Tiffany & Co. has announced that, effective immediately, it will begin sharing with consumers the provenance (country of origin) of its diamonds weighing 0.18 cts. and up. This "Diamond Source Initiative", which Tiffany's calls "a significant step for diamond transparency," will go further than current industry standards, and responds to increasing consumer demand to know they are making responsible purchases.
The GIA (Gemological Institute of America) announced yesterday that ALROSA, the world's largest producer of rough diamonds, will participate in the Institute's M2M (Mines to Market) program, its "new digital storytelling platform". GIA's M2M is a digital platform that brings together the Institute's unique ability to scientifically match rough diamonds to the resulting polished gems with information from each step in the value chain, enabling it to tell the compelling story of a diamond's journey.
Angolan President João Lourenço has vowed to reform Angola’s diamond industry, increasing its transparency in order to facilitate the exportation of goods, attract foreign investment and increase government revenue from the country's natural resources.
IBM and a consortium of gold and diamond industry leaders have launched the first cross-industry initiative to use blockchain to trace the provenance of finished pieces of jewelry across the supply chain for increased transparency, the multinational technology company announced last week. Asahi Refining (precious metals refiner), Helzberg Diamonds (U.S.
Rapaport’s Sarah Jordan lists five common misconceptions about the diamond industry and lets industry experts explain the difference between myth and reality.
Myth: Customers are significantly at risk of buying a conflict diamond
Reality: The Kimberley Process alongside a multitude of legislation and self-regulation are a guarantee that 99.8% of diamonds are conflict-free.
The external perception [of our story] is not aligned with our good intentions and actions. We have seen this more clearly than ever by the risk profile regulators have attached to our industry. We all know at what cost and impact to our bottom line. We cannot allow this to continue. It is uniquely important that each part of the industry, within its specific mandate, remains fully aligned with our ethical standards and engaged to benefit the good image and reputation of diamonds. Our story is one of shared responsibilities, and we cannot afford to fail.
High jewelry houses are increasingly going straight to the source to acquire rough diamonds that they will turn into their beautiful creations, writes Ming Liu in a feature for CNN. Typically, the larger category of rough diamonds are obtained by specialist diamond cutters and polishers who analyze each stone to determine the ideal cut in which to shape them, and only after this process are the polished gems usually presented to high jewelry houses.
In 2015, CAP Conseil, a sustainable development consultancy based in Belgium, presented the Antwerp World Diamond Centre (AWDC) an idea for a fully ethical and traceable diamond jewelry project from small-scale origin. Two years later, the first MY FAIR DIAMOND collection has become a reality.
At the start of Positive Week, an initiative run by Positive Luxury to encourage environmental practises in business, Jo Blake, head of communications at De Beers' brand Forevermark, argued that the regulations that govern diamond mining allow the practice to be more eco-friendly and sustainable than synthetic diamonds, which are hardly regulated at all. “The [synthetics] industry is not particularly regulated in comparison to the natural diamond mining," she said.
Chow Tai Fook launched CHOW TAI FOOK T MARK, a new jewelry brand with diamonds exclusively from their ‘T Mark’ collection. Each stone is inscribed with the brands patented technology enabling customers to track the stones journey from sourcing - processing, cutting, polishing, authentication, design - to production.
"Those 238 grams are believed to be the most rigorously documented export of small-scale gold in history", writes The Globe and Mail. They are referring to 238 grams of gold that Canadian NGO Partnership Africa Canada (PAC) purchased from small-scale mining sites in eastern Congo as part of a pioneering new system of gold exports called "Just Gold", initiated to generate a new form of highly detailed sourcing data.
Arriving at Antwerp’s splendid 19th century Central Station, with its marble staircases, iron and glass vaulted ceiling and gilded details, shoppers visiting Antwerp are filled with high expectations about the jewelry boutiques awaiting them in the world’s diamond capital. For years these expectations were quickly dashed, as consumers were confronted with myriad uninviting and less-than-reputable jewelry shops once they left the station. Where to turn?
As part of a mine-to-consumer deal, R2Net, which owns JamesAllen.com, and Dominion Diamond Corporation have signed an agreement to market and brand CanadaMark® certified diamonds. JamesAllen.com will be the exclusive online retailer of CanadaMark certified diamonds; brick-and-mortar retailers will be able to sell the diamonds, but will not be allowed sell them online, giving James Allen "a significant advantage", according to JCK's Rob Bates.
