Jeweller - September 2023

VOICE OF THE AUSTRALIAN JEWELLERY INDUSTRY SEPTEMBER 2023 

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Contents 

This Month 

Industry Facets 

15 Editorial 

18 Upfront 

20 News 

38 Sydney Fair Review 

42 

45 

76 

78 

10 YEARS AGO 

Time Machine: September 2013 

LEARN ABOUT GEMS 

Influential Gemmologists: III 

MY BENCH 

Se-Hoon Wood 

SOAPBOX 

Feriel Zerouki 

47 FANCY COLOUR DIAMONDS 

War of words 

4Fancy colour diamonds are one of the most 

passionately discussed topics in the jewellery 

industry. Learn about the history of the category, 

and ongoing changes to the language used to 

describe these remarkable diamonds. 

57 DIAMOND INDUSTRY REPORT 

Leadership in crisis 

4The diamond industry finds itself in a 

period of great change. ROBERT BOUQUET 

questions whether this is a fleeting phase or 

a moment of significant transformation. 

Features 

38 

47 

57 

63 

Better Your Business 

70 

FAIR REVIEW 

Spectacular Sydney: a look in pictures 

FANCY COLOUR DIAMONDS 

What makes a diamond 'fancy'? 

DIAMOND INDUSTRY REPORT 

The international diamond industry is facing a crisis 

WHITE METAL JEWELLERY 

So many choices, so little time. 

BUSINESS STRATEGY 

Communication is vital for sales. RYAN ESTIS discusses the power of storytelling. 

72 

73 

74 

75 

SELLING 

DAVID BROWN believes that everything starts from a solid core. 

MANAGEMENT 

You should be listening more than you speak. DOUG FLEENER explains why. 

MARKETING & PR 

DENYSE DRUMMOND-DUNN explains the importance of word-of-mouth marketing. 

LOGGED ON 

JEANNIE WALTERS outlines the importance of technology in preserving relationships. 

63 WHITE METAL 

Platinum paradox 

4White metal jewellery is a vital category 

for the majority of retailers. How do jewellers 

know what's right for their customers? 

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Editor’s Desk 

What's in a name? That which we call a rose, 

by any other word, would smell as sweet. 

Language is changing faster than ever before. ANGELA HAN explores the 

importance of keeping current on the latest nomenclature changes. 

Language is integral to everything 

that we do, and so it’s vital that we 

adhere to the most appropriate 

terminology in all circumstances. 

For retailers, I’m sure there’s no need 

for me to emphasise the importance of 

language. Every word spoken to your 

customers paints an image of the necessity 

of your business and your products – and 

moves you closer to a sale! 

For suppliers, a well-written email or 

persuasive conversation can be the 

difference between securing a major 

order or a new client. 

Indeed, language is the lifeblood of Jeweller 

– the precise and measured way we 

communicate with our readers sets us apart 

from the rest of a very competitive industry. 

Would you like to know how important 

language is to our readers and advertisers 

and to us as journalists? Well, only recently, 

we were contacted by a major company 

asking to change the wording of a story. 

They didn’t like that we referred to their 

product as ‘lab-created diamonds’ (our 

house style), saying they were marketed as 

‘lab-grown diamonds’. 

Of course, both descriptors are acceptable 

and interchangeable within the trade, but 

not as far as this company’s marketing 

was concerned. 

We also explained that if we use ‘labgrown’, 

the companies that use ‘labcreated’ 

would want that changed. The 

debate would never end! 

Of course, we refused to bend, and in 

fairness, after explaining that it is our 

house style, they were gracious and 

accepted our reasoning. 

We live in a time of constant change, and 

keeping up with our evolving language and 

definitions can be exhausting. 

Much of this issue is dedicated to the 

importance of vocabulary – raising 

questions about changes in the industry and 

consulting with experts for their views. 

Do you know why they’re called ‘fancy’ 

colour diamonds? Few do! It is somewhat 

dated nomenclature – indeed, its origins 

trace back to the 17th century. 

The industry seems divided on the use of 

the ‘fancy’ term today, and many marketers 

refrain from using it when dealing directly 

with customers. 

The importance of ‘keeping it simple’ 

and easy to understand is a lesson in 

communication as old as time. 

