Articles and News
Industry News: More Sneaky Synthetics Found; Affluent Americans Lead World Diamond Sales; More April 01, 2015 (0 comments)
Synthetic Diamond Problem Heats Up Again
Surat, India—When IGI discovered a parcel of melee marked natural was more than half synthetic in 2012, industry fears that the discovery was the tip of an iceberg were relatively unfounded. In late 2013, more than a year after the initial discovery, GIA publicly said there was no noticeable uptick in the number of synthetic stones—disclosed or not—submitted to its labs for grading.
No more. A recent report says GIA now is seeing more synthetics in the lab. Tom Moses, GIA’s executive vice president of laboratories and research, told JCK magazine that with more companies making synthetics, it’s only natural GIA’s grading labs would see more of them. And news surfaced six weeks ago of a packet of diamonds in Surat containing 110 synthetic stones sprinkled in with naturals. The one-pointers weighed approximately 1.28 carats total. The news is especially troubling because of the huge volume of melee diamonds that go through Surat, India’s largest cutting center.
Preliminary tests confirmed a suspicion of synthetics in the parcel, and further testing by the Indian Diamond Institute confirmed the initial findings. As of last week, no action had yet been taken against the perpetrators, though the Surat Diamond Association has no plans to let the matter drop. SDA president Dinesh Navadia told the Times Of India, "We are committed to take action against the traders who knowingly or unknowingly sold synthetic diamonds. But according to the law we have to give a fair chance to the accused to put his version."
JSA Offers Crime Trends Webinar
New York, NY—Jewelers Security Alliance (JSA) will provide an overview of 2014 jewelry crime statistics and an analysis of trends in criminal activity targeting jewelry businesses. The free webinar will be offered twice: Tuesday, April 7 at 3 p.m. EDT or Thursday, April 9 at 10 a.m. EDT. Click here to sign up.
De Beers: Diamond Jewelry Demand +3%; U.S. Luxury Consumers Lead The Way
London, UK—Global diamond jewelry demand rose 2.9% year on year, reaching to $81.4 billion in 2014, according to data published by De Beers. U.S. diamond jewelry demand topped the charts, growing 7.2% in 2013 to a total of $37.3 billion. De Beers’ data showed the U.S. demand primarily driven by the bridal market and affluent consumers with household income over $150,000. It’s a narrower slice of the consumer market than before the recession hit, says De Beers, but robustly healthy. Bridal jewelry, meanwhile, accounts for about 30% of US diamond jewelry sales.
In addition to the U.S. market, De Beers’ data showed:
- Demand in China grew 5.2% to $10.1 billion.
- Demand in the Gulf grew 2.5% to $4.1 billion.
- Demand in India was flat at $3.6 billion.
- Japan’s diamond jewelry demand fell 12.1% to $5.8 billion.
- Demand was flat at $20.5 billion in the rest of the world.
Baselworld 2015 Sees Slight Drop In Buyers
Basel, Switzerland—The number of buyers attending the Baselworld Fair this year declined slightly—3%—from 2014. The fair, which closed last week after an eight-day run, hosted 1,500 brands and 150,000 attendees total, including buyers, exhibitors, press, and other visitors from 100 countries.
The show is the only industry exhibition in the world that encompasses all sectors, from finished jewelry and watches to manufacturing and equipment. Show management said in a release that exhibitors’ comments were favorable and most are optimistic about a good year. The 2016 fair dates are March 17-24.
Entrance to the famed Hall 1 (watches) at the Baselworld Fair.
JVC Launches Legal Webinar Series
New York, NY—The Jewelers Vigilance Committee is launching an important live webinar series beginning this spring, designed to help jewelers avoid legal risk and implement compliant business practices. Here are the upcoming sessions:
Grading Reports: What Retail Sellers Need to Know; Wednesday, May 6, 2015 from 2:00 to 2:45 p.m. EDT. When selling gems, retail jewelers frequently rely on grading reports that become part of the sales process. This webinar focuses on the retailer’s responsibility for representations on reports, such as color and clarity grades. The takeaway: it is critically important to know what you’re selling, and to understand your liability for representations you make to consumers, even if they are based on a third party’s report. Presented by JVC Senior Counsel Suzan Flamm
Intellectual Property and How to Protect Yourself; Tuesday, June 16, 2015 from 2:00 to 2:45 p.m. EDT. Intellectual property—copyright, trademark, patent, and other areas of intellectual property law—is an important part of any business, and understanding how to use it to protect and promote your work can give you a leg up. In this webinar, we’ll learn the difference between copyright, trademark and patent, what can qualify for protection, how to protect it, and the practical applications in the jewelry industry. Presented by Assistant General Counsel Sara Yood.
Mediation and JVC Member Benefits; Wednesday, August 26, 2015 from 2:00 to 2:45 p.m. EDT. This webinar, presented by Jo-Ann Sperano, JVC’s Mediation Specialist / Paralegal, will cover the many resources offered to you as a JVC member and explain how to get the most out of your JVC membership. Mediation, website compliance checks, advertisement reviews and free precious metal screenings are just a few perks of JVC membership.
Responsible Sourcing & Transparent Business Practices; Wednesday, November 4, 2015, from 2:00 to 2:45 p.m. EDT. Questions regarding the source of the components of jewelry, the manner by which they are brought to market as well as the business practices of companies in our industry are often raised in the most public settings – and in the most negative light. Learn how to incorporate concepts of responsible sourcing and compliant and ethical business practices into your daily practices. Doing so will protect your reputation – and drive success in the 21st Century!
Each of these webinars is free to members. The non-member fee is $25. Click here for registration & details.