The Gemological Institute of America (GIA) launched a new service which tracks the origin of a selection of polished diamonds, which offers retailers a new method of being able to uncover a stone’s history. Since the project is only two years in development, GIA's M2M™ (Mine to Market) program is restricted and is not yet able to provide a complete solution to determining a diamond’s provenance. “If you just gave me any polished diamond, I can’t tell you what mine it came from,” says Matt Crimmin, GIA’s vice president of laboratory operations.
Forevermark diamond, part of the De Beers Group, announced it had inscribed its two millionth diamond, a 3.48 carat round brilliant which now bears the unique inscription of ‘2,000,000’. The diamond was mined, cut and polished in Namibia, then inscribed in the Forevermark Diamond Institute in Surat and will be set in a piece of jewelry at the Forevermark Design innovation Centre in Milan, Italy.
The diamond industry has a sort of 'Holy Grail' when it comes to consumer confidence and putting to rest an issue that critics rely on to deride the trade as unethical and still awash with 'conflict diamonds': guaranteed provenance. Acoording to an interview last week, Andrey Polyakov, president of the World Diamond Council (WDC) and a vice-president of Russian diamond giant ALROSA, believes one key to obtaining that grail is close at hand in the form of a physical 'fingerprint' that would enable diamonds to be tracked to their origin.
Following the end of year 2016 in which poor sales performance and management changes were overshadowed by the reemergence of allegations of rampant sexual harassment and discrimination, Signet Jewelers is clearly making an effort to polish its i
"The Kimberley Process (KP) is one of the key institutions that the diamond industry depends on to deliver the assurance that not only are rough diamonds responsibly sourced," writes Vinod Kuriyan, chief editor of GEMKonnect and a veteran analyst of the diamond industry, "but that they deliver fair value to artisanal miners and the local communities in the sourcing area." His defence of the KP was prompted by Martin Rapaport's statement on stage last week at the
The World Diamond Council (WDC) announced that the Board of Directors has named Ms. Marie-Chantal Kaninda as Executive Director effective March 1, 2017. Ms. Kaninda will be replacing Patricia Syvrud, who is stepping down on February 28th. Ms. Kaninda brings to the organization over 20 years of industry marketing and stakeholder engagement experience, having worked for companies such as Anglo Gold Ashanti, De Beers and Rio Tinto, mostly in Africa. A resident of the Democratic Republic of Congo (DRC), Ms.
In his latest Diamond Intelligence Briefs, “Keeping Stock of U.S. Kimberley Process Certificates”, industry analyst Chaim Even-Zohar takes another hard look at the U.S. rough diamond trade and the country’s half-hearted approach when it comes to implementing Kimberley Process (KP) certification standards domestically.
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.
Tiffany & Co. has unveiled a short film on its diamonds, highlighting their journey through Tiffany's vertically integrated supply chain from mine to their studio in Antwerp, from Antwerp to the company’s polishing workshops in Mauritius and their final journey to New York. The film gives the viewer unprecedented access inside from inside three critical junctures of the journey from responsible mining to sorting, marking, cutting, polishing, grading, setting – and finally, the famous Tiffany Blue Box®.
The Israel Diamond Exchange and Israel Diamond Manufacturers Association sent a letter to Israeli traders Diamond companies in Israel have been granted another two months to voluntarily disclose their assets, inventory and unreported income to the Tax Authority, writes Rapaport News. The trade organizations informed their members that firms have until the end of February to submit the full report of disclosures, as long as they declared their intention to do so by December 29.
The diamond industry is changing, and the global environment in which we operate is changing too. There is a constant and inseparable interaction between the two. We must continue to evolve ... The diamond industry should change its traditional approach towards consumers. My proposed new approach towards current and future consumers is one based on openness and transparency. For most consumers, the diamond mining and manufacturing process is opaque.
Controversy is brewing in Namibia about who is selling their diamonds to whom, for how much, and whether the country is obtaining fair value from its precious resources. The Namibian newspaper previously raised concerns that a new government independent sales company called Namib Desert Diamonds (Namdia), which is designated to sell stones worth over an estimated US$150 million (N$2.1 billion) per year as stipulated by a 10-year agreement
"Uncertainity looms large over the world's largest diamond cutting and polishing industry in Surat following the scrapping of the old Rs 500 and Rs 1,000 currency note by the government," writes the Times of India (TOI) on the sudden currency ban.
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.
