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."
Grading labs are often at the forefront of research and development into new tools and detection equipment, while other technology companies are developing tools for the labs' benefit. Rough manufacturers also often use these tools to internally grade stones. This helps them to determine any defects in the stones, and to pinpoint stones that may need to be recut ahead of being sent to the lab.
Diamonds are the epitome of luxury. Although diamonds are traditionally used in jewelry, many designers have created other beautiful and one-of-a-kind items with this precious stone. These unique pieces allow their owners to find new ways of displaying their wealth and creativity. Some of these items have been criticized as an unnecessary extravagance. In this series we showed interesting albeit unconventional items that have been made extraordinarily valuable through the presence of diamond. Here is the last part (read here part 1 , part 2 , Part 3, Part 4 and Part 5) of a list showing some of the most interesting ways that designers are incorporating diamonds into their product lines, transforming ordinary objects into luxury items.
Diamonds are the epitome of luxury. Although diamonds are traditionally used in jewelry, many designers have created other beautiful and one-of-a-kind items with this precious stone. These unique pieces allow their owners to find new ways of displaying their wealth and creativity. Some of these items have been criticized as an unnecessary extravagance. In this series we will show more interesting albeit unconventional items that have been made extraordinarily valuable through the presence of diamond. Here is the fifth part (read here part 1 , part 2 , Part 3, and Part 4) of a list showing some of the most interesting ways that designers are incorporating diamonds into their product lines, transforming ordinary objects into luxury items.
Diamonds are the epitome of luxury. Although diamonds are traditionally used in jewelry, many designers have created other beautiful and one-of-a-kind items with this precious stone. These unique pieces allow their owners to find new ways of displaying their wealth and creativity. Some of these items have been criticized as an unnecessary extravagance. In this series we will show more interesting albeit unconventional items that have been made extraordinarily valuable through the presence of diamonds.
Technology is changing the way companies search the Earth for diamonds. Many of these new technologies are still in development, and their application in diamond exploration has not been fully implemented. Not so when it comes to new technologies in diamond mining and extraction. Some exciting new machines have come along in the past few years that are helping miners to improve efficiencies in diamond liberation and in worker safety, and to get more value out of each tonne of rock they process. Let's have a look at some of these new developments.
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