Joseph Lipton, inventor and CEO of VULT - a digital diamond exchange platform seeking to turn diamonds into a true tangible asset class - presented his cutting-edge ideas about the future of global wealth at a very special TEDxFultonStreet Salon about “Things You Can’t Have” with other thought leaders in NYC.
Avi Krawitz of Rapaport News sat down with Joseph Kuzi, CEO of EGL Asia and director of Diamond Services, a Hong-Kong based synthetics testing facility, to talk about the phenomenon of undisclosed synthetic diamonds. He heard that the technology behind and production of synthetic diamonds is increasing rapidly, and just because we do not hear about every instance where undisclosed mixing of synthetic and natural diamonds is discovered, does not mean it is not widespread.
The International Institute of Diamond Grading & Research (IIDGR), part of The De Beers Group of Companies, has appointed independent digital agency Ridgeway to produce a new online education experience to share and disseminate the company’s industry knowledge to interested parties, reports Professional Jeweler. Ridgeway will develop an e-learning hub to provide educational courses on various topics. The plans will be unveiled at a launch event in April 2017, with the intention to have 1,000 students by the middle of 2018.
The American Gem Society Laboratories (AGS Laboratories) announced the release of a new service offering - "Only My Diamond" - that allows suppliers and retailers to present the diamond to their customers by "bringing the grading report to life", and providing complete details on the 4Cs, with visual and descriptive explanations of the diamond characteristics. The service is an interactive online tool on AGSLab.com, providing an enhancement to AGS Laboratories' Diamond Quality Document (DQD) by offering supplementary diamond quality information.
Avi Krawitz of Rapaport News details a decision by the Israel Diamond Exchange (IDE) to enforce a new rule compelling a dealer to cancel the sale of a rough diamond after he failed to disclose that a stone underwent value analysis using a Sarine Galaxy machine. Krawitz has been informed it is the first ever enforcement of new guidelines the World Federation of Diamond Bourses (WFDB) adopted in May aiming to keep a level playing field between both parties trading rough diamonds.
The International Institute of Diamond Grading & Research (IIDGR), part of The De Beers Group of Companies, has unveiled a US$5 million expansion of its diamond grading and testing centre in Surat, India. The move follows the Group’s initial investment of US$10 million in 2015 to establish the facility, which has the capacity to process over US$500 million of diamonds every year.
Diamond manufacturing technology company Sarine Technologies announced in a press release the unveiling of it, "new groundbreaking technology for clarity and color grading", which it claims, "will revolutionize the way the diamond industry and consumers perceive clarity grading, and transform the polished sourcing and sorting process ... Technological standardization translates into greater credibility for the industry and increased trust for the diamond consumer." They say while carat size has traditionally been the only objectively measurable factor of the 4C’s in diamond grading, Sarine
Two weeks ago, IDEX Online published an opinion piece by Thierry Silber, CEO and founder of Diamaz International and Madestones, entitled "How to Kill Four Birds With One Stone". Here Silber makes the following proposal on the way to tackle the heated issue of undisclosed mixing of natural and synthetic diamonds: "Why not remove the mixing issue by selling both types of smaller diamonds at the same price up to a certain size?" The main problem as he sees it is the cost of detection involved in screening for synthetic diamonds, particularly for smaller manufacturers.
Anyone telling you that lab created diamonds are cheaper [than natural] is straight out lying (they just use weaker certificates to make inflated quality claims; the oldest scam in the book) ... You shouldn’t ignore value entirely. Say an average natural diamond retains roughly 50% of its value after purchase. Eventually the value of the diamond will rise, so if you ever try to sell it, you should be getting at least half (or possibly much more) of the original purchase price. Lab-created synthetic diamonds have no resale value. So, from a value perspective, you would need to buy the lab-created diamond at a massive discount to justify giving up the value retention of natural diamonds ... The companies selling lab-grown diamonds claim that their diamonds are 30-40% cheaper. That is an outright lie. So If you are planning on buying a diamond and looking to get the best bang for your buck, natural diamonds are a far better choice than man-made diamonds.
