October 2005 Archives
Israeli Cutters Compete with China, India.
Israeli diamond manufacturers in an attempt to become more competitive with the Chinese and Indians have seen the Israel Diamond Institute’s (IDI) technological center develop and offer Israeli companies an automated machine that will polish diamond sizes of .25 carat to one carat at $17 per carat.
The new service comes about as Israeli scientists have completed a fully automated cutting and polishing machine. The technological center is looking for a commitment of at least 3,000 carats a month from Israeli dmanufacturers in order to break even for the service.
Israel has been losing much of its manufacturing of smaller diamonds to countries with lower wages such as India and China. The IDI has been working on the fully automated project in an effort to transform Israel into a more competitive market in the manufacturing of small to medium-sized diamonds.
Developing a machine that can do this for irregular shaped diamond rough such as Marquise, Oval, Pear, etc. will really be a technological feat!!
Salesclerk, This Bud's For You!!
The most annoying thing a salesperson can tell a customer is, "It's not my department," according to research by retail industry consulting firm MOHR Access.
Among those surveyed, 28.9 percent of consumers selected "It's not my department" as the most annoying statement. The second most irksome statement uttered by salespeople was "If it's not on the rack, we don't have it," chosen by 24.9 percent of survey participants.
Other annoying salesperson responses included "That's the policy," selected by 10.2 percent of those surveyed; "I'm on break," chosen by 9.95 percent of those surveyed; "Ask that person over there," picked by 8 percent of survey takers; "I'm new here," selected by 6.2 percent of those surveyed; "You'll have to wait your turn," chosen by 5.3 percent of survey takers; and "The computer's down," picked by 2.7 percent of survey takers.
The results come from interviews of 230 customers in shopping malls on both U.S. coasts.
Be alot easier if ya just put a sign on your forehead, "GONE FISHING"!
Diamond and Precious Metals Week In Review: 10/7/05.
Steady global demand for large better quality diamonds. Concerns that U.S. holiday season may be adversely affected by high fuel costs and uncertain economic outlook.
Gold is hovering near 17-year highs. What that means depends on who's doing the interpreting.
According to one school, demand from China and India is pushing the price higher, but another school says gold is up because Western investors are convinced inflation is much higher than their governments admit.
Gold always has been the top investment of choice for bomb-shelter-building doom-and-gloomers - those accumulators of canned goods whom everyone avoids at the family gatherings.
While jewelry accounts for 82 percent of the gold market, "the catalyst of the day is obviously inflation jitters," he said.
Worldwide demand has increased. Demand in India set a record last year, and demand in China jumped as well. In fact, demand was so strong, gold prices held steady in the first half of the year as central banks internationally sold record levels of gold supplies, Hill said.
While gold prices usually fall when the dollar rises, that equation hasn't held recently.
Mounting inflationary concerns, driven largely by higher energy prices, have pushed gold higher despite a stronger dollar.
Further upward price pressure on Gold is expected as Gold consumption in India, the world's largest importer, is expected to surge nearly 33 per cent in 2005 to 850 tonnes because of higher incomes and good farm output, the World Gold Council said on Thursday.
Platinum is up $6 to $935.00 and Silver is up to $7.63.
Stay tuned.
BREAKING NEWS! Gold at 18-year high, UP 1% on week!
Gold ended the week at $475.25, an 18 year high! Silver also touched a 7-month high, closing at $7.72, an increase of 3% over last week's close! Platinum was up to $938.00/oz.
Analysts attribute these increases to a weaker U.S. dollar and renewed concerns over potential terrorist acts.
Nex major resistance level for Golds $497-505 which should be tested very soon.
Diamonds Cut Deep.
Today's Financial Times reports that some of the world's largest diamond manufacturers have embarked on a second wave of development in China to benefit from Asia's growing consumer markets.
Leo Schachter Diamonds, one of the largest diversified, privately held diamond companies, with $650 million in annual sales, last week opened a manufacturing operation in China. It is the first U.S. company to establish a diamond cutting factory in China.
