Events & AwardsApr 25, 2024
Alexis Padis Takes Over as AGS Board President Padis succeeds Lisa Bridge, marking the first time the organization has had two women board presidents in a row.
EditorsMay 15, 2015
Giving dealers a bad name
How is this for a memory that absolutely smacks of the 1980s: I am on the school bus on a warm day. All the windows are open (no A/C, of course) and there is an older boy from my neighborhood at the back with a boombox (cassette, of course) blasting the first single from Bon Jovi’s 1986 album Slippery When Wet.
Why am I bringing this up today, other than to give members of my generation a fine dose of 80s nostalgia? I do it because the idea of the song—a man who feels that his lover’s treatment of him has poisoned the well for all relationships—relates to the news that emerged from the GIA lab in Ramat, Gan Israel this week.
Four companies submitted hundreds of stones that the GIA said it “reasonably believes” have been subjected to a temporary treatment that improves their color by as much as three grades. And we aren’t talking melee here either. A scan of the stones’ report information posted online by the GIA shows that the vast majority of the diamonds were 1-carat or bigger, with quite a few stones that were 3, 4 and even 5 carats in the mix.
In other words: The people who submitted these stones with this still-unidentified temporary treatment stood to make some big money if it worked.
But it didn’t. And now the industry is faced with a situation not unlike the one that arose in the spring of 2012 when hundreds of undisclosed synthetic diamonds surfaced at the IGI laboratory in Antwerp.
There was a big uproar when the story first broke. Many in the industry swore up and down that they were going to bring the evil-doers to justice.
The case, as I reported in this blog and a subsequent follow-up post, even went so far as to land in the hands of Agim De Bruycker, head of the “Diamond Squad,” a federal agency in Belgium built specifically to police the diamond industry.
For whatever reasons, however, no charges were ever brought in the case, and it just kind of faded away.
Agim, as you might have read, is facing his own legal challenges these days—he was arrested on money laundering charges in March.
And, what about the company that was linked to the undisclosed synthetics and being investigated, Gemesis/Su-Raj Diamonds? It would seem that the company is doing somewhat better than Agim as it got itself a new CEO and a new name—Gemesis rebranded as Pure Grown Diamonds—and enjoys regularly distributing press releases about their latest, record-breaking lab-grown diamond.
So, what will happen this time around?
Editors' Picks
Sponsored by
It’s very early to say, as the GIA is still in the process of recalling and reexamining the stones it believes were treated.
The four companies fingered as submitting the diamonds are, as the saying goes, innocent until proven guilty, though early evidence suggests they knew exactly what they were doing. The GIA has already cut them off because it “reasonably suspects” the companies knew they were submitting treated diamonds and just didn’t disclose it.
If they are proven to have done wrong, the action taken against these companies and against whatever other companies and/or individuals were involved (most everybody seems to think these small and relatively unknown players were a front for a larger organization) needs to send a message.
It’s only fair to all the honest, hard-working diamond dealers out there, who get a bad name from the dishonest actions of a few.
The four companies fingered as submitting the diamonds are, as the saying goes, innocent until proven guilty, though early evidence suggests they knew exactly what they were doing. The GIA has already cut them off because it “reasonably suspects” the companies knew they were submitting treated diamonds and just didn’t disclose it.
If they are proven to have done wrong, the action taken against these companies and against whatever other companies and/or individuals were involved (most everybody seems to think these small and relatively unknown players were a front for a larger organization) needs to send a message.
It’s only fair to all the honest, hard-working diamond dealers out there, who get a bad name from the dishonest actions of a few.
More on Editors
The Latest
WatchesApr 25, 2024
Audemars Piguet and John Mayer Partner on Limited Edition WatchThe Royal Oak Perpetual Calendar "John Mayer" was celebrated at a star-studded party in LA last week.
SourcingApr 25, 2024
De Beers Lowers Production Guidance for 2024The announcement came as the company reported a 23 percent drop in production in Q1.
