Articles and News
Industry News: Rare Reds Up For Sale; Polished Prices Drop in August; GIA’s New Ethics VP; More September 10, 2014 (0 comments)
Argyle Tender Launches In New York With 54 Rare Red and Pink Diamonds
New York, NY—The 2014 Argyle Pink Diamonds Tender debuted in New York September 5, featuring 54 rare red and pink stones.
This year’s tender is especially notable for a suite of four fancy reds, including the spectacular 1.21-ct. Argyle Cardinal named for the famous small red North American bird. Only nine fancy reds have ever been presented in the Tender’s 30-year history—this year’s group represents almost half of that total.
Other diamonds showcased in this year’s Tender include the Argyle Rosette, a 2.17-ct. fancy intense purple-pink emerald cut; and the Argyle Toki, a 1.59-ct. purplish pink emerald cut.
The Argyle mine produces 90% of the world’s pink diamonds; the best of these are selected each year for the annual tender, which travels to three locations around the world and to which private clients are invited to submit sealed bids for single or multiple stones.
After New York, the Tender travels to Hong Kong, for the last opportunity to get an exclusive showing prior to closing bids on October 8.
For information, email enquiries@argylepinkdiamonds.com.au.
Separately, Tiny Jewel Box in Washington, DC is this week hosting a special exhibition of jewelry using pink Argyle stones. The exhibit, in conjunction with Argyle Diamond wholesaler LJ West Diamonds, runs Sept. 10-11 during normal store hours, and will showcase between 20 and 30 pieces of jewelry using Argyle stones.
Also in Washington, Argyle has donated a parcel of 500 carats of Australian rough diamonds to the Smithsonian Institution. The Smithsonian will use the stones for both exhibition and research.
Dr. Jeff Post, curator of the Smithsonian’s National Gem and Mineral Collection, said, “Rio Tinto’s generous donation is a significant addition to our gem collection and will allow us to study in more detail, the unique properties of diamonds from one of the world’s great ore bodies.”
Argyle Diamonds has donated a parcel of diamonds, including both its renowned pinks and cognacs, to the Smithsonian Institution, for research and exhibit.
Polished Diamond Prices Drop 1.4% in August
New York, NY—Polished diamond prices declined in August as trading slowed and liquidity tightened in the manufacturing centers. Although buyers avoided making large inventory purchases before the September Hong Kong Jewellery and Gem Fair, suppliers have low expectations for the show.
The RapNet Diamond Index (RAPI™) for 1.0-ct. laboratory-graded diamonds fell 1.4% in August. The RAPI for 0.30-ct. diamonds declined 1.5%, and the RAPI for 0.50-ct. diamonds decreased 1%. The RAPI for 3.0-ct. diamonds fell 1.2% during the month.
Polished markets were quiet in August with Belgian and Israeli dealers taking vacation through most of the month. There was steady U.S. demand for commercial-quality, SI-I2 clarity diamonds. Rough trading slowed and prices softened on the secondary market in August following the relatively big De Beers sight. Mining companies posted significant profit growth in the first half of 2014 due to high rough prices and a larger volume of supply. In addition to large polished inventories, manufacturers currently have significant quantities of rough inventory, which has further pressured their liquidity. Rough buying is expected to slow further in September.
Diamond manufacturers have low expectations for the fall Hong Kong show. Buyers—especially cash buyers—are pushing for higher discounts as suppliers seek to raise liquidity levels amid concerns about reduced bank credit. Dealers and manufacturers are hoping the show will help to ease their liquidity pressures and deplete some excess inventory, while they attempt to reverse the downtrend in polished prices of the past few months.
Click here to access the full "Large Inventory, Tight Liquidity" monthly report, or email specialreports@diamonds.net.
Vicenza Fair Presents Annual Palladio Awards
Vicenza, Italy—Fiera di Vicenza presented the Third Annual “Andrea Palladio International Jewellery Awards” on September 7 at the Zambon Health & Quality Factory in Vicenza, Italy. The Andrea Palladio Awards celebrate international excellence in high-end jewelry, in creativity, design, distribution, retail, and communications.