The company is one of De Beers' largest sightholders. The new factory premises has dormitories, dining facilities, a computer room, sports facilities, a shop and a library. There is room for 800 recruits to learn to saw, cut and polish diamonds of all sizes and colors. Training includes the use of laser-driven computer systems for precision cutting.
Since starting production in May in 2005, the plant accounts for 50 percent of Leo Schachter Diamonds' total diamond production by volume. The rest is produced in Botswana and South Africa. China offers manufacturers cheap labor, a skilled and productive workforce and a government that favors business.
About 20 percent of the company's diamond sales to jewelry chains and stores are generated in the Far East. Europe accounts for 15 percent and the U.S. accounts for 65 percent, said Elliot Tannenbaum, CEO of Leo Schachter Diamonds. About 10-million couples marry in China each year. In 2004, jewelry sales value reached $14.5 billion. By 2010, sales could amount to $22 billion, which would make China the world's top jewelry market, says Flanders Investment in Hong Kong.
At least 10 diamond traders from India have set up manufacturing operations in China, lured by the country's jewelry-design skills and operational efficiencies. China has a relatively high production capacity with a highly skilled workforce.
China's diamond manufacturing dates back to the 1970s, when there were a few diamond-cutting plants with about 500 workers. The number has grown since the 1990s, propelling the country to number two worldwide in diamond cutting volume and the number of workers, says the Flanders Investment report.
China has been a signatory to the Kimberley Process since 2003, and it has also invested significant effort in regulating its diamond sector by creating the Shanghai Diamond Exchange. It has cut its diamond import tariff to zero.
It's Good To Have a Diamond Connection!
A diamond encrusted tiara worth $317,000 was stolen from a Hankyu Department Store showcase in Japan, reports today's Mainichi Daily News on October 10.
The tiara had been on display in a locked showcase on the first floor of the Osaka store, according to police. While many customers were at the store, there were no witnesses to the robbery. Security guards were not present at the scene of the robbery and the showcase was located where it could not be identified by security cameras.
The display was part of an English product promotion and the tiara was one of 30 jewelry items from a major British company.
So, the showcase was located out of view of the security cameras???!!!
How convenient!
Platinum on The Rise.
Platinum surged in Europe today and was seen hitting a 25-1/2-year high as speculators continued to buy the metal, used mainly in jewelery and car catalytic converters. Spot platinum was quoted at $941/944 a troy ounce, just below the April 2004 peak.
Analysts believe Platinum will hit $950.00 in the near term as it has the strongest fundamentals of all the precious metals.
If these prices firm, look for price increases in Platinum jewelry this upcoming Holiday shopping season.
Sales Of Diamond Crosses Surge in U.S.
The Economic Times Of India today reports that Hurricane Katrina and Rita in the United States has resulted in record sales of Diamond Crosses by jewelers and jewelry accessory exporters from India, to consumers in the United States.
This high demand for crosses, which is revered by the Christian community, and other religion-related jewelry and accessories started in the beginning of September when the forecasts for Katrina first came.
Several Indian exporters are reporting a 500 percent increase. The demand is mostly for diamond studded crosses which range anywhere between $99 and $1,000 for the end consumer. The size of diamonds for which orders have been received by the exporters in India is between a quarter of a carat to 4 carats and are studded in white gold.
U.S. Jewelers Confident Despite Rising Fuel Prices.
Figures released today by the U.S. Commerce Department show total retail sales for September increased from a year ago, despite rising fuel prices and the economic impacts of Hurricanes Katrina and Rita.
Sales of goods, which include non-general merchandise categories such as autos, gasoline stations and restaurants, rose 0.2 percent seasonally adjusted from August and increased 7.1 percent unadjusted year-over-year.
