IMAGES: BEN KELMER; GEMOLOGICAL INSTITUTE OF AMERICA (GIA); DUBAI MULTI COMMODITIES CENTRE (DMCC)
ABN Amro trims industry lending
Dutch bank ABNAmro will close its Hong Kong diamond branch as part of a
decision to discontinue all trade-finance activities outside northwestern Europe.
That leaves the bank with just its Belgium office servicing the diamond and jewelry
industry, as it ceased operations in the US and United Arab Emirates in 2018.
ABNAmro will continue to “de-risk” the Antwerp business and will reduce
individual clients’ credit limits where necessary, a spokesperson explained.
DIAMONDS IN THE SKY
T
he Burj Khalifa, the world’s
tallest building, lit up with a
massive display about the
diamond journey as part of a campaign
to promote Dubai as an attractive
destination for the industry.
The drive also involved the Dubai
Multi Commodities Centre (DMCC)
halving the fees for setting up new
diamond-related businesses in the hub
through September 30. The center is
offering newly registered companies a
free 12-month membership in the Dubai
Diamond Exchange (DDE) as well.
The promotion preceded the peace
deal between the United Arab Emirates
and Israel, which was welcomed by
World Federation of Diamond Bourses
(WFDB) president Yoram Dvash.
AGS TO START GRADING LAB - GROWN AGAIN
The American Gem Society (AGS) will resume grading synthetic diamonds
after an eight-year hiatus, offering digital reports on its Only My Diamond
platform. The reports will feature color and clarity terminology, as well as
the stone
’
s growth details, among other elements.
ZERO CARBON EMISSIONS
Nine major diamond manufacturers
have committed to becoming carbon-
neutral, aiming to align the midstream
with environmental standards upheld
elsewhere in the diamond industry. The
“Sustainably Brilliant” program is an
initiative of Gemdax, which serves as a
broker to participating companies.
JD.COM BR I NGS TECH
COLLABORAT I ON
Technology provider Everledger partnered
with the Gemological Institute of America
(GIA) to verify diamond grading reports on
e-commerce site JD.com, China’s largest
retailer. Everledger’s blockchain platform will
be backing the program, which also offers
origin information.
G I A A L I G N S S Y N T H E T I C S
R E P O R T S W I T H N A T U R A L
T
he Gemological Institute of America (GIA) will start to provide specific
color and clarity grades for lab-grown diamonds, rather than the ranges it
has given until now. The organization is planning to launch a new digital
report that will include the updated specifications in the fourth quarter.
The GIA began grading synthetic diamonds in 2007 and has since aligned the
service more with what it offers for natural stones. It initially provided descriptions
of color and clarity, such as “colorless” and “slightly included,” but it was only last
year that it started giving the traditional
scores associated with those descriptions,
such as “D to F” or “SI1 to SI2.” The
institute has now gone a stage further,
arguing that enhanced transparency
will benefit consumers and industry
members alike.
“Natural and laboratory-grown diamonds
coexist today, accepted by both consumers
and the trade,” said CEO Susan Jacques.
“We believe the growth of laboratory-grown
diamonds will expand the overall diamond
market and bring in new customers.”
SEPTEMBER 2020
9
DIAMONDS.NET
Graders at
a GIA lab.
The DMCC’s
campaign
launch on the
Burj Khalifa.
TRAVEL’S PAIN,
DIAMOND’S GAIN
DE BEERS SURVEY FINDS THAT...
15
%
of consumers believe they will spend money
on travel in the next six months.
1
OUT OF
8
survey participants said they would choose
diamonds to mark a special occasion in the
absence of travel.
44
%
of consumers expect to have more disposable
cash due to the cancellation of travel, dining
and other experiences.
