Ltd.
Tasaki Shinju Co., Ltd.
Trau Bros NV
Venus Jewel
Yahalomei Espeka International Ltd.
Yerushalmi Brothers Diamond Ltd.
The new DTC Sightholders are:
A.S Exports
Arslanian Cutting Works
Daharmanandan
Sahar-Atid
Shairu Gems
Yossi Glick
The following companies have confirmed on the record that they have lost their Sight:
Hasenfeld-Stein INC.
A. Schwartz & Sons Diamonds ltd.
Botswana Sightholders
Ascot Diamonds
Dalumi Botswana
DDA of Botswana
Diamond Manufacturing Botswana
Eurostar Botswana
H&A Cutting Works Botswana
Lazare Kaplan Botswana
Leo Schachter Botswana
Moti Ganz Botswana
Pluczenik Botswana pty ltd
Rand Precision Cut Diamonds
Safdico Botswana
Suashish Diamonds Botswana
Teemane Manufacturing Company
Yerushalmi Brothers Diamonds Botswana
Zebra Diamonds (IGC Group)
Namibia Sightholders
Almod Diamonds Ltd
AMC / GemXel Diamonds (Pty) Ltd
Finesse Diamond Corporation
Hardstone Processing (Pty) Ltd
JKD Namibia (Pty) Ltd
Namcot
Namgem
LLD Diamonds Namibia (Pty) Ltd
Laurelton-Reign Diamonds (Pty) Ltd
NU Diamond Manufacturing (Pty) Ltd
Trau Bros Diamonds Namibia (Pty) Ltd
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