De Beers to revise site holders' list

The London-based De Beers group is set to announce on July 1 a revised list of site holders, or diamond miners, authorised by its marketing arm Diamond Trading Company (DTC). The announcement comes after a gap of two years.

The number of site holders at present stands at 84. However, sources fear that the list could be cut short considering the shortage of diamond supply. Of the 84, 30 are from India.

DTC also plans to impose a service charge of below 2 per cent on site holders for value added services such as marketing activities offered on the site. This charge would also be effective from July 1, when the new members are expected to be announced.

According to Nicholas Graham Smith, marketing director, DTC, "Levy would be based on the value of the site and we hope to recover part of the cost. This would also make the business more profitable for the site holders."

Besides, he added India's market for jewellery grew at a rate of 21 per cent in the last year. The sector is expected to sustain the growth despite the 2 per cent levy on branded jewellery announced in the Union Budget.

DTC, therefore, also plans to expand its branded collection in the country with the launch of a wedding programme.

This would offer jewellery ranging from wedding sets to single pieces, in order to suit the pocket.

The brand is expected to hit the shelves by the end of 2005, said Smith.