DDG Ass #20 Key Terms and Concepts PDF

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 busines...

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 in which a dealer or manufacturer loans goods to a retailer. Cost-Plus Model—Model in which final sale price is based on the cost to produce the product plus a small markup. Environmental Management System—A set of policies and processes that enable an organization to reduce environmental impacts and increase operating efficiency. Lot Price—A discounted price for buying an entire parcel or a substantial part of it. Memo—A short-term agreement in which a dealer entrusts goods to a client without requiring immediate payment. Networking—Exchanging information and developing contacts among people with a common professional or 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 in which manufacturers charge the highest initial price that customers will pay and lower it over time as new competitors enter the market. Provenance—In the jewelry industry, the origin and history of ownership of a gemstone or piece of jewelry. Sustainability—The ability to continue a specific behavior indefinitely. Terms of Payment—Conditions of a sale agreed upon between buyer and seller stating how and when an invoice is to be paid. Trade Organization—A committee, club, society, or association in which a group of people, or members, are united for a similar purpose. Trade Publication—A magazine, newspaper, journal, or website that shares information on news, trends, and other topics relevant to a specific industry. Trade Show—An event at which businesses promote and sell their products and services. Trend—Something currently in demand or popular among consumers. Key Concepts: Fluctuations in the diamond market often occur as a result of world events. Factors other than the 4Cs can affect the retail price of a polished diamond or diamond jewelry. Dealers usually offer better prices for immediate payment in full. Establishing trust between parties is an important part of buying and selling in the market. Most price lists quote per-carat prices. Price lists estimate wholesale diamond prices in a specific market, so it’s important to understand how those estimates relate to your market. When you calculate the price of stones in a parcel, consider the time and effort involved in evaluating the parcel. Become familiar with price levels in your market so you can assess a potential deal. Lab-grown diamonds are priced at a significant discount to natural diamonds. Market awareness helps you make better decisions, generate new ideas, and solve problems more effectively. Networking can provide opportunities to succeed within your industry. Many trade shows offer educational seminars and panel discussions to help you stay up to date with the industry. Trends present lucrative opportunity if recognized early. Sustainability in the gem and jewelry industry usually involves economic, environmental, and social considerations. Diamond mining creates jobs in remote areas where employment opportunities are limited. The environmental challenges of diamond mining include soil erosion, deforestation, ecosystem and biodiversity disturbance, energy use and emissions, waste and recycling, and water use. Traceability in the diamond industry is the ability to track a diamond’s journey from the mine to the end consumer.