Your Engagement Ring Probably Has A Hidden Serial Number You Didn't Know About

If you've ever gone through the process of shopping for an engagement ring, you'll know there can be an overwhelming number of things to consider.

Aside from the look and style of your ring, you quickly start to learn an awful lot about diamonds, from the cut, to the colour and clarity.

What you may not know is most diamonds in Australia over the last 10 years have been laser inscribed with a serial number likened to a 'fingerprint' -- which makes it easier to trace should the unfortunate event that your engagement ring is lost or stolen ever take place.

This code in turn makes your ring a 'low risk' theft item because it's easy for police to trace it. But don't go pulling your ring off your finger to check for that little serial number just yet.

The code is inscribed directly onto the girdle of the diamond which is quite difficult to get to when it's in a setting and it can't be seen with the naked eye either, having to be checked under a microscope instead.

The laser inscription can only be seen under a microscope. Image: Supplied

Speaking to 10 daily, Roy Cohen, a diamond expert from Certified Diamond Insurance, said this spot was specifically chosen instead of on the engagement ring band as this could be lost if it was melted down. Yet removing the code from the diamond itself is near impossible.

"It cannot be removed unless the diamond goes back to a diamond polishing factory where it is put back on the wheel and polished off. I mean, there are very few diamond polishing factories in Australia so the chances of that happening are very remote," Cohen said.

"It’s even harder than for example, the engine number of a motor car. They could just machine it off. I mean, anyone could do that. But with a diamond? No. Only diamond cuts diamond."

A close up of a laser inscription code. Image: Supplied

This process of inscription is completed by Certified Diamond Insurance (CDI) who are in partnership with a Australia’s leading diamond certifier, Diamond Certification Laboratory of Australia (DCLA), as well as the Woodina Underwiting Agency.

Together they're working towards driving the costs associated with insuring diamonds down for Australians, with new research finding almost half of Australia diamond engagement rings aren't insured. If they are, 70 percent of these have inadequate insurance as they're usually lumped with other items as part of home contents insurance.

"If you go and get household insurance, you’ll be paying a standard kind of rate and because they cover everything, you’ll be paying slightly higher premiums," Cohen said.

"What we’ve done is we’ve pulled out all certified diamonds that are laser inscribed and we only ensure those diamonds. These are the lowest risk diamonds."

Laser inscribed diamonds are considered 'low risk' diamonds. Image: Supplied

According to Cohen, these diamonds are a 'thief's worst nightmare' because they often aren't able to tell if it has been laser inscribed or not.

"Thieves can get caught so much easier with this type of diamond. If they go and sell that to a hock shop and it has the laser inscription on it, it is very easy to identify that that diamond has been stolen," he told 10 daily.

So how can you check if your diamond has the laser inscription on it or not? According to Cohen, it's as easy as checking your diamond certification certificate.

"Most diamonds that are of value are sold with diamond grading certificates in Australia and most of those are laser inscribed," he said.The certificate will make note that the diamond has been laser inscribed and it will have the number that’s on the actual diamond.

Yet while most diamonds now have the laser inscribed code on them, if your engagement ring happens to be an heirloom or has been passed down through the family, it likely doesn't. The upside is CDI are offering complementary diamond grading and laser inscription for diamonds owners in this situation.

"So if anybody wants take advantage of the lower premiums that CDI is offering and the diamond is not certified and not laser inscribed, we will actually do that for them," he said.

"The diamond gets removed from the setting, the diamond is graded, laser inscribed and then set back in the setting. Then it is eligible for CDI insurance."

Roy Cohen. Image: Supplied

CDI are further working on establishing a nation wide data base where individuals can register their ring along with it's details and pictures. Should the ring ever be lost or stolen, it can then be flagged in this system, making it easier to locate.

"Then wherever it ends up or if it’s ever checked against that data base or it ends up at a diamond grading laboratory, it will be identified," Cohen said.

"So the benefit is, let's say it was a heritage diamond from your grandma or something like that, you actually have a chance of getting the diamond back."

Valentina Todoroska

10 daily Lifestyle Editor

Your Engagement Ring Probably Has A Hidden Serial Number You Didn't Know About

If you've ever gone through the process of shopping for an engagement ring, you'll know there can be an overwhelming number of things to consider.

