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INDUSTRY NEWS: POLISHED DIAMOND PRICES HOLD STEADY; GIA NAMED AMONG TOP ETHICAL COMPANIES, MORE March 06, 2013 (0 comments)
Certified Polished Diamond Prices Steady in February; Rough Prices Unsustainable
New York, NY—Certified polished diamond prices held steady again in February—as they did in January—as U.S. markets and improved Far East consumer confidence helped spur strong demand for mid-quality VS-SI, triple X diamonds, according to Rapaport.
The RapNet Diamond Index (RAPI) for one-carat certified polished diamonds increased 0.2% in February. RAPI for 0.3 ct. diamonds rose 2.7% and 0.5 ct. stones increased 0.7%. The increase in RAPI for 0.3-carat stones was spurred by rising Far East demand for these goods during the Chinese New Year.
According to the just released Rapaport Monthly Report (March 2013) “Steady Markets, Rough Anxieties,” supply and demand of the polished diamond and retail jewelry markets are in balance but a recent surge in rough prices appears unsustainable.
Rough prices rose approximately 4% in February with large rough above 15 carats rising by more than 12%. Rough supply remains controlled and relatively low, while cutters have sufficient rough inventory to satisfy their immediate manufacturing requirements. Cutters are expected to maintain low-level manufacturing at least until the beginning of India’s fiscal year in April.
The surge in rough prices is not being supported by polished demand. Dealer expectations for a significant increase in polished prices to follow the recent rough hikes are premature. While the Hong Kong show (March 5-9) is expected to exhibit pockets of strong demand, there may not be sufficient broad-based demand to support the overall increases in rough prices.
GIA Named One of World’s Most Ethical Companies
Carlsbad, CA—The Ethisphere Institute has named GIA (Gemological Institute of America) as one of the 2013 World’s Most Ethical Companies. The designation by the international think-tank recognizes GIA’s efforts to build and maintain a superior ethics and compliance program, part of GIA’s mission to ensure the public trust in gems and jewelry.
“As a public benefit organization, we strive to apply the strictest ethical standards each day and to adhere to our core principles in serving the public interest in every country and city where we operate. We’re honored that the Ethisphere Institute has recognized GIA, the only organization of its kind to receive this designation, as one of the most ethical companies in the world,” said Donna Baker, GIA’s president and CEO.
To be included in the annual list of the WME Companies, organizations must demonstrate an active role in promoting ethical business practices internally and exceeding legal compliance standards. The Ethisphere Institute is a global think-tank dedicated to promoting best practices in business ethics, corporate social responsibility, anti-corruption and sustainability.
JCK Events Announces 2013 Industry Fund Winners
Norwalk, CT—JCK Events announces the recipients of its 2013 Industry Fund. The winners include the Jewelers’ Security Alliance, Jewelers Vigilance Committee, Alliance for Responsible Mining, Jewelers of America, Women's Jewelry Association, American Gem Society, and Diamond Development Initiative. Monies will be allocated immediately.
The JCK Industry Fund's mission is to support the growth of jewelry professionals and/or organizations where funds are most urgently needed. Recipients are chosen based on the content and merit of their application. To date, the fund has awarded over $5 million in grants to deserving jewelry entities.
This year’s grants will go toward protecting the jewelry industry against potentially harmful legislative measures, ensuring stringent safety measures to prevent jewelry crimes, providing support for the mining communities, procuring speakers for educational conferences, and assisting companies in deciphering FTC guidelines and compliance standards.
Ruth Batson, CEO of American Gem Society and AGS Labs, said the grant the Society receives from the JCK Industry Fund helps AGS provide speakers and educational sessions at AGS Conclave. “It also has a positive domino effect within our industry. The grant helps us serve our members with their continuing gemological training, which in turn helps better our industry," she said.
Jewelers of America will use the grant to expand the association's work to fight legislative and regulatory measures that could harm jewelry businesses and consumer confidence, says president and CEO Dave Bonaparte.
John Kennedy, president of the Jeweler's Security Alliance, says JCK’s grants have enabled JSA to carry out innovative projects to help make the industry safer from crime for years. “We've set up local crime prevention networks for jewelers and an online stolen jewelry database. This year's grant will enable JSA to reach out more broadly to the 17,000 police departments in the United States to help educate and inform them regarding jewelry crime.”
