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.
Ehud explored possible methods of addressing the issue of fragmentation, drawing in part on lessons from other industries.
First among them was simply consolidation, whether natural or through mergers and acquisitions.
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."
In addition to improving pricing transparency, Ehud believed that the diamond industry should also tackle the other issues that have led to a decrease in trust in the sector as a whole.
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 world's most expensive dessert is a $1.65 million fruitcake, produced by a renowned Tokyo pastry chef. It was sold for Christmas 2015. It apparently took the chef six months to conceptualize the cake's creation, and another month to produce it. We know that the cake is adorned with 223 diamonds of various sizes. However, the rest remains a mystery, as the chef has steadfastly refused to disclose any of the other ingredients in his work.
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Luxury tea pot for tea time.
Officially certified by Guinness World Records, the Egoist, valued at three million dollars, is the most expensive teapot in the world. Designed and commissioned by Nirmal Sethia, the owner of Newby Teas in England, the teapot was made by the Milanese jeweler Scavia. It is entirely paved in 1,658 D and E color grade diamonds and 386 rubies, with a central 6.67 carat Thai ruby. A ruby bead tops the lid. Mr. Sethia describes the overall dazzling effect as shining "like sun of Southeast Asia". The piece has been donated to the Chitra Collection of historic and contemporary teapots, which boasts more than 1,700 artifacts.
Born in 1862, Huddleston was a farmer, born to a farming family in Pike County, Arkansas. By surprise in August 1906, Huddleston discovered two unusual crystals on the property, along a dirt road, turning him to a wealthy man.
Any list of the most respected and valuable jewelry brands will undoubtedly have Cartier at or near the top. For the past 170 years, Cartier has been at the forefront of premium jewelry design and fabrication.
