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DTC outlines objectives, commitment to Supplier of Choice

January 17, 2007

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London—The Diamond Trading Co. (DTC) offered a clearer picture of the future of De Beers' marketing and its commitment to the Supplier of Choice (SOC) strategy, as Nicky Oppenheimer, chairman of the De Beers Group, Gareth Penny, managing director of the De Beers Group, and Varda Shine, managing director of the DTC, addressed sightholders at the DTC's January sightholder dinner on Tuesday.

Shine spoke of a need for more cooperation with sightholders over shared goals, standards and responsibilities. With a new contract period starting in 2008, she said there would be a renewed emphasis on working with sightholders that could demonstrate excellence. She also spoke of the importance of sightholders leading the way in terms of ethical business practices.

She reflected on the past six years and the major changes that came from the DTC and SOC.

"The strategic goals of the DTC—driving consumer demand for diamond jewelry, making the diamond pipeline as efficient as possible and ensuring that diamonds represent the highest standards in ethical business practice—had brought significant benefits," Shine said. "Our commitment to these goals has reinvigorated the industry and brought us from a period of negative growth in the 1990s, to a period of major growth in consumer demand for diamond jewelry."

That said, Shine offered new innovations ahead of the next contract period to address some of the lessons learned. These include:

* A promise to extend the ITO for the 2008 contract period to a 12-month duration.
* A simplified but robust application process that recognizes an applicant's expertise in specific types of rough diamonds.
* Greater focus on building a cooperative partnership with sightholders.
* The importance of working with partners that add value to the diamonds the DTC sells, regardless of where they operate in the diamond pipeline and regardless of their business model.
* Building the DTC's reputation as the source for rough diamonds, big ideas and services, excellence and the highest ethical business practices.
* Reinforcing ethical standards required for doing business with the DTC and ensuring that these standards and transparency remain core attributes required of all DTC clients.

"In delivering this strategy, we have learned lessons that we will apply to the next contract period," Shine stated. "We want to have an increasingly mature relationship with sightholders. One based on shared responsibilities, as well as shared goals."

She also confirmed that the final plans on how to achieve strategic goals will be in place after consultation with sightholders and brokers. A series of workshops starting next month will be part of this process.

Oppenheimer reaffirmed the commitment of the Oppenheimer family to the De Beers Group and the diamond industry. He said he was optimistic about the future, including challenges faced in 2006 such as pressure on profitability.

Penny highlighted the importance of ethical business practices and sustainability across De Beers. He also spoke of the company's commitment to diamond prospecting—making an unprecedented investment—and new projects globally, as well as De Beers' continued commitment to support countries and communities in which it operates.
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