Justdiamonds

‘Blood diamonds’ back on the jewellers table

shwetadharia — Sun, 29 Jul 2007 18:53:23 +0000

Malaysia Sun
Saturday 28th July, 2007

The Liberian government has lifted a six-year-old moratorium on the manufacture and distribution of so-called ‘blood diamonds’, which was imposed at the height of the civil war.

President Ellen Johnson-Sirleaf says her government wants to use diamonds to fund reconstruction efforts and not conflicts.

The diamond industry in Liberia came under pressure in 2001, when ex-President Charles Taylor was accused of using the sale proceeds to fund wars in West African nations.

The UN lifted sanctions in April, saying the new government had moved to ensure the industry’s regulation.

Prior to calling an end to the moratorium, the Liberian government put measures in place to control the industry, including the setting up of proper diamond certification agencies.

`Diamond industry set for consolidation`

shwetadharia — Sun, 29 Jul 2007 18:52:26 +0000

TRADE TALK

Tejal A Deshpande / Mumbai July 26, 2007

India, a diamond cutting and polishing centre, is looking at strengthening its rough diamond supply. Tejal A Deshpande spoke to Praveen Shankar Pandya, chairman, Diamond India, to get a perspective on direct rough supply from mines. Excerpts:

What are the objectives behind Diamond India’s sourcing rough diamonds from Africa and how will it benefit the Indian jewellery industry?

Since the last three to four decades, India has evolved a structured and well-developed diamond industry. Earlier, Dee Beers dominated the global rough diamond supply with more than 90 per cent market share. However, with multi-sourcing channels and marketing, its share in rough diamond supply has dwindled to about 45 per cent.

But African companies are insisting that stones be cut and polished in the same province. How do you perceive this development?

This demand will invariably affect the domestic industry as India has expertise in diamond cutting and polishing. The Indian companies will consider setting up units in Africa if needed.

What is Diamond India’s role in ensuring rough supply?

Diamond India is involved in imports, distribution and sale of rough diamonds. The company, comprising 60 leading Indian jewellery firms, is engaged in sourcing diamonds from outside the purview of De Beers. Some portion of the supplies is earmarked for the members, while the rest is shared with the industry.

Instead of individual companies approaching the mines independently, collective sourcing enables the company to negotiate better price for the inventories.

Already the company’s monthly imports have touched $5-7 million, with four supplies from Alrosa, one of the world’s major rough suppliers, hitting the shores. The company is also in advanced talks with other mines for procuring additional supplies.

Is the Indian jewellery industry in a consolidation phase? What has been the impact of the rupee appreciation?

On an average, India carries an inventory of $5 billion and the currency appreciation has hurt the industry as the stockpiles are converted into rupees. Overall, the business is taking new shape as volume players have to realign, while those catering to the niche market continue to grow.

The diamond industry will pass through the consolidation phase as very small companies would not be able to sustain the competitive business environment.

Do you see new players entering the branded jewellery segment? How will the emergence of modern retail impact the jewellery industry?

Globally, store brands have been more successful as they provide a unique experience. Though low-ticket value products sells, customers prefer jewellery stores for value-added products. The entry of international brands would improve the products and back-end efficiencies of Indian firms.

Similarly, the jewellery retailing is expected to climb the value chain, with companies planning to offer a differentiating retail experience.

Average time for De Beers to recoup novel investment 17 to 19 years

shwetadharia — Sat, 28 Jul 2007 21:22:26 +0000

By: Martin Creamer

Published: 27 Jul 07 – 0:00

Pure commercial gain was not of itself the right of business, the scope of which extended beyond sole commercial gain, De Beers’ Jonathan Oppenheimer told the Gordon Institute of Busi-ness Science in Johannesburg last week.

Sustainable returns – not extra-ordinary returns – were what De Beers believed in achieving, and the company was there to make profits in such as way that it also benefited “the peoples and the communities within which the com- pany operated”.

