DiamondBuzz
Wealthy Russians Surge in Investment-Grade Diamond Purchases Amid Market Uncertainty
Demand for polished diamonds up by 60% as individuals diversify portfolios with gemstones following VAT abolition and growing financial volatility.
Wealthy Russians are increasingly turning to investment-grade diamonds, with purchases of polished stones rising by 60% last year, according to VTB, the country’s second-largest bank. This surge in demand is attributed to the government’s decision to abolish VAT on diamond purchases, which has made gemstones a more attractive investment option.
Oksana Semenenko, vice president at VTB and head of its private banking division, explained that the rarity and uniqueness of diamonds make them especially appealing during times of rising financial market instability and tighter investment restrictions. Many affluent clients are now incorporating alternative investments, including diamonds, into their portfolios, typically allocating 5-10% of their assets to these tangible assets for diversification.
This shift comes amid increasing sanctions from the G7 and restrictions on Russian currency, which have impacted Russian diamond exports. In response, Alrosa, the state-run diamond mining giant, is turning to alternative markets to sell its goods. The company’s Diamond Exclusive program focuses on polishing its largest and highest-quality diamonds, particularly stones of 3 carats or more, to be sold directly to investors through partnerships with VTB and other financial institutions.
DiamondBuzz
De Beers Group Science & Technology Showcases SynthDetect 2: The World’s Most Versatile Automated Diamond Screening Instrument
SynthDetect™ 2 Delivers Faster Screening, Greater Automation and Enhanced Reporting For Diamond Trade Participants.
SynthDetect™ 2 builds on the leading-edge technical capabilities of its forerunners, adding greater automation, more effective reporting and faster throughput.
Collaborative approach to development means the instrument integrates effectively with diamond companies’ operations.
De Beers Group’s Science & Technology division today revealed SynthDetect 2, the next generation desktop diamond screening instrument. The first SynthDetect instrument and its successor SynthDetect XL– released in 2017 and 2018 respectively – have been among the most successful instruments in De Beers Group’s suite of diamond verification instruments due to their outstanding technical screening functionality and ability to test multiple stones in set jewellery at once without the need for a probe.
With SynthDetect 2, De Beers Group Science & Technology has worked closely with a range of trade participants to innovate on how best to integrate the technology with customer operations. This process has resulted in the development of an instrument that makes the diamond screening process significantly easier, faster and more cost-effective for diamond manufacturers, laboratories, and retailers’ back-office operations.
SynthDetect 2’s increased screening speed, throughput and productivity mean that the time taken for a full tray scan has been reduced from around 30 minutes to under five minutes. The instrument can screen more types of diamonds and jewellery than previous versions, while increased automation reduces the need for operator input, helping to reduce costs in the screening process.
With the instrument also offering automatically generated reporting and software updates, SynthDetect 2 provides a comprehensive screening tool for trade participants.
Sarandos Gouvelis, Senior Vice President for Science & Technology at De Beers Group, said:
“We have worked closely with industry partners to ensure that SynthDetect 2 is not only tailored to meet diamond companies’ screening requirements, but also to meet their operational needs. Through this process of collaboration we are proud to introduce SynthDetect 2, providing the trade with an instrument that will integrate seamlessly into their operations, marrying outstanding technical performance with enhanced speed, cost and efficiency.”
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De Beers Group Science & Technology Showcases SynthDetect 2: The World’s Most Versatile Automated Diamond Screening Instrument
Adv. S. Abdul Nazar, State General Secretary Of KGSMA, Met With Chief Minister Sri V.D. Satheesan
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National News24 hours agoAdv. S. Abdul Nazar, State General Secretary Of KGSMA, Met With Chief Minister Sri V.D. Satheesan
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