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53M Americans to Buy Diamonds Between Thanksgiving and Valentine’s Day

The Diamond Producers Association released a new survey.

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NEW YORK — More than 53 million Americans — 21 percent — plan to purchase a diamond between Thanksgiving and Valentine’s Day, a new survey released by the Diamond Producers Association and KRC Research found.

Of Americans who plan to buy a diamond, more than 20 million plan to buy a diamond engagement ring.

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The survey found that there is confusion among diamond purchasers about the differences between natural diamonds and laboratory-created diamonds, including differences in value, rarity, physical growth structure and origin.

“Diamonds shine especially bright this year,” said gemologist and diamond expert Grant Mobley. “Consumers, especially Millennials, are seeking ways to share authentic, emotional and lasting symbols of love with the special people in their lives.”

According to a DPA press release, 44 percent of diamond purchasers “were unaware of the significant differences in value, rarity, physical growth structure and origin between natural diamonds and laboratory-created stones.”

However, according to DPA, 71 percent became more likely to buy a natural diamond over a laboratory-created diamond as they learned the differences.

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According to DPA, these are the key differences:

  • Natural diamonds are more valuable than laboratory-created diamonds.
  • Each natural diamond is rare because it is unique and authentic; laboratory-created diamonds are not rare because they can be made in unlimited quantities.
  • Natural diamonds can take millions or even billions of years to be created in the earth; laboratory-created diamonds are typically made in two weeks.
    Natural diamonds and laboratory-created diamonds have easily detectable differences in their physical growth structures.

The survey found that three-quarters (78 percent) of Americans are more likely to consider purchasing a natural diamond once they learn of the positive social, economic and wildlife conservation impacts of the diamond industry.

According to DPA, key facts that influence purchasing decisions include:

  • The diamond industry supports 10 million jobs around the world and contributes $8.4 billion a year to African economies.
  • Investments by the diamond industry protect vulnerable wildlife around the world, including thousands of caribou, grizzly bears and elephants.
  • 99.8 percent of diamonds on the market are certified conflict-free through the Kimberley Process.

Conducted Nov. 5-7 by KRC Research, the survey assessed a nationally representative population of over 1,000 U.S adults aged 18 and over.

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Jewelry Insurance Startup Firm Raises $2M

The founder is a third-generation jeweler.

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BriteCo, a jewelry-insurance startup company, announced a $2 million seed round.

The round’s investors include Brian Spaly, the founder of Trunk Club; and Jeff Taylor, the former chairman and CEO at Cole Taylor Bank.

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The firm provides verified appraisals and immediate replacement coverage by HDI global, an A-rated insurance carrier, according to a press release.

“As a third-generation jeweler, my family and I have a long history delighting customers and helping them celebrate moments of joy in their lives,” said Dustin Lemick, BriteCo founder and CEO.

“But the jewelry buyer is changing rapidly. Millennials now represent the largest jewelry buying demographic, and their expectations are different from those of prior generations. BriteCo helps jewelers by providing them with the optimal blend of online convenience and personal attention.”

Lemick and his family have owned and operated retail jewelry locations in the Chicagoland area for over 60 years.

BriteCo explains that its coverage has no deductible, automatically updates protection each year using advanced price analytics and predictive models, and offers a streamlined claims experience. It also “offers an easy to use, cloud-based Appraisal Management System (AMS) that is faster and more accurate than the jewelry industry’s traditional manual processes,” according to the release.

“What Dustin and his team have accomplished in such a short period of time is amazing,” said Jeff Taylor, one of the company’s investors. “Getting BriteCo licensed in virtually every state before officially launching is a testament to their hard work and the professionalism with which they’re approaching this big challenge.

“I’m excited to be a part of their push to modernize the jewelry insurance and appraisal process and to help millions of people across the US protect their most valuable possessions.”

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Fugitive Jeweler Arrested in $2B Fraud Case

India is seeking to extradite him.

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Nirav Modi, the billionaire jeweler who’s suspected in a $2 billion fraud case in India, has been arrested in London, The Telegraph reports.

He was arrested on behalf of Indian authorities, and he appeared Westminster Magistrates’ Court to fight extradition to India, according to the newspaper.

In court, he “spoke only to confirm his details and to refuse to submit to extradition” related to embezzlement allegations, The Telegraph reports.

He’s due in court again on March 29.

Modi had been staying in a high-dollar apartment in London’s West End, according to the newspaper.

Last year, The New York Times described Modi as being “on the run” and noted that figuring out his location had become something of a “national pastime” in India.

He remained at-large despite Interpol’s issuance of a reed notice for his arrest in July, according to The Telegraph.

Modi is at the center of a fraud case involving Punjab National Bank, where employees are “suspected to have steered fraudulent loans” to Modi’s businesses, Reuters has reported.

Modi has apparently been involved in a new new diamond business in the UK, according to The Telegraph.

Read more at The Telegraph

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Headlines

This 13-Carat Pink Diamond Just Sold for $8.7M+

The sale represents a dollar-per-carat price of $656,933.

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Gem Diamonds Ltd. announced that a 13.33 carat pink diamond recovered at the Letšeng mine in February has been sold for $8.75 million.

The sale represents a dollar-per-carat price of $656,933.

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That’s a record for a Letšeng diamond, according to a press release from Gem. The company owns both the Letšeng diamond mine in Lesotho and the Ghaghoo mine in Botswana.

The diamond sold on tender in Antwerp. Gem did not reveal the identity of the buyer.

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Yahoo Finance reports that Gem mined about 127,000 carats of diamonds last year.

That amounts to under 1 percent of the worldwide total, making the company a relatively small player compared to industry titans such as Alrosa and De Beers.

 

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