WINC 462, February 3, 2024

Welcome to edition 462 of WINC,

IDMA's Weekly Internet News Collection - February 3, 2024

Dear Members and Industry Colleagues,

It’s time for action!

Time to take the necessary steps using new technology tested by the Natural Diamond Council’s (NDC) Project Assure 2.0, implementing new policies and protocols in our day-to-day business operations.

Why, you ask?

To protect your integrity and reputation, your livelihood, your customers, and to fulfill your obligation to preserve the integrity of the natural supply line. It is our collective responsibility to ensure that the diamonds bought and adorned by consumers are indeed diamonds – natural diamonds.

According to the FTC guidelines, the word diamond, without a modifier, means a natural diamond.

Alan Cohen, a good friend and industry colleague, put it best in his column in IDMA’s previous WINC. He noted that one of our industry’s problems is inertia.

Call it apathy or disinterest; the result is the same: we have difficulty changing course. Take a moment to read Alan’s address, and you’ll understand the gravity of the current situation.

When it comes to guaranteeing our product’s identity, there is no room for inertia. Therefore, the Diamond Manufacturers and Importers Association (DMIA) has taken this call to action seriously by opening a newly established Screening Center at the DMIA offices.

Access and use of the screening equipment in the Screening Center is free for DMIA members and the DMIA’s fellow associations’ members. The center was set up according to the NDC’s Assure Program guidelines. It is exclusively equipped with Diamond Verification Instruments (DVI’s) tested by Assure 2.0. i.e., with instruments that yield a zero percent false/positive rate.

What does this mean, “a zero percent false/positive rate?”. It means that for any DVI that passes a diamond as natural, you can be 100 percent certain that the diamond is natural. In 2019, the Natural Diamond Council (NDC) created the Assure Program 1.0, which tested all DVI’s participating in the Assure Program with the most current samples of synthetic or laboratory-grown diamonds found in the market. In 2022, the Assure 2.0 was implemented, utilizing new samples of synthetics that have been introduced to the market.

The manufacturers of the approved instruments are willing participants in this program. If there is a DVI you like, and it is NOT in NDC’s Assure Program, please encourage the manufacturer to participate in Assure 2.0. This will ensure you know what you are purchasing, that the DVI meets both NDC’s (Assure tested) and your specifications, and that you can guarantee the diamonds you are buying/selling are natural. Read more information here: Assure Diamond Verification Instrument Testing Information (naturaldiamonds.com)

In closing, we invite you to make an appointment for full access to the DMIA Screening Center. We can’t say it often enough: verify all your goods are natural. The fate of your name, your legacy, and your business reputation depends on it.

Matthew Schamroth,

Secretary General, IDMA

Vice President, DMIA

Botswana rejects G7 demands on diamonds certification: “This will undermine the Kimberly Certification Process Scheme (KCPS) and has consequences of delayed processing of diamonds and cost implications if goods are to go to Antwerp rather than certify from producer countries like Botswana. Given the importance of diamonds to our economy, this will be an assault on democracy and indeed our sovereignty and it is not a trade issue,” was Moagi’s strong message.

De Beers’ Venetia: A new era for South Africa’s flagship diamond mine: 2013 was a milestone year for diamond miner De Beers. Not only did the company celebrate its 125th anniversary but in that year, it also embarked on an ambitious underground expansion of its Tier One Venetia Mine in South Africa. Fast track to 2024 and the Venetia Underground Project (VUP) is well on its way to reach nameplate capacity from 2027 onwards.

Can brands prove they aren’t using Russian diamonds?: Tracking the origin of a gem back to the mine is a notoriously difficult challenge but new sanctions on Russian diamonds are set to radically transform the jewellery industry, requiring “mine-to-finger” traceability in key markets.

Diamonds are set to become perhaps the most heavily monitored material in the fashion and luxury industries due to new sanctions against Russian stones.
The EU and G7 are aiming for blockchain-backed “mine-to-finger” traceability for all diamonds sold in their markets by September.
It’s not entirely clear how the new system will work, but what has been sketched out so far would transform the diamond trade.

