Waldman Diamond Company

Waldman Diamond Group receives Rio Tinto rough allocation
September 22, 2003

RAMAT GAN, ISRAEL - The Waldman Diamond Group, the international diamond manufacturing and trading firm that is headquartered in Israel, has been selected to receive a regular allocation of rough diamonds by Rio Tinto Diamonds. This follows Rio Tinto's restructuring of its client list, with the coming on stream of its Diavik mine in Canada's Northwest Territories. Whereas earlier Rio Tinto had marketed mainly lower quality rough from its Argyle mine in Australia, the Diavik mine produces large quantities of top quality rough diamonds.

While, in the past, Israeli firms have been clients of window sales by Rio Tinto, Waldman is the first Israel-based firm ever to have been selected as a core client by the company, making it eligible for a regular allocation of rough diamonds.

Waldman will manufacture and market the rough diamonds it receives from the mining company separately from its other stock. This will allow these goods to be sold as a Canadian product. The range of diamonds once polished will include rounds and square cuts, between 0.75 carats and 5 carats in weight. Waldman is currently developing a number of marketing initiatives for retailers, which will include counter-top displays and other sales materials for jewelry stores.

"We regard our being given access to rough diamonds from Diavik as a most important development," said Alexander Waldman, WDC's chairman. "Once the mines in the Northern Territories reach their full production capacity, they will supply up to 15 percent of the annual world diamond production. This will make Canada the third-largest producer of diamonds, ahead of South Africa."

Waldman believes that his company's long established marketing tradition will stand it in good stead. "We're excited about being able to work with our customers, hand in hand, to develop programs for these Canadian branded diamond. It's not often that once gets so obvious an opportunity to work with material that provide us all with such profit potential," he stated.