Diamond Doctors - BW25Dec2006
Source: BW25Dec2006.Global retail jwellery trade is $56-Billion worth.
De Beers' Diamond Trading Company (DTC) controls 50% of Global Diamond Trade.
DTC sells its rough diamonds only to the sightholders who, in turn process and release them to the market.93 DTC sightholders (Dec 06) worldwide out of which 37 are from India.
Indian sightholders account for 60% of DTC's global sales.
Term of a Sightholder lasts 30 months, after which one has to be evaluated again.
DTC and sightholders often work together on marketing initiatives.
Sightholders hold a respectable status in diamond fraternity.
This is a high value business and is based on trust and so the diamond fraternity is close-knit.
Most of the sightholders and diamond merchants have their offices in two buildings - Prasad chambers and Pancharatna building.
Tolerance for outsiders is low in this fraternity.
Throughout the 60s and 70s, diamond traders in Gujarat set up their business in Mumbai.
Two tradional communities in this business have been Jains from Palanpur and Kathiawaris.
Legend goes - initially business was run by Palanpuris and the processing of stones was done by Kathiawari labourers. Eventually they grew from labourers to small entrepreneurs. Overtime Palanpuri businessmen introduced their trustworthy Kathiawari subordinates into the trade.
posted by Silent Saint @ 11:15 PM
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