Surprise for Israeli diamond trade as Diamdel cuts back.
Israel Diamonds, June, 2007
It was less than a year ago that Israeli diamond industry leaders were euphoric with a series of announcements by major players in the global rough diamond sector. Amongst them was one by Diamdel, a subsidiary of the Diamond Trading Company (DTC) which supplies around $550 million of goods to the so-called secondary market, or companies that are not large enough to qualify as sightholders. Diamdel said it planned to open a Central Processing Office (CPO) in Israel, and the size of the workforce would be doubled.
DTC Managing Director Varda Shine herself told a news conference that in future all supply received by Diamdel from the DTC will be sorted, valued and prepared for export by the Ramat Gan-based CPO. Traditionally, Diamdel supply from the DTC, which...
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