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DTC Team’s India Visit
Varda Shine, on their annual visit to India participated in a number of key events in the diamond cities of Surat and Mumbai.
By: Diamond World News Service
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May 4 2011 12:52PM
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Reference: 5969  

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Senior management of the Diamond Trading Company (DTC), led by CEO Varda Shine, on their annual visit to India participated in a number of key events in the diamond cities of Surat and Mumbai. A consolidated report of their tour by the Diamond World team.

Mumbai Varda Shine Media Meet Demand Outlook Positive; Upward Trend for Prices will continue

At a Meet & Greet media session in Mumbai during her recent visit to India, Varda Shine CEO, DTC outlined the three big stories for De Beers this year as:
1) A strong Indian market – retail growth for 2010 at 31 per cent. China also growing well at 25 per cent for same period.
2) The Supply Demand equation being weighted in favour of demand on the back of strong China-India demand, better than expected US performance, and with no new supply in sight.
3) New sightholder list being finalised – to be announced by end 2011, for period between April 2012-March 2015.

Shine also said that based on the good demand, De Beers had dubbed the coming 10 years as “The Diamond Decade”, and expected the strong growth to continue. She said this represented a great opportunity for diamantaires. Shine anticipated that diamond prices, both of rough and polished would remain on the upward graph.

She clarified, that even should the Zimbabwe-KP stand-off be resolved, and Zimbabwe diamonds start coming onto the market, it would not close the gap that De Beers anticipated between Supply and Demand. There would be greater carats coming to the market she said and these would feed the factories in Surat.

In response to a question she affirmed that the De Beers and DTC were very committed to the BPP principles and had in the past taken actions if sightholders were found contravening these, even if such actions were not made public, and would not be made public as there was little point in doing so. There would be third party audits in place with regards to the new sightholders too, and BPP would continue to be strongly followed and upheld.

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