Such philosophies were at the core of what had made De Beers as sustainable and as durable as it had become over more than 100 years, and continued to play an integral part in the contemplation of the company’s future.

In Botswana, diamonds and the De Beers-associated company with the government contributed 45% of the Botswana government’s fiscal revenue.

The number in terms of foreign exchange earnings was 75%, and 30% in terms of gross domestic product.

This was indicative of how impor-tant diamonds were to Botswana. “If we had a catastrophic fire at Jwaneng, which is our biggest income producer for the government, yes, insurance would pay, but the bottom line is that the government wouldn’t have the expected income and couldn’t carry on with [its] infrastructure project.

“The health initiatives would face a catastrophic financial crunch,” he said, Jwaneng hospital being a referral hospital supporting the greater community.

The degree to which De Beers assumed risk in Jwaneng had, thus, to take into account social and political implications and not just the commercial-financial aspect.

In partnering Michael Porter in presenting a newly revised business school study at Harvard University, he discovered that not one of those present, representing 52 nationalities, raised the point of the interconnectivity of the commercial, political and societal.

This was reflective of business often failing to recognise that inter-connectivity. De Beers was, however, a business of “patient capital” which, on average, had to wait 12 years from discovery to development of diamond mines. The fastest that it had ever achieved that was seven years.

The average time it took De Beers to recoup a novel investment was 17 to 19 years.

What De Beers looked for as a return was a degree of predictability and stability and not a volatile cash flow.

The De Beers philosophy was that it was in business to turn a profit, but in such a way that it benefited the people and near-mine communities within which it operated, and preferred to employ its labour from within the communities.

The De Beers Fund did not just give money away, but engaged in an analytical process of identifying sustainable businesses in which to invest in order to “make a difference”.

It had partnered government in Limpopo province to build schools, and was able to leverage the R7-mil-lion it invested.

In Kimberley, it was part of a programme of working with child-headed households and training people in those communities to support the child-headed households.

When De Beers negotiated with governments in Angola and the Democratic Republic of Congo (DRC), this was the sort of thing it pledged to do and had the record to prove it.

When it spoke to the international community, it had to debunk several critical ideas.

Many in the international community still referred to the “resource curse” – even influential developmental organisations in Washington did so – despite the many African examples of resources, when well managed, uplifting economies.

But there were many areas where resources were well managed and not a curse.

Central to its political partnerships in Angola, the DRC, Tanzania, Botswana, Namibia and South Africa was a transparent understanding of the expectation of government and De Beers’ expectations and the creation of measurable milestones.

The operations themselves could either be rigidly run, or dynamically run, and De Beers’ management believed fundamentally that the person who could make the positive change should be empowered to do so, at every level.

ANGLO AMERICAN

On interacting with its main 55% Anglo American shareholder, Oppenheimer said that this was being done through “relationship” building and the provision of steady growing returns.

It was a relationship that demon-strated that De Beers was able to operate in an “equivalent if not superior” way to Anglo American itself and that provided a return on capital invested, without the volatility normally associated with mining that was correlated to the commodity cycle.

When commodity prices were down, Anglo American could rely on De Beers being a significant share of Anglo’s earnings and, when commodity prices were up, Anglo could rely on a smaller share.

“I believe we have persuaded them of that,” he said, referring to Anglo American CEO Cynthia Carroll’s reference to De Beers as being an integral and central part of Anglo’s future.

De Beers was spending more than $100-million a year exploring for diamonds, was building the new Voorspoed mine in South Africa, had launched the Peace in Africa to mine the diamonds of South Africa’s seas, and was expanding the world-class Venetia and Finsch deposits, which had many years of mining left in them.

BENEFICIATION

From a purely economic perspective, there are roughly a million people engaged in the diamond polishing industry in India.

The average labour cost for every carat polished in India is between $6/ct and $10/ct and the average cost in sub-Saharan Africa is between $70/ct and $100/ct.

