Author: Megha Patel

The World Federation of Diamond Bourses (WFDB) recently hosted its annual Presidents’ Meeting in Shanghai, China, at the new Shangrila Hotel in Pudong. This event gathered leaders from the global diamond industry to deliberate on significant issues such as G7 restrictions, the emergence of synthetic diamonds, and the challenges within the Chinese market. The meeting, lasting over three days, aimed at fostering dialogue and strategies to navigate these challenges.Collaborative Efforts and Industry UnityA recurring theme of the meeting was the essential role of cooperation among organisations within the diamond industry. Under the guidance of WFDB President Yoram Dvash, the assembly…

The Natural Diamond Council (NDC) has expanded its Education Program to include a new series of roleplay videos and a monthly subscription option, alongside the existing annual subscription. This initiative aims to equip sales advisors and jewellers with practical tools for engaging with consumers, addressing common queries and misconceptions about natural diamonds through realistic scenarios.Educational ExpansionThe newly unveiled component consists of 19 roleplay videos, each created to address common questions and misconceptions about diamonds. These educational materials are intended to aid sales advisors and jewellery professionals in navigating conversations with consumers, ranging from self-purchasers and gift shoppers to couples making joint…

The Indian diamond industry, recognised as a global leader in cutting and polishing diamonds, is poised to experience a downturn in cut and polished diamond (CPD) exports, projected to fall to around $15-16 billion in the fiscal year 2023-24. This represents a significant decrease, marking a five-year low. The reduced demand from the primary markets, the United States and China, which collectively account for approximately 65% of India’s diamond exports, underpins this trend. Facing various challenges, including shifts in consumer spending, the rise of lab-grown diamonds, geopolitical unrest, and sanctions on Russian-origin diamonds, the sector’s outlook appears cautious.Demand Fluctuations and…

The Gemological Institute of America (GIA) has taken a significant step towards sustainable gold mining practices by awarding a $93,000 grant for the deployment of the Goldrop technology across three Colombian artisanal and small-scale mining (ASM) communities. This collaboration between the Alliance for Responsible Mining (ARM) and Mercury Free Mining (MFM), aims to eliminate the need for mercury in gold extraction, presenting a major advancement in efforts to develop a more sustainable and ethical gold mining industry.Enhancing Miner Welfare and Environmental ProtectionThe introduction of Goldrop technology is set to transform the working conditions of arASM miners, significantly reducing health hazards…

Natural Diamond Council (NDC) has introduced a new platform named “Real. Rare. Responsible.” which aim to highlight the inherent beauty, scarcity, and ethical sourcing of natural diamonds and shine a light on the moral obligations of the diamond industry worldwide.“Our mission is to inspire and educate consumers on the unique values of natural diamonds and the positive impact and commitments of the industry,” said Kristina Buckley Kayel, Managing Director & CMO, North America at NDC. “The new framework of Real. Rare. Responsible cohesively ties in our mission throughout NDC’s editorial destination (naturaldiamonds.com), celebrity ambassador and sustainability global advertising campaigns, as…

The World Federation of Diamond Bourses (WFDB), along with key industry leaders, has initiated a concerted campaign to address the challenges posed by the proposed G7 restrictions on diamonds of Russian origin. A comprehensive letter, undersigned by Yoram Dvash, President of the WFDB; Feriel Zerouki, President of the World Diamond Council; Vipul Shah, Chairman of the Gem & Jewellery Export Promotion Council of India; and Ronnie Vanderlinden, President of the International Diamond Manufacturers Association, has been dispatched to G7 and EU representatives. This letter articulates the diamond and jewellery industry’s apprehensions regarding the “one import node” solution and its potential…

IGI has recently introduced a comprehensive set of procedures designed to distinguish between fancy-colored lab-grown diamonds and their natural counterparts. This development comes as a response to the growing challenge in the jewellery industry to identify synthetic stones, which are often treated to emulate the appearance of natural diamonds.IGI’s innovative approach involves the use of Fourier transform infrared spectroscopy (FTIR) and photoluminescence spectroscopy, supplemented by traditional magnification techniques. These methods aim to overcome the limitations faced by conventional screening devices that rely on photoluminescence for analyzing a diamond’s fluorescence and phosphorescence under ultraviolet light. According to IGI, such traditional methods…

