Last updateWed, 14 Mar 2018 3pm

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Rapaport article busts common myths about the diamond industry

Gahcho Kue

RAPAPORT... Myths about the industry, especially among consumers, are some of the hardest to debunk. Here, leading experts correct some common misconceptions.

Myth: Customers are significantly at risk of buying a conflict diamond 

Reality: Perhaps the most pervasive myth of all, the issue of conflict diamonds — or “blood diamonds” — has a firm grip on the public consciousness. 

“Our industry has made great strides since the widespread awareness that came to light during the brutal civil wars in Sierra Leone and Angola in the 1990s,” says Don Palmieri, president of the Gem Certification & Assurance Lab (GCAL). The percentage of the global diamond trade funding or facilitating conflict at that time is up for debate, with estimates ranging from less than 1.5% to as much as 15%. But since the introduction of the Kimberley Process (KP) certification scheme and the World Diamond Council (WDC) System of Warranties, more than 99.8% of the world’s diamonds are certified conflict-free, with the support of 81 countries. 

CNBC survey finds holiday spending on record pace

1513689809 holiday highs spending final

Buoyant American attitudes on the economy look set to show up in plentiful, record-setting holiday spending this season.

The CNBC All-America Survey found that average holiday spending intentions will top $900 for the first time in the 12-year history of the poll, eclipsing last year's estimate of $702 by a wide margin.

The survey of 800 Americans nationwide, with a margin of error of plus or minus 3.5 percentage points, found a surge in the percentage of Americans planning to spend more than $1,000, to 29 percent from 24 percent.

Precious gems bear messages from Earth’s molten heart

New York Times article explores what gemstones tell scientists about the extreme forces at work deep underground 

GEM superJumboAround 1920, Justo Daza, an experienced mine worker, and Fritz Klein, a mining engineer, were scrambling over the steep mountainside terraces of Chivor, a legendary emerald site in northeast Colombia. They were breaking rocks apart with long iron poles and explosives packed into drill holes.

2017 Jewels for Children raffle raises over $9,000 for the Children’s Hospital Foundation of Richmond

(RICHMOND, Vir.) - Richmond’s independent jewelers are pleased to announce that their 2017 Jewels for Children raffle raised $9,450 for the Children’s Hospital Foundation of Richmond at the Children’s Hospital Foundation Ball held November 3 at the Country Club of Virginia. The annual raffle, organized by Cheryl Fornash of Cheryl Fornash Jewelers, has raised over $103,000 in support of Richmond-area non-profit organizations over the last 8 years.


AWDC, Bain & Company present seventh annual Global Diamond Report

Finds rough-diamond players likely to increase marketing spend by about 50%

AWDC(MOSCOW) - According to Bain & Company’s seventh annual Global Diamond Report, developed in partnership with Antwerp World Diamond Centre (AWDC), diamond producers staged a strong comeback in 2016 with demand for rough diamonds spurring a 20 percent increase in revenues as mining companies sold down inventories accumulated in 2015.

NRF reports retail jobs jumped nearly 13,000 in November

Holiday sales expected to grow 3.6 - 4%

NRF(WASHINGTON) - Retail industry employment increased by an unusually high 12,900 jobs in November over October, the National Retail Federation (NRF) reported. The number excludes automobile dealers, gasoline stations and restaurants. Overall, the economy added 228,000 jobs, the Labor Department said.