Indpendent diamond industry analyst Paul Zimnisky takes an alternative, well-considered approach to recycled diamonds: they could be the shot in the arm the natural diamond industry needs.
The market for recycled diamonds has grown substantially in the last decade following the financial crash of 2008, and though it is hard to guage the market as a whole due the less-than-transparent avenues through which they are bought and sold, estimates are that the trade in recycled diamonds is now worth between five and ten percent of the global market - or approximately $1 billion - and is expanding. Abraham Dayan, writing for Rough-Polished, looks at some of the players in this growing market, the advantages it provides for manufacturers in need of affordable supply and retai
White Pine Trading LLC, a diamond trader and fine jewelry and luxury watch purchaser, is launching a listing service to provide smaller diamond dealers a distribution channel for GIA-graded stones. The platform will provide access to leading trading networks, regardless of a member’s size, funding or supply, and also aims at improving members’ access to brick and mortar and online retail outlets, according a report on Idex Online.
Charles Wyndham wonders about the sense of jewelry retailers in Antwerp, London, New York and many other places offering huge discounts which makes the products, touted as the ultimate luxury goods, "look exceedingly grubby". "I have never understood why so many, if not the vast majority, of retailers selling diamond jewelry insist on stuffing their windows as if it were a butchers shop. Just as the industry itself has in essence changed so little over the past however long, so retailing of diamonds has hardly progressed, and indeed in many ways regressed."
De Beers has formally launched the International Institute of Diamond Valuation (IIDV) in the U.S. to "provide an enhanced diamond jewelry reselling solution, suited to the needs of both retailers and consumers" by offering more accurate and attractive prices, as well as greater transparency in the reselling process. IIDV will enable retailers to offer their customers a reselling service that complements their own activities, helping to maintain customer relationships, support repeat business and raise foot traffic.
The Diamond Doctor, a prominent and well-respected jewelry wholesaler and retailer in Dallas, is joining with Southwest Diamond Cutters, founded by a fifth-generation master diamond cutter, to establish a new state-of-the-art diamond cutting facility that will serve retail and wholesale clients across the U.S., reports Business Wire. The facility will house 14 diamond cutters and support staff and is scheduled to open in mid-2016 following the completion of building renovations.
Goldstür has announced the deployment of a first series of automated cash for jewelry kiosks in a supermarket chain in Minnesota, where customers can have gold, silver and platinum jewelry pieces appraised automatically, with the option of trading in their jewelry for cash or gift cards in a process that takes but a few minutes. The kiosks link with real-time commodity prices to provide potential sellers with an accurate, current price for their jewelry.
U.S. households constitute, in effect, the single biggest diamond mine in the world, with over $1 trillion worth of polished diamonds. Any individual who owns a diamond is a stakeholder of this mine. It is estimated that there are only 50 more years’ worth of new gem quality diamonds worthy of excavations. The future of diamonds lays with recycling already-mined diamonds and repurposing them.
- Ben De-Kalo, founder and CEO of Worthy, an online marketplace for used luxury goods
White Pine Trading held a buying event for retailers at its New York City office on July 25, just ahead of the JA New York Summer show which began today (Sunday). The company sold goods from its inventory of fine, branded, signed, antique and estate jewelry outside. White Pine Trading specializes in the buying and selling of recycled diamond and jewelry.
Decades after the De Beers Group started its “A Diamond Is Forever” campaign, the grandchildren and great-grandchildren of that slogan’s era are hoping to use those stones for their own engagements. And women in their 40s, 50s and 60s are looking for convenient and affordable ways to update their jewelry, or consolidate several stones into one piece. Gemvara, an online custom jewelry company, is exploiting a widening market gap. The mantra of reduce, reuse, recycle seems to be finding its way into the jewelry box.
Imports of polished diamonds by the sub-continent are soaring, with market sources in India saying it is due to high volumes of sales of older items of jewelry set with diamonds in countries such as Japan, China and the United States. The recycled items are being exported to India where they are reworked into new jewelry pieces.
The recycled diamonds trade has become a huge, under-the-radar market. Analysts estimate overall sales of “recycled diamonds” at about $1.5 - $2bn a year, out of $81bn in diamonds sold globally at retail. And that may be an underestimate. How much this is affecting the wholesale market is unclear.
The firm, which deals in recycled diamonds and jewelry, is expanding with a subsidiary to deal with fine jewelry division.