Aside from the look and style of your ring, you quickly start to learn an awful lot about diamonds, from the cut, to the colour and clarity.

What you may not know is most diamonds in Australia over the last 10 years have been laser inscribed with a serial number likened to a 'fingerprint' -- which makes it easier to trace should the unfortunate event that your engagement ring is lost or stolen ever take place.

This code in turn makes your ring a 'low risk' theft item because it's easy for police to trace it. But don't go pulling your ring off your finger to check for that little serial number just yet.

The code is inscribed directly onto the girdle of the diamond which is quite difficult to get to when it's in a setting and it can't be seen with the naked eye either, having to be checked under a microscope instead.

The laser inscription can only be seen under a microscope. Image: Supplied

Speaking to 10 daily, Roy Cohen, a diamond expert from Certified Diamond Insurance, said this spot was specifically chosen instead of on the engagement ring band as this could be lost if it was melted down. Yet removing the code from the diamond itself is near impossible.

"It cannot be removed unless the diamond goes back to a diamond polishing factory where it is put back on the wheel and polished off. I mean, there are very few diamond polishing factories in Australia so the chances of that happening are very remote," Cohen said.

"It’s even harder than for example, the engine number of a motor car. They could just machine it off. I mean, anyone could do that. But with a diamond? No. Only diamond cuts diamond."

A close up of a laser inscription code. Image: Supplied

This process of inscription is completed by Certified Diamond Insurance (CDI) who are in partnership with a Australia’s leading diamond certifier, Diamond Certification Laboratory of Australia (DCLA), as well as the Woodina Underwiting Agency.

Together they're working towards driving the costs associated with insuring diamonds down for Australians, with new research finding almost half of Australia diamond engagement rings aren't insured. If they are, 70 percent of these have inadequate insurance as they're usually lumped with other items as part of home contents insurance.

"If you go and get household insurance, you’ll be paying a standard kind of rate and because they cover everything, you’ll be paying slightly higher premiums," Cohen said.

"What we’ve done is we’ve pulled out all certified diamonds that are laser inscribed and we only ensure those diamonds. These are the lowest risk diamonds."

Laser inscribed diamonds are considered 'low risk' diamonds. Image: Supplied

According to Cohen, these diamonds are a 'thief's worst nightmare' because they often aren't able to tell if it has been laser inscribed or not.

"Thieves can get caught so much easier with this type of diamond. If they go and sell that to a hock shop and it has the laser inscription on it, it is very easy to identify that that diamond has been stolen," he told 10 daily.

So how can you check if your diamond has the laser inscription on it or not? According to Cohen, it's as easy as checking your diamond certification certificate.

"Most diamonds that are of value are sold with diamond grading certificates in Australia and most of those are laser inscribed," he said.The certificate will make note that the diamond has been laser inscribed and it will have the number that’s on the actual diamond.

Yet while most diamonds now have the laser inscribed code on them, if your engagement ring happens to be an heirloom or has been passed down through the family, it likely doesn't. The upside is CDI are offering complementary diamond grading and laser inscription for diamonds owners in this situation.

"So if anybody wants take advantage of the lower premiums that CDI is offering and the diamond is not certified and not laser inscribed, we will actually do that for them," he said.

"The diamond gets removed from the setting, the diamond is graded, laser inscribed and then set back in the setting. Then it is eligible for CDI insurance."

Roy Cohen. Image: Supplied

CDI are further working on establishing a nation wide data base where individuals can register their ring along with it's details and pictures. Should the ring ever be lost or stolen, it can then be flagged in this system, making it easier to locate.

"Then wherever it ends up or if it’s ever checked against that data base or it ends up at a diamond grading laboratory, it will be identified," Cohen said.

"So the benefit is, let's say it was a heritage diamond from your grandma or something like that, you actually have a chance of getting the diamond back."

Valentina Todoroska

10 daily Lifestyle Editor

ALROSA sells 6 carat pink diamond

ALROSA has sold its 6.21-carat cushion cut fancy intense pink purple diamond to Larry West, a New York-based collector of exclusive pink diamonds.

The stone originates from Yakutia, where it was discovered and polished by ALROSA.

