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Canadian diamonds
diamant
canada Le Canada, nouvelle puissance dans la production de diamants
L'industrie
canadienne du diamant, née il y a huit ans à peine, est déjà
florissante, avec un chiffre d'affaires en forte progression.
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Why? read Canadian diamonds invest
"Faux
comme un diamant canadien" : le vieux dicton hérité du
temps de Jacques Cartier est bien passé de mode.
Finding the 59-carat stone was a "sparkling highlight" of the
quarter, said CEO Peter Gillin. Valued at over $400,000 US, it will be auctioned
in Antwerp.
Politically Correct Canadian Diamonds
“Authentic Canadian diamonds” vs. “blood diamonds.” Is this
distinction important ?
A growing undercurrent in the jewelry industry is the issue of "blood
diamonds" or "conflict diamonds." In certain war-torn areas of
Africa, armed groups have taken over the mining and distribution of rough
diamonds. They use the proceeds to finance military activities and commit grave
human rights abuses. The World Diamond Council as well as several governments
and the United Nations are working to curb this illegal trafficking, without
jeopardizing the legal diamond industry so important to the continent’s
economy.
Although this is a serious moral issue, the countries where diamond mines are
controlled by rebels — primarily Angola, Sierra Leone, the Democratic Republic
of the Congo, and Liberia — supply only a small percentage of the world’s
diamonds. [Diamond Mines Map.]
The Canadian diamond industry is engaged in an energetic campaign to market
Canadian diamonds as an alternative to conflict diamonds. The promotion takes
advantage of Canada’s reputation as a peaceful, socially progressive country,
stressing that mining is done under ethical, environmentally friendly
conditions.
Certificates
Canadian diamonds are mined in the Northwest Territories. These diamonds
often come with a Certificate of Authenticity in which the government certifies
that the stone was mined, cut and polished in Canada and "qualified for
certification by meeting the high standard of cut and other requirements
established by the Government of the Northwest Territories Monitoring and
Certification Programs."
Such a certificate may bear an official seal and logo, but it carries little
specific information about the diamond. This Certificate of Authenticity
is NOT a diamond certificate of any value to the insurer. It is NOT a
certification of quality issued by a gemological authority, such as the
Gemological Institute of America (GIA), and it is not an appraisal or substitute
for an appraisal.
Brand Names
Some wholesalers have begun marketing Canadian diamonds under a brand name,
such as Canadia. The CEO of one diamond wholesale company remarked,
"Country of origin has always played a part in defining the quality of a
product. Swiss watches, Italian leather, French wines. Why not Canadian
diamonds?"
Interesting marketing strategy, but insurers and consumers should see it as
just that. Regardless of the origin of the stone, the value of the diamond
depends on the 4 Cs — Cut, Color, Clarity and Carat weight. Canadian does not
constitute a "5th C."
Laser Inscriptions
A few wholesalers of Canadian diamonds inscribe the girdle of the stone with
their name and a logo, such as a maple leaf or a polar bear. Laser inscriptions
are not new. Diamonds are sometimes inscribed with the GIA Report number, as a
means of identification. However, evidence that a diamond comes from Canada does
not attest to its quality or value.
Politically conscious consumers are deliberately searching out
"clean" diamonds, but they may also be overpaying. Some wholesalers
are charging retailers 20% more for Canadian diamonds than for diamonds from
elsewhere, and these costs are passed on to the consumer. This is all the more
reason for the insurer to not depend on the sales receipt to support valuation,
but to insist on a detailed appraisal.
Evidence that a diamond is from Canada says nothing about its value . Only a
detailed appraisal (preferably on ACORD 78/79) by a trained gemologist gives the
details necessary for determining value.
Look carefully at all diamond certificates. We recommend relying only on
reports from the Gemological Institute of America or the American Gem
Society.
Canadian diamonds are often overpriced, so do not rely on the sales receipt.
Insist on an appraisal for valuation.
Canadian diamond with sales receipt selling price may be inflated. To price a
replacement, refer to the existing appraisal, and use ACORD 18 to evaluate the
appraisal. Adjusting a Canadian diamond is no different from adjusting any other
kind, though promoters would like consumers to think otherwise.
©2003, JCRS Inland Marine Solutions, Inc. All Rights
Reserved. found at jcrs.com
read also: blood diamonds
Kimberley Process : Speech: Oppenheimer World Diamond Congress Gala
...The WDC has, since its inception in 2000, been the public face of the diamond industry in the exhaustive negotiations with the United Nations, national governments and civil society in the creation of the Kimberley Process. This Process, mandated by the United Nations General Assembly and endorsed by the Security Council, is an international Agreement (between some 70 nations, NGOs representing over 100 advocacy groups and the WDC on behalf of us all) which, through its Certification Scheme, ensures that all rough diamond trading between participant countries is properly recorded, cross-checked and verifiable....
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