Court Rules Against Jayam in DTC Case
December 21, 07
London's Court of Appeal has turned down Jayam N.V.'s appeal against the DTC. Jayam sued the DTC claiming the rough diamond supplier breached its contract with DTC Sightholders when it used an “external factor,” beyond the Sightholder profile, when deciding on rough allocations.
In March 2007, the London High Court dismissed all allegations made by Jayam against the DTC. In his March ruling, Justice Henderson said that the application of the capping mechanism "is in principle a perfectly reasonable method of matching supply with demand for DTC to have adopted.”
Following the ruling, the DTC said it is “pleased to confirm that the Court of Appeal in London today unanimously dismissed Jayam's appeal against an earlier High Court judgment. Both the High Court and the Court of Appeal found that the DTC had not acted in breach of contract.”
Jayam was not immediately available for comment.