For over 40 years, Larry J. West, the owner of New York’s L.J. West Diamonds, has been searching for an extraordinary natural color diamonds. His collection has been featured in Natural History Museum of Los Angeles County and at auctions worldwide.

“As global production declines, pink diamonds will become rarer and thus more valuable,” West said in a statement.

To establish provenance, the collector received an electronic passport from ALROSA that includes a detailed visual history of the diamond’s extraction and production, as well as information about the craftsman’s background.

As part of the company’s traceability initiative, a short film is automatically generated on ALROSA’s digital platform based on information about each diamond available for purchase.

In September, ALROSA hosted its annual auction of colored stones in Hong Kong and sold over 200 diamonds. All stones sold at the auction were accompanied by a digital passport that contained information about the diamond’s origin.

Source: DCLA

ALROSA sells 6 carat pink diamond

ALROSA has sold its 6.21-carat cushion cut fancy intense pink purple diamond to Larry West, a New York-based collector of exclusive pink diamonds.

The stone originates from Yakutia, where it was discovered and polished by ALROSA.

For over 40 years, Larry J. West, the owner of New York’s L.J. West Diamonds, has been searching for an extraordinary natural color diamonds. His collection has been featured in Natural History Museum of Los Angeles County and at auctions worldwide.

“As global production declines, pink diamonds will become rarer and thus more valuable,” West said in a statement.

To establish provenance, the collector received an electronic passport from ALROSA that includes a detailed visual history of the diamond’s extraction and production, as well as information about the craftsman’s background.

As part of the company’s traceability initiative, a short film is automatically generated on ALROSA’s digital platform based on information about each diamond available for purchase.

In September, ALROSA hosted its annual auction of colored stones in Hong Kong and sold over 200 diamonds. All stones sold at the auction were accompanied by a digital passport that contained information about the diamond’s origin.

Source: DCLA

Lucara finds blue and pink diamonds at Botswana mine

Canada’s Lucara Diamond continues to find gem quality, coloured diamonds at its Karowe mine, in Botswana, which in April yielded the 1,758 carat Sewelô meaning “rare find” diamond, the largest ever recovered in the African country.

The Vancouver based miner has now recovered a 9.74 carat blue and a 4.13 carat pink diamond from direct milling of the South Lobe, the area that yielded the famous 1,111 carat “Lesedi La Rona” in 2015.

The announcement comes on the heels of last week’s display of a 123 carat gem quality, top white, Type II diamond, found at the same section of the mine.

It also follows the recent sale of a 2.24 carat blue for $347,222 per carat.

Karowe, which began commercial operations in 2012, has this year yielded 22 diamonds larger than 100 carats, eight of them exceeding 200 carats.

Since the start of the year, the miner has sold 19 diamonds each with an individual price in excess of $1 million at its quarterly tender sales. This includes seven diamonds that fetched more than $2 million each, and one diamond that carried a final price tag of over $8 million.

“Lucara is extremely pleased with the recovery of these rare, sizeable, fancy coloured diamonds, which have the potential to contribute meaningful value to our regular production of large, high-value type IIa diamonds,” chief executive, Eira Thomas, said in the statement.

The precious rocks will be put up for sale in December, during the company’s fourth quarter tender.

Lucara, which has focused efforts on the prolific Botswana mine this year, is close to completing a feasibility study into potential underground production and life of mine expansion at Karowe.

Source: DCLA

Lucara finds blue and pink diamonds at Botswana mine

Canada’s Lucara Diamond continues to find gem quality, coloured diamonds at its Karowe mine, in Botswana, which in April yielded the 1,758 carat Sewelô meaning “rare find” diamond, the largest ever recovered in the African country.

The Vancouver based miner has now recovered a 9.74 carat blue and a 4.13 carat pink diamond from direct milling of the South Lobe, the area that yielded the famous 1,111 carat “Lesedi La Rona” in 2015.

The announcement comes on the heels of last week’s display of a 123 carat gem quality, top white, Type II diamond, found at the same section of the mine.

It also follows the recent sale of a 2.24 carat blue for $347,222 per carat.

Karowe, which began commercial operations in 2012, has this year yielded 22 diamonds larger than 100 carats, eight of them exceeding 200 carats.

