The Israel Diamond Institute reports on the first day of the Presidents Meeting:
“Rami Baron, President of the Diamond Dealers Club of Australia and Vice Chairman of the WFDB’s Trade and Promotions Commission, opened the discussions, which focused mainly on marketing to promoting the global diamond trade via social media such as Facebook, Twitter and LinkedIn for. Baron gave an overview of these different platforms and a breakdown of users according to country, sector, community, and explained the importance of using social media to advance the entire sector.
During the meeting members of the committee asked questions about using social media and a discussion ensued about the younger generation on social media and how to increase their engagement.
At the end of the meeting it was agreed that the committee would continue to operate to improve the communications via the media and via social media in particular between WFDB members and the wider public in order to increase the scale of diamond purchases.”
At the DDCA, we’d like to know the subtle differences between what a client asks when buying a diamond, and what a professional jeweller or diamond dealer asks when buying a diamond. We’ll be doing a series of video interviews on this subject, and for the first interview we decided to visitRaphael Jewellersat theStrand Arcadein Sydney. You can also follow them onFacebook by clicking here.
This week, DDCA President Rami Baron was interviewed by Rapaport News. The interview appears both on the diamonds.net news section and the Rapaport Weekly Report.
“Australia’s diamond trading community is relatively small but it operates in a stable and mature market. The Diamond Dealers Club of Australia (DDCA) aims to facilitate trade between local wholesalers and retailers while representing their needs as a member of the World Federation of Diamond Bourses (WFDB). Rapaport News spoke with Rami Baron, president of the DDCA and owner of the Australian Jewellers Consortium and Q Report, about the market in Australia and some of the challenges facing the trade…”
Antwerp, Belgium – May 13, 2015:World Federation of Diamond Bourses (WFDB) President Ernie Blom has expressed his concern over a GIA statement that around 500 colourless to near-colourless diamonds were submitted, primarily to its grading laboratory in Ramat Gan, Israel, which were potentially subjected to an undisclosed temporary treatment.
“I am extremely concerned by this development,” Blom said in a statement. “This is clearly unlawful behaviour. We will have no tolerance whatsoever for this type of alleged illegal activity.
“It is crucial that this kind of unlawful action is stamped out. We are pleased that the GIA publicized this development so that diamantaires can be on their guard, and that the IDE is moving firmly in order to deal with this issue with the utmost seriousness. Our industry must come together to counter such activity, both for the good of our members and for the end-consumer who is always uppermost in our minds,” Blom added.
The GIA believes that the treatment temporarily hides the color of the diamonds submitted, giving a color grade that can be up to three grades higher than its actual grade. The GIA said it ended client agreements with the companies that submitted the diamonds and notified the relevant trade bodies.
The report numbers of the potentially treated stones are posted on GIA’s website, and anyone who has purchased or has access to any of these stones is requested to submit them to any GIA lab for a no-cost, accelerated review.
Hong Kong – April 29, 2015: Peter (Kar Shing) Cheng,Chairman of the Chow Tai Fook Foundation and a director of the eponymous firm, the world’s largest retail jewellery chain, has joined the board of the World Diamond Mark Foundation (WDMF), the all-industry organization that seeks to assist retail jewelers worldwide to promote diamonds and diamond jewellery to the end-consumer. Mr. Cheng’s joining the WDM board signifies the enormous importance the Asian downstream market relegates to the need for generic promotion and advertising of diamonds.
“We acknowledge Mr. Cheng and the Chow Tai Fook company for substantiating his ongoing commitment to the World Diamond Mark,” said Ernest Blom, president of the World Federation of Diamond Bourses and WDMF Vice Chairman. “We look forward to Mr. Cheng’s contribution, in particular to his insights into the diamond jewellery consumer market in greater China,” Blom stated.
“Mr. Cheng has been involved in World Diamond Mark since its inception, providing valuable advice and hosting WDM think tank meetings. We are happy that Peter has taken his rightful place at world diamond and jewellery industry leaders’ table” Alex Popov, WDMF Chairman said.
For more information about the World Diamond Mark, visit www.worlddiamondmark.org
About Peter Cheng Mr Peter Cheng is the Executive Director of New World China Land Limited and Deputy Managing Director of New World Development (China) Limited. He is also a Director of New World Development Company Limited, NWS Service Management Limited, New World Hotels (Holdings) Limited, Chow Tai Fook Enterprises Limited, Hip Hing Construction Company Limited and Polytown Company Limited. Besides, Mr Cheng is a member of numerous non-profit making and charitable organizations such as: the Chairman of Chow Tai Fook Charity Foundation, the Chairman of Hong Kong Renal Centre Limited, the Chairman of The Welfare Fund Limited, the Vice Chairman of Hong Kong Economic Exchange and a Director of Green Council. He is the Commissar of the Chinese People’s Political Consultative Conference, Guangzhou City and the University Assembly member, University of Macau. Mr Cheng, 62, holds BA from Indiana University and a master degree from UCLA.
