The Diamond Bourse of Canada hosted various prominent members of the Canadian mining industry at its Toronto office for a Mining Meet & Greet on Tuesday March 3, 2015.
During the course of the event, Diamond Bourse of Canada President David Gavin addressed the attendees with the following statement, “Deputy Minister Peter Vician, Assistant Deputy Minister Deborah Archibald, distinguished guests, fellow members of the board, ladies and gentlemen; I would like to take this opportunity to welcome you all to the Diamond Bourse of Canada. The Bourse is a diamond and gemstone trading facility and we are an industry association that provides a variety of unique industry specific services. For example, we have a bonded warehouse facility, a loose diamond trading floor, a Sarine machine, as well as a fully equipped lab with a Diamond Sure machine kindly donated to us by De Beers, safety deposit boxes and clerical services to name a few.”
Mr. Gavin went on to say that the Bourse came about with the help of the Canadian diamond industry stakeholders, including the Ontario provincial government as well as the Government of the Northwest Territories.
“We have been in existence for six years now,” adds Mr. Gavin. “ We have a membership of 80+ members, made up of both local and international diamantaires. We are a relatively young Bourse as is our diamond mining counterparts here in Canada but we seem to be making ourselves heard. We recently accepted our induction into the World Federation of Diamond Bourses which has raised our profile and has increased our relevance on the world stage.”
RAPAPORT Profile: David Gavin
The Diamond Bourse of Canada began operations in 2010, providing a bourse to the world’s third-largest diamond mining country by value. David Gavin was re-elected to a second term as president of the bourse at the end of May this year.
Name: David Gavin
Company: Diamond Bourse of Canada – President
Rapaport News: What characterizes the Canadian diamond jewelry market? Does it mirror the U.S. market?
DG: It is similar to the U.S. market but on a smaller scale. The recently approved Signet acquisition of the Canadian jewelry chains People’s and Mappin’s, which fall under the Zale banner, is a good thing for the Canadian market because such players tend to bring fresh ideas into the marketplace. In general, there’s a lot of cross-pollination between the U.S. and Canadian markets.
This means that there will be some synergies for the Canadian bourse and the U.S. market because we do have some U.S. members that don’t have offices and locations in Canada. The bourse gives them a place to hang their hat when they come and it gives them some sort of reference point in terms of finding customers.
The same is true for our Canadian members. We are a resource and a reference point for them. We can point them in the right direction depending on their needs. We really are a compass for them in terms of being plugged into certain associations or interest groups where we can see what trends are emerging in the market and help guide our members.
Our membership with the WFDB will also provide access to all of the diamond bourses around the world. It will expose us to all of their events and things that are happening around the world that we haven’t had access to before. This means that we will receive a whole new source of information that will be of great use to our members.
Rami Baron President of the DIAMOND DEALERS CLUB OF AUSTRALIA and executive member of the WORLD FEDERATION OF DIAMOND BOURSES interviews David Gavin, President Diamond Bourse of Canada.
DBC Member Genesis Rare Diamonds, in the News!
Genesis Rare Diamonds (Ontario) Ltd., sold a 15.10-carat, D, flawless, Asscher cut diamond to a client in Canada for $3.3 million.
Jeff Kushner, the president of Genesis Rare Diamonds, said, “The buyer of the diamond, an existing client of Genesis, stated to us several years ago that she was seeking an Asscher cut, D color, internally flawless diamond of approximately 10 carats and that she has been searching for such a diamond for almost 20 years, but to her dismay she was unable to source one.”
Kushner explained that they attempted to source the diamond, but it was not until several weeks ago that they were finally contacted by one source with a perfect match. Negotiating the transaction was “a tedious and complicated affair,” Kushner said, however, “both seller and buyer acting reasonably agreed upon a price acceptable to both parties and the transaction was concluded on October 22, 2013.”
The diamond’s Gemological Institute of America (GIA) grading report disclosed “excellent” cut with “excellent” symmetry and no florescence and classified the stone as type IIa, according to Genesis.
“The aesthetic beauty of this extremely rare and valuable diamond is a testament to the individual who painstakingly cut and polished this ‘miracle of nature,’” said Kushner.
The Global Diamond Report 2013, Journey through the Value Chain
You can download the report here: http://www.awdc.be/en/journey-through-value-chain
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