The Diamond Certification Laboratory of Australia (DCLA)
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Cristy Gems can no longer submit diamonds to the GIA for grading.
The laboratory suspects that the company along with four partner companies repeatedly submitted diamonds which were inscribed with pre-existing fake GIA report numbers.
The GIA said it was intentional conduct, because of the numerous times it has happened.
All laboratories must have DIAMOND on the report or certificate.
DIAMOND is used exclusively for diamonds of natural origin. In layman’s terms, if your diamond certificate or report does not state clearly DIAMOND IE: NATURAL DIAMOND on the certificate then is not compliant or working to Cibjo or IDC rules adopted by the ISO. This means the laboratory has not tested or proven the stone to be of natural origin.
MILAN, ITALY: JULY 27, 2015 – CIBJO has welcomed the publication of ISO International Standard 18323, entitled "Jewellery – Consumer confidence in the diamond industry," which specifies a set of permitted descriptors for the diamond industry that are designed to be understood by consumers. The new ruling by the International Standards Organisation explicitly defines a diamond as having been "created by nature" and further notes that "the denomination ‘diamond’ without further specification always implies ‘natural diamond.’"
The new ISO International Standard mirrors the definitions outlined in CIBJO’s Diamond Blue Book, which are aligned with those of the International Diamond Council (IDC). The Diamond Blue Book, the IDC Rules, and also the PAS 1048 documents, relating to terminology and classification of grading polished diamonds that were developed by CIBJO with the support of the German Standards Institute (DIN), were cited as the primary sources in the ISO International Standard’s bibliography.
See: how to read a DCLA certificate. DCLA diamond grading reports are only issued for natural untreated and unenhanced diamonds. Therefore every diamond report issued by the DCLA has the term NATURAL DIAMOND clearly noted at the top of the certificate.
De Beers’s the world’s largest rough producer felt the pain, when only $300 million of the $450 million estimated sight was taken up by their sightholders. This leaves 30 percent of the rough on offer on the table.
Anglo has previously counted on diamond revenues to offset a collapse in the price of other metals and minerals it mines. Anglo may cut the company’s dividend for the first time since 2009 according to analysts.
This is an indication of turmoil in the $80 billion diamond industry as traders, cutters and polishers suffer from a poor liquidity and weaker demand for jewellery.
Producers in India, where 90 percent of rough diamonds are cut and polished, may halt imports over the supply glut.
Update: Report sightholders may have refused 35%-50% at July sight which may be as low as $200M.
The diamond sector in Surat is experiencing rising losses and payment defaults.
This is causing uncertainty for workers in India’s diamond capital.
It is estimate 70 to 80 percent of workers are affected by retrenchment, pay cuts and reduced working hours.
To address this crisis the diamond producers are considering holding the import of rough diamonds for a month or two, Diamond producers and dealers would hold a vote on the matter in Surat.
Global demand for both rough and polished diamonds has taken a severe down turn, with prices of rough diamonds falling up to nine percent in a year.
Pictures of the Spectacular Fancy Yellow Diamond Polished by Graff Diamonds have been released.
Laurence Graff, the founder of the international luxury diamond and jewellery firm that bears his name, purchased the 299 ct rough diamond from the Letšeng mine in the Southern African kingdom of Lesotho.
Graff’s latest masterpiece named “The Golden Empress,” was polished into the 132.55 Cts stone an extremely rare diamond is a Fancy Intense yellow cushion cut,
The diamond is among the largest and rarest in the world. Only one in 10,000 diamonds discovered are classified as fancy coloured such as this yellow diamond.
Shmuel Schnitzer IDE’s president, said The Israel Diamond Exchange will appoint arbitrators deal with transactions of treated diamonds certified determined by the Gemmological Institute of America (GIA).
He explained that the bourse decided it would enable arbitration hearings to restore business confidence and given the lack of any significant updates in the GIA’s investigation.
The GIA issued a laboratory alert on May 12 recalling diamond grading reports for diamonds suspected of having undergone a ‘temporary’ colour treatment.
The GIA voided reports which GIA said had undergone undisclosed temporary colour treatment, and offered free of charge to regrade the stones in question.
The IDE banned members from trading the stones using the old GIA reports.
De Beers Diamond mining Groups Kimberley Mines are no longer in the company’s strategic plan.
De Beers has been mining at Kimberley South Africa for more than a century, said it hoped to conclude the sale in a matter of months. De Beers produced 722 000 carats of diamonds at Kimberley in 2014.
In 2011 De Beers moved the whole of the company’s sales operation which was London based to Gaborone in Botwana,
Anglo American planned to cut diamond production this year due to lower demand and prices, since late 2014 due to in most part to liquidity problems.
Diamonds certified by the GIA had an undisclosed treatment which fades over time, but improves their colour by as much as three grades.
GIA is asking anyone in trade stocking these potentially treated stones to turn them back into the GIA for re-examination.
The majority of the GIA certified diamonds are one carat or larger, with a number of three to five carat diamonds. A colour grade of three higher in these sizes amounts to a very big difference in price.
GIA has terminated the client agreements with companies suspected of knowing the diamonds were treated and did not disclose it.
GIA discovered the treatment when a client who purchased one of the diamonds resubmitted it to GIA for re-check.
It was then that the GIA connected this stone with hundreds of treated diamonds submitted by the companies.
The GIA has notified industry bodies about the still unidentified temporary treatment.
The updated equipment will have production capacity of up to 700 stones per day.
The new diamond center incorporates miners, diamond dealers, cutters and polishers, jewellers, financial institutions and government regulatory authorities. This centralises the diamond industry and can address accountability, security and transparency in the Zimbabwean diamond industry.
Zimbabwe has realised, the country is not getting value for its rough diamonds, and production of the rough will add value to the diamonds and country.
When the rough diamonds are sold to factories in Zimbabwe, mining companies will benefit from added liquidity, as well as the fully processed diamonds will remain in the country for sale.
Zimbabwe is showing itself to be more forward thinking and proactive.
Lucara’s Karowe diamond mine in Botswana has produced a 341.90 ct type IIa rough diamond gem while processing kimberlite from the central and south lobe interface.
The diamond will be sold along with two other stone weighing over 100 cts each.