Jeweller - February Issue 2018

NEWS
De Beers to begin using blockchain
De Beers Group has announced it will invest
in a diamond blockchain initiative allowing
the industry to trace a stone through the
supply chain.
De Beers CEO Bruce Cleaver stated that the
diamond traceability platform –supported
by blockchain technology – would provide a
single, tamper-proof and permanent digital
record for stones registered on the network.
“New technology is emerging that can
enable the diamond industry to respond in
ways that were previously unimaginable,”
Cleaver wrote in a recent blog post on the
company’s website.
According to the company, a working
prototype is being piloted with a small
number of participants following the
Blom writes to diamond traders
President of the World Federation of
Diamond Bourses (WFDB), Ernie Blom
has personally signed and sent a letter
to local and international tradeshow
organisers, advising them to use diamond
nomenclatures correctly.
Blom said in his January 2018 letter that
“internationally recognised and accepted
nomenclature” states that naturally mined
diamonds showcased in tradeshows and
exhibitions should simply be classified as
diamonds –not ‘natural diamonds’.
Michael Hill farewells USA
Michael Hill International (MHI) announced
on January 24 it would close its US stores,
after struggling with a reported $12 million
loss over the last year.
“Driving foot traffic has been challenging
and the dynamics of the US economy
is tougher,” MHI chief executive officer Phil
Taylor said in a statment.
“The demographic in the US, where the
wealth is held and what portion of the
population have disposable income is quite
different to Canada, Australia and New
Zealand,” he added.
The company will also expand its Emma &
Roe range, repositioning it to target a new
success of an initial trial. The technology
will be accessible to all stakeholders in the
sector once established.
A De Beers statement added that a “full
launch” was anticipated later this year.
Blockchain is a permanent digital record of
transactions, which cannot be altered – thus
rendering it “tamper free”.
The technology was established in 2009 as a
way of preventing fraud in bitcoin trade and
is now being adopted for other uses where
authentication is paramount. For diamonds,
that means maintaining a record of activities
that have taken place as well as the order
they occurred in, who they occurred
between and what they involved.
“The ISO ruling defines a diamond as
something that was ‘created by nature’.
[Therefore], the word ‘diamond’ must not
be preceded with the word ‘natural’, ”
he clarified.
He added that synthetic diamonds should
be named as synthetic, laboratory-grown
or laboratory-created diamonds.
It is understood the issue was raised
in direct response to providing greater
transparency for buyers and exhibitors
within the industry.
growing category of ‘demi-fine jewellery’
as consumer desire for “stylish, affordable
jewellery” continues.
As of February 2018, MHI had 172
stores in Australia, 53 in New Zealand and
83 in Canada.
IN BRIEF
*
APPRENTICE SCHEME OPEN
Applications are now open for
Nationwide Jeweller’s apprentice support
scheme, the buying group’s financial
assistance program. Retail members are
required to nominate their jewellery and
watchmaker apprentices, who will then
receive either a $500 Australian Jewellers
Supplies tools voucher or $400 in cash
towards fees and expenses. The scheme
is open to any apprentice employed by a
Nationwide member.
*
DE BEERS REPORTS INCREASED
EARNINGS FOR 2017 QUARTER
De Beers have released a positive
production report for the final quarter
of 2017. According to a statement, the
company increased its rough diamond
supply by five per cent to 8.1 million
carats. However, overall the year’s average
price of US$162 (AU$200) per carat was
13 per cent lower than 2016.
*
FIFTH LARGEST DIAMOND
FOUND IN LESOTHO, AFRICA
The world’s fifth largest rough diamond
was recently discovered by supplier Gem
Diamonds. According to the company,
the D-colour, type IIa, 910-carat diamond
was the largest find from its Letseng mine
in Lesotho, Africa.
*
NEW DIAMOND CURRENCY
This year’s International Diamond
Week in Israel (IDWI) was used as
a platform to launch two digital
currencies. The cryptocurrencies have
been developed by startup business
Carats.IO. One coin, called CUT (Carat
Utility Token), is for B2B transactions only.
The second currency, called Carat, will
be aimed at the wider market.
*
THOMAS SABO RENEWS CHARMS
Thomas Sabo will overhaul its Charm
Club collection in order to meet new
market demands and ‘better represent’
its next generation. The collection will
be introduced to local retailers at the
biannual Duraflex Group Australia (DGA)
roadshow events.
12 Jeweller February 2018