RAPAPORT... The Diamond Trading Company (DTC) November sight closed with an estimated value of $300 million as De Beers basically kept prices stable, but improved the assortment on some boxes. Feedback from sight participants indicates that the company adjusted prices slightly on some boxes, however, it was not enough to significantly impact the market.
Dealers noted a slight improvement in the prices of DTC goods being offered on the secondary market during sight week and most agreed it is too soon to tell the impact as they require more time to assess their boxes given the changes in assortments. “There remains some uncertainty regarding prices,” said one sight observer.
The sight was the smallest DTC has held in the past two years and came as little surprise to sightholders, most of whom were hoping the company would reduce supplies.
''These reduced allocations will further help to calm the market, which has recently seen vacillating prices in light of changing consumption patterns,'' said Moti Ganz, president of the International Manufacturers Association (IDMA).
DTC sales have reached approximately $5.93 billion through the first nine sights of the year, representing an increase of 28 percent compared with the same period in 2010, according to Rapaport News estimates. The company has one sight remaining for the year, scheduled begin on December 5, around which DTC will announce its new list of sightholders for the three year contract period beginning April 1, 2012.