After all, consumers are attracted to 

the innate beauty of the fancy colour 

diamonds, not the rigorous understanding 

of these natural wonders, which has been 

spearheaded by the Gemological Institute of 

America (GIA) since the 1930s. 

There are two sides to every story; however, 

and the language around these diamonds 

has been developed for a good reason. It’s 

a complex category, and many fine points 

must be understood. 

Whether talking about diamonds, opals, 

or even marine wildlife, nomenclature 

is essential because it allows people 

worldwide to communicate unambiguously. 

Ultimately, the choice is yours – fancy colour 

diamonds or coloured diamonds. 

Regardless of which term you choose, 

perhaps the most important thing is 

that you’re aware of all the mitigating 

circumstances. 

'Colour' or 'coloured'? 

Fancy colour diamonds are one of many 

areas of debate regarding language in 

the jewellery industry. 

For example, consider the subtle but 

distinct differences between ‘colour 

gemstones’ and ‘coloured gemstones.’ 

Both are used interchangeably by different 

sources within the jewellery industry, but 

they are far from alike! 

When a gemstone is marketed as being 

‘coloured’, there are connotations of 

treatment - given the suffix ‘-ed’. 

Consider these similar words with the 

same suffix: melted, twisted, mended, 

repaired, and painted. They all detail an 

action that influenced or altered an object. 

This is particularly important when it comes 

to jewellery – as there is a significant 

difference between a gemstone or diamond 

that has colour and a diamond that has 

been coloured (treated). 

That difference can be worth millions of 

dollars, as we’ve seen with the controversy 

surrounding fancy colour green diamonds. 

Certificates or reports? 

There’s a similar conversation to be had 

about the documentation that accompanies 

diamonds. 

The use of ‘certificates’ or ‘certs’ is 

widespread; however, it's somewhat 

inaccurate. 

Consider 

the subtle 

but distinct 

differences 

between ‘colour 

gemstones’ 

and ‘coloured 

gemstones.’ 

Both are used 

interchangeably 

by different 

sources within 

the jewellery 

industry, but 

they are far 

from alike! 

Diamond grading laboratories issue ‘reports’ 

and not certificates. It may seem like a minor 

point – but there’s an important distinction. 

A certificate is defined as an “official 

document attesting to a fact.” A marriage 

certificate is evidence that a couple is 

married. A death certificate is evidence that 

someone has died. 

On the other hand, a report is a “spoken or 

written account of something that one has 

observed, heard, done, or investigated.” 

Laboratories provide a report of the analysis 

of a diamond or gemstone at a specific time. 

This is a crucial point to understand because, 

much like language, gemmology is also 

constantly changing. 

Because definitions are subject to change in 

gemmology, as in any other realm of science, 

laboratories provide a report rather than a 

certificate. And I don’t have to remind you 

that diamond grading is part science and part 

‘art’ – it is subjective. Two people can grade 

the same stone differently. 

So, when a laboratory declares that a fancy 

colour diamond is fancy intense, for example, 

that is issued as a report and not a certificate. 

Therefore, if, for example, the definition of 

fancy intense was later changed, a previously 

issued ‘certificate’ would be rendered 

inaccurate, whereas a ‘report’ would remain 

valid - it’s merely an observation of that 

diamond at that time compared with the 

relevant criteria. 

Speak softly and carry a big stick 

These intricacies may seem trivial to you; 

however, I assure you they're important. 

Researchers have suggested that the English 

language is changing faster than ever 

because of the impact of social media. 

Communication is at the heart of all human 

interactions; language is how we build 

relationships and communities. 

Relationship building is vital to success for 

all members of the jewellery – large or small 

– and if you fall behind when it comes to 

language, you risk losing the ability to forge 

partnerships with your contemporaries. 

Oh, and please don’t get me started on 

lab-created diamonds! Or should I say, labgrown, 

or synthetic diamond or even manmade 

diamonds? 

That’s an argument for another time! 

Angela Han 

Publisher 


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Upfront 

Upfront 

Rewind: Best Bench Tip 

JULY 2015 

Image credit: Micheal Hill 

Stranger Things 

Weird, wacky and wonderful 

jewellery news from around the world 

“Putting in the 

long hours at the 

start of your career 

will pay off.” 