- The Diamond Pro, on the losing value proposition of synthetic diamonds.
A week after the Gemological Institute of America (GIA) announced that its Hong Kong laboratory recently identified an undisclosed chemical vapor deposition (CVD) grown diamond weighing 5.19 carats - the largest ever CVD synthetic diamond ever detected - Tom Moses, the GIA’s executive VP and chief laboratory and research officer explains to Michell Graff of The National Jeweler how lab-grown diamond certificates issued by GIA differ from their natur
This afternoon, the Antwerp World Diamond Centre (AWDC) hosted a forum organized by the Federation of Belgian Diamond Bourses (FBDB) to tackle the issue of undisclosed synthetic diamonds and address the legal and technical aspects concerning the disclosure of synthetic and treated natural diamonds.
The Fancy Color Research Foundation (FCRF) is launching what it says is the first ever industry Fancy Color Rarity Evaluator (FCRE™). The Evaluator provides proprietary rarity estimates for all yellow, pink and blue fancy color diamonds based on the diamond’s carat weight, color, color intensity, clarity and shape. It will provide a range estimate for the number of such diamonds unearthed in mines each year and will allocate them a Rarity Level, from Common to Super-Stone.
If the interest demonstrated at the "Screening & Identification of Synthetic Diamonds" seminar hosted by GIA at last week's India International Jewellery Show is any indication, undisclosed mixing of synthetic and natural diamonds is of great concern in India. The Tribune India writes, "According to industry sources, many small traders are quietly mixing the lab-cultured stones with natural diamonds and palming the consignment off to unsuspecting buyers.
The International Institute of Diamond Grading & Research (IIDGR), part of The De Beers Group, has announced the agreement of a partnership with the National Association of Jewellers (NAJ) for its diamond grading service in the UK, whereby NAJ members will benefit from preferential terms when they submit diamonds to the IIDGR’s UK lab for diamond grading, according to a De Beers press release. Commenting on the partnership, Jonathan Kendall, President, IIDGR, said: “Working with bodies such as the NAJ, IIDGR hopes to bring consistency, accuracy and in
Speaking at the inauguration of the 2016 India International Jewellery Show, Bruce Cleaver, CEO, De Beers Group, confirmed that De Beers has signed a Memorandum of Understanding (MOU) with the Gem & Jewellery Export Promotion Council (GJEPC) to develop a category-based marketing campaign over the key selling season in India.
HRD Antwerp inaugurated its flagship store on 23 June 2016 in Paris. It is the result of an exclusive partnership between HRD Antwerp, Europe’s leading authority in diamond certification and selected retailers. Peter Macken, CEO HRD Antwerp, said: "HRD Antwerp is the leading authority when it comes to certification, education and equipment. We aim for perfection in everything we do, delivering the highest quality in all our products and services.
Press Release: The De Beers Group of Companies today announced that polished diamonds with grading reports from its International Institute of Diamond Grading and Research (IIDGR) can now be listed on the RapNet polished diamond trading platform. Polished diamond traders will now be able to list, filter and search for polished diamonds with IIDGR grading reports on RapNet.
De Beers Group's International Institute of Diamond Grading and Research (IIDGR) launched its generic diamond grading program last February, entering "what arguably is the most contentious space in the diamond distribution chain where concerns have grown over grading consistency and standards, or lack thereof, in the past few years," writes Rapaport.
The Indian government on 30 March exempted from customs duty cut and polished diamonds imported by HRD Antwerp's Mumbai Diamond Institute for grading and re-export, taking the number of such entities enjoying the facility to four. In July last year, the Central Board of Excise and Customs (CBEC) had exempted from customs duties cut and polished diamonds imported for grading or certification and re-export by three laboratories and agencies.
The Russian company New Diamond Technology (NDT) yesterday presented an emerald-cut blue diamond, 5.03-carat, VS1 high-pressure, high-temperature (HPHT) type-IIb stone at BaselWorld. It is the largest synthetic blue diamond to date and was certified by the International Gemological Institute (IGI). NDT is one of the founding members of the new International Grown Diamond Association.