According to the National Retail Federation (NRF), retail industry sales for September, excluding automobiles, gas stations, and restaurants, rose 7 percent unadjusted over last year and increased 0.8 percent seasonally adjusted from August. The gains, which led third quarter sales to rise 6.4 percent over 2004, were stronger than NRF had forecast.
With the approach of the all important Holiday Shopping season, U.S. Jewelers are confident of a strong season, notwithstanding the increase in fuel prices and the rising prices of Gold, Platinum, and Silver.
Wanna Buy A Cell-Phone, Cheap? Here's A Nokia, ONLY $90K!!
London's Guardian today reports that although Diamonds are forever, mobile phones are not designed to last quite so long. Unless you are a lucky recipient of a jewel-encrusted mobile this Christmas, that is. Vertu, a subsidiary of Nokia, is producing 200 mobile phones decorated with diamonds. The most expensive of the range are believed to be the first mobile handsets to cost in the region of $88,300.
The company, which sells the mobiles through expensive jewelers and department stores such as Harrods, plans to ship the first of the diamond handsets next week. The phones are handmade at the company's headquarters near Hook in Hampshire, and are already pre-sold. But don't worry if a Vertu phone is on your Christmas wish list. The company produces a range of "cheaper" handsets, which start at around $5,300, and these are still available.
So what do you get for your 90 grand? Down the side of the phone is something called a pave, jewelers' parlance for a "carpet" of tiny diamonds. The keypads of the most expensive handsets are made up of eight carats' worth of diamonds. The keypad itself is housed in a body of white gold (or platinum), underpinned with ruby bearings and furnished with the same ceramic material that was initially manufactured for the space shuttle.
"Luxury isn't about need, it is about want," explains Chris Harris, the company's UK sales director. "We all have our areas where we spend beyond reason because we get a buzz from it. Owners of Vertu know they are buying an object that only a few people can own." Indeed, consumer technology has long had a luxury market that, at its peak, is often indistinguishable from jewelry. The humble timepiece can cost eight dollars, but it can also cost $18,000 and do its job little better. But to the owner, that's not the point. You only have to look at the Persian wealth currently on show at the British Museum to see that everyday objects have long been status symbols.
Surprisingly, the $88,300 phone comes with just a single year's warranty, doesn't have a camera and there are no promises to retrofit the handsets if the current GSM technology, which it relies on, is ever replaced.
Even a $88,300 phone has a finite lifespan as a working model. But then again, it is easy to be snotty about such success. What Vertu is doing, after all, is establishing a luxury brand that is becoming synonymous with hi-tech phones, just as Switzerland is with high-end watches. And you can admire a Vertu almost like a Faberge egg. The engineering is technically excellent and the aforementioned ruby bearings are designed to perform millions of actuations over the handset's life cycle, for example. The phones are far more durable than regular brands and are expected to last up to 20 years if looked after properly.
It is tempting to think of such glittering objects as future antiques, bought as an investment, and Vertu says that a number of its phones are bought by collectors, especially in the far east. So could we expect to see a Vertu handset pop up on the Antiques Roadshow 50 years from now?
"That's just silly," says a spokeswoman with the auction house Christie's. "The jewels will have an inherent value," she says, "but it is impossible to know what they will sell for in the future. What gives an antique its value is a combination of rarity, quality and provenance. Just because a rich person owns it doesn't give it value."
But if a famous person owns it, then it is a different story. David Beckham, Gwyneth Paltrow and Brad Pitt all own Vertu phones, as do members of the Saudi royal family. And Vertu is not the only firm making phones that go bling, bling.
Motorola is rumoured to be producing a limited edition, solid gold version of its superslim clamshell, the V3. Last month, Samsung, one of the biggest "non-luxury" phones manufacturers, announced a partnership with Bang & Olufsen, the Danish makers of sleekly futuristic audio equipment. The resulting lovechild is the Serene, a very odd mobile handset. It features a "dial" keypad, doesn't play music and is expected to cost around $1,240 when it goes on sale in the UK next month.
