Ass #20 Key Terms and Concepts

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What is the primary purpose of beneficiation in resource management?

To maximize profits for foreign investors

To ensure environmental protection

To commit resources for economic development of the country (correct)

To facilitate international trade agreements

What does a cost-plus model determine in pricing?

The price based on production costs plus a markup (correct)

The price based on customer willingness to pay

The price based on competition analysis

The price based on market trends

Which term refers to the history and origin of a gemstone?

Provenance (correct)

Memo

Lot Price

Networking

What is a significant benefit of having an Environmental Management System in place?

It helps reduce environmental impacts and improve efficiency Signup and view all the answers

What is the primary characteristic of a consignment agreement?

The dealer or manufacturer loans goods to a retailer without payment Signup and view all the answers

How do fluctuations in the diamond market primarily occur?

Due to world events Signup and view all the answers

What is a key aspect of establishing trust between parties in buying and selling?

Providing transparent pricing information Signup and view all the answers

Which pricing model involves charging the highest initial price for a product?

Price-Skimming Model Signup and view all the answers

What do price lists often quote in the diamond market?

Per-carat prices Signup and view all the answers

In terms of trade, what does a trade publication primarily focus on?

News, trends, and industry-related information Signup and view all the answers

What factor significantly influences the pricing of diamonds in a market?

The time and effort involved in evaluating a parcel Signup and view all the answers

What is a primary pricing difference between lab-grown diamonds and natural diamonds?

Lab-grown diamonds are priced at a significant discount to natural diamonds Signup and view all the answers

Which of the following is NOT a benefit of market awareness in the diamond industry?

Increased environmental sustainability Signup and view all the answers

How do trade shows contribute to knowledge in the diamond industry?

They host educational seminars and panel discussions Signup and view all the answers

What sustainability issues are typically associated with diamond mining?

Soil erosion and deforestation along with social implications Signup and view all the answers

What is traceability in the diamond industry primarily concerned with?

Tracking a diamond's journey from mine to consumer Signup and view all the answers

What significant opportunity does recognizing trends in the diamond market provide?

Lucrative business ventures when trends are identified early Signup and view all the answers

What role does networking play in the diamond industry?

It creates opportunities for success within the industry Signup and view all the answers

What is one of the environmental challenges associated with diamond mining?

Soil erosion and habitat disruption,energy use and emissions, waste and recycling, and water use. Signup and view all the answers

Which statement about price levels in the diamond market is accurate?

Understanding price levels is crucial for assessing potential deals Signup and view all the answers

Diamond mining creates ........

jobs in remote areas where employment opportunities are limited Signup and view all the answers

Price lists estimate wholesale diamond prices in a specific market, so it’s important ..........

to understand how those estimates relate to your market Signup and view all the answers

A shared, unalterable ledger used to record transactions and track assets through a supply chain or business network is ...?

Blockchain Signup and view all the answers

A discounted price for buying an entire parcel or a substantial part of it is ?

Lot Price Signup and view all the answers

Something currently in demand or popular among consumers is ?

Trend Signup and view all the answers

An event at which businesses promote and sell their products and services is ?

Trade Show Signup and view all the answers

A short-term agreement in which a dealer entrusts goods to a client without requiring immediate payment is ?

Memo Signup and view all the answers

Exchanging information and developing contacts among people with a common professional or special interest is ?

Networking Signup and view all the answers

A committee, club, society, or association in which a group of people, or members, are united for a similar purpose is ?

Trade Organization Signup and view all the answers

Factors other than the 4Cs can.....

affect the retail price of a polished diamond or diamond jewelry. Signup and view all the answers

Dealers usually offer better prices for.....

for immediate payment in full Signup and view all the answers

The price of a gem divided by its carat weight is ?

Per-Carat Price Signup and view all the answers

A premium price paid for selecting stones from a parcel is ?

Pick Price Signup and view all the answers

The ability to continue a specific behavior indefinitely is ?

Sustainability Signup and view all the answers

Conditions of a sale agreed upon between buyer and seller stating how and when an invoice is to be paid is ?

Terms of Payment Signup and view all the answers

Study Notes

DDG Ass #20 Key Terms and Concepts

Beneficiation: A commitment to reserve a portion of the resources derived from a country for the economic development of that country.
Blockchain: A shared, unalterable ledger used to record transactions and track assets through a supply chain or business network.
Consignment: A long-term agreement where a dealer/manufacturer loans goods to a retailer.
Cost-Plus Model: Model where the final sale price is based on the cost to produce the product plus a small markup.
Environmental Management System: Policies/processes enabling organizations to reduce environmental impacts and increase operating efficiency.
Lot Price: A discounted price for buying an entire parcel or substantial part of it.
Memo: A short-term agreement where a dealer entrusts goods to a client without immediate payment.
Networking: Exchanging information and developing contacts among people with a common professional/special interest.
Per-Carat Price: The price of a gem divided by its carat weight.
Pick Price: A premium price paid for selecting stones from a parcel.
Price-Skimming Model: Model where manufacturers charge the highest initial price for a product, then lower it as new competitors enter the market.
Provenance: The origin and history of ownership of a gemstone/piece of jewelry.
Sustainability: The ability to continue a specific behavior indefinitely.
Terms of Payment: Conditions of a sale specifying how and when an invoice is to be paid.
Trade Organization: A committee, club, society, or association bringing people together for a common purpose.
Trade Publication: A magazine, newspaper, journal, or website sharing information on news, trends, and topics relevant to a specific industry.
Trade Show: An event where businesses promote and sell their products/services.
Trend: Something currently in demand or popular among consumers.

Key Concepts

Fluctuations: The diamond market is affected by world events.
Factors Affecting Price: Factors besides the 4Cs (cut, clarity, carat, color) impact retail prices.
Immediate Payment: Dealers often offer better prices for immediate payment.
Trust: Establishing trust is essential in buying and selling.
Price Lists: Price lists often quote per-carat prices and estimate wholesale prices.
Parcel Evaluation: Understanding the time/effort to evaluate a stone parcel is key when calculating price.
Market Research: Understanding market price levels is important to assess potential deals.
Lab-Grown Diamonds: Lab-grown diamonds typically are significantly cheaper than natural diamonds.
Market Awareness: Increased market awareness helps in making better decisions, generating ideas, and solving problems.
Networking: Networking facilitates career success.
Trade Show Learning: Trade shows offer educational resources for staying informed about industry trends.
Recognizing Trends: Recognizing trends provides lucrative opportunities.

Sustainability

Economic, Environmental, Social Considerations: Sustainability in the gem/jewelry industry considers economic, environmental, and social factors.
Diamond Mining Jobs: Diamond mining provides employment in remote areas.
Environmental Challenges: Environmental challenges of diamond mining include soil erosion, deforestation, ecosystem and biodiversity disturbance, and water use.
Traceability: Traceability in the diamond industry is the ability to track a diamond's journey from the mine to the consumer.

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Description

Test your knowledge with key terms and concepts related to economic development, blockchain technology, and environmental management. This quiz covers essential definitions and models used in business and environmental practices. Perfect for students and professionals looking to reinforce their understanding.