Diamond & Diamond Grading Ass #1 Introduction PDF

Diamond & Diamond Grading: Ass # 1 Introduction The Industry: -Discovered in India roughly 3,000 years ago coveted and reserved by royalty in the beginning -Carats peaked at 180 million in 2005, and has fluctuated between 120 to 150 million carats with expactation that it will drop in the coming ye...

Diamond & Diamond Grading: Ass # 1 Introduction The Industry: -Discovered in India roughly 3,000 years ago coveted and reserved by royalty in the beginning -Carats peaked at 180 million in 2005, and has fluctuated between 120 to 150 million carats with expactation that it will drop in the coming years -The term "the Diamond Value Chain" is an industry term for the diamond supply chain -The US is largest consumer of diamonds, China has become the second largest, with India being another emerging market -Curtain industry challenges is the growth/and evolution of the lab grown diamonds -Outside the proper identification of simulants other challenges include the treatments -Diamond retailers also face issues such as branding, new sales channel development, and traceability: the ability to verify the history of a stone through the supply chain. -as the industry continues to change, using knowledge and honesty to develop trust with customers has always been the best way to do business. The Science of Diamond: - diamond formation occurs at around 140 km below the earth’s surface, recent studies based on advanced inclusion analysis have expanded existing theories. However, Research has found that diamonds can form much deeper in the earth than once believed. - natural diamond formation and the associated features allow gemologists to differentiate lab-grown or treated - Fancy Diamonds are still the most desired, carry the highest price and are the hardest to identify & evaluate Diamond Grading: -before the established Letter system was created it was hard for consumers to understand the different values of a diamond, GIA's grading system is now used as the standard within the industry world wide -Most major gemological laboratories adapted their systems from the GIA Diamond Grading System because the GIA system is universally accepted. -Antwerp is one of the worlds largest diamond trading centers -Standardized diamond grades allow for accurate discussion of specific diamonds without having the stones in hand. Key Terms: Appraisal—An estimation of an article’s value, usually for insurance purposes. Diamond Value Chain—A sequence of sectors and processes involved in the production and distribution of diamonds. Traceability—The ability to verify the history of a stone through the supply chain. Key Concepts: Today’s diamond retailers must consider different geographic markets and generations of consumers. Accurately determining whether a diamond is natural or lab-grown is challenging due to improvements in diamond growth technology and treatments. Identification, branding, sales channel development, and traceability are some of the major challenges diamond retailers face. Investing in gemology and industry education keeps you up to date, no matter the changes in the industry. Industry knowledge includes both knowledge of diamonds and awareness of the market. The science of diamonds can help you better explain their rarity and value. Understanding natural diamond formation aids in the identification of lab-grown and treated diamonds. Widely accepted diamond grades make it possible for people to discuss diamonds accurately with or without the stones in hand. Large, high-quality diamonds are graded much more thoroughly than small, low-quality diamonds. Diamond grading reports present the quality of a diamond and allow buyers to make sure the stone matches the report.