GIA to offer Sealed Packing for Diamonds

A Diamond Sealing Service is now available for D-to-Z diamonds that carry a GIA Diamond Grading Report or a GIA Diamond Dossier®, and colored diamonds holding a GIA Colored Diamond Grading Report.

The new service seals the diamond with its key grading information in a credit card sized, tamper-resistant package that keeps the stone, its report number and primary gemological details (report date, shape and the Four Cs) in a secure, easy-to-display packet.

“GIA has been vigorously offering a wider array of services to accommodate the needs of its many different customers throughout the industry and the general public,” said GIA President and CEO Donna Baker in announcing the Sealing Service at the IIJS Show in Mumbai earlier this month. “In particular, we are interested in offering services that promote worldwide industry standards and reinforce consumer confidence.”

The sealed package contains multiple security features, including the GIA hologram, which is proof that the diamond has been graded by GIA and that the information in it matches the stone. These features will help prevent attempts to misrepresent the item and its report.

The Sealing Service can be ordered at the time of grading for a fee of US$9 per stone. Diamonds can also be resubmitted for the Sealing Service for the same charge, with an additional grading fee applied. The service can be requested at all GIA Laboratory or take-in locations worldwide, as well as online through GIA’s client portal, “My Laboratory.”

News courtesy GIA website.

Our thoughts on the new service.

This is definitely another boost for educated buying and selling in India. Checking the laser inscription on the girdle wasn't a possible thing to do for every customer. Many customers looking for seal-packed stones weren't looking at GIA stones at all. It will also be easier to re-sell GIA sealed stones. Great news for sure. Sphere: Related Content

Looking back at IIJS 2009

The IIJS has been steadily growing in prominence over the years becoming India’s largest, Asia’s 2nd largest and World’s 5th largest show. So how did the 2009 event fare and what could be its implications on the diamond industry.

One of the big winners at the show was the jewellery products, which was expected considering that the marriage and festival seasons, are just around the corner. Keeping this in mind, both, international and national vendors displayed a lot of very innovative designs. There were a wide range of latest international designs on display and these stalls saw a lot of interest and action.

The other section which attracted buyers in huge numbers was the machinery section, where customers flocked to see the latest technological advancements related to the gem and jewellery industry. This was a clear reflection of the fact that Indian manufacturers and retailers want to attain world-class standards and are willing to make the necessary up gradations in equipments required to do so.

As for loose diamonds, the major demand was for the goods which have become extremely scarce and expensive locally, namely the H/I/J colours in VVS and VS clarities. There was also a significant demand for 5 to 10 carat stones which showed that India has a healthy demand and is increasingly developing a penchant for large stones.

However, as has always been the case the Indian buyers were extremely price conscious and looking for prices that weren’t available locally. As a result, transactions were few in number. The problem was compounded by the fact that most Indian buyers were looking for rupee prices. The perennial issue of unnecessary import taxes also played a role in reducing the volume of actual business.

While there were enough deterrents to business and a few international vendors complained that you can do business in India only if you are willing to compromise your profit margins, there was no shortage of participants who were impressed by the humongous potential of the Indian market.

There was a common consensus that India probably happens to be only market where local consumer demand is still strong and largely unaffected by the global recession. Profits might be thin and conditions difficult but if you want to increase your market share, you cannot ignore India and you have to be active in this market.

The event further raised the stock of the IIJS show and of the Indian diamond market.

India has long established itself as the largest exporter of cut and polished stones.

But now it is coming into its own as a massive demand creator thanks to a population of 1.3 billion and a surging middle class with substantial disposable income and growing appreciation and love for diamonds.

IIJS 2009 validated this and things will only get better from here on. Sphere: Related Content

Blue Diamonds continue to bolster diamond auctions worldwide

After the record-breaking sale of a 7.03-carat flawless vivid-blue diamond for 9.49 million US Dollars (the highest price per carat for any gemstone sold at an auction) by Sotheby's last month, rivals Christies also joined the action with a 6.29-carat fancy-intense-blue stone going for 3.6 million US Dollars at their spring jewellery sale in New York.

The pear-shaped stone was bought by an anonymous buyer 565,000 US Dollars per carat.

Other stones grabbing the headlines were a 46.72-carat modified-rectangular-cut fancy yellow diamond with SI1 clarity, purchased by the U.S. trade for 602,500 US Dollars; a 10.01-carat pear-shaped internally flawless F-colour diamond, which went to a private U.S. buyer for 458,500 US Dollars; and a diamond necklace by billionaire diamantaire Laurence Graff, which was purchased by a private buyer from the Middle East for 410,500 US Dollars.

And the auction wasn’t just limited to a few big deals. The "New York Jewels" auction turned in a solid performance selling 91 percent by lot and 86 percent by volume. Coming on the heels of good sales in Hong Kong and London, the show in New York reaffirmed that the jewellery market is regaining its strength, which in turn clearly reflects steady progress for the economy in getting back to good health.

This was corroborated by Rahul Kadakia, Christie’s head of jewellery, who described the room as "buzzing" with excitement. And he had reason to be pleased. After all, Christies ended their Spring Jewellery season with dominant market share of 65 percent in New York and 60 percent worldwide. Sphere: Related Content