Dorothée Gizenga, executive director of the Diamond Development Initiative, said, “If you could meet the artisanal miners I've been with over the past ten days, you would know what a huge difference small investments can make in the lives of very poor people." Likewise, Lina Villa, executive director of the Alliance for Responsible Mining, said, "The lives and conditions of artisanal and small-scale miners are unknown to many, as is the enormous potential their work has for developing communities and generating sustainable incomes, all while protecting the environment and respecting rights of workers, women and children.” JCK’s grant directly supports efforts to improve miners' conditions.
MJSA Announces Winners of 2013 Vision Awards
Attleboro Falls, MA—MJSA, the association for jewelry makers and designers, announces the winners of its annual Vision Awards honoring excellence in jewelry making, design, and technical skill. The winning pieces will be displayed at MJSA Expo New York, March 10-12 at the Hilton New York.
Competition categories were Professional Design Excellence, Gold, Palladium, Platinum, Laser, and Custom Design Distinction. In addition, a "Future of the Industry" award recognizes students enrolled in jewelry making and design programs.
The winners were:
- Professional Design Excellence, first place, Adam Neeley of Adam Neeley Fine Art Jewelry in Laguna Beach, CA; second place, Mark Schneider of Mark Schneider Design in Long Beach, CA.
- Gold Distinction, first place, Adam Neeley; second place, Ezra Satok-Wolman of Atelier Hg & Co. Inc. in Ontario, Canada.
- Platinum Distinction, first place, Susan Drake of Spectrum Art & Jewelry in Wilmington, NC; second place, Mark Schneider.
- Palladium Distinction, first place, a tie between Ezra Satok-Wolman and Susan Drake; second place, Nghi Nguyen of NGHI Design in Brooklyn, NY.
- Laser Distinction, first place, Nghi Nguyen; second place, David Alvarado of Irthly Jewelled Adornments in Los Angeles, CA.
- Custom Design Distinction, first place, tie between Andrea Carnahan-Koenig of Annie K Jewelry in Louisville, KY, and Patricia Daunis-Dunning of Daunis Fine Jewelry in Portland, ME. Daunis also won second place in the category.
- Future Of The Industry Awards (open to any student enrolled in an art, design, or jewelry-related program at a college, university, or a proprietary technical school), first place, Jiarui Lu of the Savannah College of Art and Design in Savannah, GA. Second place, Jinbee Park of the Fashion Institute of Technology, New York, NY.
Judges were Chris Ploof, Chris Ploof Designs; Michael Coan, Fashion Institute of Technology; Cindy Edelstein, Jeweler's Resource Bureau; Sarah Graham, Sarah Graham Metalsmithing; Marlene Richey, MJSA Consultant; and Tina Snyder, MJSA Journal editor in chief.
Award sponsors were: general sponsor, Rio Grande; gold sponsor, Hoover & Strong; platinum sponsor, Platinum Guild International; palladium sponsor, Palladium Alliance International; laser sponsor, LaserStar Technologies; custom design sponsor, TechForm Advanced Casting Technology; and media sponsors, Instore and Metalsmith magazines. The MJSA Education Foundation sponsored the Future of the Industry awards.
For full descriptions and photos of the winners, click here.
Rapaport, Moses, Even-Zohar to Headline Diamond Week
Ramat Gan, Israel—Tom Moses, senior vice president of GIA, Chaim Even Zohar, CEO of Tacy Consulting, and Martin Rapaport will each share their insights of the current state of the global diamond industry during the first US/International Diamond Week, March 17-20 in Israel.
Rapaport will speak March 18, on "The State of the Diamond Industry."
Moses will address issues like diamond on treatments, synthetic diamonds, and recent research, on March 19. Even Zohar, author of From Mine to Mistress and publisher of Diamond Intelligence Briefs (DIB), will speak March 20 with his latest analysis of the diamond supply pipeline.
Buyers will be offered four free hotel nights at the Leonardo Hotel, located opposite the Ramat Gan diamond exchange complex. The complimentary hotel accommodation is being provided courtesy of the Israel Diamond Institute (IDI).
Click here to register for the event.