De Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
Whose failure is it anyway?
In these modern, social-media crazed times, the word “fail” has taken on a new life.
Fail is also popular on micro-blogging site Twitter. When used with a tweet, #fail generally indicates that the tweeter is not pleased with something, and the large mammal that appears when the site is overloaded is referred to as the “fail whale.”
While I understand this modern spin on failure, I also still have an appreciation for its more traditional, and oftentimes graver, original connotation, and I was saddened to see it attached to the Kimberley Process (KP) plenary currently taking place in Washington, D.C.
In this article, the author notes that the key goal of the United States, currently the country chairing the process, is to broaden the definition of conflict diamonds, a proposal that is reportedly not expected to pass. Such an outcome would be, the author notes, “a failure for the U.S.”
I don’t disagree with that notion; the United States has made it clear that getting something done about the definition of “conflict” diamond--which is 10 years old at this point and outdated--was one of the top priorities in its year as chair. So, yes, if it doesn’t pass, the item certainly won’t go down in history as a huge victory for the United States.
But I don’t think the U.S. as chair will be the only loser if the KP can’t agree on a new definition for conflict.
The entire industry suffers from the long-standing, consensus-only model that prevents the KP from deciding on even the simplest issues without years of arguing. Just one year removed from the long stalemate over Zimbabwe, how do you think the headlines will read when the latest plenary ends if there isn’t any significant progress made on its most pressing issues?
Do you think it will make consumers--who already aren’t exposed to as much generic diamond advertising as in the past--feel more confident about buying diamonds? And, if consumer confidence falls, who fails then? It isn’t just the United States. When the KP flounders, it hurts the industry as a whole.
One more note about failure ... Several paragraphs after the mention of a failure for the United States, the author references the Diamond Source Warranty Protocol, which was
The idea behind the protocol, which is entirely voluntary, is to give retailers a tool to use to prevent their vendors from selling them diamonds from countries deemed to be undesirable.
As has been documented, the protocol ignited controversy when it was introduced. But, just to clarify, it has not failed. I talked to Rob Headley with Jewelers of America on Wednesday and he assured me that the protocol (which is beyond being a “proposal” as it already has been written and launched) is up and running and that some retailers already have adopted it.
“We launched it. Retailers are beginning to use it. It is not a failure,” he said.
The Latest
Sponsored by the Las Vegas Antique Jewelry & Watch Show
The Patek Philippe expert will serve as personal curator for the brand-focused company.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
The 553-square-foot shop is aboard the Carnival Jubilee cruise ship.
NDC filed a complaint against Skydiamond for use of phrases like “diamonds made entirely from the sky.”
John Carter received the AGS’s highest honor Tuesday afternoon at Conclave in Austin, Texas.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
LVMH said the company performed well despite an uncertain geopolitical and economic environment.
B&D Sales and Service held a ribbon-cutting event for its new location in Cranston, Rhode Island.
It’s ultra-feminine and filled with gold, pearls, and soft pastels.
Emily Highet Morgan and Emily Bennett have joined the agency’s team.
Its updated book for mountings is also now available.
She has been with the organization since 2010, most recently serving as its chief officer of PR and industry relations.
Joyce’s Jewelry sued the bank after cybercriminals drained its accounts of nearly $1.6 million through a series of wire transfers.
He is remembered by loved ones for his loyalty, integrity, and kindness.
Hosted by Freeman’s | Hindman, the sale will take place May 7-8.
The auction house said all 24 timepieces offered in its underground sale of rare and avant-garde watches quickly found buyers.
From lab-grown diamonds and AI to the inevitable Taylor Swift mention, here are some of Conclave’s most intriguing educational offerings.
From cybersecurity liability to trade show coverage, insurance experts share tips on how to build the right policy.
The charm is a modern rendition of the evil eye amulet that has been worn for thousands of years.
Ahead of its trade show next month, TJS awarded free registration and accommodations to one jewelry professional and three students.
By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.
Members can still sell lab-grown stones, it said, but only natural gems are allowed on the show floor.
He is remembered for his charisma, passion, integrity, kindness, and wit.
The retailer also appointed two new board members, avoiding a proxy fight from a potential buyer.
The bridal collection consists of 35 engagement rings and seven wedding bands.