The French Ministry of Economy and Finance has taken a step to standardize the terminology for lab-grown diamonds by introducing “synthetic” as the official term. This change seeks to unify the various terms previously in use, like “lab-grown” or “cultivated,” for diamonds created through artificial processes.WFDB’s ReactionThe World Federation of Diamond Bourses (WFDB) supports this decision, seeing it as an essential step in differentiating the value of natural diamonds. Yoram Dvash, President of the WFDB, stated, “By endorsing the use of ‘synthetic,’ the French government aims to eliminate ambiguity and ensure consumers can make informed choices based on clear terminology.”The…

Pandora, widely accepted as the world’s largest jewellery brand, has announced a significant shift in its supply chain strategy by exclusively sourcing recycled silver and gold for its jewellery production. This change reflects the company’s initiative to reduce its environmental footprint and aligns with broader industry trends towards sustainability.Environmental Impact ReductionBy choosing recycled over newly mined metals, Pandora aims to decrease its CO2 emissions by approximately 58,000 tons per year. This effort contributes to the reduction of the environmental impact associated with metal mining, which is known for its high energy and resource requirements.Pandora’s CEO, Alexander Lacik, highlighted the efficiency…

The Gemological Institute of America (GIA) has played a pivotal role in assisting the Boulder County Sheriff’s Office (BCSO) in recovering two diamonds, part of a larger theft of six jewelry pieces from a home in Colorado in June 2023. The total value of the stolen items was reported to exceed $475,000. The recovery led to an arrest, facilitated by the GIA’s identification of the two diamonds, which were submitted for grading by a wholesale diamond dealer who was not involved in the theft.GIA’s Consumer Protection EffortsChristina Yates, GIA’s associate general counsel, highlighted the institute’s commitment to aiding law enforcement…

LVMH’s Chaumet has been selected to design the official medals for the Paris 2024 Olympic and Paralympic Games, introducing a novel approach by incorporating material from the Eiffel Tower into the medals’ design.Utilizing the Eiffel Tower’s IronFor the first time, original iron from the Eiffel Tower is being used in the creation of Olympic and Paralympic medals. This material choice links each medal directly to a key symbol of Paris. The iron, originally brown, has been returned to its natural color and shaped into a hexagon that reflects the tower’s structure. This element is central to the design on the…

In a significant move, De Beers announced a notable reduction in rough diamond prices during their recent sightholders meeting. This strategic adjustment involves cuts ranging from 10% to as much as 25% for certain diamond categories, signaling one of the most substantial pricing shifts in the company’s recent history.Breakdown of Price AdjustmentsThe scale of the reductions varies across different segments of the diamond inventory. Diamonds under 0.75 carats are now priced 5% to 10% lower. The 0.75 to 2 carat diamonds have seen average reductions of 10% to 15%, while those over 2 carats are subject to a 15% decrease.…

The Gem & Jewellery Export Promotion Council (GJEPC) recently acknowledged Mr. Tehmasp Printer, CEO of the International Gemological Institute (IGI), for his impactful contributions to the industry. With over 24 years at IGI, including his tenure as CEO since last year, Printer has been instrumental in advancing the institute’s global influence.IGI’s Global Influence and ServicesIGI, with its 30 laboratories and 19 educational facilities, has played a pivotal role in the global gem and jewellery landscape for over 45 years. The institute offers a range of services, including diamond grading, coloured stone grading, jewelry identification, and appraisal, catering to both the…

The International Gemological Institute (IGI) has recently revealed a significant case of diamond fraud. A 6.01 carat pear-cut diamond, initially believed to be natural due to its inscription, was identified as a lab-grown stone. This discovery highlights a growing concern in the jewellery industry regarding the differentiation and accurate representation of lab-grown and natural diamonds.The Discovery ProcessIGI’s analysis unveiled that the gemstone, inscribed with a grading report number matching a natural diamond, was in fact lab-created. The examination involved advanced techniques like photoluminescence spectroscopy, which exposed Silicone Vacancy (SiV) defects indicative of the Chemical Vapor Deposition (CVD) process used in…