HRD Antwerp and the Hong Kong Indian Diamond Association (HKIDA) recently signed an agreement on an exclusive diamond-screening service using the M-Screen. The M-Screen is “the world’s fastest melee-screening device available today,” HRD Antwerp said. The new service will offer the screening of parcels – with a minimum total weight of 10 carats – of melee-sized diamonds from 1 to 20 points and colours D-J straight from HKIDA’s premises in Kowloon.
I have been a strong proponent of generic diamond marketing. Fragmenting the diamond market with diamond brands is having a negative effect on the consumers’ perception of generic diamonds. Currently, we are not only witnessing diamond brand wars but a new war is developing involving diamond reports. De Beers is taking on the GIA by opening their grading facilities to the general trade and Martin Rapaport is taking on the world with his new Investment Diamond Report ... These reports, like branded diamonds, are harmful to the marketing of generic diamonds. De Beers will market their report as superior to GIA. Rapaport will promote GIA as a secondary and a weak report. This new war of reports will cause consumer confusion and distrust. Put succinctly the consumer will suffer from ‘paralysis by analysis’. Rather than working together to encourage the sale of diamonds, our industry is continuously finding new ways to fragment and denigrate itself while destroying consumer confidence.
- Mel Moss on the growing fragmentation of diamond grading, oversupply and jewelry chain stores
In a follow-up article to Chaim Even-Zohar's bombshell about CVD synthetic diamonds being sold on Alibaba with GIA natural diamond certificates, the Diamond Intelligence Briefing (DIB) identifies the name behind the fraud: Diwakar Dhyani.
"It was with profound disbelief that I read your press release today entitled: "Rapaport Launches New Investment Diamond Grading Report". In all honesty, my initial response to this press release was simply: Has Rapaport totally lost their f----g minds? It’s not enough that the “Rap Sheet” ruined the profitability of the retail diamond markets, or that the effort to “commoditize” diamonds was such an incredibly absurd (read: failed) idea. Now Rapaport wants to promulgate the selling of diamonds to consumers as “investments” like stocks and bonds?
The Rapaport Group has issued a press release announcing the launch of "a new diamond grading report - the Rapaport Investment Diamond Report (IDR). The new report conservatively grades diamonds based on Gemological Institute of America (GIA) standards. Additional gemological information including tint, location and color of inclusions as well as high resolution images are provided online and with the report. All Rapaport Investment Diamond Reports are double tested, as they include an additional independent GIA diamond grading report."
Alibaba, the leading e-commerce portal for global wholesale trade blacklisted and removed a New Delhi-based supplier of synthetic diamonds and gem simulants after it tried to sell lab-grown diamonds with fake Gemological Institute of America (GIA) natural diamond certificates. The New Delhi-based seller identified as International Trading Corporation (ITC) had put up the wholesale offer to supply 10,000 carats of CVD diamonds a week with the GIA certifi
Professional Jeweller reports that the London Diamond Bourse (LDB) has partnered with De Beers' International Institute of Diamond Grading & Research (IIDGR) to launch a diamond grading and melee screening lab service in the UK. The agreement between LDB and IIDGR commences a new service that will enable members to submit to the IIDGR lab melee for full testing as well as diamonds over .14ct for grading. Victoria McKay, chief operating officer of LDB explains: “Guidance will be recommended to all LDB members to test melee using the mathematically based De Beers, ‘Best Practice
"Throughout the diamond pipeline, the time has come to "expose" rather than quietly "acquiesce". If a jeweler did something wrong, let the courts decide. If someone committed a fraud, let him go to jail. Consumers will have far more confidence in those jewelers that prove their trust and integrity by standing up - rather than "giving in." In many instances, the retailer is a victim of his or her diamond supplier. Let them become accountable as well."
