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Expert reports

GIA Battling Crimes: Suspends "Duplicate Report" Service to Prevent Fraud
(IDEX Online) - One month ago, the Gemological Institute of America (GIA) announced the sudden suspension of its diamond sealing services and the issuance of duplicate reports at all locations. Its formal explanation is that “the Institute is taking this action after receiving a sealed diamond for verification that did not match the data label in the sealing packet. GIA, with the assistance of an outside corporate investigation firm, is examining the circumstances surrounding the submission to determine the source of the sealing packet.” The gravity of the “duplicate report fraud,” which this editorial will discuss in more depth, is further underscored by the need for a kind of “product recall” that the GIA is undertaking.

Who is over the top?
(PolishedPrices) - I have been following what I will call the EGL affair with amusement from the sidelines. It is all about ‘over grading’, or so it would appear to be. I do not know if EGL labs have been guilty of over grading or not; I do know that I, personally, would never, be it in the past or present, rely on an EGL certificate, but that might say more about me than EGL labs.

Indian sightholders reject De Beers roughs at Gaborone
(The Times of India) - When Indian diamond companies struck a deal for direct import of $2.1 billion worth of diamonds from Russia's Alrosa mining company at the recent World Diamond Conference (WDC) at New Delhi, the Indian sightholders purchasing from De Beers rejected a fair amount of rough diamonds offered for sale at December sight held at Gabarone in Botswana on December 10.

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Namibia’s Q3 diamond output slides
Namibia’s diamond output fell by 12.3 percent on a quarterly and annual basis to 446,637 carats during the third quarter of 2014.

PDE and CIBJO to develop programs of Corporate Social Responsibility in Latin American jewelry sector
The Panama Diamond Exchange and CIBJO, the World Jewellery Confederation, have signed a Memorandum of Understanding in providing educational programs for the gemstone and jewelry sectors in Latin America, instilling the principles of Corporate Social Responsibility.

India’s polished exports up 10.81 %, rough imports by 35.57%
India’s cut and polished exports for month of November 2014 registered an increase of 10.81 percent to $1559.34 million as against $1407.28 million, according to the provisional figures announced by the Gem & Jewellery Export Promotion Council of India.

Lucapa to start mining alluvial diamonds at Angola’s Lulo next month
Lucapa Diamond Company said it is set to commence alluvial diamond mining at its Lulo concession in Angola’s Lunda Norte Province.

Mixed holiday season sales expected in Hong Kong
Analysts expect a mixed holiday season for the retail sector in Hong Kong, especially luxury sector brands, reports Seeking Alpha investment consultation agency with a reference to Women’s Wear Daily.

ADAMAS Diamonds Collection makes its debut
On the eve of the New Year, the jewelry market of Moscow starts the program called ADAMAS Diamonds, which is aimed at higher sales of certified diamonds. This is a joint initiative backed by ADAMAS and DGTS.RU, two well-known operators in the Russian diamond market.

ALROSA expects profits to decline 2.6 times in 2014 due to weakened ruble
ALROSA, the world's largest diamond miner by carat, predicts that its profits will decline 2.6 times in 2014 (going down by RUB 21.8 billion) to RUB 13.7 billion versus 2013, mainly due to the weakening of the ruble. This was reported by TASS citing the statement made by Ilya Ryaschin, Acting President of ALROSA during a meeting held in Yakutsk to review the company’s preliminary results in 2014.  However, Ilya Ryaschin said that the outlook for 2015 was much more positive.

IDE sets semiannual format for International Diamond Week
The Israel Diamond Exchange (IDE) announced it had set the semiannual format for the International Diamond Week (IDW) in Israel.


You need to keep experimenting with designs and finishing
gursimran_chaddha_1.jpgGursimran is a graduate from the University of Bradford with a bachelor degree in Accounting and Finance and is a certified gemologist from the prestigious GIA School in the U.S.A. After returning from the U.S.A., Gursimran started working with one of the biggest diamond manufacturing companies in Mumbai. After a year of gaining relevant experience, he started his own label, “Jagat Jewels” in the year 2010. After taking part in exhibitions in Ludhiana, Chandigarh and Delhi, etc., and getting overwhelming response for the label, Gursimran opened his first boutique in the heart of New Delhi in 2012. Here, in an interview with Rough&Polished, Gursimran opens up his mind as an astute businessman and sometimes as a creative designer as well...


The Antwerp Diamond Bank and the Crisis of Diamond Governance
Affordable access to credit has often been challenging for small enterprises in Europe, but the problem of financing has risen to an emergency level in recent history. Diamond traders are particularly exposed to the discrepancy between the demand and supply of credit caused by the economic crisis.

Supporting domestic producers, or What do diamond and emerald markets in Russia have in common?
In November this year, ALROSA started signing long-term contracts for the supply of diamonds in the contract period of 2015-2017. On the backdrop of possible sanctions and aggravation in relations with the EU, the Russian state-owned company announced that it would take into account the interests of Russian diamond manufacturers "if there will be available resource capabilities." However, the question is whether all this is really about changing priorities?

HRD Antwerp


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