The Gemological Institute of America (GIA) hosted its 16th annual research meeting at its global headquarters in Carlsbad, California, bringing together over 100 participants. This assembly included GIA researchers, esteemed academics, independent industry experts, and GIA Governors and executives. The three-day event, held from 1-3 November, focused on the latest gemological research and technological advancementsPioneering Research for Consumer ProtectionTom Moses, GIA’s Executive Vice President and Chief Laboratory and Research Officer, emphasized the centrality of rigorous independent research to GIA’s mission. He stated, “Rigorous independent research is at the centre of GIA’s activities and is vital to our consumer protection mission…

Angola has officially commenced diamond mining at the Luele project, which represents a significant milestone for the country and adds to the world’s most substantial diamond resources​​. This mine is expected to be the largest diamond mining project to come online this decade, with an estimated resource of 628 million carats and a projected operational lifespan of 60 years​​​​. Located adjacent to the Catoca mine in northeastern Angola, Luele, previously known as Luaxe, is poised to enhance Angola’s status as a key player in the global diamond industry​​.Production GoalsWith an initial processing capacity of 4 million metric tons of ore,…

After prolonged discussions, the European Commission appears to be moving closer to implementing a significant ban on the import of diamonds from Russia. This measure, part of a wider series of sanctions that include an oil price cap, marks the 12th sanctions package aimed at Moscow. With discussions underway, this proposal seeks unanimous approval from all 27 EU member states and could be finalised in the coming weeks.Set to be effective from January 1, 2024, the ban specifically targets direct imports of Russian diamonds. A critical component of the sanctions includes the establishment of a traceability mechanism from March. This…

In its ninth cycle of sales for 2023, the De Beers Group reported a provisional rough diamond sales value of $80 million. This figure, subject to final adjustments, compares with $200 million in actual sales for Cycle 8 of 2023 and a significantly higher $454 million in the corresponding cycle of the previous year. These numbers reflect the ongoing volatility in the diamond market.CEO’s Market AnalysisAl Cook, CEO of De Beers Group, commented on the current economic climate’s impact on the diamond sector. “Macro-economic challenges continue to affect the diamond sector. The retail recovery in China remains slow. And the…

The UAE is set to chair the Kimberley Process in 2024, with the vice-chair role commencing in 2023. This decision, made at the Kimberley Process Plenary in Botswana, highlights the UAE’s growing role in the international diamond industry.Implications for JewellersThis role may provide stability and continuity during market uncertainties, as expressed by Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC: “The Kimberley Process is a global body that strives to enable trade to flourish in a safe and stable environment so that all participants and their dependent societies can benefit to the full… we are committed to working with…

Tiffany & Co. has announced the launch of its latest jewelry collection, Tiffany Forge. The collection, crafted from sterling silver, is inspired by the idea that every individual forges their own unique path in life, while an open-link design motif throughout the collection draws inspiration from designs found in the Tiffany Archives.This new collection pays homage to Tiffany & Co.’s longstanding tradition of crafting sterling silver pieces, a material deeply rooted in the brand’s history. Notably, over a hundred years ago, Tiffany & Co. established the U.S. standard for sterling silver purity. The signature open-link motif of the Tiffany Forge…

The Responsible Jewellery Council (RJC), the Mineralogical & Geological Museum at Harvard (MGMH), and the Gemological Institute of America (GIA) have once again joined forces. Following their collaborative efforts at the State of the Art Summit in June 2023, these industry leaders have announced the launch of JewelryArts24 during Frieze Week 2023.The Call for Responsible PracticesThe State of the Art Summit, held at the Mineralogical and Geological Museum, Harvard University, highlighted the pressing need for responsible practices within the jewelry industry. A significant takeaway from the summit was the importance of involving the younger generation, promoting storytelling, and deepening global…

JCK has been honored with the title of the “Greatest Show of 2022” by Trade Show Executive’s Gold 100 at an event held in San Diego in September.The award is a recognition of JCK’s outstanding contributions to the trade show industry and its excellence in providing a platform to connect, engage and explore the latest trends and innovations in the jewellery sector. Organized by RX, JCK 2022 was a return to form – showcasing outstanding attendance, effective marketing strategies and robust sales – driving the event to beat budgets and exceed the attendance figures of 2019 pre-Covid. This remarkable achievement…

