The Right Loose Diamonds For Christmas 2013 | Get Financial Freedom Tips | Transform Your Financial Future


Thursday, November 1, 2012

The Right Loose Diamonds For Christmas 2013

One of the reasons why people are afraid to invest in loose diamonds and buy the gems as gifts is lack of experience and skills required to be able to choose the best products at a fair price. Recently, it has become easier to buy loose diamond pieces of high quality.

The Right Loose Diamonds For Christmas 2013

Conflict diamonds

Buying diamonds of high quality is important not for the consumer only. Ensuring that loose diamonds you invest in are of high quality means contributing to the battle against conflict diamonds, also known as “blood diamonds”, gems that are mined illegally and sold to encourage wars in Africa.

Several years ago, a number of humanitarian organisations such as World Vision tried to raise awareness about the problem and stop wholesalers and retailers from selling conflict diamonds. Despite the corresponding legislation and promises of diamond traders, it was not enough to prevent diamonds from being sold to buy weapons and bring chaos into the countries where thousands of people are killed every day.

Industry changes

A range of leading jewellery associations and companies such as Jewelers of America, the Diamond Manufacturers and Importers Association of America and the Jewelers Vigilance Committee have developed the Diamond Source Warranty Protocol aimed at helping businesses exclude diamonds from questionable suppliers. The Diamond Source Warranty Protocol was established to exclude conflict diamonds from the global diamond market.

Matthew A. Runci, President and CEO of Jewelers of America, commented, “There is increased pressure in certain markets, including the United States – from the public, human rights groups and government – to bring greater transparency and accountability to the supply chains of jewellery and other products. The new Diamond Source Warranty Protocol is designed to be an effective tool to help businesses manage these issues and challenges in the context of their relationships with business partners and stakeholders”.

Ensure you buy the right diamonds

Buying diamonds may be especially challenging if you are not an expert in the field. Associations like World Vision suggest doing thorough research on the “5 Cs” when buying the gems: colour, carat, cut, clarity and conflict. Jewellers should have certificates that the diamonds they sell are not funding conflict as about 58% of diamond retailers in the U.K. and U.S. had no policy on conflict diamonds a few years ago.

To ensure buying the right diamonds, it’s also advisable to look out for companies selling the gems with Gemological Institute of America certificates.

Exquisite Christmas gifts 

With this information in mind, buying loose diamonds as Christmas gifts doesn’t sound like an over-the-top idea. In fact, giving somebody loose diamonds is perfect when you’re not sure what type of jewellery the receiver would prefer as loose gems can be easily converted into the pieces one likes.

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