National Jeweler Network writes:
A top-level delegation from Rio Tinto, one of the largest mining and natural-resource conglomerates in the world, met with the Israeli Diamond Industry from Dec.6-7 to learn about the industry there and to examine the possibility of expanding its rough-diamond customer base.
The delegation included Rio Tinto Diamonds Chief Executive Keith Johnson, Rio Tinto Diamonds NV Managing Director Steven Hodgson and Rio Tinto Diamonds General Manager for Business Development Timothy Renwick. They were hosted by Moti Ganz, chairman of the Israel Diamond Institute and president of the Israel Diamond Manufacturers Association, and Avi Paz, president of the Israel Diamond Exchange.
According to Ganz, all branches of the Israeli diamond industry promised Rio Tinto full cooperation if it decides to include Israeli companies in its client base. Johnson said that Rio Tinto is now engaged in a review of Diavik's marketing efforts, and that it was likely that the company would come back to Israel after this was completed in late 2007. He said that the company looks to establish relationships with customers who could ensure the most value for its diamonds.
In the past few years, Israel has become a major center for the rough-diamond trade. In 2005, net rough-diamond imports into Israel totaled $5.3 billion, accounting for almost half of all rough imports in the world.
Rio Tinto, which owns three mines—Argyle in Australia (80 percent contracted to Indian customers), Diavik in Canada (together with Aber) and Murowa (a pilot project in Zimbabwe)— supplies about 10 percent of the rough diamonds in the world.
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http://www.nationaljewelernetwork.com/njn/content_display/diamonds/e3i57213c0b0f9f05e2c6bdc883c47b4306?imw=Y
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