Financial institutions are another key stakeholder in the diamond supply chain, which Ehud believed expected greater transparency from the diamond sector.
"Bank financing is the lifeblood of the industry. Without it, there would be no money for exploration or new store openings," Ehud stated in 2015. He also stressed the need to boost confidence in the diamond industry. This lack of confidence is evident in, for example, the decline in available bank financing over the past several years.
Beyond diamond players, Ehud explored other supply-side topics that have sparked debates over the years where he believed that similar to demand-side issues, greater transparency is central to address them. Lab-grown diamonds provide a good example.
While their emergence was accompanied by rising concerns across the industry, Ehud believed lab-grown diamonds can play a complementary role to that of natural diamonds, provided consumers gain a better understanding of the inherent value of natural diamonds.
As another possible way to solve the problem of fragmentation in the diamond sector beyond consolidation, Ehud encouraged the industry to explore strategic alliances.
Delving further into the issue of fragmentation in the midstream (manufacturing) of the diamond sector covered in last week's post, Ehud said in August 2015, "The more we examine the facts, the clearer it becomes that the main problem faced by the diamond industry is that the midstream – the manufacturing sector of the diamond pipeline that mainly polishes diamonds – does not get its fair share of the pie."
Improving the pricing transparency of polished diamonds is the first part of the two main components of the Crystal Clear philosophy. The other part, driven by the first, is the ability to then determine the prices of rough diamonds.
The rationale that Ehud used here was that, ultimately, it is consumers who determine the price of a rough diamond based on how much they are willing to pay for its polished output.
The introduction of a transaction-based polished diamond price list is possible. The Mercury Diamond™ Price List which Ehud founded, provides wholesale polished diamond prices based on transaction prices in the wholesale market.
A key component of Mercury Crystal Clear™, the diamond pricing system which Ehud founded, is expanding consumer knowledge of diamond characteristics beyond the 4Cs (Carat, Color, Clarity and Cut) known to the ordinary buyer.
"The importance of a transparent and easily understood pricing system for diamonds cannot be stressed enough. For many years, the general press and many consumers have been stating that the misunderstood differences in diamond prices are a turn-off."
The game of chess is believed to have been invented in India around the 6th century AD. Since that time, the game has undoubtedly undergone some changes to become the modern version played by millions around the world. Not surprisingly, big-budget chess players have their pick of a variety of beautifully-designed boards and pieces. The record for the most expensive chess set in the world is held by the Jewel Royale set, where each piece is hand-crafted from gold, platinum, and of course, diamonds. It also features rubies, sapphires, and black pearls. Each piece, except for the horses (knights), features a gem-studded spiral in the middle. This ultra-luxury chess set costs $9.8 million.
Some jewelers, such as Charles Tiffany, are famous for their ongoing legacy. Others, such as Harry Winston, are known for their combination of knowledge, design, and business skills. Peter Carl Fabergé is different. Although a great jewelry designer and jewelry maker, he is mainly known for a single line of only a few items – the Fabergé eggs.
Read how much it will cost to get a diamond pacifier for your new born.
When going in the water you better thing twice about your diamonds, want to know why?