De Beers Group representatives told senior Israeli diamond merchants yesterday that De Beers would allocate new sights for diamond merchants worldwide only in two years. This means that only then can the leading Israeli diamond merchants removed from latest list of sightholders be reinstated.
Four months ago, De Beers removed several prominent Israeli diamond merchants from its list of sightholders, including Lustig Brothers Ltd, and Israel Diamond Exchange president Shmuel Schnitzer.
The Israeli diamond merchants met representatives of De Beers Diamond Trading Company (De Beers DTC) at the Israel Diamond Exchange in Ramat Gan.
Israel Diamond Manufacturers Association president Uri Schwartz told "Globes" that the Israeli diamond merchants were displeased that companies in Israel, one of the world's leading diamond centers with 40-50% of the world's diamond trade, receive only 12 of the 80 sights De Beers allocates worldwide.
The global trade in rough diamonds is estimated at $9-10 billion, of which De Beers controls $5 billion. Israel receives De Beers' sights directly, amounting to $900 million-$1 billion a year. Israel's diamond industry requires an estimated $4.5 billion a year in rough diamonds.
Published by Globes [online] - www.globes.co.il - on October 2, 2003