Jayam Looses Case Against DTC
March 01, 07
The Chancery Division of the High Court in
According to the court case, the SoC Ombudsman has ruled that the DTC is in contractual breach with its long-time client Jayam N.V. The case raised great interest among other DTC Sightholders because many felt that if Jayam won the case, it would encourage more such lawsuits against the DTC.
Jayam claimed the DTC has cut its rough diamond supplies, allegedly in breach of SoC.
Following the ruling, Jayam released the following announcement: “Jayam is disappointed by the judgment handed down by the High Court in London today. Jayam began legal proceedings against the DTC in good faith and as a means of enforcing a determination given by the Supplier of Choice Ombudsman in its favor. Regrettably, the High Court has disagreed with the determination given by the Ombudsman. Jayam wishes to appeal the judgment of the High Court to the Court of Appeal."
De Beers spokeswoman Lynette Gould said “The DTC is delighted that the Court has rejected all of the allegations made against it in a judgment that is clear-cut and definitive as to the integrity of the allocations process, the DTC's decision-making and indeed as to Supplier of Choice itself which has, once again, withstood rigorous scrutiny in the context of the allegations made - and dismissed - by the Court.
“We are of course sympathetic to the claimant's position in these proceedings. Not having sufficient supply to meet all demand that we face, and therefore having to disappoint some of the world's leading diamantaires who are often long-standing clients of ours, is something that we find very difficult and challenging. Out of our respect for the claimant we are not prepared to comment on the detail of the case.”
Last updated March 1, at 8:49 am