DTC opens sightholder applications to all

As per reports, representatives of the World Federation of Diamond Bourses (WFDB), led by president Ernie Blom, met with a delegation from the Diamond Trading Company (DTC) led by managing director Varda Shine, in London on April 26th.

The DTC said that discussions were held over a number of subjects, including the WFDB mark, the 2008 DTC sightholder contract, the growing importance of the industry’s response to maintaining the highest ethical standards and key issues impacting the cutting centres.

The WFDB and the DTC agreed to create an annual plan for road shows in cutting centres. “The DTC and the De Beers group have long recognised the importance of the secondary market, and wish to continue their support of the secondary market. However, because Diamdel has entered into a consultation process with employees regarding the possible restructuring of its operations around the world, the De Beers group and the DTC were unable to comment further,” the statement read.

The DTC noted that participants at every level of the diamond pipeline, wherever they bring added value, and regardless of their business model, are able apply for a 2008 contract. The DTC added that recognises the potential value to sightholders in becoming members of one of the 26 affiliated WFDB bourses around the world, if they were not already members.

The two sides said they are fully aligned to ethical accountability in the industry. The DTC said it was supportive of the WFDB’s goal to create the WFDB mark as a sign of integrity, backed by a system of auditing, monitoring and enforcement.