Fura Gems tempting India with rubies from Mozambique and emeralds from Colombia

A qualified Chartered Account, Dev Shetty heads Fura Gems Inc as President and CEO, who has recently developed world’s largest emerald mine in Zambia and world’s largest ruby mine in Mozambique. Dev started his career in India but moved to the UK in...

15 january 2018

The Exchange plays a significant role in the global jewellery industry - Li Zhiwei, General Manager, GDGJE

Li Zhiwei, has been engaged in the Gems and Jewellery development management in China’s government department for the past 30 years. He served as Vice Chairman of Gems and Jewelry Association of China for more than 10 years and has effectively pushed...

09 january 2018

Yoram Dvash Hits The Ground Running As Second Term Begins

Having completed his first term in office as President of the Israel Diamond Exchange (IDE), Yoram Dvash sat down with Rough & Polished to discuss his achievements during his first period in office, and plans for the second term following his...

04 january 2018

Eurasian Diamond Center should bring profit and open new prospects and opportunities for all its players

The ALROSA affiliate in Vladivostok established in 2016 was headed by Alexey Ivanov about half a year ago. He was charged with the responsibility for developing business on the company's Far Eastern platform and attracting new customers to the Eurasian...

25 december 2017

NDTC to supply rough worth about $400 m this year

The Namibia Diamond Trading Company (NDTC), a joint venture between the Namibian government and De Beers, said it expects to supply rough diamonds worth $390 million this year. The diamond trader, which has 11 sightholders, had a fixed supply...

18 december 2017

The illusion of economy

15 january 2018

When it comes to synthetic diamonds, the first thing that the man in the street hears is the assertion that "they are real, but much cheaper." The question what in this case is to be considered "real" is rather ambiguous and rather lies in the field of personal preferences. However, the arising material benefit can be assessed in terms of absolutely real amounts on one’s bank account. The more so, because the price remains the major factor when people come to a decision to make a purchase, as shown by the survey conducted by Stax Inc., a global strategy consultancy (https://medium.com/stax-insights/consumer-decision-making-criteria-and-the-importance-of-price-1783d5589a8e) among 40,000+ respondents. And if the older generation is still confidently making their choice in favor of natural diamonds, the millenniums are not so unequivocal. The idea of ecological and moral purity of the product (no child labor or ruined nature or blood money) in addition to the "tasty" price has found a considerable response. Indeed, isn’t it really nice to make a contribution to the salvation of the world, and even save at the same time? However, it is unlikely that at least one single manufacturer of lab-grown diamonds will want to tell the buyer about how many small (and not so) nuances are hidden behind such an attractive advertising policy and what the real and not imaginary difference in the cost of jewelry graced with natural and synthetic diamonds is.

World Diamond Centres

09 january 2018

The countries that are leading in the global diamond production, cutting&polishing and trading are widely viewed as the world diamond centres. Diamond mining countries, cutting&polishing centres and rough and polished diamond trade hubs are among them.

How Beriya and Mikoyan saved the senior management of the diamond mine

04 january 2018

The diamond industry of the USSR and the Russian Federation has a relatively short history, but it has become overgrown with fantastic legends that greatly distort the essence of events and motives of the people who took part in it. One of these fairytales is the story about the letter written by M. F. Shestopalov to I. V. Stalin in July 1946. Here is the typical quotation from a geological (!) journal: “In summer 1946, M. F. Shestopalov, a seasoned geologist, wrote a letter to I. V. Stalin about the need to make the diamond prospecting more intensive. He was invited to Moscow to make a report. After the report, I. V. Stalin called the ministers in charge of this field to account and said: “You say that we should curtail the diamond prospecting but an ordinary engineer knows where diamonds can be found!” For about twenty years,  this tall tale has been circling around the pages of journals, monographies and theses being added by surprising ‘details’, and many authors are serious when stating that Shestopalov's letter had given an impulse for the development of both the diamond geology and the diamond industry on the whole, and even was a reason and the basis for the landmark Decree of the Council of Ministers of the USSR No. 1978-832ss dated September 07, 1946 “On the Development of the National Diamond Industry”.