Chaim Even-Zohar, industry expert - Diamond Intelligence Briefing
In an elaborate investigative piece that is clearly stirring up much debate, JCK News Director Rob Bates dives into yet another episode of the EGL overgrading saga, and wonders if overgrading lawsuits have become overkill. Nashville law firm Cummings Manookian recently launched an aggressive flyer and online campaign against a handful of small jewelry retailers – and in some cases their personnel - in the U.S., seemingly aimed at recruiting dissatisfied customers in their crusade against overgrading by the former EGL International diamond grading lab.
JCK reports that six more people have been arrested by the Indian authorities in the investigation into unauthorized access (hacking) of the GIA database, according to an Institute announcement. GIA declined to release their names. GIA previously identified the submitting companies, who are no longer permitted to submit stones to its lab pending an investigation.
Louis Pearl, rough diamond consultant and gemologist, takes a hard look at eroding profit margins throughout the diamond pipeline from a historical perspective and - for a change - does not place all the blame on the major miners.
Thomas Biesheuvel at Bloomberg writes that, "More than half of the biggest diamonds in the past decade have been found in the last two years," and Canadian miner Lucara Diamond Corp. unearthed three of them just last month from its Karowe Mine in Botswana. Still, of the hundreds of millions of diamonds unearthed over the past decade, only about a dozen larger than 250 carats have been found, based on a Bloomberg review of company disclosures.
The New York Times writes that "If there is a holiday gift almost guaranteed to make a recipient swoon with joy, it is a diamond", but buying diamonds as an investment is tricky business. "The value of certain colored diamonds has increased while traditional white diamonds have fallen. Diamond dealers are talking about pink, blue and red diamonds as investments, citing a recent track record of double-digit returns." For example, the best-known pink diamonds are from the Argyle diamond mine in Australia. “They’re less and less available and more and more in demand.
Diamond blogger Eric Schulte has articulated what many in the diamond industry have been wondering: once one gets beyond lab-grown diamond producer Diamond Foundry's Silicon Valley sponsors and DiCaprio marketing hype, what is so groundbreaking? His conclusion: not much. He writes, "The goods listed on the rather tiny inventory on their site seem near identical to what has been offered by Gemesis/Natural Grown Diamonds for years, with colors mostly in the H-L range, and most stones under a carat. Maybe the better goods are forthcoming ...
When Leonardo DiCaprio, who starred in the movie Blood Diamond, says he’s backing a start-up company to produce synthetic diamonds because this will ensure that the product is “ethically produced”, the whole world listens to him. And they think we are an industry that cannot be trusted. We have to prove him wrong.
- Sanjay Kothari addresses three major issues facing diamond industry: undisclosed synthetics, businesses taking on debt while knowing they are heading for bankruptcy, and illegal tampering with diamond certificates.
HRD Antwerp CEO Peter Macken speaks about the work of the Antwerp lab and the services it offers, as well as some of the issues affecting the diamond industry. Macken states that, "As consumer demand for diamonds is forecasted to grow in the years ahead, undisclosed synthetic diamonds entering the market remains a challenge for traders and consumers alike. It therefore is very important that all lab-grown diamonds can be identified by a professional lab. It is the diamond industry’s responsibility to ensure the consumer is never misled. We at HRD Antwerp take this task to heart."
Stella Layton, Chief Executive and Assay Master of the Assay Office Birmingham (AOB), spoke about diamond grading at CMJ’s UK Jewellery Conference last month: “It’s inconsistent – it’s based on subjectivity and there is a wide range of grading happening globally across diamonds, not just lab to lab but person to person.” Layton said that there is as yet no science that may be applied across the board to determine the exact grade of a stone, and even standard guides used to unify graders are open to interpretation.
De Beers' International Institute of Diamond Grading and Research launched on 13 November its melee testing service for the Antwerp diamond community. “The service is focussed on supporting the defence of the industry”, stated Jonathan Kendall president of the IIDGR. The launch took place on HMS Diamond which was moored on the bank of the Scheldt River during her visit to Antwerp last week. “A more appropriate setting would have been difficult to achieve.
