Canadian Diamond Play Cafi Message Board

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Gold/Mining/Energy : Canadian Diamond Play Cafi

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From: Famularo	1/10/2005 12:50:31 PM
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De Beers Diamond Trading Company (DTC) has informed sightholders that rough diamond prices at next week’s sight (January 10-14) will rise on average by 3%. According to one sightholder, the total value of the DTC’s first sight of the year will be around $750 million. He anticipates that the allocations will be full of goods from Botswana, which he said De Beers has in stock. This is not difficult to believe considering that Debswana’s 2004 production increased an estimated 8% to $2.6 billion (31 million carats). Some sightholders think the 3% hike will only affect goods not typically sold in the US but in places where diamonds have become cheaper because of the depreciating dollar. They don’t expect prices to go up for browns and natts, but more information will be available only when they see their allocations next week. This 3% hike is over and above the 2% charge on the value of the sight box to cover the DTC’s promotional expenses. The latter rise is expected to be implemented in June or July this year.

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