World Clock
Hong Kong  12:22
New York  00:22
Mumbai  09:52
Jerusalem  07:22
Brussels  06:22
Moscow  08:22
Home > Diamond News Center > Diamond News > World

De Beers Fires Warning Shot

18.02.07 / World

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.
By: PolishedPrices
Recommendations from Facebook
© Copyright 2014 Israel Diamond Institute. All rights reserved
Terms of Use Privacy Policy
Israel Diamond Institute ewave
Access the Israel diamond institute portal
registred members
Forgot your password?