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Avi Paz applauds DTC’s decision towards secondary market
Is hopeful that the step will help meet the market challenges
By: Diamond World News Service
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Jan 23 2009 5:45PM
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Reference: 3476  

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WFDB President Avi Paz expressed his appreciation over a decision taken by Diamond Trading Company (DTC), to explore options of making rough goods that are not taken up by DTC sightholders, available to the secondary market. "If the DTC new approach pans out as we hope it does, it could bring some much needed relief to the secondary market," Paz said. "We welcome the DTC's decision not only because it will be good for the industry, but also because it recognises the stabilizing role of the thousands of dealers and manufacturers who are not sightholders."

Paz’s statement was a reaction to a speech delivered by the DTC's Managing Director Varda Shine on January 20, at the organisation's annual sightholders' cocktail party, in which she said: "The DTC is exploring options for bringing surplus goods to the market once every avenue of sightholder demand has been satisfied." She did not indicate the volume of surplus rough diamond supply, but she did note that there has of late been substantial decrease in sightholder demand for new rough diamonds. As a result, the DTC anticipated reducing the "Intention To Offer" (ITO) to its sightholders by about 50 percent for the sights of January, February and March/April, although this will be assessed from sight to sight.

"It is important to remember that the broad base of the diamond industry is made up smaller and medium-size operators, the majority of whom are members of the WFDB-affiliated bourses around the world," Paz said. "By enabling these individuals access to rough goods at fair and current market prices, the diamond trade will be better equipped to face the challenges confronting it. Times are tough, and even with the additional rough available we must proceed with caution. But the increased availability of rough provides us with more options and that is a very good thing."

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