GEOFF BROWN 

GEOGEM 

HISTORIC GEMSTONE 

Cambridge Lover’s Knot 

4The Cambridge Lover's Knot 

tiara was commissioned from 

court jeweller Garrard by Queen 

Mary in 1913. The piece consists of 

gemstones owned by Queen Mary, 

originating from a tiara she was 

given as a wedding gift and later 

dismantled. The tiara includes 19 inverted arches bridged by a diamond 

lover's knot. A diamond finial also caps pearl drop hangs. 

Queen Elizabeth inherited the tiara after Queen Mary's death and wore 

it early in her reign. In 1981, she loaned it to Princess Diana of Wales 

following her marriage to Prince Charles. Princess Diana wore the 

tiara frequently, although she described it as heavy. After her death, it 

returned to storage and only recently has been seen again, now worn by 

Duchess Catherine of Cambridge. 

Fighting crime with AI 

4The National Retail Association (NRA) is asking Australian 

state and federal governments to change privacy regulations due 

to a suggestion that they are blocking the potential for artificial 

intelligence (AI) to tackle retail crime. NRA CEO Greg Griffith said 

while AI is already improving online channels, there is potential 

for it to enhance safety for retail employees. “Astonishingly, it’s 

estimated that organised crime groups account for around 65 

per cent of all retail crime, and it’s perpetrated by just a handful 

of individuals,” Griffith said. He added that AI platforms can 

differentiate between genuine customers and thieves in a way 

that monitoring security cameras cannot. 

Timeless Trends 

4There's good news for those who 

cannot decide between yellow gold and 

white gold: mixing metal jewellery is in 

style. Mixing metals has been described 

as a delicate art form that can make 

a statement if done correctly. A touch 

of gold imparts elegance to any look, 

while silver maintains a distinct allure. 

The easiest way to combine the two is 

through layering. 

Campaign Watch 

4Movado Group, a US accessories 

manufacturer and distributor, has 

unveiled the Fall 2023 campaign for 

Calvin Klein watches and jewellery 

featuring model Lila Moss. Moss wears 

a gold-plated watch featuring a case with 

a minimalistic sunray dial on a mesh 

bracelet in the campaign. She also sports 

a gold necklace, bracelet and ring. 

Image credit: Calvin Klein 

Freeze! You’re under arrest 

4Authorities in Brazil have raided 

the addresses of two assistants to 

former president Jair Bolsonaro 

concerning allegations they sold 

high-value jewellery gifts from foreign 

governments. An investigation began 

in March into claims Bolsonaro failed 

to declare diamond jewellery valued 

at $US3.2 million that was seized 

at Sao Paulo International Airport in 

2021. The items, including a Chopard 

diamond necklace, earrings and watch, 

were gifts from the Saudi government. 

Bolsonaro denies any wrongdoing. 

World record broken 

4Guinness World Records has 

officially recognised the new Surat 

Diamond Bourse (SDB) as the 

largest office building in the world. 

"The sprawling complex boasts an 

incredible 7.1 million square feet 

of floor space, spanning 35 acres 

of land, surpassing the USA's 

Pentagon as the world's largest 

office building," Guinness World 

Records said in a statement. SDB, 

built at a cost of $US388 million, 

is a challenger to Mumbai's Bharat 

Diamond Bourse, considered the 

world's largest bourse. 

Major diamond discovery 

4Lucara Diamond Corporation 

has unearthed a 692-carat diamond 

from its Karowe mine in Botswana. 

The new discovery is the fourth 

diamond of more than 300 carats 

Lucara has discovered this year. The 

miner has invested $US683 million 

in the Botswana project, which it 

believes will extend the mine’s life 

until 2040, 15 years beyond the 

original closure date. 

