US Polished Imports Slump in April

The US polished diamond trade slowed in April, with imports declining and exports stable.

The drop in import value reflects both a lower volume and average price.

Polished imports volumes 682,140 carats -9% Average price of polished imports $2,193/carat -12%

The US, the world’s largest diamond retail market, is a net importer of polished.

As such, net polished imports representing polished imports minus polished exports will usually be a positive number.

Net rough imports calculated as rough imports minus rough exports will also generally be in surplus.

The nation has no operational diamond mines but has a manufacturing sector, so normally ships more rough in than out.

The net diamond account is total rough and polished imports minus total exports.

It is the US’s diamond trade balance, and shows the added value the nation creates by importing and ultimately consuming diamonds.

Source: DCLA

US Polished Imports Slump in April

The US polished diamond trade slowed in April, with imports declining and exports stable.

The drop in import value reflects both a lower volume and average price.

Polished imports volumes 682,140 carats -9% Average price of polished imports $2,193/carat -12%

The US, the world’s largest diamond retail market, is a net importer of polished.

As such, net polished imports representing polished imports minus polished exports will usually be a positive number.

Net rough imports calculated as rough imports minus rough exports will also generally be in surplus.

The nation has no operational diamond mines but has a manufacturing sector, so normally ships more rough in than out.

The net diamond account is total rough and polished imports minus total exports.

It is the US’s diamond trade balance, and shows the added value the nation creates by importing and ultimately consuming diamonds.

Source: DCLA

Lab grown diamond technology is disrupting the diamond business

Lab-grown diamonds that producers say have all the characteristics of the ones that were formed deep in the Earth naturally are finding a place in the market. The Robb Report estimates that lab-grown diamonds sales will reach $420 million this year. That’s almost 3% of the $14 billion annual diamond market.

Spence Diamonds, a 40-year-old Canadian fine jeweler, has expanded into lab-grown diamonds and is opening stores in the U.S., including three in Texas: West Village in Uptown Dallas, Legacy West in Plano and The Domain in Austin.

Government regulators and industry groups are all over the topic.

In April, the Federal Trade Commission searched through diamond jewelry ads and on social media to see what shoppers were being told.

The agency found eight businesses using ads that could be deceptive or not in line with its jewelry guides. Spence Diamonds was not one of those.

Earlier, the FTC had removed the word “synthetic” from lab-grown diamonds but told jewelers that they must specify clearly to shoppers that the diamonds are lab-grown. And jewelers must use a different scale than they do for Earth-mined diamonds.

At the Spence store in the West Village, 500 bridal settings are displayed in traditional glass cases, but they’re open. The rings have glass stones, so shoppers can try on all they want without being watched or having to wait for someone to help them.

Lab-grown diamonds are priced lower. Spence sells a mined 1.5 carat diamond solitaire ring for $12,179 and one with a lab-grown 2.3 carat diamond for $10,739.

“We’re aware that the U.S. and Dallas is saturated with jewelry stores, but we love how we are positioned,” said Veeral Rathod, Spence Diamonds’ CEO and the former CEO and co-founder of Dallas-based J. Hilburn. He joined the Vancouver-based company in September.

Spence will make any engagement ring, either in one of its 3,000 settings or a special design brought in by the customer and make it out of either mined or lab-grown diamonds. That’s also true with stud earrings, he said, and the jewelry can be customized to fit the shopper’s budget.

Why is this happening? Some consumers are drawn to them over environmental or political concerns.

Others simply prefer a bigger stone for less money.

“Technology and science has made it possible, and the FTC has confirmed that they are chemically and physically the same,” Rathod said. “We just have to be sure the customer knows what they’re buying, and let the consumer make an informed decision.”

Source: DCLA

Lab grown diamond technology is disrupting the diamond business

Lab-grown diamonds that producers say have all the characteristics of the ones that were formed deep in the Earth naturally are finding a place in the market. The Robb Report estimates that lab-grown diamonds sales will reach $420 million this year. That’s almost 3% of the $14 billion annual diamond market.

Spence Diamonds, a 40-year-old Canadian fine jeweler, has expanded into lab-grown diamonds and is opening stores in the U.S., including three in Texas: West Village in Uptown Dallas, Legacy West in Plano and The Domain in Austin.