Parisian jeweler FRED, a unit of luxury group LVMH, has introduced its first synthetic blue diamonds, named FRED Audacious Blue. Known for its elegant and exquisite creations, the brand has ventured into the realm of lab-grown diamonds, marking a significant shift in its product offerings.Limited-Edition CollectionThe brand has released a limited-edition collection consisting of just four jewelry pieces, each containing a 0.50-carat blue lab-grown diamond in the brand’s proprietary Fred Hero Cut. Additionally, a loose 8.88-carat synthetic diamond of the same colour and cut has been unveiled. All five stones are fancy-vivid greenish-blue, have VS clarity or higher, and carry…

Antwerp-based International Gemological Institute (IGI), part of the Blackstone portfolio, has announced a significant leadership change that will mark the beginning of a new era for the organisation. Roland Lorie, who served as the CEO for nearly five decades, will step down and be succeeded by Tehmasp Printer as the Global CEO, effective October 1, 2023.Lorie’s tenure has been marked by the creation of the largest network of gemological laboratories and schools across the globe, cementing IGI’s position as a leading certification authority for natural diamonds, lab-grown diamonds, coloured stones, and finished jewellery.Tehmasp Printer: A Seasoned LeaderPrinter brings a wealth…

The Gemological Institute of America (GIA) has recently evaluated a 4.04-carat ring made entirely from a single lab-grown diamond. This significant milestone in the world of carved single-crystal diamond rings has implications for the UK jewellery industry, reflecting advancements in lab-grown diamond technology and potential shifts in consumer preferences.A Significant MilestoneThe Ring’s CharacteristicsThe ring, fashioned from a single-crystal CVD (Chemical Vapor Deposition) laboratory-grown diamond, represents a significant development in the field of lab-grown diamonds. While not the first of its kind, it is the first time GIA has evaluated a ring carved from a single laboratory-grown diamond.GIA’s EvaluationTom Moses, GIA’s…

De Beers Group has released its interim financial results for the first half of 2023. The report highlights key developments in production, sales, and market trends, providing insights into the current state of the diamond industry. Key Financial HighlightsProduction and SalesRegional PerformanceMarket InsightsThe report highlights the high levels of polished diamond inventory coming into 2023 and the impact of macro-economic headwinds on rough diamond demand. The anticipated rebound in Chinese demand was affected by a large wave of COVID-19 infections, dampening consumer confidence. The softening in demand and higher financing costs have put profitability under strain.Strategic DevelopmentsImplications for the UK…

Gemological Science International (GSI) has announced the completion of its first advanced gemology program, the Colored Stone Professional Program. This 14-week diploma program, run at GSI’s Jaipur, India campus, welcomed students from across India.”It feels nostalgic to see students graduating from an institution like GSI, which provides a recent and detailed curriculum in an internationally made facility,” says Ms. Sunita Shekhawat, an accomplished Indian jewellery designer known for her intricate craftsmanship and revival of traditional meenakari techniques. Shekhawat adds, “The students using gemology as their base should showcase Indian culture and art when they design gemstone jewellery”.Dr K.L Jain, President,…

In the world of jewellery sales, understanding your customers is paramount to success. But who are your customers, really? As diverse as they are, most customers can be grouped into four basic types:This categorisation can offer invaluable insights into their buying behaviour and help you tailor your sales approach. This article delves into these customer types and provides tips for effectively selling to each.The Price Buyer: Competitive Cost is KeyPrice Buyers are customers driven primarily by cost. Their quest for the best deal often makes them less brand loyal; they’ll compare prices across different retailers to ensure they’re getting the…

Jewellery, especially high-value items, is rarely an impulse purchase. Customers often take time to consider their options, explore various designs, styles, and price points before making a decision. So, when a visitor comes to your website for the first time, it’s unlikely they will make a purchase straight away. This is where a digital sales funnel can come into play.What is a sales funnel?A sales funnel, in essence, represents the journey a potential customer takes from their first interaction with your brand to the final purchase. It’s called a ‘funnel’ because, much like a real-world funnel, the number of people…

Trade show season is coming up and, when done correctly, can play a crucial role in the success of businesses, providing a unique opportunity to interact with potential clients and industry peers. With shows like Pure, the Jewellery Show being one of the most highly anticipated events, standing out amidst a sea of competitors can be a challenging task. Participating in these events can significantly enhance brand visibility, generate sales, and forge strong customer relationships. However, to reap these benefits, it’s vital to set clear, realistic objectives. Whether it’s lead generation, enhancing brand awareness, or driving sales, defining your goals…