Unless the government was determined to subsidise that difference, the net benefit of selling those diamonds locally had to be measured against the net loss of local revenue.

The percentage of the labour cost diminished as the value of the diamond increased.

“If you are polishing a $1 000/ct diamond and you have a $70/ct labour cost, 7% of the value added to that one carat of diamond is negative.

“But if you are polishing a $10/ct diamond and the labour costs $7/ct, 70% is labour,” he pointed out.

It was mitigated at the top end, but then the volume of a $1 000/ct diamond was actually “remarkably small”.

In South Africa, 80% of the value of the diamonds produced in South Africa were in the top 10% by volume.

“So you are actually talking about a very small volume of diamonds employing few people,” he said.

Israel was an important polishing centre, but it actually employed only about 2 000 people.

“We will support government in its policy and keep government transparently aware of the economic consequences and we will work with government to find the acceptable optimal position. It is a dynamic process towards arriving at a sustainable economic equilibrium, but right now it appears to be swinging strongly in favour of local beneficiation and we will do everything we can to support that.

“We are supporting local beneficiation in Botswana and intend selling a significant volume of diamonds there.

“We sell a significant volume of diamonds already in South Africa and we are selling a significant volume of diamonds suitable for beneficiation in Namibia and we will support government to the fullest extent possible, but we will also work diligently to show government the economic consequences of beneficiation.

“Government must then make an informed decision in [its] own mind, addressing [its] own issues,” he said.

There was a global supply of 130-million carats a year for which the world was prepared to pay $14-billion, De Beers supplying 55-million of those carats.

There had been a crisis in the early 1980s when prices fell 25% to 30%, but the industry was generally stable.

SYNTHETIC THREAT

“I don’t believe that the synthetic diamond market will cannibalise the diamond market. You know it was made last week in a factory and it just doesn’t have the same feel as a sparkling diamond that you know is billions of years old.

“It is very easy to go into a store and test it and see that it is not real,” he said.

NEAR-ZERO PRACTICAL VALUE

De Beers was not a purely mining company, but sold the mined pro-duct, which had a practical realisable value of “near zero”.

The World Diamond Industry, which supported the gem diamond industry, sold some $14-billion of diamonds a year.

In total volume, that was 130-million carats.

By contrast, the human-made industrial diamonds for stone cut-ting and other applications represented a market of $1,25-billion, but a massive volume of 1,8-billion carats.

“We are talking of a tenth of the value and ten times the volume,” he pointed out.

If diamonds thus fell to their intrinsic value, De Beers would be in dire straits.

Sixty-five million pieces of diamond jewellery are sold in the world and those sales have helped.

EXCHANGE TRADED FUND

Oppenheimer said that De Beers likes the idea of an exchange traded fund (ETF) for the diamond industry as a concept, but was struggling to understand how one valued ETF stock.

The company was trying to understand the “very smart mathematicians” who were telling it that it could be done.

This was because it was virtually impossible to have a homogenous or identical pool of diamonds, which were by their nature different and thus valued differently.

“That is what we are concerned about, but we are trying to understand,” he said.

BOTSWANA GOVERNMENT ITS ‘OWN WORST ENEMY’ IN DEALING WITH SAN ISSUE

The government of Botswana was its “own worst enemy” in dealing with the issue of relocation of the Khoisan people, who should be allowed to opt out of the national support system, Oppenheimer said in Johannesburg last week.

He said that diamond-mining and the relocating of the Khoisan people out of the Central Kalahari Game Reserve (CKGR) should not be associated as they were not linked.

“My view is that drawing De Beers into that particular issue is something of a red herring and I think that the Botswana government [has] been [its] own worst enemy in dealing with this issue,” he said.

Associating diamond-mining with the relocation of the Khoisan had been the initiative of certain nongov-ernmental organisations “because it made news”, but the facts did support the link, Oppenheimer said.

