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There is a significant need for smart and technological financial solutions in the diamond industry

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The future for synthetics lies in that it has become possible to grow a stone you want and make what you want out of it

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DTC Resumes Work At 'Subdued Pace'

27 may 2009

The Diamond Trading Company (DTC) Botswana [this month] resumed full operations but at a subdued level of shorter hours and weekdays, RAPAPORT reported.
DTC Botswana re-opened on May 11 since closing down on March 18 - nearly two months.
The company said sales continued throughout the closure period and that it responded to its sightholders' needs.
According to the company's Public Affairs and Communication Manager, Kago Mmopi, this year, DTC Botswana has conducted four sales. The next one is expected in mid-June.
The company declined to give figures on the scale of forecast sales' decline, only saying: "DTC Botswana is expecting sales to the domestic cutting and polishing sector to decline in 2009 in light of the reduced demand for rough diamonds by its sightholders."
Responding to questions from Mmegi, DTC Botswana said the recent closure was meant to protect the company's cash position by reducing operational costs while preserving jobs.
"The closure was also necessitated by Debswana's suspension of production from its mines in the light of reduced demand for rough diamonds by the DTC sightholders," the company said.
Some of the measures taken by DTC Botswana to position the company to reflect client demand and reduced production levels are as follows:
A four-day working week from Monday to Thursday with working hours beginning 07h30 to 14h30. This arrangement will be in place for three months.
Experts have said rough diamond prices have bottomed and that a sustained recovery in the diamond sector is not likely until demand for polished diamonds from the jewelry market gets underway.
An analyst with RBC Capital Markets, Des Kilalea, has told MiningMx that rough diamond prices have risen by between 15 percent and 20 percent since the market bottomed in the middle of April.
However, "the recent recovery in rough diamond prices may be presenting an illusion that there has been a significant recovery in demand for diamond jewellery. Infact, most retailers report quite the opposite," Kilalea said.
"The major concern in cutting centers is that polished prices, though higher, are not leading (a) recovery. The surge is being driven by inventory re-building and this will slow unless there is pull through at the retail end of the jewellery market."
He pointed out that rough prices were responding to the drastic action taken by major diamond producers De Beers, Alrosa and Rio Tinto in chopping production, temporarily starving the market of diamonds.