Majority of U.S. companies retain sightholder status
December 17, 2007
By Michelle Graff
London—Six out of nine U.S.-based companies have retained their Diamond Trading Co. (DTC) London or DTC South Africa sightholder status, while one company’s status has been revoked, National Jeweler has learned.
Julius Klein Diamonds LLC, Lazare Kaplan International Inc., Louis Glick Diamond Corp., Michael Werdiger Inc., Premier Gem Group and Stuller Inc. all confirmed with National Jeweler that they have retained their sights for the 2008-2011 contract period.
The sightholder contract for Hasenfeld-Stein Inc., however, was not renewed, Director of Sales and Marketing Steve Feldman said.
“It’s not a shock,” he said. “We’ve been preparing for this for some time.”
Feldman said only 25 percent of Hasenfeld-Stein’s supply comes from the DTC so the loss of the sight will not have a dramatic effect on business.
Almod Diamonds Ltd. and Dynamic Diamond Corp. have not yet responded to a request for comment. The fate of these companies’ sights remains unclear at this time.
The DTC’s new sightholder list, released on Monday, brings the total number of international sightholders to 79, down from 93. This includes DTC London, DTC South Africa, DTC Botswana and the Namibia Diamond Trading Co. (NDTC).
The most recent list includes six new companies.
In a release issued on Monday, the DTC stated that it is “investigating ways in which it can retain its valued relationships with current sightholders that have not secured a supply.”
Feldman said the DTC already has requested a meeting with Hasenfeld-Stein to discuss how their relationship can move forward.
The DTC stated it would provide more information on initiatives to continue relationships with dropped sightholders before March 31, 2008.
DTC Managing Director Varda Shine said they were impressed by the standards of all companies applying to be sightholders but pointed out that international competition for diamonds is at an all-time high.
“Competition for rough diamonds is now fiercer than ever, and we are confident that the diverse range of companies to which the DTC is able to offer supply are those best placed to add real value to the rough diamonds we sell,” she said.
While the DTC won’t release the names of sightholders until next year, Eurostar Diamonds International issued a press release stating that it has retained its sight. The company also has a sight in Botswana.
The previously announced sightholders from both DTC Botswana and the NDTC are:
DTC Botswana
1. Ascot Diamonds
2. Dalumi Botswana
3. DDA of Botswana
4. Diamond Manufacturing Botswana
5. Eurostar Botswana
6. H and A Cutting Works Botswana
7. Lazare Kaplan Botswana
8. Leo Schachter Botswana
9. Moti Ganz Botswana
10. Pluczenik Diamond Co.
11. Rand Precision Cut Diamonds
12. Safdico Botswana
13. Suashish Diamonds Botswana
14. Teemane Manufacturing Co.
15. Yerushalmi Brothers Diamonds Botswana
16. Zebra Diamonds (IGC Group)
NDTC
1. Almod Diamonds Ltd.
2. AMC/GemXel Diamonds (Pty) Ltd.
3. Finesse Diamond Corp.
4. Hardstone Processing (Pty) Ltd.
5. JKD Namibia (Pty) Ltd.
6. Laurelton-Reign Diamonds (Pty) Ltd.
7. LLD Diamonds Namibia (Pty) Ltd.
8. Namcot
9. Namgem
10. NU Diamond Manufacturing (Pty) Ltd.
11. Trau Bros Diamonds Namibia (Pty) Ltd.
Editor’s note: For earlier developments in this story, see DTC postpones sightholder decision and DTC Botswana names 16 sightholders. For questions or comments, contact National Jeweler Diamond Editor Michelle Graff at Michelle.Graff@nielsen.com.