Is there enough regulation by authorities of lab-grown diamonds?

25 december 2017

The issue of man-made, lab-grown, or synthetic diamonds is continuing to gather pace. Production capacity is continuously expanding, the volume of such stones is growing every year – and is now estimated at 2-3 percent of global output with several million carats being sold – and the quality and size of the stones is rising.

Lab-grown diamonds and millennials

18 december 2017

The sensibilities of the millennials have undergone a drastic transformation in recent times across countries. For them, the wedding is for one day, but they have a whole life to take care of it financially. So, it really does not matter to them whether the ring has an expensive mined diamond or some other stone. To be exact, some of them don't even see a need for a ring. The price is what matters most and has to be reasonable for millennials. Besides, it’s not about investment anymore, but the design and the eventual look of the ring. While many jewellers across continents are convinced that lab-grown diamonds are the future, debates rage among many others who persist that mined diamonds (or the real diamonds) will survive the onslaught of artificial diamonds, as they have the many years of love and admiration for the gem to fall back on. Of late, millennials have been the focus and their opinion has been of great importance as they are the jewellery buyers of today and the near future. In the natural versus lab-grown diamonds debate, one may come across arguments that synthetic pieces are more sustainable than mined counterparts given the many plus points of lab-grown diamonds that go with the sensibilities of youngsters when it comes to choosing mined diamonds vs lab-grown diamonds.

The diamond trade cares about origin of diamonds, but do consumers?

11 december 2017

It's a question that comes up not infrequently in discussions at diamond conferences and elsewhere: do consumers care enough to ask about the origin of diamonds when they are in a store considering a purchase? Is the issue of responsible sourcing one that arises? And do consumers want diamonds from certain countries, showing a willingness to pay a premium for diamonds that have no association with conflict diamonds – for example from Canada or Russia?

Russian jewelers set their sights on exporting

04 december 2017

On November 10-12, the Moscow International Trade Center hosted a presentation of the Carl Fabergé International Jewellery Art Competition. The competition was established on the initiative launched by Russia’s leading public associations of the domestic jewellery industry, including the Jewellers Guild of Russia and the Club of Russian Jewellery Trade, and supported by the Moscow International Trade Center, Carl Faberge Museum and World Jewellery Confederation (CIBJO). This international Competition named after the celebrated Carl Faberge is held with the aim of "promoting the national school of jewellery mastery, returning to it the leading positions in the world and assigning Russia the status of a most important center for the preservation and development of artistic jewellery". This event should help to identify and encourage talented jewellers - craftsmen and designers, familiarize them with modern technologies of famous jewellery houses, exchange experience in developing the best traditions of jewellery art.

From diamonds to sustainability, CIBJO demonstrates leading role in global jewelry trade

27 november 2017

For observers searching for an industry body covering literally every aspect of the jewelry pipeline, an influencer that is able to shape the debates in the trade, the evidence was on display at CIBJO's annual congress in Bangkok in November. CIBJO, or the World Jewelry Confederation, staged comprehensive discussions on everything from the latest developments in gemology, diamonds, colored gemstones and precious metals to ethics, responsible sourcing, Corporate Social Responsibility (CSR) and sustainability – and more.

Zim mutation: Mnangagwa has his work cut out for him

23 november 2017

With Mugabe gone, Zimbabwe's former vice president Mnangagwa is to be sworn in as the country's second president in 37 years, on 24 November ahead of elections next year.

Will UAE's VAT be a hurdle for its growth as a major diamond hub?

20 november 2017

The recent news that the United Arab Emirates (UAE) will be introducing 5 percent value-added tax (VAT) from January 2018 on both, rough as well as polished diamonds, has stirred and shaken the Indian diamond industry which has close business affiliations with the country. UAE in recent times has emerged as the world's largest diamond trading hub after Antwerp. If the 5 percent VAT is made applicable, the Indian exporters of polished goods and importers of rough from UAE will have to bear a high tax rate of 5.25 percent, due to the Indian government's GST of 0.25 percent. This will eat into the already wafer-thin profits of the manufacturers, who are in dire straits.

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