About the World Diamond Mark The World Diamond Mark® Foundation (WDMF) was founded on the premise that diamonds and diamond jewellery can and must perform significantly better in the luxury product consumer market. To reach that goal, the industry – from diamond producers to retail jewelers – is acting in unison to promote, advertise and market diamonds and diamond jewellery more effectively and visibly to the end-consumer. Established in 2012 by the World Federation of Diamond Bourses (WFDB), the WDMF’s global objective is to boost consumer demand for diamonds and diamond jewellery.
The sale was lead by the emerald-cut “Perfect Diamond” at a magnificent 100.20 cts. Only six perfect quality diamonds over 100 carats have been sold at auction in the last 25 years, making some justification for the final sale price of $22,090,000. Click the images below to see further details for the top 10 lots, organised here in order of value from highest to lowest. All are valued above $1 million!
What is the DDCA Diamond Trading Portal, and why should you use it? Watch this video to find out more about this new diamond trading platform, designed from the ground up to help Australian diamond dealers and retailers navigate the conditions we face in the local market.
Ernie Blom, president of the World Federation of Diamond Bourses, has issued a new policy on colour grading to all members of the organisation, issuing the following statement:
As we are all too aware, the issue of color grading has become controversial over the past year, with complaints regarding the standards of grading by some labs.
In this respect, I am sending the attached document: New Policy on Color Grading and Industry Best Practice. This is a joint statement supported by the WFDB, IDMA and CIBJO.
It is important that we stress the industry-wide support for this statement – from rough and polished manufacturers, traders and dealers to jewelry makers and retail operations. This policy statement makes it quite clear that there will be no hiding place for labs who break the rules.
Doing so cheats members of the diamond and jewelry industries, but it also could have a disastrous effect on consumer confidence. We must not only talk about the importance of consumer confidence, but show the steps we are taking to defend it.
Please forward this important document to all members of your bourse, stressing the importance in all its aspects – from moral to financial – of members supporting this policy and acting together to stamp out over-grading for which we can have nothing but zero tolerance.
New Policy on Color Grading and Industry Best Practice
In the framework of the present and intense industry debate on grading and representation of polished diamonds, the WORLD FEDERATION OF DIAMOND BOURSES (WFDB), the WORLD EWELLERY CONFEDERATION (CIBJO) and the INTERNATIONAL DIAMOND MANUFACTURERS ASSOCIATION (IDMA) direct a new policy to all accredited bourses, organizations and their members.
The WFDB, CIBJO and IDMA direct their bourses and organizations to protect the integrity of diamonds and of the diamond trade and to maintain, implement and enforce upon their members high ethical standards in all areas including that of accurate descriptions and representations of diamonds.
Within the framework of the above, the WFDB, CIBJO and IDMA announce their new policy defining and promoting best practice on color grading, through the diamond pipeline as set up below.
Within current industry expertise, the industry-accepted standards and nomenclature based on master color sets (D-Z scale) of the GIA (Gemological Institute of America) and the IDC (International Diamond Council), the development of new technology and present code of best practices, the WFDB, CIBJO and IDMA stipulate that the color grading of a diamond more than one grade from a broadly accepted industry benchmark, is unacceptable.
In the event of a complaint, or a challenge to a report brought before the authorised body of a Bourse (including mediation or arbitration), the authorised body will determine the broadly accepted industry benchmark (GIA and IDC standards). In addition, the authorised body will submit the diamond to a leading, respected laboratory or to three (3) recognised expert gemologists or diamantaires, qualified to provide a report on any diamond in question in terms of which it shall determine whether the color grading exceeded accepted industry benchmark (GIA and IDC standards) by more than one grade.
If the independent examination confirms that a breach has occurred, all necessary measures will be taken, including possible disciplinary actions.
Future possible detailed recommendations, directives and sanctions to be taken in the event of violations may be sent to all relevant parties in order to be enforced by them, on their members, subject to the prevailing laws of any jurisdiction.
The WFDB, CIBJO and IDMA are presently considering legal advice from different jurisdictions as to the integration of their respective recommendations within individual national jurisdictions, state and city laws.
The WFDB, CIBJO and IDMA are issuing this new policy so as to provide clear and explicit guidance to their members regarding their proper future conduct and best practice, to publicise the policy and the possible severe disciplinary consequences in the event of any contraventions.
Ongoing investigations into various aspects of certification, already a focus of the WFDB, CIBJO and IDMA, will inform and help determine any future measures or adaptations to future recommended industry best practice.