The diamond business is yet bright and has a good future in the coming days

Hitesh Patel, Managing Director of Dharmanandan Diamonds Pvt. Ltd., joined the family business in 1997 to help his father Laljibhai Patel, the founder of Dharmanandan Diamonds Pvt. Ltd. Egged on by its success, Hitesh set up the overseas presence of...

Today

The talk around LGDs is all hype

As a teenager, Luca Luterbacher began to design and manufacture single pieces and individual items for wealthy private family friends from Switzerland and Lichtenstein. In 2017, he finally invested in his own luxury trademark "Luterbacher."...

12 august 2019

Correct adjustment of advertising is the major challenge

At the recent Amberforum held in the Baltic city of Svetlogorsk, Andrey Yanchevsky, Head of the trade representation of the LA VIVION jewelery company shared his opinion with the correspondent of Rough&Polished on the state and prospects of the jewellery...

05 august 2019

Small-scale diamond mining is the future in Botswana – Leon Daniels

Pangolin Diamonds, which is currently the most active diamond exploration company in Botswana, has called upon authorities in the southern African country to include diamonds into the minerals permit for small scale mining operations. Pangolin chief...

29 july 2019

“There has been a strict policy in Israel against LGDs; have been forbidden on IDE trading floor for years.”: Aviel Elia, Managing Director- IDI

Aviel Elia, an attorney by profession, has served as Legal Adviser and Company Secretary of IDI since 2013. As a key member of the Israel Diamond Institute (IDI) management team, he has been involved in developing company strategy and negotiating...

22 july 2019

ALROSA proposed to introduce mandatory marking for synthetic diamonds

21 august 2014
ALROSA proposed to introduce mandatory marking for synthetic diamonds, Vladlen Nogovitsyn, Head of the miner’s Customer Policy, told Interfax in his interview, according to Finmarket.ru. The company's initiatives to regulate the turnover of “synthetics” are being discussed in the framework of an expert group under the Ministry of Finance of the Russian Federation.
“We stand for defining the concept of synthetic diamonds and for mandatory informing consumers about synthetic stones in a jewelry piece. We have nothing against natural and synthetic diamonds put together in a showcase, but it is necessary to specify that a particular product is synthetic,” he said.
Currently, the Russian legislation has no definition of synthetic rough diamonds or synthetic polished diamonds, the ALROSA department head said.
“Theoretically, any dealer can sell anything under the name of diamond, while the buyer will not be able to prove he was misled. On the one hand, this situation is not directly related to the company, but on the other hand, it is detrimental to the reputation of the industry. It is no secret that people being fearful of substandard goods in the Russian market, prefer to buy jewelry abroad, thus making a great contribution to jewelry sales in Europe, China and so on,” Vladlen Nogovitsyn said.
Those discussing how to regulate the turnover of “synthetics” are debating even a ban on the use of the name “diamond” for raw materials in these products.
Talking about the “synthetic” market in Russia, he noted that “a significant number of companies having controversial reputation are eyeing the Russian domestic market, asking among other things to ease import procedures for jewelry and loose diamonds.”
ALROSA’s customers in India, which produces about 90% of polished diamonds in the world, are most interested to fight the proliferation of unmarked “synthetics”. “They will be in the front ranks combatting synthetics providing the information that no one else can find for us and suggesting solutions, which no one else can prompt, be it lawyers or diplomats, or politicians,” Vladlen Nogovitsyn added.