Mel Moss, president of Regal Imports Ltd., discusses his "terrible" buying trip to India, bemoaning the lack of well graded polished diamonds (particularly Canadian) and the "abundance of poorly graded GIA stones selling at discounts." As of early November, quality goods in India were on demand but simply unavailable. Consequently, "any fresh and properly graded diamonds in SI qualities will be priced very high.
The International Diamond Council has launched a website for use as a platform to explain diamond nomenclature and terminology. It is intended for use by members of the trade and the general consumer. The IDC states that its specific task is to assure that industry members apply the correct diamond nomenclature and terminology when trading diamonds.
According to a statement released by the Antwerp World Diamond Centre (AWDC), the Correctional Court in Antwerp has sentenced five people, including four diamond traders, to mandatory prisons sentences and imposed "significant" fines for certificate fraud.
The Gems and Jewellery Export Promotion Council (GJEPC) and the Bharat Diamond Boure (BDB) have jointly formed a committee to investigate the fraud committed by the Surat and Mumbai based firms and diamond traders by illegally upgrading diamond grading reports issued by the Gemological Institute of America (GIA).
RapNet, the Rapaport Diamond Trading Network, has suspended 10 members pending further investigation. The members have also been suspended by the Gemological Institute of America (GIA) for allegedly participating in a scheme that hacked into the GIA’s computer system and upgraded 1,042 GIA grading reports. GIA issued laboratory alerts invalidating the grading reports and naming the suspended members. RapNet has removed all diamonds with grading reports involved in this matter as well as all other diamonds listed by suspended members. The names of the suspended Rapnet Members are:, A.
JCK reports the Gemological Institute of America has revoked 1042 grading reports from diamonds predominantly submitted at GIA in India, after internal controls revealed reports were altered by former employers of GIA's database partner Tata Consultancy Services (TCS) hacking into the system. GIA urges clients in possession of any of these grading reports or diamonds to return them immediately to GIA. Both GIA and TCS said they have transfered the results of their investigation to Indian police authorities, who are currently investigating the matter.
The De Beers Group of Companies today announced that the low cost, high volume melee testing service at its International Institute of Diamond Grading & Research (IIDGR) will begin in Surat, India, on 26 October 2015. with an equivalent service to launch in Antwerp, Belgium, on 12 November 2015. The service will provide diamantaires with the opportunity to use IIDGR’s leading proprietary technology to verify the natural diamond content of parcels of melee before they are traded. Goods will be returned in sealed, tamper-proof IIDGR packages, with the content of each clearly labelled.
Kennady Diamonds Inc. said the results of a preliminary valuation of diamonds recovered from the Kelvin kimberlite at its Kennady North project in Canada's Northwest Territories found an average price per carat of $56, $70 and $123 for stones from three different zones. WWW International Diamond Consultants (WWW) valued a diamond parcel weighing 989 carats recovered from bulk sampling of the Kelvin kimberlite in Antwerp.
In a press release, World Federation of Diamond Bourses (WFDB) President Ernie Blom responds to the Bharat Diamond Bourse's decision to ban trading of synthetic diamonds, saying that each WFDB-affiliated exchange has the right to decide its own policy on the issue.
The Gemological Institute of America (GIA), recognized as one of the foremost authorities in gemology, has raised its profle in Japan by launching its website in Japanese. The announcement from GIA reads, “The translation of our website is part of GIA’s commitment to delivering gemological information and instruction in Japan in Japanese,” said Bev Hori, GIA’s chief learning officer and senior vice president of education. “Japan is one of the world’s largest markets for gems and jewelry, so it’s important for GIA to make our educational resources available in this important country.
International Jewellery London 2015 held a panel discussion on the impact of untrustworthy diamond grading on the industry as a whole. London Diamond Bourse president Harry Levy said the proliferation of grading labs had become an "international problem". Poor and inconsistent diamond grading affects business, as customers will go around to jewelers and see different certificates giving more generous grades than a trustworthy diamond grader – like the GIA – would give, with many becoming, "enticed by lower prices and higher grades”, says Andrew Hinds.
The Gemological Institute of America (GIA) will begin growing diamonds at its research facility in New Jersey in order to keep up with identification and treatment of the stones, which are becoming more prevalent in the industry.