Why the Botswana government was seeking to move the Khoisan people out of the CKGR was an issue that he could not argue.

“You must go and talk to the Botswana government about that,” he urged.

He did, however, understand the economic position that the government put forward, namely that it was costly to meet the constitutional obligations of providing services to every citizen of Botswana when they were in far-flung areas and that the government would like to concentrate its citizens more, so that they did not have that cost.

“I can intellectually understand that argument, though I don’t necessarily agree with it,” he said.

He could, however, equally understand the desire of the San community to keep its natural processes.

“I would suggest that, if the community were to choose to opt out of the national support system provided by government, they ought to be allowed to do so,” he said.

NET CARBON CONSUMER

The carbon footprint of De Beers, exclusive of travel, was two-million tons of carbon dioxide a year.

This meant the company, by mining standards, was relatively small, but had across its group and associ-ated companies in Botswana and Namibia 950 000 ha of land that it protected, some of that in mining claims and some in conservation areas that it supported around its mines in Africa, Canada and India. “If we look at how much carbon dioxide that land consumes, De Beers is a net carbon consumer to the tune of ten-million tons a year. “So we should be paid by the inter- national community,” he quipped, “but sadly Kyoto does not allow it to count because it existed before Kyoto was signed.”

Edited by: Martin Zhuwakinyu

India: June’s Net Diamond Acct Slips into the Red, Polished Imports Surge

shwetadharia — Sat, 28 Jul 2007 21:20:34 +0000

RAPAPORT… India’s cut and polished diamond exports grew 31 percent to $1.038 billion in June 2007, The Gem & Jewellery Export Promotion Council (GJEPC) reported. Cut and Polished imports surged 135 percent to $378.21 million during the month.India’s net polished exports (polished exports less imports) increased 4.8 percent to $659.96 million.Rough diamond imports in June rose 36 percent to $946.15 million while rough exports dropped 9 percent to $46.24 million. The country’s net rough imports (rough imports minus exports) grew 39 percent to $899.91 million.India’s net diamond account (net polished exports less net rough imports) moved into the red in June 2007 at $239.96 million, after a positive $17.26 million in June 2006.Provisional data for the 2007 calendar year to date show that India’s polished exports grew 8 percent to $5.9 billion, while polished imports rose 79 percent to $1.24 billion. Net polished exports declined 2.3 percent to $4.72 billion.

Rough diamond imports for the year grew 14 percent to $4.7 billion, and rough exports increased 8 percent to $237.45 million. India’s net rough imports rose 14 percent to $4.47 billion. The country’s net diamond account for January through June therefore was in the red by $248.38 million or 73 percent more so in negative territory than one year ago.

India’s total gem and jewelry exports grew 35 percent to 1.57 billion in June, while total imports rose 59 percent to $1.51 billion.

Gold jewelry exports jumped 42.2 percent to $423.92 million in May, while imports rose 42.9 percent to $38.53 million.

Among India’s other jewelry categories, exports of colored gemstones rose 15.9 percent to $13.92 million, while pearl exports increased 128 percent to $280,000. Exports of non-gold jewelry surged 345 percent to $49.33 million during the month, and synthetic stones declined 69.74 percent to $20,000.

CONFLICT DIAMONDS – 4 IDEAS FOR ACTION

shwetadharia — Fri, 20 Jul 2007 16:55:12 +0000

FROM THE CORPORATE ACTION NETWORK (CAN)

AND THE DRC COUNTRY ACTION PROGRAM (DRC CAP)

The movie “Blood Diamond” depicts a period in Sierra Leone’s recent history when the use of child

soldiers was endemic. While the conflict has ended in Sierra Leone, neighboring Côte d’Ivoire is still

plagued by armed conflict where children from Liberia as well as Côte d’Ivoire have been recruited by

government armed forces and rebel armed groups. And in the Democratic Republic of Congo (DRC)

Diamonds and other minerals are still actively mined by rebel groups to buy arms.

