Diamond Trading Company
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| Headquarters | London, England |
|---|---|
| Area served | Worldwide |
| Key people | Varda Shine, Managing Director |
| Industry | Sale of rough (uncut) diamonds |
| Products | Diamonds |
| Services | Diamond Sales |
| Parent | De Beers |
| Website | www.dtc.com |
The Diamond Trading Company (DTC) is the rough diamond sales and distribution arm of the De Beers Family of Companies. The DTC sorts, values and sells approximately 40% of the world’s rough diamonds by value. The DTC has a combination of wholly-owned and joint venture operations in South Africa (DTCSA), Botswana (DTCB), Namibia (NDTC) and the United Kingdom (DTC).[1]
The DTC sells diamonds that are sourced primarily from De Beers’ mining operations in South Africa and Canada, and through its partnerships with the governments of Botswana, Namibia and Tanzania. Sorters in London, Kimberley, Windhoek and Gaborone sort these diamonds into approximately 12,000 different categories based on size, shape, quality and colour. DTC clients are known as Sightholders, and are selected by a process known as Supplier of Choice.[2] There are 79 Sightholder companies who buy the rough diamonds from the DTC and its partner offices. The Sightholders travel to London, Kimberley, Gaborone and Windhoek ten times a year for their Sight.[3]
DTC Sales in 2007 were $5.9bn.[4]
Revenues from the diamond industry are establishing an integrated diamond industry within producer countries, and are contributing to the wider economic goals of their respective governments. The De Beers Group works to help maintain consumer demand for diamonds to ensure its producer partners have sustainable mining production and price stability for their diamonds.[5]
The DTC also develops and produces diamond technology, which ensures consistency of DTC rough diamond assortments for its Sightholder clients.
The DTC’s Sightholders are required to comply with the De Beers’s Best Practice Principles (BPP)s which set out various objective standards of conduct within three main areas - Business responsibilities; Social responsibilities; Environmental responsibilities. The BPPs ensure that the De Beers Family of Companies, DTC Sightholders and applicable third parties are operating to the specific ethical, legal, professional, social and environmental standards. The DTC also requires its clients to be 100% committed to the Kimberley Process.[6]
The Kimberley process started when Southern African diamond-producing countries met in Kimberley, South Africa, in May 2000, to discuss ways to stop the trade of ‘conflict diamonds’ and ensure that diamond purchases were not funding violence or terrorism activities. In December 2000, the United Nations General Assembly adopted a landmark resolution supporting the creation of an international certification scheme for rough diamonds. By November 2002, negotiations between governments, the international diamond industry and civil society organisations resulted in the creation of the Kimberley Process Certification Scheme (KPCS). The KPCS sets out the requirements for controlling rough diamond production and trade. The KPCS became effective in 2003.[7]
[edit] References
- ^ Sales and distribution - The De Beers Group
- ^ Supplier of Choice - The De Beers Group
- ^ Sights and Sightholders - The De Beers Group
- ^ Reports - The De Beers Group
- ^ Beneficiation - The De Beers Group
- ^ Best Practice Principles - The De Beers Group
- ^ [1]
