U.S. firm eyes RI diamond

U.S. firm eyes RI diamond

BANGKOK (DPA): American millionaire David Belle has been snapping up diamonds, some of them centuries-old heirlooms, from recession-hit Thais and plans to target cash-strapped Indonesians next, news reports said yesterday.

Belle, after buying about 300 million baht (US$7.1 million) worth of diamonds in South Korea, recently established the American Thai Buying Jewellery Company in Bangkok to purchase the cast-off diamonds of Thailand's "formerly wealthy," said the Bangkok Post.

Company sources said the firm had already bought about 100 million baht (US$2.4 million) worth of diamonds, including some centuries-old heirlooms, for resale on the U.S. and European markets.

"Some diamonds that the company has bought are more than 100 years old, belonging to a well-known family," a company spokesperson said, adding that the firm was attracting about 100 customers per day.

After Thailand the U.S.- based group plans to set up a similar operation to exploit the diamond mines of Indonesia, the news reports said.