Who Are the 11 New Sightholders?June 09, 05
As the news broke today that De Beers’ Diamond Trading Company (DTC) added 11 Sightholders, speculation on who they are started. Some decided not to reveal immediately their acceptance, while others were quick to open champagne bottles.
From what is currently known, four of the 11 are Indian companies: Bhansali, Kiran Exports, Mine Stone, and Tara Jewels. Bhansali was a Sightholder in the past.
In Belgium Exelco received a Sight, while in Hong Kong two companies joined the ranks - Chow Sang Sang and Wing Hang. In the U.S. fine jewelry manufacture and distributor Stuller joined the coveted club as did family owned diamond firm Almod Diamonds. They own some 165 jewelry stores mostly in the Caribbean and Mexico, operated under the name Diamonds International.
There are no new Israeli based Sightholders, and according to the DTC there are several new ones in South Africa.
Several existing DTC Sightholders opted for the Southern Sight - receiving a second Sight in South Africa based on their current profile. Sightholders with polishing operations in the country were allowed to apply for this additional allocation. One successful such applicant was Antwerp’s AMC.
The idea behind “going south” is that Sightholders will receive a Sight up to a cap of $2 million if they are not South African Sightholders. They are also required to have had local manufacturing capabilities as of December 31, 2004, and meet Black Economic Empowerment (BEE) requirements.
According to unconfirmed talk in the market, at least two other current Sightholders received the Southern Sight – one major company from Antwerp and an Israeli Sightholder with long established ties in South Africa.