"The intention is to provide an alternative for those customers who demand the highest quality," reads a statement from the company, "for whom simplicity and quality are important factors, and for whom less can be more. It is a phone you want to keep. It is timeless in use, in design, and in technology, freed from unnecessary functions and instructions." The phone is, therefore, the polar opposite of the Vertu handset. But then again, when have the rich ever agreed on what makes style?
But blinging up your phone is no longer the preserve of the super-rich. Jewelry makers such as Boodle already supply a range of accessories to glam up the most mundane of mobiles, and Swarovski, the makers of high-quality crystal products, manufacture special cases and holders for mobile phones that sell for several hundred dollars each.
But adding a bit of glitz to your phone doesn't have to be so expensive. Last week, Siemens unveiled its first piece of mobile jewelery. Inspired by the Japanese practice of accessorising handsets with bits of pendants, lucky charms and ribbon, the Gharani Strok charm will be available for $150.00 from the Siemens website.
"We found that women are left cold by the square masculine designs of most mobile phones," says Louise Forbes, the company's head of marketing. "They want their phones to be feminine - a fashion accessory rather than a functional tool."
Conspicuous consumption, as defined by the Norwegian-American philosopher Thorstein Veblen, describes the flaunting of prosperity, power or prestige, and it can take the form of a Rolex watch, a Rolls Royce or the ownership of a football club. With consumer technology so important to so many people, it has become another obvious choice.
There is even a 24-carat gold holder for Sony's PlayStation Portable on sale at Harrods this Christmas. Produced by Simmons the jeweler, the $35,400 Baby Phat is made using a pound of gold, with yellow and black diamonds on the front and "croc finishing" on the back.
But with mobile phone theft rife, you can't help but wonder about the wisdom of such purchases. "If you can afford to buy one, you can afford to lose one," says the cabbie on the way to the Vertu factory.
Bling-bling, ring-ring.
Ebay Jewelry Sales Surging!
Third-quarter sales of jewelry through online auction house eBay totaled $1.6 billion for the third-quarter ended Sept. 30, the company announced Wednesday.
Gross sales across all trading platforms for the third quarter ended Sept. 30 totaled $10.8 billion, a 30 percent increase from the $8.3 billion reported in the third quarter last year. Other categories to break the $1 billion sales mark for this third-quarter were: eBay motors at $14.1 billion; clothing and accessories at $3.1 billion; consumer electronics at $3 billion; computers at $3 billion; books, movies and music at $2.5 billion; home and garden at $2.4 billion; sports at $2.1 billion, collectibles at $2.1 billion, business and industrial at $1.5 billion; toys at $1.5 billion and cameras and photo at $1.3 billion.
The number of registered eBay users increased 35 percent for the quarter, reaching a total of 168.1 million people. The company reported 458.6 million new listings for the third quarter, marking a 32 percent hike over the same period last year.
PayPal, the online payment company owned by eBay, reported a total of 86.6 million accounts for the third quarter, increasing 53 percent over the same period in 2004. PayPal handled $6.7 billion in payments for the period, a 44 percent increase over last year.
Our advice: If you're buying diamonds on Ebay, make sure that they have either a GIA (Gemological Institute of America) or AGS (American Gemological Society) grading report. These are the two best diamond grading laboratories in the business. Their accuracy, stringency, and consistency is unequalled. Stay away from other grading "labs".
Check out the stores examination/review periods and Return/Refund Policies to make sure you have enough time to get the merchandise independently appraised and returned/refunded if you so desire.
What information is the Vendor providing? Lab Reports, Photo's, Cut Grade Analyses, Light Performance results are all the types of reports you should be looking for. Treat this purchase with the same care and consideration you do for a house and car. Get as much information as possible.
Check the vendor's feedback carefully and compare to the merchandise that was purchased. What does the feedback say?
Same goes for rings and settings. Get it appraised to corroborate that it is as described.
There are very reputable diamond vendors on Ebay selling quality merchandise but you need to do your homework to find them and make sure you do not get taken advantage of.
