Classic Diamonds in Saudi Supply Deal

DTC Sightholder Classic Diamonds said it is in the process of finalizing a long-term deal in which it will supply diamond jewelry to two Saudi Arabian firms. Classic did not reveal who the companies are but disclosed that in its first year the deal will be worth $5 million.

“Saudi Arabia is the biggest diamond jewelry market in the Middle East and we plan to grow our business there,” Director Nirav Bhansali told Reuters.

Bhansali expects the agreement will be signed within a week.

Last year, the firm’s jewelry sales totaled $35 million, a 60 percent growth over the previous year. Classic’s fiscal 2006-7 net sales, including diamonds, were $158.34 million and net profits, $5.58 million.