VOICE OF THE AUSTRALIAN JEWELLERY INDUSTRY 

Published by Befindan Media Pty Ltd 

Locked Bag 26, South Melbourne, VIC 3205 AUSTRALIA | ABN 66 638 077 648 | Phone: +61 3 9696 7200 | Subscriptions & Enquiries: info@jewellermagazine.com 

Publisher Angela Han angela.han@jewellermagazine.com • Journalist Samuel Ord samuel.ord@jewellermagazine.com • Advertising Toli Podolak toli.podolak@jewellermagazine.com 

• Production Learoy Bangis art@befindanmedia.com • Production Riza Ortiz riza@jewellermagazine.com • Accounts Paul Blewitt finance@befindanmedia.com 

Copyright All material appearing in Jeweller is subject to copyright. Reproduction in whole or in part is strictly forbidden without prior written consent of the publisher. Befindan Media Pty Ltd 

strives to report accurately and fairly and it is our policy to correct significant errors of fact and misleading statements in the next available issue. All statements made, although based on information 

believed to be reliable and accurate at the time, cannot be guaranteed and no fault or liability can be accepted for error or omission. Any comment relating to subjective opinions should be addressed to 

the editor. Advertising The publisher reserves the right to omit or alter any advertisement to comply with Australian law and the advertiser agrees to indemnify the publisher for all damages or liabilities 

arising from the published material.

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News 

Pandora unveils eagerly anticipated global lab-created jewellery campaign 

Pandora has confirmed the arrival of its labcreated 

diamond jewellery in Australia with the 

launch of three new collections. 

In August of last year, Pandora launched its first 

exclusive lab-created diamond collection in the US 

– Diamonds by Pandora. 

The company released a lab-created diamond 

collection in the UK for the first time in 2021. 

Now, Australians will have access to Pandora 

Nova, featuring round brilliant or princess cut 

diamonds with a proprietary four-prong setting. 

Pandora Era is a collection with an emphasis on 

‘timeless and classic styles’, while Pandora Infinite 

is jewellery featuring the infinity symbol. 

“As the third market to launch Pandora 

lab-grown diamonds, our aim is to make 

exceptional diamond jewellery affordable and 

accessible to all Australians and in doing so, 

fuel the category and Pandora’s growth in the 

market,” general manager of Pacific Greater 

Asia David Allen said. 

“Our launch plan will introduce three 

collections in close to 50 stores across the 

country including online, with expansion to the 

majority of the network in late October in time 

for Christmas.” 

Each collection features excellent cut VS+ clarity 

lab-created diamonds available between 0.1 

to one-carat stones set in 14-carat white gold, 

14-carat yellow gold, and sterling silver. 

The new collections will be introduced to 

consumers through a campaign that features a 

cast of ‘cultural icons’ to be revealed on 29 August. 

“Consumers in the US and the UK have welcomed 

our lab-grown diamonds and we will continue to 

make them accessible to more people around 

the world by expanding our collections and 

distribution,” CEO Alexander Lacik said. 

“We have big ambitions for this category, 

aligned to our mission of providing high-quality, 

affordable jewellery at a very high level of 

craftsmanship." 

The new collection will be available in selected 

stores and online in Australia from 31 August. 

Prices start at AUD $500. 

Pandora has also published its second-quarter 

financial report, detailing a five per cent increase in 

sales between April and June. 

Global sales reached Kr.5,894 ($AU1.34 billion) 

guided by improved performance in the US and 

China. 

For the first half, Pandora has achieved sales 

of Kr.11,745 ($AU2.67 billion), a three per cent 

increase on a year-on-year comparison. 

“We are pleased with delivering yet another solid 

quarter against a backdrop of macroeconomic 

uncertainty. We have consistently demonstrated 

that the foundations built under the Phoenix 

strategy are yielding positive results,” CEO Andrew 

Lacik said. 

Pandora has raised its expected organic sales 

outlook to an increase of between two and five per 

cent, which was previously forecast at between two 

and three per cent. 

Sales declined by five per cent in Australia 

specifically, which the report attributing this 

decline to weak consumer demand. Pandora’s 

owned-and-operated concept stores outperformed 

the wholesale channel. 

Jewellery and gemstones stolen from British Museum 

The British Museum has confirmed that an 

employee has been dismissed after gold 

jewellery and gemstones were discovered 

missing, stolen, or damaged. 

Located in London, the British Museum is more 

than 260 years old and attracts visitors from 

around the world. Officials confirmed that the 

items in question were small and kept in storage. 

None of the jewellery had recently been on 

display and was kept for academic purposes. 

“This is a highly unusual incident. I know I 

speak for all colleagues when I say that we take 

the safeguarding of all the items in our care 

extremely seriously,” director Hartwig Fischer 

told the Sydney Morning Herald. 

