Tiffany, the high-end US jeweller, has gone head-to-head with De Beers, announcing last week that it had struck a deal with miner Tahera to buy or market all the diamonds from its Jericho mine.
De Beers dominates the global rough diamond market, and other significant players in the value chain such as Israeli Lev Leviev the world's largest polisher, who supplies more than 10% of total rough production. T
ogether they maintain a degree of control over the global diamond mining, marketing, manufacturing and retail sales chain.
Analysts say although Tiffany's strategic move will not make it an immediate counterweight to De Beers, it does illustrate how De Beers' long-time grip on the marketing of rough diamonds is slipping."