Christie’s Sells Pink Diamond for $6 Million at NY Auction
Christie's has auctioned off a 25.02-carat fancy pink, internally flawless pear shaped diamond, which sold for $6,008,000 or $240,000 per carat. The stone was purchased by Dubai-based dealer Amer Radwan, who bid fiercely against two other dealers.
Pocket watch fetches over $1 million at auction!
Antiquorum's "Important Collectors' Wristwatches, Pocket Watches and Clocks" sale saw its top lot sell for $1.021 million.
The reigning sale of the Oct. 16 auction was an ultra-complicated pocket watch in 18-karat gold made by Patek Philippe in 1924. The piece features a double chronograph, independent split-second function and American perpetual calendar at 6 o'clock.
Overall, 80 percent of the sale's 371 lots sold for 150 percent of their collective estimated value, according to an Antiquorum release issued Oct. 16. Bidders hailed from Taiwan, Hong Kong, China, Russia and more, utilizing phone, online and written bids generated prior to the sale, which brought in a total of $10.4 million.
Other top sales included a pink gold Patek Philippe World War II-era military wristwatch made in 1942 that garnered $621,206; a Tiffany & Co. gentleman's wristwatch circa 1955 made from 18-karat yellow gold that sold for $304,474; and a Cartier clock made in 1925 and crafted from 18-karat gold, platinum, black onyx and rose diamonds that fetched $295,914.
Platinum Headed for $1000!
Marketwatch reports today on Platinum prices having more than doubled over the past four years, and that's no surprise given that the white metal is more than 30 times rarer than gold.
Demand for it has kept pace with or outpaced supplies since 1999.
"Platinum is essential and precious," and its use is growing, said R. Michael Jones, president of Platinum Group Metals Ltd., whose Web site touts the metal as "vital to the production of 20% of the world's consumer goods."
Platinum is everywhere -- used in numerous applications for the auto, petroleum, and chemistry industries, and it's a highly sought-after metal for jewelry.
Its price reflects its many uses -- platinum costs twice as much as gold.
December gold finished at $463 an ounce Thursday, while January platinum futures closed at $925 an ounce -- near the record $951 touched Oct. 12.
In keeping with that double value, analysts predict that as gold prices head for $500 an ounce, platinum may set its sights on the $1,000-an-ounce mark.
Both gold and platinum "have some real upside potential in the short and medium term," said Paul Walker, chief executive of precious-metals consultancy GFMS Ltd. in London.
Ultimately, the best metals investment would be gold, in part because it's "still an alternative to paper money," said Peter Grandich, managing member of Grandich Publications, which publishes commentary on the mining and metals markets and other topics.
But "we've seen increased investment demand across the board in metals, and some of it finally spilled over into the platinum-group metals," he said.
A true rarity
Recently, platinum prices have been climbing on the back of "reasonably strong" market supply and demand fundamentals and dollar weakness, said Walker.
In 2004 total world platinum supplies stood at 6.5 million ounces, but demand was 6.58 million, according to data from platinum experts Johnson Matthey.
Compared with 1999, that's a nearly 34% rise in supply, but also an almost 18% climb in demand, Johnson Matthey data showed. See Johnson Matthey's "Platinum 2005" report.
The metal is "35 times rarer than gold and is geologically unlikely to be found in large amounts as a result of the 'freak of nature' process that concentrated it in the Bushveld Complex of South Africa," Jones said.
Indeed, 75% of the world's platinum is mined in South Africa, according to Sean Brodrick, the investment director for the Sovereign Society, a publisher of global investment opportunities.
The rest of the world's platinum is mined in Russia, the United States, Canada and Zimbabwe, according to Johnson Matthey. And, all in all, there are fewer than 10 significant platinum-group-metal-mining companies in the world.
Platinum is '35 times rarer than gold and is geologically unlikely to be found in large amounts as a result of the 'freak of nature' process that concentrated it in the Bushveld Complex of South Africa.'