“We have already tightened our security 

arrangements and we are working alongside 

outside experts to complete a definitive account 

of what is missing, damaged and stolen. This 

will allow us to throw our efforts into the 

recovery of objects.” 

London’s Metropolitan Police is investigating 

the incident and the museum will pursue a 

review of security. 

20 | September 2023

News 

Jewellery Industry Network: Directors resigned, court case details remain unknown 

Laura Moore, managing director of Jewellery 

Industry Network (JIN) has distributed a statement 

correcting misleading claims and information about 

an upcoming trade show. 

According to Moore’s email, a promotional 

brochure was produced by JIN in May 2022 

promoting the Jewellery Industry Fair (JIF) 

scheduled for August 2023. 

When Low was contacted to confirm his 

resignation from the company, he was most 

surprised and asserted that he was unaware of, 

and had not read, the story about Federal Court 

legal proceedings and Moore’s email. 

He confirmed that he had resigned as director of 

JIN, and stated that he “didn’t want to be dragged 

into anyone else’s mess.” 

The brochure contained numerous claims about 

the event that appeared to be either misleading or 

deceptive - which JIN has now corrected. 

According to the JIN website, Moore is the 

managing director of the company - the 

organiser of JIF - along with directors Andy 

Phanthapangna, and founders Brett Low, and 

Ewen Ryley. 

Low and Ryley own Jewellers Co., a Facebook 

page formerly known as Young Jewellers Group. 

Moore’s email attempts to clarify statements made 

in the May promotional brochure and ‘track record’. 

The email reads as an acknowledgement that 

the brochure incorrectly gave the impression 

that Moore/JIN had previously organised a 

jewellery fair in Sydney. 

The email reads: “JIN would like to clarify the 

following in connection with the brochure.” 

“JIN has never conducted a jewellery trade show 

or fair in Sydney. The Sydney Fair will be JIN’s first 

jewellery trade show or fair to be held in Sydney. 

"The track record referred to in the brochure was a 

reference to the Melbourne Fair record.” 

Out-of-court settlement 

Jeweller has contacted Moore multiple times to 

confirm whether or not her email was in response 

to a legal dispute and/or legal proceedings. 

When contacted on 7 August, Moore indicated that 

she would provide background information to her 

industry email; however, she has since declined 

multiple invitations to offer comment. 

It appears that Moore’s email clarifying misleading 

statements was in response to legal action by 

Expertise Events. 

When contacted about the matter, a legal 

spokesperson for Expertise Events said, “Our client 

was the applicant in proceedings which were set 

down for hearing on 19 July 2023. 

“Federal Court proceedings are a matter of public 

record [and which] on that date the court made 

orders dismissing the proceedings by consent.” 

When proceedings are dismissed by consent 

it generally means it was ‘settled out-ofcourt’. 

It involves a legally binding agreement 

Jeweller has discovered that two of the four JIN directors - 

Brett Low and Ewen Ryley - have resigned from the company. 

between parties involved in a legal dispute and is 

approved by the court. 

The spokesperson added, “Our client makes no 

comment in relation to your statement that you 

have been supplied with an email distributed by 

Laura Moore.” 

The Federal Court of Australia records a case 

number (NSD840/2022) listed in September 

2022 showing the Jewellery Industry Network 

as a respondent in a ‘misleading or deceptive 

conduct’ proceedings. 

The Commonwealth Courts Portal records the 

Federal Court hearing as "Finalised - Dismissed 

By Consent" on 19 July. Moore's industry email is 

dated 7 days later - 26 July. 

Resignation surprise 

Jeweller later discovered that two of the four 

supposed JIN directors - Brett Low and Ewen 

Ryley - have resigned from the company. 

Low is a director of Deer Honey Jewellery in 

Queensland while Ryley is the creative director of 

Ryley Jewellery Creations also in Queensland. 

Both had been directors of JIN since the 

company was formed in September 2020. 

They are also directors of Young Jewellers Group, 

a private company that runs the Facebook page 

now known as Jewellers Co. 

When Jeweller contacted Ryley concerning the 

article, he seemed to be aware of the report and 

confirmed that he'd resigned as a director of JIN. 

Low asked for the article to be emailed to him and 

agreed that if there were any further questions they 

should be included in the email. 