Several governments with records of recruiting child soldiers have initiated or participated in

Disarmament, Demobilization, and Reintegration (DDR) programs for children, but many of these

programs have encountered significant challenges, including funding and management problems. For

example, despite a DDR program in DRC designed to assist 30,000 child soldiers, only 19,000 children

were believed to have been disarmed by June 2006. In fact, a majority of the 11,000 children that

didn’t benefit from the program are girl soldiers, who are often misidentified as “dependents” of adult

fighters. Meanwhile child soldiers are still being recruited – and re-recruited – including some who

were only recently demobilized and reunited with their families in the DRC.

Level 1 – Write letters to Condoleezza Rice and Henry Paulson to strengthen

enforcement of the Clean Diamonds Trade Act

Gather signatures on the attached sample letter and send it to Secretary of State Condoleezza Rice,

and copy Secretary of the Treasury Henry Paulson to demand better enforcement of the Clean

Diamond Trade Act. You can also encourage jewelers in your area to sign the letter as well – they

have a vested interest in making sure diamond laws work!

Level 2 – Survey Jewelers in your Area

Send a message to the jewelers in your area that you want them to take conflict diamonds seriously.

You can use the four questions on the fact sheet to undertake your own investigation about what

jewelers are doing about this problem, or use our handy survey form attached below. Take notes

about the response you receive, and if you don’t get satisfactory answers, contact your local media

and let them know. Send only one activist per retailer. Find online survey forms and report your

findings at: www.amnestyusa.org/countries/drc

Level 3 – Educate & Inspire – See the film while it’s still playing in your area

In December, the new action film, Blood Diamond was released, and Amnesty International is

promoting the film to raise awareness about conflict diamonds and the Kimberley Process. Visit

www.blooddiamondaction.org to learn more. You can get involved by organizing groups to attend the

film, then meet up afterward to discuss the issue and take action. Use the comprehensive curriculum

and discussion guide available at http://s3.amazonaws.com/3b59dcdf1c4552f8d85a16a4808a3b38-

default/BloodDiamondCurriculumGuideFinal.pdf

Level 4 – Educate Consumers

In the days leading up to Valentine’s Day, many people will be out shopping for a gift that

demonstrates their love and devotion – often that gift is a diamond. You can help arm shoppers with

the right questions to ask to ensure their purchases are conflict-free. Print off copies of the attached

fact sheet, which includes 4 questions consumers should ask before purchasing a diamond, and

download our buyers guide at http://www.amnestyusa.org/diamonds/BuyersGuide.