Since the start of the year, the miner has sold 19 diamonds each with an individual price in excess of $1 million at its quarterly tender sales. This includes seven diamonds that fetched more than $2 million each, and one diamond that carried a final price tag of over $8 million.

“Lucara is extremely pleased with the recovery of these rare, sizeable, fancy coloured diamonds, which have the potential to contribute meaningful value to our regular production of large, high-value type IIa diamonds,” chief executive, Eira Thomas, said in the statement.

The precious rocks will be put up for sale in December, during the company’s fourth quarter tender.

Lucara, which has focused efforts on the prolific Botswana mine this year, is close to completing a feasibility study into potential underground production and life of mine expansion at Karowe.

Source: DCLA

It’s The Right Time to Buy Natural Color Diamonds

It’s a good time to buy natural color diamonds. “The recent price declines in the white goods created an overall negative psychological effect on all diamonds. This is probably the reason we also witnessed a decline of 0.1% in the Fancy Color Index in Q2,” said Fancy Color Research Foundation (FCRF) advisory board member Eden Rachminov.

According to the FCRF, yellow diamonds displayed a decline of 0.8% vis-a-vis the 0.2% increase in the second quarter of 2018. The prices of yellow diamonds declined by 0.8% overall in this quarter, primarily influenced by the 1–3 cts. categories, with the sharpest downturn of 2.7% in the 1 ct. category.

Blue diamonds showed a 0.3% decrease in the second quarter of 2019 compared to a 1.5% increase in the same quarter in 2018. Blue diamond prices decreased overall by 0.3%, affected mainly by the decline of 0.9% in the weight category of 8–10 cts.

Only pink diamonds showed an upturn of 0.4% in the second quarter of 2019, compared to a 0.5% decrease in the same quarter in 2018. The pink category continued to outperform all other categories, showing an increase of 0.4%. All fancy vivid pinks rose by 1.3%, with fancy vivid pinks of 2 and 3 cts. showing a rise in the second quarter of 2019, increasing by 2.8% and 2.6%, respectively.

Despite the temporary psychological negative effect at the moment, the long-term price trend for natural color diamonds looks positive. According to research by Knight Frank, within the last 10 years, the price of colored diamonds went up by 85%, outperforming some “classical” luxury investment objects such as art and watches. “It’s definitely a good time to buy colored diamonds now,” says Rachminov.

One of the opportunities to buy is the upcoming True Colors auction by Alrosa, the worlds’ largest diamond miner. The diamonds will be available for viewing during the September Hong Kong Jewellery & Gem Fair (Sept. 16–20). For the first time, the auction will be conducted via the Alrosa online platform diamonds.alrosa. The first True Colors auction was conducted in 2018. It finished with a total sale of 210 diamonds. The bidding was very active, and most of the lots were sold for well above their starting prices.

At this year’s auction, ALROSA is offering a comprehensive origin story for every stone for the first time. Thanks to ALROSA’s traceability programmes, the consumers can witness the diamonds’ fascinating journey from mine and market. “With a closed production cycle, the company can guarantee the origin of every polished diamond, especially since it has its own unique ID,” revealed the miner.

This year, the collection includes about 200 polished diamonds of various shapes and colors, and all have GIA certificates. Each of them is a masterpiece of diamond production created by skillful professionals who put hearts into their work, keep the traditions, and know what a real Russian cut is: Russian cut describes both the origin of the diamond and the location where it was cut.

Alrosa operates its own in-house cutting and polishing branch, Diamonds of Alrosa. Beginning in 2018, it concentrated on fancy colored and unique diamonds. Alrosa’s goal is to become the leader in the colored diamonds market. Being the largest miner, Alrosa expects to be the largest producer of colored diamonds by volume.

Source: DCLA

It’s The Right Time to Buy Natural Color Diamonds

It’s a good time to buy natural color diamonds. “The recent price declines in the white goods created an overall negative psychological effect on all diamonds. This is probably the reason we also witnessed a decline of 0.1% in the Fancy Color Index in Q2,” said Fancy Color Research Foundation (FCRF) advisory board member Eden Rachminov.

According to the FCRF, yellow diamonds displayed a decline of 0.8% vis-a-vis the 0.2% increase in the second quarter of 2018. The prices of yellow diamonds declined by 0.8% overall in this quarter, primarily influenced by the 1–3 cts. categories, with the sharpest downturn of 2.7% in the 1 ct. category.

