Supply

Save E-mail Print Most Popular RSS Reprints

Debswana scraps plans for outside sales

June 18, 2009

Gaborone, Botswana--Debswana, the 50-50 partnership between the government of Botswana and De Beers, has abandoned a plan to sell rough to companies that are not Diamond Trading Co. (DTC) sightholders, according to local news sources.

In a recent edition, Botswana daily newspaper Mmegi reported that Debswana was considering rough sales to a number of diamond companies from China, India, Namibia and South Africa to help soak up the excess rough stock.

Though Debswana is contractually bound to sell its rough to the DTC, De Beers spokeswoman Lynette Gould confirmed that the Debswana board did agree to allow Managing Director Blackie Marole "to explore further approaches that had been made to Debswana to purchase from its stock as part of the crisis mitigation process."

The process, however, did not result in any sales, she said. Mmegi reported that due to plans for reduced output--De Beers has opted to scale back rough diamond production by 40 percent for the year, which included a 50-day shutdown of all mines in Botswana--the strategy of selling to non-sightholders has been suspended.

It is expected that the DTC sightholders will be able to absorb all of Debswana's production in 2009.

Following its annual sightholder cocktail party in January, the DTC announced similar plans to sell to non-sightholders due to decreased demand brought about by the worldwide economic crisis. Gould said the DTC never put the plan into effect.
Save E-mail Print Most Popular RSS Reprints
Post a Comment
* Required field
* Author:
* Comment:
 

Diamond Supply

Young CEOs study Hearts on Fire at Harvard

A Harvard Business School professor who wanted to give a class of young chief executive officers a real-world example of a successful business strategy chose diamond company Hearts on Fire as a case study in smart branding. Read More

JA, RJC urge vigilance in diamond sourcing
Exhibit shows Israeli diamond designers on point
Diamond Club West announces leadership changes
Former Gemesis exec joins Rio Tinto
More Diamond Supply News

More Like This

advertisement

Video

Small multi video player located on right rail of NJN site

advertisement

Retailer Toolbar

America's Best Jewelers
Join the ONLY Social Network for Jewelry Retailers. Get access to expert content, peer best practices, and more.
Start networking today.
Newsletters
Newsletters
Topic-specific newsletters that deliver the latest news on jewelry, diamonds, wholesale operations and high-volume buying directly to your in-box.
Reader Connect
ReaderConnect
Supplier information presented with every article, bringing you related, actionable content on every topic.
Jewelry Yellow Pages
Yellow Pages
A comprehensive listing of associations, organizations, suppliers and services for the jewelry industry.
Classifieds
Classifieds
A comprehensive listing of job postings, product offerings and other materials for sale for the jewelry industry.
NJN Customer Connect
CustomerConnect
The most sophisticated suite of marketing services available for jewelry retailers, from Internet tools to data marketing.

advertisement