DTC lifts sightholder suspensions

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DTC lifts sightholder suspensions

By Michelle Graff

January 22, 2008

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London—The Diamond Trading Co. (DTC) announced on Tuesday that it has lifted its sightholder supply ban.

The DTC suspended supply to an unspecified number of sightholders on Jan. 8 as a direct result of their alleged involvement in the Brenig diamond-smuggling case.

On Dec. 6, the Antwerp Court of First Instance convicted and sentenced Jerry Brenig to prison for smuggling diamonds based on fake invoices issued by diamond manufacturers. The case happened more than 10 years ago and is alleged to have involved a number of Antwerp-based companies.

The DTC stated that after conducting interviews with the sightholders that had their supplies suspended, it decided to lift the ban.

"Considering each separate case on its merits, the DTC can confirm that it is lifting its suspension of supply to the sightholders concerned on confirmation, where relevant, that appropriate remedial action has been taken," the DTC stated.

DTC spokeswoman Lynette Gould told National Jeweler in cases where there were criminal judgments against individuals with direct or indirect links to sightholders, the sigtholders were taking action to remove these individuals from "all positions of influence."

Gould said the DTC is "satisfied" it can resume business with these companies without risking its reputation.

She said the lifting of the ban is immediate "in most cases," subject to confirmation that these individuals have been removed from positions of power.

Editor's note: For earlier developments in this story, see Sightholders implicated in smuggling case stung with supply suspension.

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