The Bushveld Complex is the second most exclusive mineral real estate in the world -- second only to diamond pipes, and they are spread all over the world.
By far, the bulk of platinum's demand comes from the auto and jewelry industries, with about 40% of consumption originating from the manufacture of auto catalysts and 38% coming from the jewelry sector in 2004, according to a Johnson Matthey report.
Total demand in 2004 reached 6.58 million ounces, up 50,000 ounces from a year before, JM said.
Auto-catalyst consumption rose 7% in 2004 to 3.5 million ounces on the heels of growing European diesel-car production and by tightening emissions limits for cars in Europe and for heavy vehicles in Japan, JM reported.
"Diesel engines are becoming more popular due to higher energy prices," and platinum can't be replaced by palladium in those engines, said the Sovereign Society's Brodrick.
Demand for platinum, especially in bridal category, is at an all-time high.
Meanwhile, jewelry demand fell by 12% to 2.2 million ounces last year, its lowest point since the late 1990s, JM said, as high and volatile prices in the first half of last year led to a "significant" fall in purchases from the Chinese jewelry trade.
But Antonia Camaano, a New York-based spokeswoman for Platinum Guild International, pointed out that, overall, "demand for platinum, especially in the bridal category, is at an all-time high," with 81% of brides surveyed by the Fairchild Bridal Group indicating they wanted platinum engagement rings.
Platinum jewelry is 90% to 95% pure, compared with 18-karat gold's 75% purity, she said. Platinum is also hypoallergenic and the densest precious metal in the market -- well-suited to hold a diamond securely in place.
Sotheby's To Offer Rare Necklace.
Sotheby’s announced that the diamond necklace believed to have been made for Catherine the Great and housed in Russia’s Imperial diamond state fund from 1760-1917, will be the highlight of its Magnificent Jewels sale in Geneva on November 17. The necklace is expected to sell for $1.2 million to $2.0 million and will be on view at Sotheby’s in New York from October 28 to October 30.
The necklace consists of 27 large cushion-shaped diamonds within a border of stylized foliate motifs, close set with smaller similarly cut stones, embellished with a ribbon bow clasp, which can be worn separately.
The diamond necklace is a rare survivor of the 18th century when jewels were broken up to produce new jewelry in the latest styles. In 1719, Peter the Great created the Russian State Diamond Fund to house a collection of jewels that would belong to Russia for the permanent glory of the Russian Empire. Peter demanded that the empress or emperor would bequeath a certain number of pieces acquired during their reign.
Diamond Dealer Murdered In Greece.
The Associated Press reports this morning that Police in Greece have found the body of diamond dealer, Shmuel Levy, who disappeared shortly after arriving in Athens on October 10.
Four men have been arrested on murder charges including a lapidary expert and a business associate in Athens who said they thought Levy was carrying diamonds, according to police authorities. Levy apparently died from multiple blows to his head and was found 30 miles outside of Athens. Levy’s cash, passports, and diamonds were found in his rented apartment.
Levy, 66 years old, was a resident of Jerusalem who held both an American and an Israeli passport. His son flew to Greece after his father failed to return to Israel on his pre-booked flight. In Greece, Levy’s son appealed to both the American Embassy and the Israeli Embassy for help. He also called upon Interpol to investigate the disappearance of Shmuel Levy.
Do You Know What Palladium Is?
Palladium rose to its highest level in 11 months on Wednesday, while gold took a breather after a fund-led rally pushed the metal to a one-week high.
Platinum, a precious metal mainly used in jewellery and in car catalytic converters, moved closer to a recent 25-1/2 peak. Silver also gathered strength in line with other metals.
Spot gold was at $471.40/472.20 an ounce by 0934 GMT in European trade, down from $472.20/473.00 last quoted in New York on Tuesday, when it rose more than $7.
"There was a wave of new money coming into the commodities complex," said Jeremy East, global head of precious metals at Commerzbank. "This trend will probably continue."