Brought to you by
The Blueprint for Success in Scalable, Personalized Jewelry RetailWith Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
MajorsApr 25, 2024
Detroit Lions’ QB Jared Goff Keeps Going to JaredThe three-time Pro Bowler continues to partner with the retailer, donating to a Detroit nonprofit and giving watches to fans.
Weekly QuizApr 26, 2024
This Week’s QuizTest your jewelry news knowledge by answering these seven questions.
CrimeApr 24, 2024
Jewelry Crime Declines Significantly, But Dollar Losses Remain High A double-digit drop in the number of in-store crimes was offset by a jump in off-premises attacks, JSA’s 2023 crime report shows.
CollectionsApr 24, 2024
Pippa Small Announces ‘Venus’ CollectionInspired by the Roman goddess of love, the designer looked to the sea for her new collection.
Brought to you by
How Jewelers of America Represents Your BusinessFor over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
FinancialsApr 24, 2024
Kering’s Jewelry Brands a Bright Spot in Tough Q1The luxury titan posted declining sales, weighed down by Gucci’s poor performance.
Events & AwardsApr 24, 2024
JCK Industry Fund Announces 2024 Grant RecipientsThe selected nine organizations have outlined their plans for the funds.
SourcingApr 24, 2024
Rio Tinto’s Q1 Production Drops Amid Pause to Honor Lost Colleagues The mining company’s Diavik Diamond Mine lost four employees in a plane crash in January.
WatchesApr 24, 2024
These Are Rolex’s New Watches for 2024 The crown introduced a dozen timepieces in Geneva, including a heavy metal version of its deep-sea divers’ watch.
ColumnistsApr 23, 2024
The Smart Lab: Advanced Email Marketing Strategies for Mother’s DayEmmanuel Raheb recommends digging into demographic data, customizing your store’s communications, and retargeting ahead of May 12.
IndependentsApr 23, 2024
Hannoush Jewelers Opens New Store in New York Located in the town of Queensbury, it features a dedicated bridal section and a Gabriel & Co. store-in-store.
SourcingApr 23, 2024
Lucapa Sells 3 Diamonds for $10.5M in First Lulo Tender of 2024A 203-carat diamond from the alluvial mine in Angola achieved the highest price.
GradingApr 23, 2024
GIA Has a New Book About William RuserRuser was known for his figural jewelry with freshwater pearls and for his celebrity clientele.
CollectionsApr 22, 2024
Jacquie Aiche’s New Campaign Stars Adam Levine, Behati PrinslooThe “Rebel Heart” campaign embodies rebellion, romance, and sensuality, the brand said.
SourcingApr 22, 2024
Virtual Diamond Boutique Rebrands as ‘VDB’The overhaul includes a new logo and enhanced digital marketplace.
MajorsApr 22, 2024
Signet Raises Nearly $9M for St. Jude Children’s Research HospitalThe money will go toward supporting ongoing research and aftercare programs for childhood cancer survivors.
CollectionsApr 19, 2024
Piece of the Week: Retrouvaí’s Treasure NecklaceA new addition to the “Heirloom” collection, this one-of-a-kind piece features 32 custom-cut gemstones.
CrimeApr 19, 2024
Grand Jury to Hear Case Against Jeweler Charged in Fatal Shove Following IJO ShowLast month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
MajorsApr 19, 2024
Unique Designs Acquires China PearlThe move will allow the manufacturing company to offer a more “diverse and comprehensive” range of products.
GradingApr 19, 2024
AGS Ideal Report Now Available in Printed FormFrom now through mid-May, GIA will be offering the reports at a 50 percent discount.
SourcingApr 18, 2024
Diamond Trade Remains Cautious Amid Economic UncertaintyDe Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
Supplier BulletinApr 18, 2024
Discover History’s Hidden Gems at the Las Vegas Antique Jewelry & Watch ShowSponsored by the Las Vegas Antique Jewelry & Watch Show
WatchesApr 18, 2024
Watch E-tailer Collectability Hires Kelly YochThe Patek Philippe expert will serve as personal curator for the brand-focused company.
WatchesApr 18, 2024
TAG Heuer Opens Its Largest Standalone Boutique at SeaThe 553-square-foot shop is aboard the Carnival Jubilee cruise ship.