This year’s winners were:
- Best Italian Jewelry Designer: Alba Polenghi Lisca
- Best International Jewelry Designer: Ippolita Rostagno
- Best Italian Jewelry Brand Collection 2013/2014: Roberto Coin
- Best International Jewelry Brand Collection 2013/2014: Fabergè
- Best Jewelry Communication Campaign 2013/2014: Tiffany & Co.
- Best Jewelry Flagship Store 2013/2014: Bulgari, Rome
- Best Jewelry Communication, New Media: Pomellato
- Lifetime Achievement Award: In memory of Sergio Silvestris
- Jewelry Corporate Social Responsibility Award: Eli Izhakoff
From left: Giorgia Surina, Roberto Coin, Fiera di Vicenza president Matteo Marzotto, and Cristiano Seganfreddo at the awards ceremony.
GIA Appoints New VP of Global Compliance and Ethics
Carlsbad, CA—GIA (Gemological Institute of America) has appointed Katherine Palmer Andrews to the newly created position of vice president of ethics and compliance. She will work with senior management to ensure the integrity of the Institute’s compliance and ethics programs.
“GIA has been named one of the World’s Most Ethical Companies by the Ethisphere Institute for the last two years in recognition of the excellent work that has gone into our compliance program. Katherine’s impressive skills and experience will help us build upon that success, ensuring that GIA continues as a leader in ethics and compliance,” said Susan Jacques, GIA president and CEO.
“It is paramount that we do our very best to ensure the public trust in gems and jewelry. I’m looking forward to working with my new colleagues at GIA to build the Institute’s organizational capacity to meet the compliance challenges and opportunities that lie ahead. This will be my top priority,” added Andrews.
Andrews has extensive experience developing enterprise compliance programs and leading global teams, including six years in chief compliance officer roles at General Electric Co., as well as experience with the U.S. Department of Justice Antitrust Division, in private practice, and as an in-house attorney for GE Energy. She led the global compliance team at GE Energy for five years and was responsible for all legal and compliance aspects of the integration of a significant mining equipment and services company into GE Transportation. She joins GIA from Thomson Reuters, where she developed an enterprise-wide compliance program. Andrews is a founding member of the Chief Compliance Officers Forum in Atlanta and a board member of the Georgia Bar Antitrust Section. She holds a Doctor of Law (JD) degree from Duquense University School of Law and a Bachelor of Mechanical Engineering from Villanova University.
Andrews will be based in GIA’s New York offices and report to Jacques.
Natural Color Diamond Association Announces Directors and Officers
New York, NY—The Natural Color Diamond Association (NCDIA) has announced its 2014 Board of Directors and Executive Officers:
- Jordan Fine, JFine, Inc. – President
- Alan Bronstein, Aurora Gems – Vice president
- Breanne Wittrock, Gundersons Fine Jewelry – Vice president
- Jeffrey Post, Gem Platinum – Secretary/treasurer
- David Shara, Optimum Diamonds
- Sean Moore, Borsheims
- Brian Denney, Denney Jewelers
Along with the announcement of the Executive Officers, NCDIA announced the creation of all new committees:
- Educational Committee Chair: Alan Bronstein, Aurora Gems
- Educational Committee Chair: David Shara, Optimum Diamonds
- Legal & Finance Committee Chair: Jeffrey Post, Gem Platinum
- Membership Committee Chair: Breanne Wittrock, Gundersons
- Marketing Committee Chair: Jordan Fine, JFine, Inc.
NCDIA has been growing globally. New members like David Yurman, Tappers, Traditional Jewelers, and Hartmanns in Denmark expand existing membership, comprised of organizations like Argyle Diamonds and Borsheims.
“The new board, combined with a growing interest in natural color diamonds will place the NCDIA at the forefront of the industry associations” notes NCDIA director Gino DiGeso. The organization will be offering, among other events, an expanded educational program at the upcoming September Hong Kong show.
“Natural color diamonds are the world’s most rare and precious gems, and despite being a niche organization, NCDIA provides an amazing service to its members in terms of marketing, education and networking,” said vice president Alan Bronstein.