Government regulators and industry groups are all over the topic.

In April, the Federal Trade Commission searched through diamond jewelry ads and on social media to see what shoppers were being told.

The agency found eight businesses using ads that could be deceptive or not in line with its jewelry guides. Spence Diamonds was not one of those.

Earlier, the FTC had removed the word “synthetic” from lab-grown diamonds but told jewelers that they must specify clearly to shoppers that the diamonds are lab-grown. And jewelers must use a different scale than they do for Earth-mined diamonds.

At the Spence store in the West Village, 500 bridal settings are displayed in traditional glass cases, but they’re open. The rings have glass stones, so shoppers can try on all they want without being watched or having to wait for someone to help them.

Lab-grown diamonds are priced lower. Spence sells a mined 1.5 carat diamond solitaire ring for $12,179 and one with a lab-grown 2.3 carat diamond for $10,739.

“We’re aware that the U.S. and Dallas is saturated with jewelry stores, but we love how we are positioned,” said Veeral Rathod, Spence Diamonds’ CEO and the former CEO and co-founder of Dallas-based J. Hilburn. He joined the Vancouver-based company in September.

Spence will make any engagement ring, either in one of its 3,000 settings or a special design brought in by the customer and make it out of either mined or lab-grown diamonds. That’s also true with stud earrings, he said, and the jewelry can be customized to fit the shopper’s budget.

Why is this happening? Some consumers are drawn to them over environmental or political concerns.

Others simply prefer a bigger stone for less money.

“Technology and science has made it possible, and the FTC has confirmed that they are chemically and physically the same,” Rathod said. “We just have to be sure the customer knows what they’re buying, and let the consumer make an informed decision.”

Source: DCLA

ALROSA SELLS $2.2 MILLION OF POLISHED AT ISRAEL DIAMOND EXCHANGE

Alrosa sold 14 polished diamonds weighing a total of 108 carats, and 48 fancy colored polished diamonds weighing 131.6 carats in total.

Companies from Israel, the US, Belgium, India, Hong Kong and Russia participated in the tender. The next polished tender in Israel is scheduled for this fall.

Pavel Vinikhin, Director of the DIAMONDS ALROSA cutting division, commented: “There is a continued interest in large polished diamonds over 3 carats in the market. Our assortment mostly consists of such stones.

In Israel, we presented polished diamonds of different colors and cuts. Despite the relatively weak market, the auction went well, and we are pleased with the results”.

Source: DCLA

ALROSA SELLS $2.2 MILLION OF POLISHED AT ISRAEL DIAMOND EXCHANGE

Alrosa sold 14 polished diamonds weighing a total of 108 carats, and 48 fancy colored polished diamonds weighing 131.6 carats in total.

Companies from Israel, the US, Belgium, India, Hong Kong and Russia participated in the tender. The next polished tender in Israel is scheduled for this fall.

Pavel Vinikhin, Director of the DIAMONDS ALROSA cutting division, commented: “There is a continued interest in large polished diamonds over 3 carats in the market. Our assortment mostly consists of such stones.

In Israel, we presented polished diamonds of different colors and cuts. Despite the relatively weak market, the auction went well, and we are pleased with the results”.

Source: DCLA

Rare Golconda Diamonds

The Nizam of Hyderabad’s diamond encrusted ceremonial sword and Shah Jahan’s jade hilted dagger are some of the items being put up for auction.

Several precious artefacts of the Nizam era and diamonds mined from Golconda during the Qutb Shahi period will be put up for auction at global auction house Christie’s at New York on June 19. The diamonds, better known as the Golconda Diamonds, are flawless precious stones expected to fetch a whopping amount of money for the auctioneers.

The event by the 253-year-old auction house is titled ‘Maharajas and Mughal Magnificence’. According to reports, several precious Golconda diamonds are being put up for auction along with the Nizam of Hyderabad’s diamond encrusted ceremonial sword set with diamonds, rubies and emeralds.

Among these, one of the most precious stones is the 10.46 carat Pink Golconda diamond. An internally flawless stone, the value of the diamond is estimated to be between $1.5 – $2 million. The diamond was unearthed during the Qutb Shahi era from the banks of river Krishna, 200 km southeast of Golconda.

Source: DCLA

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