He said relatively less liquid metals such as platinum and palladium could move dramatically higher with a comparatively lower investment, but noted a rise in physical demand.
"The fact that we are moving back to these levels again tells us the market wants to go up. I am still bullish and gold will soon re-test $475, maybe tomorrow," said one dealer in Singapore.
Some dealers said gold was gaining strength on worries about inflation and the U.S. economy. Gold rose to a near-18-year high at $480.25 two weeks ago before profit-taking kicked in.
"My concern would be that speculative position is getting very very long, but in the short term it does look that momentum is higher rather than lower," said a European metals analyst.
PALLADIUM, PLATINUM GAIN
Gains among other precious metals inspired fund buying in thinly traded palladium, a metal used in jewellery and auto catalysts. Spot palladium rose as high as $217 before easing to $216/219 an ounce.
It was traded at $213/217 an ounce late in New York on Tuesday.
Some dealers were bullish on palladium on the prospect of more demand in China, where many jewellers have abandoned pricey sister metal platinum in favour of palladium.
"Gains in Tokyo are supporting the price. We saw some buying in Asia because people think jewelers and auto makers are using more palladium," said one dealer in Tokyo, who pegged the upside target at around $220.
The benchmark palladium August contract on the Tokyo Commodity Exchange rose 26 yen per gram to 806 yen.
Platinum rose to $941 an ounce but declined to $939/943. It was quoted in the U.S. market at $936/939.
Silver rose to $7.80/7.83 an ounce from $7.78/7.81 in New York.
DeBeers Reminds Members On Diamond Business Ethics.
In a letter to its 93 sightholders, De Beers warned industry players to uphold the highest standards for the diamond on approach to the Christmas holiday shopping season.
Diamond Trading Company (DTC) managing director designate, Varda Shine, said, "We all have an interest in promoting consumer confidence, not just individually, but for the benefit of the wider industry."
The industry and the diamond itself must be "beyond reproach" across the diamond pipeline she wrote. "Each individual sector faces scrutiny and potential challenge from its various observers and interested stakeholders. Any issues that may affect consumer confidence in one sector may have a domino effect on the others."
All parts of the pipeline must demonstrate responsible business practices, and Shine specifically drew attention to De Beers' Best Practice Principles (BPPs.) As a sightholder "you have formally agreed to adhere to the BPPs" and sightholders responsibilities extend to their own suppliers and customers.
Shine said that "malpractice" in the industry is "from the fringes" of the industry, and such actions could seriously damage consumer confidence by mere association with poor practices she said.
The DTC says it would take action against any sightholder or associated business, whereas rumors of unethical standards are proven true. "Irrespective of the BPPs, there is a moral duty for us all to aspire to the highest standards in respect of our business, social and environmental responsibilities as industry leaders, particularly given that we are dealing with the ultimate luxury product, in which so much human emotion is bound," Shine said.
Diamond Engagement Ring Eye Candy.
2.54 carat G color/VS-2 Clarity Superbcert Princess Diamond in the Vatche Royal X Prong Setting.
Diamond Engagement Rings: Eye Candy II.
Hand crafted, Custom, 18kt. Yellow Gold Tiffany Replica Channel Setting by Exceldiamonds.
.86 carat G Color, SI-1 Clarity center SuperbCert diamond with .35 TCWT F-G color, VS clarity channel set
diamonds.
Diamond Engagement Ring: Eye Candy III
Here is a 3 stone diamond engagement ring set in white gold by Exceldiamonds.
The Center Diamond is a 2.01 carat, H color, SI2 clarity Cushion cut diamond.
The flanking side diamonds are half moons weighing a total of .66 carats (.33 each) and are H color, SI1 clarity diamonds.
Botswana Brings Its Diamonds Back Home.
The London Times today reports of a momentous decision that will have great impact on the Diamond Industry.
In a historic turn for the industry, Botswana, the world's largest diamond producer by value, has broken De Beers' control over the distribution of 50 percent of the world's diamonds by bringing its diamonds back home.
