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Blood Diamond
Maintaining diamond Dream Crucial

In his keynote speech, De Beers Managing director Gareth Pennysaid that maintaining the diamond dream is crucial for the future of the diamond industry and fundamental to its growth. He said, "The emotional and financial value of diamonds goes far beyond their physical properties. Their value is inextricably linked to the way they were created naturally billions of years ago". He added that image and reputation matter and that telling the diamond story to ensure consumers can buy diamonds with confidence and highlighting the good that diamonds do and celebrating successes around the world is essential.Wholesale gemstone pendents by weight

Illustrating this, he said it was important to get out the message that diamonds directly and indirectly employ over 10 million people worldwide and generate over $ 8 billion a year in revenue for Africa. He also pointed out that the charity Jewellers for Children recently raised $5 million towards helping sick and disadvantaged children. Wholesale Labradorite Jewellery

He pointed out that over 99 per cent of diamonds are conflict free but also noted that the movie Blood Diamond was a current focus of concern. He exhorted the industry to be committed to a zero tolerance policy on the issue of conflict diamonds. Other concerns that Penny said continued to need attention were illicit alluvial diamond digging and the appalling working conditions of the diggers, the issue of synthetics, business ethics and the environmental impact of diamond mining. He noted that many industries faced similar challenges and that consumers are more aware of social, environmental and ethical issues - that were accentuated by a knowledge gap, media and NGO attention and celebrities taking up causes.

In the IDMAs view, intra-industry confidence too was a priority. It stated that "a very frank and informal discussion was conducted with Varda Shine, the Diamond trading Company's (DTC) managing director. The IDMA's leadership suggested that the DTC remind its clients that meeting their financial obligations to the trade is an integral part of best practice principles. It was also decided that IDMA's secretary general will contact all other producers to convey the same message".

In keeping with the focus on confidence, during a session on laboratories the GIA gave the first ever preview of the organizations grading report for synthetic diamonds, which can be differentiated easily from reports issued for natural diamonds. Pointed discussions followed with the GIA, IGI, HRD, GCAL and EGL about synthetics grading and nomenclature.

Also on the agenda was the issue of establishing a process whereby a minimum standard would be set for diamond grading laboratories to be recognized as such by the trade. Wholesale moonstone Jewellery A committee was formed under the auspices of the International Diamond Council (IDC), which is charged with initiating a discussing with all the grading labs to define and harmonize such standards. IDMA reminded each lab of their commitment to maintaining consumer confidence.

During a presentation by Michael Rae, CEO of the Council for Responsible jewellery Practices (CRJP), IDMA was invited to adopt a consultative role in helping the organization develop their policies and procedures, with a view of eventually joining as a full member. IDMA voted to participate in this capacity.
Industry analyst Chaim Even Zohr led a discussion onanti-money laundering procedures, during which ways to improve the practical implementation of AML practices throughout the industry were reviewed.

IDMA's Ben Kinzler and Martin Rapaport gave a report on the Diamond Development Initiative (DDI), which aims to improve the lives of artisanal diggers. IDMA reiterated its commitment to the efforts of DDI and pledged its continued support and active participation in this ambitious, essential and humanitarian initiative.






 

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