Sierra Leone war-crimes court hands down sentences Clarence

shwetadharia — Fri, 20 Jul 2007 16:36:42 +0000

Roy-Macaulay | Freetown, Sierra Leone 19 July 2007 04:04

A United Nations-backed Sierra Leone court on Thursday issued its first sentences since the end of the West African nation’s bloody conflict, ordering three rebel leaders convicted of war crimes to prison for between 45 and 50 years each. Presiding Judge Julia Sebutinde announced the sentences against three leaders of the Armed Forces Revolutionary Council, a junta that overthrew an elected government in 1997 and was ousted by a Nigerian-led peacekeeping force the following year. Alex Tamba Brima and Santigie Borbor Kanu were each ordered to serve 50 years in prison, while Brima Bazzy Kamara received a 45-year sentence. All three have the right to appeal; if they lose, they will serve their sentences outside Sierra Leone because of security concerns, mostly likely in Europe, said Peter Andersen, a spokesperson for the court. The three men had been indicted in 2003 and their joint trial began in Freetown in 2005. They were convicted on June 20 of 11 of 14 charges, including terrorism, enslavement, rape and murder. The ruling also marked the first time an international court issued a conviction on the conscription of child soldiers, who were often drugged and forced into battle. “All three accused persons are cowardly and disloyal soldiers who waged war against the civilian population and they should receive extremely lengthy sentences that would satisfy the people of Sierra Leone and put an end to impunity,” deputy chief prosecutor Christopher Staker told judges on Monday. The charges linked them to fighters who raped women, burned villages, conscripted thousands of child soldiers and forced others to work as labourers in diamond mines. Tribunal The Sierra Leone tribunal was set up following the end of a 10-year war in 2002 to prosecute the worst offenders in a war that ravaged the small West African nation and consumed neighbouring Liberia. It is estimated that about half a million people died during the war, victims of systematic mutilation and other atrocities. The conflict was fuelled by illicit diamond sales for years. The court has indicted 12 people, including former Liberian president Charles Taylor, who is charged with backing Sierra Leonean rebels. Some have said the special court is working too slowly. Three of those charged have died since their indictments — including rebel chief Foday Sankoh, who died of natural causes in 2003 while in prison awaiting trial. Five others are awaiting verdicts in Freetown. Taylor’s trial opened earlier this month in The Hague, The Netherlands. It is being held outside Freetown because of fears the case could trigger fresh violence, but remains under the auspices of the Sierra Leone court. Taylor’s case is being heard in a room rented from the International Criminal Court. Taylor is also linked to brutality in his own country, but Liberians have opted for a truth and reconciliation commission rather than a court. — Sapa-AP

Will The Jeweler Switch or Steal My Loose Diamond?

shwetadharia — Fri, 20 Jul 2007 16:30:29 +0000

One of the most common stresses and anxieties for consumers when bringing a piece of jewelry or diamond engagement ring to a jeweler for setting/polishing/sizing etc., is that he may swap the diamond for a fake cubic zirconium.

Indeed this very same anxiety and angst is also prevalent when buying diamonds and jewelry, regardless of whether or not the purchase is made in a jewelry store or on the Internet.

We get this question all of the time with consumers who call us looking for diamonds and jewelry. Sure, there is a ton of information, documentation and diamond grading reports that accompany each stone. Still, consumers are often nervous…..and wonder whether the “diamond they receive is going to be the same as the one they actually ordered”.
“How do I know it’s gonna be the same diamond”, they ask?
Certainly, this is a reasonable, fair and legitimate question for any consumer when buying diamonds and jewelry locally or over the net.
These are high ticket and valuable items and consumers would like some assurance on their purchase.
The answer to these concerns which apply to all consumers and for all methods of diamond and jewelry shopping (Internet and locally) is as follows:
“Knowledge is Power”
There is nothing worse and more unfortunate than a diamond and jewelry shopper without a proper education, grasp and knowledge of what he/she is buying. These guys/gals are like “deer in the headlights” and are an open invitation to all manners of trickery and unscrupulous salespeople.

It always amazes me when I see people investing more effort and attention on educating themselves before buying a tux or gown for the wedding, than on a far more valuable diamond engagement ring.
Folks, diamonds are not all created equal!
Some look brilliant and are of excellent cut quality, specifications and documentation. Others, are of poor cut quality, dubious “grading” and minimal brilliancy.

When you empower yourself with the knowledge and education to be able to discern and appreciate the differences, you will be in a much better position to recognize and resist the charlatans and snake-oil salesmen.

Research, Research, Research
Do your homework on the jewelry store or Internet website you are thinking of spending money with. Find out what their previous customers have to say. If it’s a local retail jewelry store, scour the papers, neighborhood, family, friends etc. Most likely, these stores will have an affiliation and alliance with some well known “confidence booster” entities, like the BBB, JVC and others.
This same method of research applies to Internet diamond stores as well.
In fact, the Internet is an excellent resource of education and information. Do a Google or Yahoo search on the local jewelry store or Internet diamond store you are contemplating. In all likelihood you will get scores (maybe even hundreds..etc.) of results from various places in cyberspace where consumers will have posted feedback and testimonials regarding these companies.
You will see the good, the bad, and the ugly.

