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World diamond bourses act to protect interests

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mdx

Brilliant_Rock
Joined
Mar 1, 2002
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An interesting article in Business Day

The pruning by De Beers of its list of clients as the culmination of its Supplier of Choice strategy is still reverberating through the industry, according to a report by Business Day.

De Beers'' new marketing strategy implemented this year is intended to link its clients more closely to the availability of rough diamonds and, to simultaneously convert the diamond industry from supply-driven to demand-driven, it said.

Now, an orchestrated opposition is emerging against De Beers'' most radical client overhaul since the early 1980s - and this comes from within some of the official bodies controlling the diamond trade, it said.

At the presidents'' meeting of the World Federation of Diamond Bourses, held in South Africa last week, the federation WFDB said it planned to set up a committee that would investigate any actions that would protect the best interests of the its members.

Belgian diamond industry representatives said they would pursue discussions with that government and the European Commission over the policy, said the report.

Separately, the Antwerp-based High Diamond Council (HRD) said it preferred to pursue dialogue rather than direct action against De Beers, it said.

"We are now in talks with De Beers, which are aimed to (focus) their attention on the fact that Antwerp is the market, given that Botswana’s diamonds, Argyle (Australia) and Canada’s diamonds are sold here. We have the financial institutions and a favourable tax and customs regime," Peter Meeus, the council''s managing director, told Business Day.

He said De Beers'' policy threatened to eliminate its infrastructure by placing the distribution of rough in fewer hands.

It would also jeopardise plans to make Antwerp a jewellery hub for designers worldwide through a Belgian government-approved plan to introduce a friendly tax and customs regime


Wayne
Melbourne Diamond Exchange Ltd
 
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