Blue diamonds showed a 0.3% decrease in the second quarter of 2019 compared to a 1.5% increase in the same quarter in 2018. Blue diamond prices decreased overall by 0.3%, affected mainly by the decline of 0.9% in the weight category of 8–10 cts.

Only pink diamonds showed an upturn of 0.4% in the second quarter of 2019, compared to a 0.5% decrease in the same quarter in 2018. The pink category continued to outperform all other categories, showing an increase of 0.4%. All fancy vivid pinks rose by 1.3%, with fancy vivid pinks of 2 and 3 cts. showing a rise in the second quarter of 2019, increasing by 2.8% and 2.6%, respectively.

Despite the temporary psychological negative effect at the moment, the long-term price trend for natural color diamonds looks positive. According to research by Knight Frank, within the last 10 years, the price of colored diamonds went up by 85%, outperforming some “classical” luxury investment objects such as art and watches. “It’s definitely a good time to buy colored diamonds now,” says Rachminov.

One of the opportunities to buy is the upcoming True Colors auction by Alrosa, the worlds’ largest diamond miner. The diamonds will be available for viewing during the September Hong Kong Jewellery & Gem Fair (Sept. 16–20). For the first time, the auction will be conducted via the Alrosa online platform diamonds.alrosa. The first True Colors auction was conducted in 2018. It finished with a total sale of 210 diamonds. The bidding was very active, and most of the lots were sold for well above their starting prices.

At this year’s auction, ALROSA is offering a comprehensive origin story for every stone for the first time. Thanks to ALROSA’s traceability programmes, the consumers can witness the diamonds’ fascinating journey from mine and market. “With a closed production cycle, the company can guarantee the origin of every polished diamond, especially since it has its own unique ID,” revealed the miner.

This year, the collection includes about 200 polished diamonds of various shapes and colors, and all have GIA certificates. Each of them is a masterpiece of diamond production created by skillful professionals who put hearts into their work, keep the traditions, and know what a real Russian cut is: Russian cut describes both the origin of the diamond and the location where it was cut.

Alrosa operates its own in-house cutting and polishing branch, Diamonds of Alrosa. Beginning in 2018, it concentrated on fancy colored and unique diamonds. Alrosa’s goal is to become the leader in the colored diamonds market. Being the largest miner, Alrosa expects to be the largest producer of colored diamonds by volume.

Source: DCLA

Lucapa to Sell Large Stones

Lucapa Diamond Company will sell six large stones weighing a total of 449 carats from its Lulo mine in Angola after an overhaul of the nation’s mining laws prompted it to delay the sale, it said.

The Angolan government introduced reforms to its diamond sector in the first half of the year to help boost foreign investment. Those measures included a new marketing policy for Angolan diamonds, and the option of offering goods for sale in locations such as Antwerp.

Anticipating the changes, Lucapa has been holding back a selection of large stones from previous sales, and will now sell them under the new policy, it explained Friday. These include six type IIa white diamonds weighing 114 carats, 85 carats, 75 carats, 70 carats, 62 carats and 43 carats, as well as a 46-carat pink diamond.

“The discussions with our Angolan partners regarding the policy changes taking place in the Angolan diamond sector have reached a stage where we are now able to plan for the sale of these large, premium-value Lulo diamonds held over from previous sales,” Lucapa managing director Stephen Wetherall said. “We look forward to marketing these exceptional diamonds as soon as the necessary arrangements are put in place to continue showcasing Angolan diamonds to the world.”

The decision to delay the tender for those stones had a negative impact on Lucapa’s first-half results, the company added. Its losses grew to $4.6 million for the period, versus a loss of $1.2 million a year earlier.
Even so, Lucapa’s sales rose 3% year on year to $15.9 million in the first half, while production for the same period climbed 15% to 9,566 carats. The average price of rough diamonds from Lulo rose 1% to $1,642 per carat. Rough-diamond inventory from the asset grew 61% year on year to 2,755 carats as of June 30, the miner reported.

Lucapa’s most recent sale of 2,531 carats of rough from Lulo fetched $2.5 million, achieving an average price of $985 per carat, the company noted.

