|
|
|
References
Diamond People Published in 1990 by Norfolk House Publishers, the
author is A.J. Wannenburgh and the photographer is Peter Johnson.
To be able to describe the sights, sight week, and the role of the broker, I looked to my favorite book on the subject (pages 161-173). Published as a limited edition, "Diamond People" is filled with wonderful photos and insight into the world of diamonds. I'm not sure if you can still get a copy of it, but it is available at the Harry F. Oppenheimer Museum's library in Ramat Gan.
My second frame of reference for descriptions is my collection of "In-Sight" magazines.
The Diamond Pipeline
17 Charterhouse Street is where the "pipeline" actually begins for the sightholders. The offices of the DTC are where they are given their "boxes" of diamonds and where they can "sight" their goods. The brokers who represent De Beers for their sightholder clients have their principle offices in London in close proximity to Charterhouse Street which is near Holborne Circus. Most of their offices are on Charterhouse Street or on Ely Place.
Rough Diamond Brokers - DTC
The only way to become a sightholder is to go through one of the brokers, whose role is to mediate between the DTC and the sightholder client. The client pays the broker's commissions based on the value of their sights; the DTC makes the rules.
Formerly a senior partner at I. Hennig and now a private broker with 3 clients, 75 year old Gerald Rothschild said in a 1990 interview, "When we endorse a prospective client our credibility is at stake. We assure the DTC that he is the sort of person they insist on, putting his case to the the best of our ability, but without exaggerating his claims as he might be inclined to do himself. Our first duty is to our clients, but we also have a duty to keep the DTC informed in a balanced way about what is going on; it is in nobody's interest to mislead the DTC." He added, "We are in a sense brokers of trust, building trust between our clients and the DTC. We would have no role if the DTC didn't trust us."
In an article in a 1995 "In-Sight" magazine, Geoff Chessum wrote this great description of the diamond broker which sums it up beautifully. "It's a well-know fact that diamond brokers are on the phone a lot (over one hundred calls a day); and if they're not on the phone they're travelling (over one hundred days a year). And when they're not travelling they're at client meetings, or in the case of the London brokers, they have just popped into the CSO - then they're probably at some business lunch, dinner or reception (more than enough of those). Now that technology has given us mobiles, they can meet, lunch, travel and phone all at the same time. Some of them do. They are busy from dawn till dusk - often dawn till dawn, what with time zones and clients all over the world."
Ben Bonas, of Bonas & Company Ltd., described a day this way. "There's no typical day...half the day on the phone...all over the world...you begin in the East, early in the morning and work round the time zones. Our business is largely relations, the human angle. We deal with people...and you have to exercise a certain skill to understand their character and moods: what suits them and what doesn't."
In the article, Mark Boston, of H. Goldie & Co., said that brokers were "an essential part of the equation". Describing the behind-the-scenes aspect of the broker's work, he included, "Developing and recognising new talent, and leading that talent towards maturity and perhaps one day the CSO. And all the while helping existing clients develop their businesses."
Chris Dundas, of I. Hennig, said that a broker had to have an awareness of what was going on in terms of polished, rough, and market behavior, knowledge of how a diamond factory operated, and the direction in which a client's business was going. He also felt it was imperative to keep up with new technology in the industry. He said, "Brokers are an integral part of the whole diamond business. Their success in the broker's role helps both clients and the CSO."
Willie Nagel said that "Clients must have vision. The CSO provides the structure of the diamond business. It carries the stocks and gives the stability. Without stability, without vision, without brokers - without brokers! - clients would only buy when is suits them."
- Bonas & Company Ltd. e-mail: bonas@bonasandco.com
- H. Goldie International Diamond Brokers' website explains the role of the De Beers' rough diamond broker and that of a sightholder. Their London office is on Ely Place. The office in Mumbai, Goldie International Ltd., is in the Unity House at 8 Mama Parmanand Marg. The e-mail in India is: goldie@vsnl.com www.goldie-diamondbrokers.com An informative newsletter keeps you up-to-date on the sights and the polished and rough market
conditions.
www.goldie-diamondbrokers.com/goldie/sight.html
- I Hennig & Co. Ltd. - The e-mail in London is brokers@hennig.co.uk, and the e-mail in Israel is
hennigil@netvision.net.il
- W. Nagel International Diamond Brokers has offices in Antwerp, Bangkok, Hong Kong, London, Lucerne, Mumbai, New York, and Ramat Gan. Founded in 1952, the company is active in both the rough and polished diamond markets. www.wnagel.net The e-mail in London is nagel@wnagel.net
- Jack Morgan - Tel: (44 207) 404-3111 Fax: (44 207) 242-2023
- Gerald Rothschild - Tel: (44 207) 580-0949 Fax: (44 207)
224-6294
|
|