In a move that marks the end of an era in which African diamonds sold to De Beers were marketed in London through a complex sightholder system of privileged clients, the Botswana government on October 27 said that De Beers' supplies would move to Botswana.
An official in the capital Gaborone told Business Day that De Beers had agreed under the new sales contract that resulted in the renewal in 2004 of the lease for Jwaneng and Orapa mines, to move the aggregation of diamonds from London to Botswana.
“We have not completed the total mix, but southern Africa is the basis for the aggregation. We hope Angola and Democratic Republic of Congo will agree as members of Southern African Development Community (SADC),” said the Botswana official.
Assuming all countries agree as soon as possible, the Diamond Trading Company should start moving some of their activities such as training and developing security. A new building for the corporation in Botswana is expected to be completed by 2007.
The Botswana official's comments came after President Festus Mogae on October 26 called on South Africa to allow the aggregation of its rough diamonds at its trading company in Gaborone instead of London. Botswana's president was delivering an address at a joint session of the South African Parliament.
Another reason for the move was the cost of aggregation in London. “We, the producers are not getting enough back in terms of revenues and part of it is investment. If they aggregate everything, you are migrating say $5.9 billion worth of diamonds to a country. That would have a positive impact on the economy and that of SADC countries,” said the official.
Several sightholders with cutting factories in southern Africa have received sights or allocations by setting up manufacturing plants under a series of new guidelines designed by De Beers to meet local demands for beneficiation.
But these guidelines could be modified due to the pressures applied on De Beers by producer countries, declining market share and ongoing antitrust scrutiny. Although nobody knows precisely where the pendulum will swing, the Diamond Trading Company sightholders outside Africa will remain their sightholders.
"South Africa will still have their own sightholders, but they will take the diamonds that are aggregated in Botswana, the same for Namibia," the official said. Sightholders who wished to continue buying their rough boxes or allocations in London could do so.
"But we are encouraging Diamond Trading Company sightholders to come to Gaborone, it will have a positive spin on tourism,” said the Botswana official. De Beers said the details were still under discussion and could not comment further.
Now you understand DeBeers strategy of the last few years in their implementation of their Supplier of Choice Program which is taking them into direct retail.
Cartier to Open Watch Boutiques In India
Luxury watchmaker, Cartier, is planning to set up an exclusive watch boutique in India.
Tankissimme Watch by Cartier
The launch of ‘Tankissime,’ an exclusive collection of Cartier jewelry and watches, the new boutique would be located in either Mumbai or Delhi in the near future. At the two day ‘Tankissimime’ exhibition, Cartier showcased its collection of jewelry watches including diamond studded steel watches and diamond studded gold watches.
The market in India for luxury watches is picking up. In the last three years, Cartier has witnessed a 30 to 50 percent growth rate in sales and the company expects the trend to continue. To date, the luxury watchmaker has 15 retailers in eight cities in India.
Camilla and Her Diamond Tiara
The Duchess of Cornwall arrived at Buckingham Palace last night wearing her first royal tiara.
The diamond head piece, loaned to her by the Queen, was the tiara previously worn by Queen Mary for the Delhi Durbar to celebrate the coronation of King George V.
It was last worn in 1947 by the Queen Mother for an official visit to South Africa.
The circle of brilliant-cut diamonds mounted in gold and set in platinum was made by Garrards in 1911 and Queen Mary wore it in Delhi to mark the start of King George V's reign as King and Emperor of India.
It was lent to the Queen Mother for her visit to South Africa and remained with her but she is not believed to have worn it subsequently.
The tiara previously included five of the Cambridge cabochon emeralds and also was occasionally worn with two diamonds from the Cullinan stone. But the emeralds were removed by Queen Mary and made into another tiara now owned by the Queen - the diamonds were kept separately as a brooch.
Looks like he should be wearing the Tiara, don't you think? Cheers, Mate!