Questions left unanswered 

The following day Low wanted to clarify his 

earlier comments about the ‘mess’, saying he 

was not referring to JIN or JIF. 

“I don’t work for JIN in any way. Nor did I 

have anything to do with the court case or the 

advertising you’re referring to.” 

In a subsequent email, Low said that he left 

on great term: “I fully support JIN and JIF in 

their Endeavor’s [sic] even though I chose to 

move away from that business and focus on my 

jewellery business”. 

Ryley said he left for “personal reasons”. Australian 

Securities and Investments Commission (ASIC) 

records show that Low and Ryley resigned on 

exactly the same day - 1 May 2023, more than three 

months ago. 

They were both asked if they could explain why they 

still appear on the JIN website as directors as of 

11 August - approximately 14 weeks later. At the 

time of publication, Ryley did not offer comment; 

however, Low offered an explanation. 

“Removing myself from the website wasn’t a priory 

[sic] for me. I hadn’t looked into it at all. It has now 

been done,” Low said. 

It is worth noting that Low and Ryley were directors 

at the time the ‘offending’ marketing brochure was 

produced and distributed in May 2022. 

The only thing I want to say is that everything is all 

good. We still have a great relationship with them 

[Jewellery Industry Network].” 

With that said, Jeweller sought clarification as to 

whether they both approved the brochure which 

resulted in legal proceedings in the Federal Court. 

“I don’t work for JIN in any way. Nor did I have 

anything to do with the court case or the advertising 

you’re referring to,” Low said. 

Ryley did not comment. As mentioned, Jeweller 

attempted to clarify details related to that court 

case; however, Moore was not forthcoming 

with this information. 

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The US Securities and Exchange Commission 

(SEC) has charged Hex cryptocurrency creator 

Richard Heart with selling unregistered 

securities – with the proceeds allegedly used to 

purchase the Enigma Diamond. 

Heart has previously raised more than $US1 billion 

($AU1.53 billion) from investors. The SEC alleges 

that Heart and his PulseChain company committed 

fraud by misappropriating at least $US12 million 

($AU18.35 million) to purchase luxury goods. 

Among these purchases was a 555-carat black 

diamond, known as the Enigma Diamond. The 

diamond is classified as a carbonado diamond and 

is believed to have originated from outer space. 

“Heart called on investors to buy crypto asset 

securities in offerings that he failed to register,” 

Eric Werner, director of the SEC’s Fort Worth 

regional office, said in a statement. 

“He then defrauded those investors by 

spending some of their crypto assets on 

exorbitant luxury goods.” 

Heart purchased the diamond from Sotheby’s 

auction house in February of 2022 for £3.2 million 

($AU6.23 million). Sotheby’s was not mentioned 

as a defendant in the SEC’s lawsuit. 

“Sotheby’s does not comment on individual 

transactions, but we can confirm we have 

established due diligence procedures, tailored 

and updated to take account of our requirements 

to conduct business in compliance with 

applicable laws and regulations,” the company 

told Rapaport News. 

Following the purchase, Heart suggested that the 

diamond would be renamed the ‘Hex.com diamond’ 

as a tribute to his cryptocurrency venture. 

Consumer demand: India’s workforce the hardest hit 

The country's estimated 500,000 cutters and 

polishers are paid per carat - around $US12 ($AU18). 

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As the international diamond industry grapples 

with the fallout of Russia’s invasion of Ukraine and 

declining consumer demand, India’s cutting and 

polishing centres continue to suffer. 

Surat is the centre of India’s diamond trade with 

more than 800,000 people employed in 4,000 

factories dedicated to cutting and polishing. 

With a global decline in diamond demand, these 

factories have been forced to cut hours and wages 

and Bhavesh Tank of the Diamond Worker Union 

said the workers are hardest hit. 

"This year, the summer vacation was extended up to 

15 days in a few units which is not usual," Tank told 

Times of India. 

"But the market conditions did not improve. So, to 

further reduce production, the medium and small 

units are working five days a week and working 

hours have been reduced from 11 hours to six or 

seven hours." 

In June, the Gem and Jewellery Export Promotion 

Council reported a year-on-year decline of 31.5 per 

cent in India's gross exports of polished diamonds.

