DTC raises rough diamond supply to $725 million in August sight

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Mumbai, Aug 24 : Diamond Trading Company (DTC), a marketing arm of De Beers, has increased its supply of round diamonds over the July supply.

The August supply was valued at an estimated $725 million. This sight, which includes the London and southern Africa sights, makes August the largest sight of the year so far, according to Rapaport Report.

Sightholders reported slight changes in the assortment of goods but no change in prices.

"Premiums have fallen dramatically at the past few sights and are softening by the day," said one sightholder.

DTC raised roughs prices by an average 5% in July and up to 15% on larger goods. The company also said this week that it increased prices by a cumulative 16% on average for the year including the August sight. Some sightholders responded that the use of the word "average" was misleading and that larger, better quality goods were up 25% to 30% for the year, report said.

The company saw no softening in negotiations or in demand, noting "Sightholders were still asking for more goods." DTC spokesperson, Louis Prior, said.

DTC expected demand to remain strong for the rest of the year as weakness in the US would be offset by other aggressive markets, he said.