De Beers Stake Sale Poses No Problem for Industry: GJEPC
November 06, 11(IDEX Online News) – The sale of the Oppenheimer family’s 40 percent stake in De Beers to Anglo American posed no problems for the industry, said Sanjay Kothari, Vice Chairman of India’s Gem & Jewellery Export Promotion Council.
“The stake has been sold to a group that has very long experience in diamonds," Kothari told IDEX Online shortly after Anglo announced the agreement. "Neither diamond dealers nor banks need worry that any drastic changes will take place,” he said.
“Anglo American has been a part of the diamond industry for a long time and knows its intricacies. There won’t be any hiccups when ownership changes. Sights and allocations will go on as they have before and there is no cause for concern anywhere.”
There has been industry speculation for some time that the Oppenheimer family might be contemplating an exit from the diamond sector. This speculation is accompanied by concerns as to whether this would bring about drastic changes to the way De Beers does business, specifically the way it sells rough to the market.