Image: 46-carat pink Lulo diamond. Credit: Lucapa.

Source: DCLA

Lucapa to Sell Large Stones

Lucapa Diamond Company will sell six large stones weighing a total of 449 carats from its Lulo mine in Angola after an overhaul of the nation’s mining laws prompted it to delay the sale, it said.

The Angolan government introduced reforms to its diamond sector in the first half of the year to help boost foreign investment. Those measures included a new marketing policy for Angolan diamonds, and the option of offering goods for sale in locations such as Antwerp.

Anticipating the changes, Lucapa has been holding back a selection of large stones from previous sales, and will now sell them under the new policy, it explained Friday. These include six type IIa white diamonds weighing 114 carats, 85 carats, 75 carats, 70 carats, 62 carats and 43 carats, as well as a 46-carat pink diamond.

“The discussions with our Angolan partners regarding the policy changes taking place in the Angolan diamond sector have reached a stage where we are now able to plan for the sale of these large, premium-value Lulo diamonds held over from previous sales,” Lucapa managing director Stephen Wetherall said. “We look forward to marketing these exceptional diamonds as soon as the necessary arrangements are put in place to continue showcasing Angolan diamonds to the world.”

The decision to delay the tender for those stones had a negative impact on Lucapa’s first-half results, the company added. Its losses grew to $4.6 million for the period, versus a loss of $1.2 million a year earlier.
Even so, Lucapa’s sales rose 3% year on year to $15.9 million in the first half, while production for the same period climbed 15% to 9,566 carats. The average price of rough diamonds from Lulo rose 1% to $1,642 per carat. Rough-diamond inventory from the asset grew 61% year on year to 2,755 carats as of June 30, the miner reported.

Lucapa’s most recent sale of 2,531 carats of rough from Lulo fetched $2.5 million, achieving an average price of $985 per carat, the company noted.

Image: 46-carat pink Lulo diamond. Credit: Lucapa.

Source: DCLA

8ct Pink Diamond Ring to be Auctioned at Christie’s

Christie’s New York spring sale will feature an 8.42 carat, fancy intense pink diamond ring, estimated at between $4 million and $6 million, the auction house said Friday.

The cut cornered rectangular modified brilliant cut, VVS1 clarity stone has the potential to be re cut to internally flawless, according to Christie’s. Two tapered baguette cut diamonds surround it on either side.

Source: DCLA 

8ct Pink Diamond Ring to be Auctioned at Christie’s

Christie’s New York spring sale will feature an 8.42 carat, fancy intense pink diamond ring, estimated at between $4 million and $6 million, the auction house said Friday.

The cut cornered rectangular modified brilliant cut, VVS1 clarity stone has the potential to be re cut to internally flawless, according to Christie’s. Two tapered baguette cut diamonds surround it on either side.

Source: DCLA 

Jewelry Buyers Still Desire In-Store Experience

Consumers still prefer speaking with jewelers before making a purchase, despite the recent rise in online purchases, a survey has found.
Some 64% of people who bought jewelry visited a store to consult with an expert while deciding what to buy, according to a study released last week by Jewelers of America (JA). That’s 26% more than for other luxury items, the trade body’s online survey of 2,019 consumers showed.
Consumers who talk to a jeweler during the research process are also more likely to buy from a local store rather than online, the organization added.
“For consumers, seeing is believing, and they still rely on the expertise and knowledge of their jeweler,” said David Bonaparte, CEO of JA. “The jewelry shopping experience is different from other luxury purchases, and even in the rise of e-commerce, customers increasingly prioritize the in-store shopping experience.”
Even so, the brick-and-mortar trade is fearful of the impact of online sellers. In a separate JA survey of 257 of its members, spanning retailers and suppliers, 39% of jewelry retailers considered e-commerce to be their biggest competition.
However, only 34% of retailers surveyed actually have an online sales platform. At the same time, jewelers are working on improving their in-store experience by ensuring they have well-trained sales staff and high-quality customer service, the trade association added.
Jewelry self-purchasing is more popular for precious-metal products, JA found, with 56% of consumers considering gold jewelry to be a good choice as something to buy for oneself. Some 40% put sterling-silver jewelry in this category, while pieces containing diamonds and gemstones were more likely to be a candidate for gifting. Overall, 50% of consumers thought fine jewelry had sentimental value and helped to mark special occasions, JA said.

