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Recycled Diamonds

Ehud also helped explain some of the drivers behind the recent increase in the number of consumers selling their diamond.

"If you wanted to sell your jewellery prior to the advent of the Internet, you had only a few options…the situation today is very different; the Internet has spawned myriad new options for consumers who are looking to sell diamond jewellery, as well as just about anything else. Online classified sites allow sellers and buyers to connect in local markets, or even across the planet.Auction sites like eBay gives sellers a more effective tool for maximizing price through wider exposure. As a result, a search of ebay.com for "diamond ring" returns almost 1.7 million individual listings."

Ehud saw this trend as a sign that consumers appreciate the value of diamonds.

"The reclaiming process we have witnessed in recent years has another important aspect. It establishes the understanding that diamonds do not have to come straight from the mine to have a value. The consumer market is establishing that diamonds previously owned by consumers are also valuable. It is perfectly okay to buy a reclaimed diamond."

Now that recycled - or reclaimed - diamonds have established their place in the diamond pipeline, Ehud saw it as essential to ensure that this source of supply benefits too from a clear pricing system.

"Although recycling has not reached a level which would fundamentally change the industry, and will probably never do so, it is clear that more and more consumers conceive recycling as a possible exit for a valuable asset, which means that recycled diamonds are here to stay. The market thus needs a crystal clear system that will make it possible for those recycling their diamonds to be able to define and receive the correct price for their diamonds."


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