Diamonds.net News - Price Increase Hits DTC Feb. Sight, Est. Value $600M

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Price Increase Hits DTC Feb. Sight, Est. Value $600M

By Avi Krawitz

Posted: 02/20/08 07:23

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RAPAPORT... Reports from the Diamond Trading Company's February sight in London reflect a small price increase in goods in response to “tough” conditions in the market. Observers estimated the sight at about $600 million.

“There was a price increase of a few percent which affected some boxes but not all,” said one industry insider speaking to Rapaport on condition of anonymity. “Its becoming tough, there’s a lot of demand and not enough supply, and we are not sure how long [the price increases] can last.”

The source added that with the start of the new contract period approaching in April, when DTC goods will be in fewer hands, a price decline was not likely in the short term.

Earlier in the month DTC managing director Varda Shine said the company would adopt a more dynamic pricing policy announcing accumulative price increases before major shows such as JCK Las Vegas and Hong Kong. (Watch Shine explain the new policy.)

This week's sight, which ran February 18 through 22, was DTC’s second of 2008. The final sight of the current contract is scheduled to take place in the final week of March, after which DTC is expected to publish its list of sightholders chosen for the 2008-2011 period.

DTC said in December that it had informed 75 sightholders of their successful application, thus reducing the number of sightholders for the next contract period from 93.

Shine said that all six new sightholders chosen were being audited as well as a representative sample of the remaining successful companies from the current list.

DTC London Sight Results 2008
Month	Date	Sight Estimation
January	14-18	$590 MIL
February	18-22	$600 MIL
March	25-28
April	28-2 (May)
June	2-6
July	7-11
August	18-22
September	22-26
November	3-7
December	8-12

DTC London Sight Results 2007
Month	Sight Estimation
January	$600 MIL
February	$680 MIL
March	$600 MIL
April	$580 MIL
May	$630 MIL
June	$650 MIL
July	$650 MIL
September	$650 MIL
October	$530 MIL
December	$500 MIL

RAPAPORT
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