WDC's Ongoing Effort Against Conflict Diamonds
The sixth annual World Diamond Council(WDC) meeting in Antwerp concluded with an appeal to continue the industry’s campaign to eradicate the trade in conflict diamonds.
This year’s gathering, which was attended by some 100 delegates, celebrated the fifth year of the Kimberley Process Certification Scheme.
In his report to the plenary session, WDC chairman Eli Izhakoff said that although the trade in conflict diamonds has ceased almost entirely, the industry cannot afford to reduce its ongoing effort.
“The truth of the matter is that the Kimberley Process Certification Scheme has been so successful in monitoring the flow of rough diamonds into the pipeline that we concern ourselves today with essentially a limited number of instances of uncertified goods coming into the market, even though the diamonds in question rarely are sourced from an area experiencing any form of civil conflict,” Izhakoff said. “Our reason for behaving in this manner is clear. The system will work effectively only if all diamonds are traced, and not only those which are deemed to originate from a conflict zone.”
Izhakoff said that campaign against conflict diamonds has to be seen against the backdrop of the industry’s greater commitment to improve the livelihoods of the people residing in all areas in which the industry is active. “The World Diamond Council played a key role in raising awareness in the industry to the plight of people living in diamond producing areas. This awareness has evolved into an understanding that our industry has a role to play in helping these people develop sustainable economies and social systems, which are not wholly dependent on the salaries earned by miners extracting the diamonds from the ground.”
Addressing the opening session, Vincent Van Quickenborne, Belgium’s Minister of Economic Affairs, added that the fact that the WDC continues to meet regularly is a credit to the commitment and moral backbone of the diamond industry.
“The scourge of conflict diamonds can be likened to a dangerous virus, and the Kimberley Process to a vaccination that keeps it dormant," Van Quickenborne said. "Like a virus, conflict diamonds can mutate and try to attack once again, threatening the market and lives of innocent men, women and children. But if the Kimberley Process stakeholders – meaning the World Diamond Council, the member governments, the United Nations, European Community and NGOs – remain vigilant, then the Kimberley Process vaccination will continue to deal effectively with any renewed breakout.”
The minister said Kimberley Process demonstrates what government and business can do when they work in cooperation. “The success of the Kimberley Process Certification Scheme is living proof of the degree to which government and the private sector can act as a potent and positive force when they work in tandem with a common goal. Once upon a time, governments took care of foreign relations and business took care of itself. In the modern global economy, however, it is very difficult to draw clear lines between the two. But, as our areas of influence have merged, so have our interests. To be effective, we often have to find ways of working together,” Van Quickenborne stated.
The recent decision by Venezuela to withdraw temporarily from the Kimberley Process in order to get its regulatory system in order was praised by speakers at the meeting. “The incidence of diamonds from Venezuela without KP certificates has a great deal to do with tax evasion and very little to do with civil conflict,” Izhakoff said. “But from our perspective that is immaterial. The effectiveness of the Kimberley Process in preventing a re-emergence of the conflict diamonds problem is reliant on all participants following a zero tolerance policy. If any participant is unable to do so, then the entire system is undermined. The fact that Venezuela has agreed to take a time out, so that it can consider ways of correcting its regulatory system, is good for the entire Kimberley Process.”
Alex Yearsley of Global Witness said, “It’s good that Venezuela withdrew from the process. This highlights the need for effective suspension measures, removing countries from the list when necessary.”
The 2009 annual meeting is tentatively planned for St. Petersburg, Russia.
Rosy Blue to Reveal 42Ct Forevermark Diamond at Basel World
The largest fancy yellow diamond inscribed with the FOREVERMARK will be unveiled at BASELWORLD 2008 by Rosy Blue N.V.. Each FOREVERMARK diamond is a precious diamond. FOREVERMARK diamonds are individually inspected and have been cut and polished by master craftsmen to reveal their natural brilliance and ultimate beauty. They also carry an assurance that the diamonds have been specially selected and preciously cared for at every step of their journey.
Inscribed on the table facet of these exclusive diamonds is a unique symbol and identification number, which personalizes this natural treasure to the owner. Invisible to the naked eye, this promise is the FOREVERMARK diamond owner’s secret, known only to them. FOREVERMARK currently is only available at exclusive retailers in Hong Kong, Japan, China and India.
This oval cut 42 carat fancy yellow diamond to be unveiled at BASELWORLD, inscribed with the FOREVERMARK provides a promise from the world’s leading diamond company. It holds a commitment of brilliance at its heart – a guarantee that the diamond has been cut and polished by the world’s leading diamond craftsmen. It radiates assurance, integrity and emotion.
Rosy Blue is thrilled to be unveiling this magnificent diamond at BASELWORLD and is extremely proud that it is the world’s largest fancy yellow diamond inscribed with the FOREVERMARK. This makes it a symbol of integrity and impeccable craftsmanship.”
