DTC’s Sightholder reception reviews 2010; ponders on 2011

Diamond Trading Company’s (DTC) Sightholder reception in London, recently witnessed a gathering of the world’s leading diamantaires and their reflections on the year 2010, and thoughts on further growth opportunities in 2011, for the diamond trade. In his welcome address, Nicky Oppenheimer, Chairman of De Beers Group, commented that “the entire industry should be both proud and encouraged by the resilience of diamonds during the past few years and especially in 2010”. He also noted that the year showed consumers’ strong desire for diamonds as the ultimate gift of love and that “now is the time to build on the recovery by making the most of the opportunities emerging across the industry”.

The reception was hosted by Nicky Oppenheimer, Chairman of De Beers Group and Varda Shine, CEO of the DTC.

Ms Shine underlined the need to focus on the forces that will shape the diamond industry for years to come, and laid much emphasis on attributes of flexibility, agility and responsibility to “win the hearts and minds of the iPod and iPad generation that could see us grow the value of the diamond industry to levels never seen before.” Although the year 2010 saw a comeback of economic stability, Ms Shine emphasised that times are highly unpredictable. “This is of course true of the global economy as a whole but also of the diamond industry". As such she advised all to adapt to change rather than resist it. "At De Beers we have seen several changes in recent times and there are more to come. We have announced updates to our distribution approach and before long we will have a new CEO at the head of the business. Both of these have meant and could continue to mean considerable change within our organisation and we have needed to embrace this to ensure that we prospered in this environment”. She applauded the growth and hard work of the industry in 2010 but also remarked that “we cannot ignore that the industry was assisted greatly by the restocking” and that “ in 2011 we are likely to see much less benefit from restocking and we face an uncertain global economy”.

As the DTC prepares to open the process for interested parties to apply to become Sightholders for the forthcoming 2012 – 2015 Supplier of Choice contract period, Ms Shine said, “Sightholder selection decisions will continue to be based on strong business fundamentals and an ability to add value to the increasingly rare supply of rough diamonds that we sell.”

Ms Shine concluded the evening by highlighting the promise the new decade holds for diamonds, and praised the important role that businesses, at all stages of the diamond supply chain, played in growing the industry throughout 2010.