Anthony Oppenheimer, president of the De Beers diamond syndicate, has taken up the Ministry of Industry and Trade’s request, and will act to reduce prices of rough diamonds sold by dealers and sight-holders, Ministry Supervisor of Diamonds Uzi Sheintal told “Globes” today. Sheintal and Ministry of Industry and Trade director-general Reuven Horesh met yesterday with Oppenheimer and five other De Beers executives, in semi-annual discussions.
Sheintal told Oppenheimer and the syndicate representatives that Israel is worried about the high prices on the secondary raw material market, i.e. the high prices set by dealers and sight-holders for small diamond manufacturers, due to the high premiums.
In response, Oppenheimer promised that de Beers would act to reduce prices in the secondary market, by controlling dealers’ quantities and prices.
The topic of increased direct allocation of diamonds to Israel was also raised. Oppenheimer noted that as part of de Beers policy of reducing inventories, it will increase allocations to Israelis.
Published by Israel's Business Arena on 16 May, 2000