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“Diamond Supplies to India will not Shrink, although Number of Sightholders has”
Varda Shine Clarifies New DTC Sightholder Selection
By: Diamond World News Service
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Mar 15 2008 4:16AM
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Reference: 2362  

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Varda Shine, the Managing Director of the Diamond Trading Company (DTC), clarified some of the media news suggesting DTC’s apparent unfair approach beginning with the selection of the new Sightholders. In her interview with Reuters, Shine said that the implication by the media that the DTC had purposefully alienated Indian Sightholders from the list is not true, instead rigorous and uniform standards were followed for selection, although the DTC’s existing Indian Sightholders were replaced but by contenders with more competitive applications.

Shine also responded to the concern of less diamond supplies, to the elected Indian Sightholders, saying that the DTC would actually be supplying the equal quantity as before or even more. Also, the fear of unemployment of 150,000 workers, Shine said, “Everyone who is losing his supply is getting upset.”

Costly but Stable Supply :
She also said that the US will face a challenge to keep up in 2008 due to its housing crisis and the subprime mortgage meltdown, but markets like China and India would help bridge the gap of the US economic meltdown. She predicted that polished gemstones would become costlier and that supplies of diamonds would be stable from major discoveries being made.

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