The De Beers Group of Companies has announced that its Auction Sales business will offer midstream diamond companies the opportunity to sell certain types of polished diamonds to other trade participants on its auction platform, the company writes in a press release. The new limited scope, business-to-business pilot is an extension of the service for rough diamonds that was launched earlier this year. It follows existing customer demand for an equivalent service for their polished diamonds.
A major U.S. jewelry manufacturer and retailer Stuller and Dominion Diamond Corp. have partnered to bring CanadaMark melee diamonds to the U.S. market, writes Logan Sachon for JCK.
The Namibian newspaper has raised concerns that a new government independent sales company called Namib Desert Diamonds (Namdia), which is designated to sell stones worth over an estimated US$150 million (N$2.1 billion) per year as stipulated by a 10-year agreement between De Beers and the Namibian government, is allegedly operating without the desired level of transparency when it comes to selling Namibian resources.
In a news release, VULT - a digital diamond exchange platform whose, "revolutionary technology turns diamonds into a modern asset class: liquid, portable and fully fungible" - announced: "Secured Worldwide, the creators of VULT, a unique diamond investment product, has won the backing of the Underwriters at Lloyd’s of London for VULT’s warranty of the authenticity of every diamond in VULT units sold to consumers by Secure Worldwide.
Diamond companies, especially the small and medium-sized firms who make up the bulk of our membership, cannot easily access financing. Diamond manufacturing and trading companies need to finance their operations, however with banks facing higher capital requirements, risk aversion and increased regulatory burden, the financing they make available to diamantaires has fallen significantly in recent years and that has meant reduced operational flexibility and increased vulnerability to market movements for diamond companies.
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 World Diamond Council (WDC) gathered in New York City last week for the organization’s 12th Annual General Meeting (AGM), focusing on its proposed new Strategic Plan to guide the organization’s work through 2020 as it continues to serve as the industry voice in the KP. Hosted by the United States Jewelry Council (USJC) and with the support of Signet Jewelers, ABN Amro Bank, De Beers Group, Brinks, UL and JCK, more than 100 representatives from the diamond industry, government, civil society and media came together to study new proposals
ALROSA, the world leader in diamond mining, has become a member of the Responsible Jewellery Council (RJC) since 11 August 2016, writes RJC in a press release. "Consumers around the world are giving great importance to the origin of diamonds in jewelry. We believe it is important to demonstrate to the consumer that diamond mining is a socially responsible business that creates jobs, supports local communities and cares about the environment.
“To Tell the Truth” is the tagline of Chow Tai Fook's brand differentiation campaign designed to generate consumer confidence by enabling customers to track the journey of its diamonds from source to finger. Campaign Asia-Pacific writes, "Chow Tai Fook claims to have developed a patented technology that allows it to emblazon each diamond with a 'T mark'", or a unique serial number engraved on each stone, enabling the traceability of the stone from its source through processing, cutting, polishing, authentication and design.
Andrey Polyakov, President of the World Diamond Council and Vice-President of ALROSA, sat down for an interview with Interfax (translation published exclusively by Rough-Polished), covering everything from the work and mission of the World Diamond Council (WDC), the Kimberley Process (KP), the Diamond Producers Association (DPA) and consumer demand for complete information about jewelry, to the possibility of ALROSA joining the Responsible Jewellery Council (RJC), setting up a diamond tracking program in China and the consumer markets in India, Brazil and the United States
We at ABN AMRO support initiatives that create more insight into the value chain, its key players, engages with the right side of the market and excludes areas which show less transparency or no willingness to learn and improve. We see other banks doing the same more and more. In the end there will only be credit lines available for companies with good corporate standards and track record, whether they are small or big doesn't matter ... We expect more consolidation and certain companies going out of business.
Rapaport News' Avi Krawitz interviewed recently appointed president of the Jewelers Board of Trade (JBT) Tony Capuano, who discussed the health of the U.S. jewelry market, bank lending, Millennials and the JBT itself. Capuano noted the continuing trend toward consolidation and declining numbers of retailers in the U.S. jewelry market. "The industry continues to contract and consolidate. There are still 29,000 jewelry companies across the U.S., of which about 21,000 are retailers. Our data shows 700 retailers left the industry in the 12 months to the end of the first quarter.
Rio Tinto is focusing its global diamond sales and marketing initiatives on tracked jewelry collections "with a clear and transparent chain of custody, from the mine to the market" particularly aimed at the younger generation who want clear information regarding the provenance of gems. Simon Trott, managing director of Rio Tinto Diamonds, said: “Increasingly the value of a diamond is tied to where and how the diamond was mined, how it was cut and polished and the process of bringing it to sale.