The Martin Rapaport webinar “2024: The Way Forward” is now available online.Please note, to view the video you will be asked for your Rapaport login and password. If you don’t have a Rapaport login or forgot your password, a very simple online process is available for free.

Swiss ban Russian diamond imports

Bern has agreed to adopt the 12th round of sanctions implemented by the EU in December, with measures effective from February 1, as it has with all previous rounds since the start of the war almost two years ago.

De Beers sales dip adds to Anglo American woes

De Beers chief executive Al Cook said today that “macro economic challenges” had weighed down on the most recent trading figures.

AGD recovers 52-ct diamond

AGD produces diamonds from the Grib diamond pipe - named after Russian geologist Vladimir Grib - 130km from Arkhangelsk, in north-west Russia.

Diamond panning attracts illegal DRC migrants to Angola

Diamond mining continues to attract illegal migrants from the DRC to Lunda-Norte province, which requires defense and security bodies to trigger increased inspection actions.

Explosives plant on Jericho mine site centre of lawsuit over cleanup

In August 2020, KIA filed a lawsuit against Dyno Nobel, alleging Dyno is responsible for cleaning up the explosives plant.

The fatal plane crash in the Northwest Territories was rare

The crash killed six people – four mine employees and the two pilots – and left a sole survivor with injuries.

LVMH posts another record year

Luxury conglomerate LVMH has reported a 13 percent leap in revenue for last year to €86.2 billion (US$93.5 billion) with double-digit growth in Europe, Japan, and the rest of Asia.

Thai jewellery industry urged to focus on sustainable manufacturing

The Gem and Jewellery Institute of Thailand (GIT) urged Thai jewellery producers to bolster their focus on sustainable manufacturing. The call to action comes amid growing customer interest in the ethical and environmental considerations of the industry.

De Beers’ Pat Dambe moves to Botswana Ministry

Dambe has been “seconded” to Botswana’s ministry of minerals and energy, where she will work on marketing and brand development for natural diamonds.

What's next for Tiffany under LVMH: “A focus on high jewellery is non-negotiable; it’s been very much part of the success of Tiffany,” chief executive officer Anthony Ledru told BoF. –“There has been so much creation of wealth the past 5 to 10 years, and the average age of high jewellery clients dropped a lot, especially in Southeast Asia, China, or Malaysia,” he added. “Then, when you have something unique that the client wants, what’s the price tag?”

NJ's My Next Question

What to expect in 2024: In the latest episode of “My Next Question,” Sherry Smith, The Edge Retail Academy’s director of business development, and diamond industry analyst Paul Zimnisky joined National Jeweler and Jewelers of America to talk about the year ahead. They discussed the industry’s performance in 2023 as well as what they see as the key trends and challenges for 2024. Other topics discussed include the lab-grown diamond market and what impact the election may (or may not) have on business.

Watch

Women making their mark in the diamond industry

The curious mind of Beverley: At NAMDIA, I currently wear two hats. In my role as the PR and Communications Practitioner, my primary responsibilities involve elevating the NAMDIA brand through various channels and engagements. The goal is to align the brand with the company’s strategic direction and ensure its recognition as a well-known entity not only locally but also internationally, given our substantial international trade. Since joining the company, we have made significant strides in reshaping the brand narrative, aligning it with superior corporate governance and positioning it as a standard of excellence and our recent award as the Public Enterprise of the Year 2023 is a testament of our achievement

From the World Diamond Council

“Diamond Empowerment” is a series of articles, each one a case study, providing an objective overview of the contribution – both realized and still only potential – that the diamond mining industry makes to sustainable development in the African countries where it is present.

The second article in the series looks at the Republic of Botswana, the world’s largest rough diamond producer.

DISCLAIMER: IDMA's Weekly Internet/Online News Collection (WINC) features third-party articles and links to these articles. IDMA presents these news items for reference only. The content of these articles neither reflects nor expresses IDMA's position or point of view.