DiamondBuzz
De Beers Sightholders report shortages of large diamonds
Rough diamonds above 5 carats were in tight supply at this week’s sight, customers reported, with explanations ranging from production cuts to ’ strategy of withholding supply. The February trading session saw stable prices in the vast majority of categories, as the miner maintained its policy of not flooding the market, insiders said this week.
The lack of large stones has puzzled some, since De Beers is reportedly sitting on $2 billion of inventories, its largest since the 2008 financial crisis. Many market insiders viewed it as a positive that these sizes were hard to find, reflecting that the categories had sold better in the past few sights. The resultant polished — mostly 2 carats and larger — has performed better in the recent downturn than 0.30- to 2 carat goods.
Some point to a tactical effort by De Beers to limit supply — either to protect the market or to reward sightholders that purchase less sought-after items.
SOURCE: RAPAPORT
DiamondBuzz
WDC Transitions To An Expanded System Of Warranties
Broadening Its Scope Beyond Conflict Diamonds To Encompass Human Rights, Labor Standards, Anti-Corruption, and Anti-Money Laundering
The World Diamond Council (WDC) has fully transitioned to an expanded System of Warranties, broadening its scope beyond conflict diamonds to encompass human rights, labor standards, anti-corruption, and anti-money laundering controls across the global diamond supply chain.
First introduced in 2002 to complement the Kimberley Process for rough diamonds, the voluntary self-regulatory system applies to transactions involving polished diamonds and finished jewelry.
Following a five-year transition period that concluded on Sept. 21, companies trading in diamonds are now required to register on a dedicated WDC digital platform and complete an annual online self-assessment to maintain compliance.
Upon completing the evaluation, businesses receive a unique identification number to include alongside updated warranty declarations on commercial invoices and memos. The WDC initiated the revision in 2017 to modernize industry self-regulation and ensure broader ethical sourcing standards across intermediate and retail markets.
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