Part 2: KPCSC wants Russia to help end impasse on new definition of conflict diamonds

In the first installment of this two-part exclusive interview with Shamiso Mtisi, the coordinator of the Kimberley Process Civil Society Coalition (KPCSC), we focused on illegal diamond mining in the continent and where the contraband ends up...

25 october 2021

Part 1: KPCSC gives insight into illegal diamond mining, trading in Africa

Although the diamond watchdog Kimberley Process (KP) prides itself for significantly reducing the flow of conflict goods since its establishment in 2003, the Kimberley Process Civil Society Coalition (KPCSC) alleged that illegal diamond...

18 october 2021

The jewelry industry in Russia needs to be upgraded in a serious way

Dina Nasyrova is a vice-president of the International Jewelry Exhibition-Congress J-1 recently hosted by the Atrium of Gostiny Dvor in Moscow. As a partner and the Muse of the famous jeweler Ilgiz Fazulzyanov, she actively participated in the preparation...

11 october 2021

Smiling Rocks, a philanthropic business model, inspires companies to work for betterment of the world

Zulu Ghevriya, the CEO and Co-Founder of Smiling Rocks, Founder of Vedantti Jewellery and Managing Director of Prism Group has been in the diamond and jewellery industry for over 20 years. Zulu started his business, Prism Group, as a natural diamond...

04 october 2021

Work hard and you will find success

Eduard Utkin, Director General of the “Jewellers’ Guild of Russia” Association, expert of the RF Chamber of Commerce and Industry’s Committee on Precious Metals and Precious Stones, told R&P about implementing the SIIS PMPS (State Integrated Information...

27 september 2021

Hundreds of diamond traders in search of an alternative polished diamond trading platform

07 april 2020
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Image credit: YAMS

A large group of international diamond manufacturers and traders have come together in search of an independent, transparent, innovative polished diamond trading and buying platform, says their statement distributed by Ya'akov Almor Marketing Communications & Strategy.
The initiative was born on March 20, 2020, immediately after the Rapaport Group (RG), which operates the diamond industry’s leading polished trading diamond platform and price index system, unilaterally adjusted prices downwards for about 95 percent of the categories listed in the round and fancy polished diamond price index of March 20, with an average of five to seven percent, across the board. The RG’s unilateral adjustment of its price index caused an unparalleled uproar in the global diamond trade.
The diamond traders jointly announced that they would use the RG’s polished diamond price index as published on March 6, 2020, as a reference point until a new, independent, non-biased and transparent alternative would be presented to the diamond industry.
Meanwhile, the World Federation of Diamond Bourses (WFDB) announced that a state-of-the-art, “cross-bourse” trading platform is under development (www.get-diamonds.com). It will very soon be available for the diamond industry and trade at large.
The diamond traders and manufacturers from the major diamond trading hubs - Mumbai, Antwerp, Tel Aviv, New York, and Dubai – shared their grievances and objections to the RG’s newly published round and fancy polished diamond price index. The arguments voiced by participants in the online discussions were, among others, that over the years, the RG has operated the trade’s leading price index system in a non-transparent manner and had dictated polished diamond prices, revising them upwards or downwards, without explaining the rationale or mechanism that lies behind its decision-making process. The current slow trade of polished diamonds is not сaused by supply and demand fundamentals. Therefore, the latest polished diamond prices published by the RG do not reflect trading prices in the global wholesale diamond market, according to the statement.
The group members consequently resolved to remove their polished diamond inventories from the platform, stating that as a collective, they no longer wish to depend on the RG’s trading platform and price index. They meanwhile are posting their stocks on other existing platforms.

Alex Shishlo, Editor of the Rough&Polished European Bureau in Brussels