RUSSIA: SYNTHETICS TO BE MARKED WITH SPECIAL CODE

Russia proposes to differentiate synthetics from natural diamonds starting 2022

RUSSIAN SYNTHETIC DIAMONDS

Aleksey Moiseev, Russia’s Deputy Finance Minister, said that the diamond industry must support initiatives to “classify synthetic diamond products for customs clearance under separate product codes”. According to Rough & Polished, Moiseev broached the subject in a meeting with Alok Vardhan Chaturvedi, Chairman of the Kimberley Process, and Ambassador of the Republic of India to Russia, D. Bala Venkatesh Varma. Russia will become KP chair in 2020.

Moiseev said that his country is working to promote this within the KP, and that the new system, which will be implemented (pending authorisation) starting January 1, 2022, will include the implementation of special 6-digit codes (HS codes) for synthetic rough stones and diamonds: 7104 21 and 7104 91 respectively.

Moiseev said: “We hope that India will actively support our work at the national level, ensuring the adoption of separate customs codes for synthetic diamonds in India, tightening the regulation of the domestic market to ensure consumer protection. Russia has already passed a law prohibiting synthetics from being called precious stones”.

Source: israelidiamond

RUSSIA: SYNTHETICS TO BE MARKED WITH SPECIAL CODE

Russia proposes to differentiate synthetics from natural diamonds starting 2022

RUSSIAN SYNTHETIC DIAMONDS

Aleksey Moiseev, Russia’s Deputy Finance Minister, said that the diamond industry must support initiatives to “classify synthetic diamond products for customs clearance under separate product codes”. According to Rough & Polished, Moiseev broached the subject in a meeting with Alok Vardhan Chaturvedi, Chairman of the Kimberley Process, and Ambassador of the Republic of India to Russia, D. Bala Venkatesh Varma. Russia will become KP chair in 2020.

Moiseev said that his country is working to promote this within the KP, and that the new system, which will be implemented (pending authorisation) starting January 1, 2022, will include the implementation of special 6-digit codes (HS codes) for synthetic rough stones and diamonds: 7104 21 and 7104 91 respectively.

Moiseev said: “We hope that India will actively support our work at the national level, ensuring the adoption of separate customs codes for synthetic diamonds in India, tightening the regulation of the domestic market to ensure consumer protection. Russia has already passed a law prohibiting synthetics from being called precious stones”.

Source: israelidiamond

Trade Mourns Death of Leo Schachter

Leo Schachter, whose famed international diamond company has borne his name for almost 70 years, has died.

Schachter launched Beck and Schachter Company on New York’s 47th Street in 1952, having learned the trade from his father, Max. The firm became a De Beers sightholder in 1966, and expanded beyond the US to Israel, Africa and the Far East.

It remained a family business, with many of Schachter’s five daughters and five sons-in-law becoming involved. The company moved its main sales and distributions to Tel Aviv in 1982, and in 1984 opened a cutting factory in Botswana. In 2016, the firm — now simply called Leo Schachter — joined Alrosa’s contract-sales program.

“[Schachter] looked you straight in the eye, didn’t say that much, but quietly knew everything,” said Martin Rapaport, Chairman of the Rapaport Group. “He was straight and his advice, soft-spoken, was honest and good. He was generous with his wisdom. Someone you could look up to. I liked him and he liked me. Leo’s passing represents the end of a generation of great diamantaires.”

Schachter was an “icon of the diamond industry” and a longtime member of the Diamond Manufacturers & Importers of America (DMIA), added Ronnie VanderLinden, the DMIA’s president, in a statement.

Source: Diamonds.net

Trade Mourns Death of Leo Schachter

Leo Schachter, whose famed international diamond company has borne his name for almost 70 years, has died.

Schachter launched Beck and Schachter Company on New York’s 47th Street in 1952, having learned the trade from his father, Max. The firm became a De Beers sightholder in 1966, and expanded beyond the US to Israel, Africa and the Far East.

It remained a family business, with many of Schachter’s five daughters and five sons-in-law becoming involved. The company moved its main sales and distributions to Tel Aviv in 1982, and in 1984 opened a cutting factory in Botswana. In 2016, the firm — now simply called Leo Schachter — joined Alrosa’s contract-sales program.

“[Schachter] looked you straight in the eye, didn’t say that much, but quietly knew everything,” said Martin Rapaport, Chairman of the Rapaport Group. “He was straight and his advice, soft-spoken, was honest and good. He was generous with his wisdom. Someone you could look up to. I liked him and he liked me. Leo’s passing represents the end of a generation of great diamantaires.”

Schachter was an “icon of the diamond industry” and a longtime member of the Diamond Manufacturers & Importers of America (DMIA), added Ronnie VanderLinden, the DMIA’s president, in a statement.

Source: Diamonds.net

First ever rough laboratory grown diamonds go on tender

The Dubai Multi-Commodities Centre, or DMCC, will host the first-ever rough laboratory grown diamonds tender on its Dubai Diamond Exchange.

The tender is organised and managed by Tony’s Auction World – diamond traders based in Hong Kong – with viewings of Chemical Vapour Deposition (CVD) rough lab-grown diamonds – approximately 50 000 carats in 55 parcels – taking place on 11, 12 and 13 May.

