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Industry News: More Undisclosed Synthetics Found; Polished Diamond Prices Dip; More August 14, 2013 (0 comments)
PGI-USA Launches New Online “Hint Tool” For Consumers
New York, NY—The moment a man proposes is magical. But how does he know which ring is the one his bride wants most? With a hint, of course!
Platinum Guild International USA has created a new instrument to take the guesswork out of ring shopping, called the “Hint Tool.” The Hint Tool lives on PGI-USA’s recently re-launched consumer website, www.preciousplatinum.com. Users can send a “hint” about any piece of in the design gallery by simply clicking the “Hint This” link on any product page. This will prompt a customizable e-card that can be sent via email or social media or even printed for personal delivery. The addressee will then receive the relevant product info with the personalized message.
“Surveys find that an overwhelming amount of brides-to-be desire a platinum setting,” says PGI USA president Huw Daniel. “The Hint Tool is a way for these brides, and anyone desiring platinum jewelry, to not only express a preference of design, but to distinguish the benefit of setting it in platinum.”
Preciousplatinum.com web page showing the new hint tool.
NY Lab Finds More Undisclosed Synthetic Diamonds
New York, NY—The Analytical Gem & Jewelry Laboratory (AG&J) last week warned the industry it found undisclosed brown diamond melee in a parcel submitted as natural. The lab, which also recently found a significant parcel of undisclosed lab-grown yellow diamonds, says the brown stones were created using the CVD method.
According to this report in National Jeweler, the lab says the stones were submitted by an American diamond dealer, who purchased them from a trusted source and believed the stones to be mined diamonds of the kind that would be suited for HPHT treatment. He grew suspicious when some of the stones turned gray during HPHT and none achieved a color greater than I.
Rapaport: Polished Diamond Prices Fell 2.1% in July
New York, NY—Certified polished diamond prices fell slightly in July. China’s economic slowdown significantly reduced demand, resulting in overstocked retail inventories, while India’s jewelry market plummeted due to the weak rupee and government programs intended to curb gold consumption and jewelry demand. Furthermore, diamond manufacturers are facing tight liquidity as banks become increasingly concerned about the high levels of industry debt and high rough diamond prices, which result in negative cash flow. The only bright spot has been the U.S., where demand has been steady but selective.
The RapNet Diamond Index (RAPI) for one-carat certified polished diamonds fell 2.1 percent in July. RAPI for 0.30-carat diamonds declined 3.7 percent during the month, while RAPI for 0.50-carat diamonds dropped 3 percent and RAPI for 3-carat fell 1.3 percent.
Diamond prices in most sizes were relatively steady in the first half of 2013 but are now showing losses for the year. RAPI for 0.30-carat diamonds increased 3.5 percent in the first seven months of the year following strong gains in the first quarter.
GIA Board Begins Search for New President and CEO
Carlsbad, CA—In the wake of former president Donna Baker’s resignation in June, the GIA (Gemological Institute of America) board of governors has chosen DHR International executive search firm to launch a global search for a new president and CEO.
“GIA is an enduring institution with a strong management team, a global presence and 1,800 dedicated staff around the world,” said board chair and interim president and CEO Susan M. Jacques, who also is CEO of Omaha, NE-based Borsheims.
“With this strong foundation, I am confident that the Institute will continue to fulfill its mission to protect the global gem and jewelry buying public through gemological research, professional education, and gem identification and grading laboratory services.”
DHR conducts search assignments for Fortune 1000 companies as well as prominent venture firms and early-stage companies. DHR will review candidates with experience from the gem and jewelry industry, related sectors, and those with applicable global experience. Those interested in discussing qualifications for the position should contact DHR International, (612) 252-9309 or email aross@dhrinternational.com.