Source: diamonds.net

Jewelry Buyers Still Desire In-Store Experience

Consumers still prefer speaking with jewelers before making a purchase, despite the recent rise in online purchases, a survey has found.
Some 64% of people who bought jewelry visited a store to consult with an expert while deciding what to buy, according to a study released last week by Jewelers of America (JA). That’s 26% more than for other luxury items, the trade body’s online survey of 2,019 consumers showed.
Consumers who talk to a jeweler during the research process are also more likely to buy from a local store rather than online, the organization added.
“For consumers, seeing is believing, and they still rely on the expertise and knowledge of their jeweler,” said David Bonaparte, CEO of JA. “The jewelry shopping experience is different from other luxury purchases, and even in the rise of e-commerce, customers increasingly prioritize the in-store shopping experience.”
Even so, the brick-and-mortar trade is fearful of the impact of online sellers. In a separate JA survey of 257 of its members, spanning retailers and suppliers, 39% of jewelry retailers considered e-commerce to be their biggest competition.
However, only 34% of retailers surveyed actually have an online sales platform. At the same time, jewelers are working on improving their in-store experience by ensuring they have well-trained sales staff and high-quality customer service, the trade association added.
Jewelry self-purchasing is more popular for precious-metal products, JA found, with 56% of consumers considering gold jewelry to be a good choice as something to buy for oneself. Some 40% put sterling-silver jewelry in this category, while pieces containing diamonds and gemstones were more likely to be a candidate for gifting. Overall, 50% of consumers thought fine jewelry had sentimental value and helped to mark special occasions, JA said.

Source: diamonds.net

Rough Market Cools Despite $572M De Beers Sight

 

De Beers Orapa mine

The rough-diamond market slowed during last week’s De Beers July sight, with prices on the secondary market decreasing.
De Beers sold $572 million of rough in the sixth sales cycle, an increase of 6% from the previous sight and 8% from the same period a year ago, the company said Tuesday. However, rough dealers were reselling boxes of De Beers goods for no premium, or at a loss, in contrast to the buoyant activity in the first half of the year, sightholders said.
While De Beers kept its prices generally steady, prices on the secondary market were about 4% to 5% lower than they were following the June sight, dealers reported. “Taking into account the real cost of the boxes [including tax, broker fees and other costs], the box prices represented a loss to the sellers,” Dudu Harari of diamond broker Bluedax said in a report on the sight.
The cooling of the market comes as diamond cutters are finally realizing that the mismatch between rough and polished prices has made it difficult for them to make money on goods, one rough broker told Rapaport News on Tuesday.
Demand for polished diamonds remains weak, resulting in slim profit margins for manufacturers, sightholders said, as rough prices increased an estimated 3% in the first half. “This sight, we saw a paradigm shift,” the rough broker explained.
“There wasn’t much demand for De Beers boxes on the secondary market. This was a very significant difference from sight five. “The wheels have come off the bus as far as the rough market is concerned,” the broker added. “If something doesn’t change at the end of the pipeline, we could see a drop in rough prices.” De Beers, meanwhile, said demand for its goods was solid across its product range, as the miner had reported in previous sights.
“With Diwali being earlier than normal in 2017, we saw some demand from Indian diamantaires pulled forward from sight seven,” said De Beers CEO Bruce Cleaver. “This was due to these customers needing to make rough-diamond purchases in sufficient time to complete their polishing before the holiday begins.” De Beers continued its recent practice of not offering any “ex-plan” goods — excess rough that the miner makes available beyond what it has agreed to supply sightholders — according to the anonymous broker.
Buyers reported shortages in certain rough categories, in line with earlier sales this year.

 Source:diamonds.net

Sarine Claims Superior Accuracy for Grading Tools

Sarine Technologies’ new automated color- and clarity-grading systems are yielding more reliable results than manual graders, the company has claimed.

Sarine Clarity, which uses technology to analyze flaws in polished diamonds, showed a 97% correlation with the grades given by a reference group of human gemologists, while Sarine Color matched them 99% of the time, Sarine said Sunday.

Read more: DCLA