On a drilling rig, a non-magnetic drill collar (NMDC) was lifted from the hydraulic catwalk with a third party pickup sub. The elevators and pickup sub were 6-7 meters above the rig floor at approximately a 70 degree angle when the pickup sub slipped through the elevators. The non-magnetic drill collar slid and bounced out of the trough and landed halfway down the catwalk. There were no injuries.