De Beers Fires Warning Shot
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18.02.07
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World
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De Beers said on Friday it had warned its customer Sightholders to settle outstanding sums in face of growing concerns about Sightholders' deferring payments.
“We are aware of the apparent increasing conduct by members of the diamond industry that allegedly fail to settle outstanding sums in accordance with agreed credit terms,” said De Beers’ Diamond Trading Company (DTC) in an email to PolishedPrices.
It said Sightholders were contractually obliged to “maintain and enhance the reputation of the gem diamond industry,” under De Beers’ Best Practice Principles.
As regards to possible sanctions, the South African diamond giant said it had “the ultimate sanction” at its disposal, indicating this meant the removal of Sightholder status.
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By: PolishedPrices
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