As a member of the World Federation of Diamond Bourses (WFDB), the Dubai Diamond Exchange is subject to all the organisation’s laws and must be compliant with its stringent regulations.

“Our commitment to facilitating open and transparent trade is unwavering, as is our support for the natural diamond industry.

Ensuring the integrity of the sales process is of paramount importance, and that is why lab-grown diamonds tenders will only take place on the exchange trading floor when both the seller and buyer can clearly evidence that the disclosure, detection and differentiation process has been adhered to,” says Ahmed Bin Sulayem, executive chairman and CEO of DMCC.

According to the exchange and its ‘Code of Business Conduct’, all tender participants must follow a robust due diligence process and provide evidence that lab-grown diamonds are sold and stored separately to natural diamonds.

Tender participants are required to clearly disclose and differentiate the product, with lab-grown diamonds and natural diamonds traded entirely separately.

Scientific equipment commonly available in certification labs across the world can clearly and easily identify laboratory grown diamonds and distinguish them from the natural product.

Research indicated that laboratory grown diamonds make up around 2% of the total diamond jewellery market, but production is growing by 15-20% a year.

“We are proud to stage in Dubai the first laboratory-grown diamonds tender in the world. Lab-grown diamonds offer a different value proposition to natural diamonds and trading them in a regulated and open platform increases the transparency and legitimacy of the sales process,” concludes Rushabh Mehta, CEO of Tony’s Auction World.

Source: DCLA

First ever rough laboratory grown diamonds go on tender

The Dubai Multi-Commodities Centre, or DMCC, will host the first-ever rough laboratory grown diamonds tender on its Dubai Diamond Exchange.

The tender is organised and managed by Tony’s Auction World – diamond traders based in Hong Kong – with viewings of Chemical Vapour Deposition (CVD) rough lab-grown diamonds – approximately 50 000 carats in 55 parcels – taking place on 11, 12 and 13 May.

As a member of the World Federation of Diamond Bourses (WFDB), the Dubai Diamond Exchange is subject to all the organisation’s laws and must be compliant with its stringent regulations.

“Our commitment to facilitating open and transparent trade is unwavering, as is our support for the natural diamond industry.

Ensuring the integrity of the sales process is of paramount importance, and that is why lab-grown diamonds tenders will only take place on the exchange trading floor when both the seller and buyer can clearly evidence that the disclosure, detection and differentiation process has been adhered to,” says Ahmed Bin Sulayem, executive chairman and CEO of DMCC.

According to the exchange and its ‘Code of Business Conduct’, all tender participants must follow a robust due diligence process and provide evidence that lab-grown diamonds are sold and stored separately to natural diamonds.

Tender participants are required to clearly disclose and differentiate the product, with lab-grown diamonds and natural diamonds traded entirely separately.

Scientific equipment commonly available in certification labs across the world can clearly and easily identify laboratory grown diamonds and distinguish them from the natural product.

Research indicated that laboratory grown diamonds make up around 2% of the total diamond jewellery market, but production is growing by 15-20% a year.

“We are proud to stage in Dubai the first laboratory-grown diamonds tender in the world. Lab-grown diamonds offer a different value proposition to natural diamonds and trading them in a regulated and open platform increases the transparency and legitimacy of the sales process,” concludes Rushabh Mehta, CEO of Tony’s Auction World.

Source: DCLA

Rosendorff jewellers goes into administration

One of Western Australia’s premier luxury businesses, Rosendorff Diamond Jewellers, has been placed into receivership.

A massive liquidation sale of more than $9 million worth of diamonds and fine jewellery will begin on Friday.

More than 110,000 Western Australian couples have celebrated a special occasion featuring a piece of Rosendorff’s fine jewellery.

An announcement to the Australian Securities and Investments Commission (ASIC) said a meeting of creditors was set to get under way at 11am Thursday.

Richard Tucker of KordaMentha Restructuring, appointed receivers and managers of Rosendorff Diamond Jewellers, said the business was holding too much stock.

“We are running a short highly discounted sale through the store to materially reduce the current stock levels whilst a sale or recapitalisation of the business is pursued,” Mr Tucker said.

“It is a tremendous opportunity to acquire a very special jewellery item at very competitive prices and may also help save an iconic Perth jeweller.”

He said a secured creditor would support the receivers to ensure current special orders, repairs and lay-bys were completed in time for the special occasions they might be destined for.

I have always loved the mystique of diamonds. I’m attracted to the joy and romance they bring to their beholders

Craig Rosendorff “From proposals, to weddings and anniversaries, we understand the importance and significance these items have on people’s special memories,” Mr Tucker said.

Daniel Hillston Woodhouse of FTI Consulting has been appointed as administrator.

Rosendorff is an iconic West Australian luxury business specialising in diamonds and bespoke jewellery design headed by Craig Rosendorff.

In 1975 Mr Rosendorff renamed and launched what became one of the longest-standing diamond companies in Australia.

His rags to riches story has been dubbed The Diamond Dream.

“I have always loved the mystique of diamonds,” he says on the company’s website.

“I’m attracted to the joy and romance they bring to their beholders, the heritage and their connection to families across generations.”

The large, glamorous showroom in the centre of Perth on Hay Street has been the setting of many magnificent parties and events showcasing the designs of the Rosendorff team.

Mr Tucker said gift cards and store credits would be honoured while trade continues.

Source: watoday