Diamond certification laboratory HRD Antwerp has announced that it will be unveiling a new Automated Melee Screening Device, known as M-Screen, at the Hong Kong Jewellery & Gem Fair. The device, developed in a collaborative effort between the Scientific and Technical Research Center for Diamond (WTOCD) and HRD Antwerp, promises to provide ‘a super-fast table-top automatic melee screener' for commercial use.
Gem-A, the Gemmological Association of Great Britain, said that following the election for seats to its Council, nine new members were elected, with seven from the U.K. and two from the U.S. who will join three existing Council members. Among the first steps the Council will take is the appointment of a new CEO after James Riley stood down earlier this year due to a controversial dispute over alleged misuse of his Gem-A credit card that has created much rancor in the organization.
Independent not-for-profit organisations Assay Office Birmingham (AOB) and London Diamond Bourse (LDB) have announced a partnership that will provide LDB members with convenient and cost-efficient high-quality, diamond and gemstone testing and reports. The partnership will provide LDB members, trading from the Bourse floor in Hatton Garden, with a dedicated, secure delivery of diamonds and gemstones for grading to AnchorCert Gem Lab, based at AOB’s new state-of-the-art Birmingham facility.
The Times of India reports that for the first time in its history, the Surat Diamond Association (SDA) terminated the membership of a diamond manufacturer accused of selling undisclosed synthetic diamonds to the diamond merchants on Wednesday. SDA office-bearers, who met at the executive meeting on Wednesday, unanimously decided to terminate the membership of Chandu Sheta, a diamond manufacturer in Varachha, who had sold 110 diamond pieces weighing 1.28 carats to two diamond merchants in Varachha's Mini Bazaar diamond market in February 2015.
Evert P. Botha writes in Jewellery Business Magazine that Canada's currency woes - the loonie has depreciated over 20% against the U.S. dollar since July 2014, nearing an 11-year low - and the effective banishment of European Gemological Laboratory (EGL) International as a result of overgrading practices has led to "a new kind of normal" regarding diamond prices in Canada.
Gemological Science International (GSI) says it is the first and only lab in India to begin batch testing for star and melee sized diamonds. The lab offers cost-effective testing by utilizing a powerful and mid-IR spectrometer used for routine and advanced laboratory analysis. “The infiltration of synthetics into the melee trade has become a legitimate concern to the industry,” says GSI CEO Mark Gershburg. “We, at GSI, view ourselves as a highly technologically savvy entity…This allows us to deliver this testing method, which may be the long awaited solution to the time consuming and ineffi
The Gem and Jewellery Export Promotion Council (GJEPC), Bharat Diamond Bourse (BDB) and the All India Gem and Jewellery Trade Federation (GJF) have welcomed the publication of ISO International Standard 18323: Jewellery - Consumer confidence in the diamond industry for providing clarity in the definitions of natural and synthetic diamonds. Rleased earlier this month, the ISO ruling defines a diamond as something that was "created by nature"; it also says that "the denomination 'diamond' without further specification always implies 'natural diamond’."
The Gemological Institute of America (GIA) will offer its Graduate Diamonds diploma program in Hyderabad, India. The seven-week program begins on August 20 and will provide a theoretical understanding and practical knowledge to students seeking to learn the four 4Cs: cut, carat, color and clarity.
The GIA has started providing the GIA Diamond Focus Report, a low-cost digital report for natural, D-to-Z color, round brilliant-cut diamonds weighing between 0.15 and 0.29 carats. Laser inscription of the GIA report number is also included.
The Gemological Institute of America has banned five Indian companies from further submissions to its grading lab, alleging they inscribed diamonds with GIA report numbers not associated with those gems. “We reasonably suspect that stones submitted under your client account, and other accounts for which we believe you to be partnered, have been inscribed with preexisting GIA report numbers that were not issued for the particular stones being submitted and that GIA did not inscribe,” said the letter from lab director Tom Moses to a principal of Surat-based Cristy Gems.