The 42 carat diamond has been specially cared for by experts at every step of its journey. It has been inspected to ensure it meets the FOREVERMARK criteria and has been cut and polished at Rosy Blue by master craftsmen before being inscribed with a unique identification number. This dazzling 42 carat FOREVERMARK diamond promises that this diamond meets high standards along its journey. The FOREVERMARK also provides the assurance that the diamond is genuine, natural and untreated.
Gold Rush Sends Price of Engagement Rings Souring
Thanks to sky rocketing gold and platinum prices the cost of wedding and enagagement rings is reaching previously unreached records.
One shop in Hatton Garden, London, said the retail price of platinum rings had risen by 30 percent in one week.
"We've been quoting people prices for wedding bands on Saturday and saying we can't guarantee the same price for Monday." said Adam Lawrence, of jeweler Anthony Gray.
As gold hit a record high of $967.30 a troy ounce on Thursday, one jewelry shop in the West Midlands reported a queue of more than 50 people trying to sell old jewelry.
Ben Johnson, of Rex Johnson and Sons, in Birmingham, said the interest from customers looking to sell old Engagement rings and other jewelry had been "phenomenal".
"On an average day we might buy gold from five people, but yesterday we had 53."
Insurers are warning clients to get the value of their engagement rings, and diamond jewelry reassessed, while owners of unwanted jewelry are cashing in on the "gold rush".
Quincy Jeweler Charged for Melting Stolen Jewelry
Quincy – Stephen Blumberg, a third-generation jeweler was ordered to suspend his trade in secondhand gold, diamonds and precious gems for 30 business days after being charged for hastily melting down stolen bracelets, engagement rings, and a necklace that was brought into his store.
Stephen owns the Hancock Street store called Stephen Leigh Jewelers. He admitted at a hearing Tuesday that at least three gold bracelets and a necklace, which were purchased from two thieves were melted down before waiting the mandatory 14 day waiting period. The waiting period is meant to give police and crime victims time to track down stolen jewelry and gather evidence to prosecute thieves.
When accused Blumberg said “This was not done intentionally, and it will never happen again.” He urged board members to take his “unblemished” track record into consideration and told them that an employee that handled the transaction was fired.
Police Caption John Dougan said that the waiting period rule is meant to keep the jewelers from becoming a common fence. “The jewelers should also be the eyes and ears of the police department.”
Within a short period last month Stephen Leigh Jewelers, which is owned by Blumberg, melted down a diamond and gold bracelet, valued at $4,000, two gold bracelets and a necklace. Detective Michael Ward said that the diamond bracelet was stolen from its owner by her house-sitter’s friend. Nine days later on January 17, the woman tracked her bracelet to the Quincy store. The woman was told that the gold was melted and the diamonds removed.
Blumberg claimed to have misread the purchase date as January 11 instead of January 17 and vowed to make a new diamond bracelet for the woman with the original stolen diamonds.
The other jewelry was brought into the store by a teenaged boy who had stolen the pieces from his mother. By the time the woman realized, her jewelry had already been reduced to raw gold.
Deputy Fire Chief Gary Smyth asked how a teenager selling a women’s jewelry didn’t “raise a red flag”.
Blumberg said that the shop has to use its best judgment, “but if you red-flagged everyone you probably would never buy anything.”
Paul and Karen McCarthy, who live in Quincy Point, wrote a letter to City Councilor Daniel Raymondi detailing how an engagement ring, two class rings, and several family heirlooms, which were stolen from their house in march, were found on an inventory list from Stephen Leigh. The store told them that the rings had been melted down, and since it was past the 14-day waiting period he did not have to let them see any of the other items which were still intact.
“This tragedy has been very difficult for our family, but knowing that some of our jewelry may have been in the local shop and that we are not allowed to get it back, is almost as painful as being robbed again,” the McCarthys wrote in the letter dated April 16.
The store’s 30 day suspension does not affect its sales of new jewelry.
IGI Launches New Lab in New Delhi
The IGI - International Gemological Institute just launched its 12th laboratory, the
fourth in India, at Karol Bagh, New Delhi.
Prior to launching its new labaratory, the IGI had been attending to the city’s
customers via its mobile laboratory. The new state-of-the-art lab encompasses
3,000 square feet and the day after the launch event, which was attended by 160
jewelers, more than 300 gemstones and articles of jewelry had already been
submitted.
In 1999, the IGI initiated its first Indian laboratory in Mumbai, and now services
diamond traders, jewelers, jewelry showrooms, and jewelry brands across the
country. IGI India’s second lab, located at the Gems and Jewelry Complex
(SEEPZ) was established to meet the growing needs of exporters to the
international diamond markets. IGI’s recently launched its East Indian laboratory in Kolkata
caters.
IGI Europe and Asia CEO Roland Lorié said, “IGI always endeavors to
efficiently meet the needs of its customers across the world by adapting to
local markets. Our New Delhi laboratory and complementary Diamond Window
Service provides global offerings virtually at the doorstep of the jewelry trade
and consumers of North India.”
Another site by e-Notations
