Jewellery Council protest against De Beers list

Mumbai, Jan 2 (UNI) The Gem and Jewellery Export Promotion Council (GJEPC) has voiced its protest over exclusion of 11 sight holders from its list for 2008-2011 by De Beers Diamond Trading Company (DTC) stating that the move will consolidate the business to few hands.

Eight Indian and three Belgium based Indian-owned firms were among those deleted in the new list of sight holders.

Further six firms were added including three from India have also been removed in the restricted list of firms receiving regular supplies of rough diamonds for a three-year period beginning next year, brought down to 75.

''This move will consolidate the business in few hands only, as small and medium enterprises dependent for rough diamond supplies through intra-trade dealings with sight holders will discontinue.

This will lead to a massive unemployment in the sector and will affect medium manufacturers'', said Sanjay A Kothari Chairman GJEPC in a release here.

The deletion in the list prepared by DTC is attributed to the worldwide shortage of rough diamonds, which according to the GJEPC, was not more than 10 per cent of current global demand, added the release.

UNI ZC DB AK KP2115