Diamond Laser Inscription
A specific laser inscription with the diamond grading report number or logo, inscribed on the girdle of your diamond, goes a long way towards protecting yourself from a jeweler with “sticky fingers”. The laser inscription which can be viewed under a high power magnifying glass, although not entirely foolproof (it can be removed and/or inscribed on a different stone), is nevertheless a very effective and inexpensive way of insuring that your diamond isn’t swapped out for something else while it is in the temporary care of a local jeweler.
Diamond Gemprint Technology

The Gemprint technology is also a very effective way of protecting your valuable loose diamond against swapping or theft.

Proper Diamond Documentation

Make sure you get comprehensive scientific qualitative and quantitative documentation on your valuable loose diamond. Information like a valid and independent Diamond Grading Report, MegaScope, BrillianceScope, and other such accepted metrics of your loose diamonds quality and specifications will all help you recognize and protect your diamond against theft and switching.
Independent Diamond Appraisal

Always make sure to get a proper independent appraisal on your loose diamond or diamond engagement ring before / after you buy it, as well as a possible re-check (by the same appraiser) after your ring has been serviced and away from you for an extended period of time.

A truly independent diamond and jewelry appraiser, is someone who has absolutely no vested interest in supporting/promoting the purported value of the item, nor does he have a vested interest in bashing and devaluing the item. These are competent and reputable professionals who do nothing other than appraise diamonds and jewelry for a living. They do not sell diamonds and jewelry and do not work for the company who sold you the merchandise in the first place.
Therefore, you should not accept an appraisal from a person who sells diamonds and jewelry for a living and who offers his own “in-house appraisals” with the merchandise he sells. Nor should you bring your merchandise purchased elsewhere to an “appraiser” who also sells diamonds and jewelry as his primary source of income!
Why?
Simply because in one instance there is a conflict and a vested interest to validate the purchase price and more, to make you feel like you got a great deal and to ensure that you keep the merchandise. In the other scenario, a jewelry store that offers “Free appraisals” etc. will often do so, with the sole intention of bashing a competitors merchandise undeservedly, in order to pull the rug out by stealing a sale and getting the customer to return the item in order to sell the unsuspecting customer one of his own items in return. A classic approach for these scum is when they say..”oh I can get you a much better stone at a far better price…you totally overpaid…etc”
Both of these types of appraisals are worthless and unethical.

The people, stores and jewelers who engage in these types of shenanigans are exactly the hooligans who create the fear and angst on the part of the consumer in the first place.

Remember, a diamond grading report is not the same as an appraisal for this very reason. Whereas a grading report talks about the diamond with respect to what you should have and hopefully paid for…the Independent appraisal report actually confirms it for you. Both are crucial and important.

Reputable Jewelers Value Their Reputation Over Everything

This point is an often overlooked consideration when dealing with the stresses and anxiety involved in purchasing a loose diamond and/or submitting your diamond ring to a jewelry store for cleaning, polishing, setting, re-sizing etc.
That is to say that if after all of the extensive research you have done on the company…and you are still nervous, you need to consider the following:

A reputable jewelry store or Internet websites’ largest and greatest asset is their REPUTATION!
In the final analysis, you need to understand and appreciate the fact that once you have found a clearly reputable company and jeweler, the proverbial “buck stops with them”.
To be certain, you need to find your own comfort level. However, consider that regardless of what the value might be for the diamond or diamond engagement ring you have purchased (or are having serviced), the bottom line is that the hard fought, hard earned and well deserved reputation these jewelers have established over the years, is worth much more “money” than any one isolated sale and transaction and they would never do anything to jeopardize that.
So go out there, do your homework and due diligence, arm yourself with proper knowledge, buy informed and rest assured!!

I wish you all the best of luck!

Posted by Judah Gutwein on July 19, 2007 12:15 PM in Diamond Information