Signet Diamonds is undertaking a discontinuation of rough diamond sourcing business, concentrating on its core business and nearer-term initiatives, maintaining a vigilant control on costs and inventory, in response to the current volatile market. The decision comes after the company noted its Q3 results. %% The company began a trial initiative of rough diamond sourcing in fiscal 2005-06, which involved purchase and contract the manufacturing of the roughs. This initiative was finally rolled out in late 2007-08. The intent behind the rough sourcing programme was to support the company’s business through efficient purchase of roughs, better its understanding of the polished diamond market, and reduce costs. The company had outlined the future scope of the rough sourcing to “substantially” increase its volumes of rough purchasing in the 2008-09 financial year. But the economic slowdown has caused the demand for roughs to dip steeply. %% As per the company’s financial records, its profits in the first nine months of 2008-09 dipped by 60.5 percent to $30.3 million and sales s\decreased by 2.6 percent to $2.22 billion for the nine months.