Dear Bourse Member,
The World Federation of Diamond Bourses president Ernie Blom put out an open letter on diamond grading, on Nov. 21, 2014.
As Canada`s only diamond trading organization and on behalf of the Board and with regard to this issue, the Diamond Bourse of Canada is fully supportive of the WFDB`s stance on the overstating of grading and we are in agreement on the terminology in regards to this matter.
The DBC recognises the need for increased transparency and honesty in the manner in which diamonds are traded and sold to consumers.
We advise all our members to adhere to the DBC code of ethics and to act at all times, in accordance with the highest standard of business ethics, personal integrity, honesty, including business practices that do not mislead or deceive.
As a Bourse member and supplier, it is your responsibility as a seller to ensure that the diamonds you sell are accurately graded to the standard accepted in the global diamond industry, which is the GIA.
As Mr. Blom stated, “ethical grading and certification are the most basic principles of the industry and these cannot be compromised. “
David Gavin, President
DIAMOND BOURSE OF CANADA
(Jeweller Magazine, Stephanie Chan)
The Jewellers Association of Australia (JAA) has taken steps to improve consumer confidence in diamond grading by publishing a list of six “approved” diamond grading laboratories.
Blom: Open Letter Regarding Over-Grading Certification
(Rapaport, By Ernie Blom)
The diamond industry is facing a serious challenge to its integrity, which could lead to major consumer confidence problems, if diamonds are sold with overstated certification. I want to stress that this is an industry problem that must be resolved by the industry in order to retain consumer confidence in our product and sustain and develop the international diamond trade.
Recently, awareness was raised regarding problems existing within a specific laboratory group and the overstating of grading from certain laboratories in this group, which has led to the exclusion of said laboratories certificates by the Rapaport Group.
Overgrading is not just a legal issue, it is an ethical issue facing the diamond and retail industry.
(Rapaport Magazine, Martin Rapaport)
Is it okay to sell a diamond as a G color when the color is really an N? How about if the G is really an L? Shockingly, a lot of the people in the diamond trade think that it’s perfectly okay to use third-party diamond grading reports to overstate the color and clarity of the diamonds they sell.
Rapaport Calls for End to Rampant Over-grading of Diamonds
Cites Threat to Industry and Calls for Full Disclosure to Consumers
PRESS RELEASE, November 10, 2014, New York … Martin Rapaport, the chairman of the Rapaport Group, has released a comprehensive editorial titled “Honest Grading” that discloses the over-grading of over 100,000 diamonds, valued at more than a $1 billion. Rapaport calls upon the legitimate jewelry trade to reject those selling over-graded diamonds that fool consumers into believing they are getting better diamonds than they are receiving.
The instrument, called DiamondCheck, uses stereoscopy and works in combination with recently developed GIA software that interprets the data. So when a stone is put into the machine, it will tell the user if it is “natural and untreated,” “not diamond,” or “further testing [is] needed to determine treatment or synthesis.”
*Click the photo to read the whole story on JCK Online
Upon it’s opening, in January 2010 the Diamond Bourse of Canada was generously presented with the DTC Diamond Sure™ from De Beers Canada. In the photo Bhushan Vora, Founding Chairman Diamond Bourse of Canada and President at Gem Star Inc. receives the DTC Diamond Sure™ from Jim Gowans, currently CEO, Debswana, De Beers .
All Bourse members, are welcome to test stones using the equipment in our gemmological technology facility. Two great and easy to use instruments for testing for Synthetics and Color Treatments are the DTC Diamond Sure™ and the HRD D-Screen.
DTC Diamond Sure™
Well-conceived and highly effective synthetic diamond detection instrument, developed by the Diamond Trading Company (DTC) in London. The Diamond Sure™ does the initial screening, based on research with hundreds of thousands of samples, and can distinguish between natural diamonds and synthetic ones or simulates. The device is easy to use, and gives sharp results:
A diamond will either pass the test or be recommended for further examination.
With the current news about synthetics in the market, members are more frequently testing their diamonds at the Bourse with the DTC DIAMONDSURE™. While testing, we discovered a Type Iab diamond.
We now understand that the DTC DIAMONDSURE™ can indicate the possible type of diamond it is testing.
Another 50 stones were tested and discovered two (2) Type II diamonds that were a D colour.
Not all stones though that are flagged by the DIAMONDSURE are synthetics; rather they display indicators that warrant further examination, such as a possible Type Iab or a possible Type II without further laboratory testing.
Around 98% of colourless and near-colourless diamonds will ‘PASS’ and require no further examination.
All synthetics, simulants and around 2% of natural diamonds (type II and IaB) will be indicated and register as ‘REFER FOR FURTHER TESTS’.
Reserving just 10% of Stornoway’s production volume would create 100 jobs for cutters and polishers alone, said Melisende president Harry Ohanessian. He said Melisende is willing to teach Quebecers how to cut diamonds to create a local cutting base.
“We’re all waiting for this,” Mr. Ohanessian said in an interview Tuesday, adding the key element of any agreement is asking Stornoway to provide bigger and higher-grade diamonds, not just lower-quality smaller stones. He argues the NWT’s processing effort was crippled by the lower-calibre of diamonds being provided to the cutters by the mines, which wasn’t good enough to make up for higher operating costs in Yellowknife.
Negotiations between the Quebec government and Stornoway continue and “all options” are on the table including mandating a dedicated volume for local processors, Quebec Natural Resources Minister Martine Ouellet told reporters at Stornoway’s head office Tuesday. “Our desire is to create jobs in Quebec. So now we’re at the stage of examining which stage of processing has the most opportunity for job creation.”
Diamond Dealers Club (DDC) President Reuven Kaufman announced that for the second edition of Israel Diamond Week (IDW), his Bourse will host more than 100 Israel diamond companies from the Israel Diamond Exchange.
DBC members must register with the Diamond Bourse of Canada to attend please call: 416-663-3262 or by email: email@example.com
For more information about the Diamond Dealers Club: http://www.nyddc.com/
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
Congratulations to Diamond Bourse of Canada founding member Uri Ariel of HRA/Crossworks on entering into a long-term supply and licensing agreement for Crossworks’ patented hearts and arrows ideal-cut square diamond with Chow Tai Fook Jewellery Group Ltd.
Crossworks and Chow Tai Fook Sign Supply Licensing Agreement