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News 

Retail rebound: LVMH excels in Asia 

French luxury conglomerate Louis Vuitton Moët Hennessy (LVMH) has 

recorded strong second-quarter sales in Asia and Europe, outweighing 

struggles in the US market. 

LVMH oversees more than 75 brands – including Tiffany & Co - and is 

currently the 13th largest company in the world by market capitalisation. 

The company reported total sales of €21.2 billion ($AU34.55 billion) in 

the three months to the end of June. On a year-by-year comparison, 

sales from the jewellery division increased by 14 per cent. 

Total revenue for the first half of 2023 was €42.2 billion ($AU68.78 billion) 

an increase of 17 per cent compared with the previous year. 

LVMH CEO Bernard Arnault said these results were pleasing in the 

face of a difficult global economy. 

“LVMH achieved outstanding results during a six-month period of ongoing 

economic and geopolitical uncertainty,” he said. 

“The strong creative momentum and excellent distribution of our maisons 

[brands] continued to inspire dreams, as demonstrated by the enthusiastic 

reception given to Pharrell Williams’ first fashion show for Louis Vuitton as 

well as the reopening of the New York ‘Landmark’ of Tiffany & Co.” 

Asia - excluding Japan - posted a 34 per cent increase compared 

with the previous year, when sales were heavily impacted by 

pandemic restrictions. 

Revenue in the US increased by just three per cent, paling in comparison 

to the 24 per cent rise seen in the same period in 2022. 

“Thanks to the desirability of our brands, we approach the second half of 

the year with confidence and optimism but will remain vigilant within the 

current environment and count on the agility and talent of our teams to 

further strengthen our global leadership position in luxury goods in 2023,” 

Arnault added. 

Remaining cautious 

LVMH’s figures somewhat reflect those of rival Richemont – recently 

reporting that strong sales in Asia outweighed declines in the US. 

LVMH finance chief Jean-Jacques Guiony told The Financial Times he 

was ‘very satisfied’ with the retail rebound in China, which makes up the 

bulk of sales in Asia. 

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“Last year, the group was pulled up by the United States because China was 

slowing down. And this year, the US is slowing down, yes, but we are drawn 

by Asia. This geographical balance is absolutely fundamental,” he said. 

“It’s in Asia, it’s still in Korea, in Japan that Chinese consumers are travelling, 

not in Europe and the US. Today, they still have trouble getting visas.” 

Addressing the US slowdown, Guiony said there was pressure on sales 

in US ‘second-tier’ cities where sales have been particularly strong in 

recent years.

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News 

Australian jewellery sales 

performance declines in July 

The latest analysis from Retail Edge highlighted 

declining sales across more than 400 Australian 

independent jewellery stores, despite recent positive 

trends in consumer confidence. 

The data from July showed comparative overall 

sales dollar performance decreased by 11 per cent 

compared with a year-by-year comparison. 

Comparative units sold decreased by eight per cent 

compared with 2022; however, increased by 11 per 

cent on a two-year difference. 

Comparative average sale – inventory only - decreased 

by 3.6 per cent from $230 to $222. On a two-year 

comparison, that category was neutral. 

In terms of laybys, sales decreased 9.5 per cent in 

dollar terms between new orders and pick-ups and/or 

cancellations. 

The pattern in services, including repairs, showed a 

decrease of 35.5 per cent in dollar values between 

incoming orders and pick-ups and/or cancellations. 

“This is the sixth consecutive month of double-digit 

negative movement in this area. This is an entrenched 

consumer pattern that may need more than a small 

shift in consumer sentiment to flip the switch from off 

to on,” general manager Leon van Megen said. 

“This is not to say you should sit back and accept what 

is happening. Make some noise about your services, 

skills and expertise. Repairs are still being done, you 

just may need to make an effort to get, or keep, your 

share and maybe someone else's.” 

Special order numbers were strong, increasing by 

17.5 per cent in dollar terms between new orders and 

pick-ups and/or cancellations. 

Sales dollars for the diamond precious metal 

jewellery section decreased by 21 per cent compared 

with 2021. 

Colour gemstone precious metal jewellery sales 

dollars decreased by 17 per cent on a year-by-year 

comparison; however, increased by 14 per cent 

compared with 2021. 

Sales dollars of precious metal jewellery without 

a gemstone decreased by 21 per cent compared 

with 2022. Silver and alternative metals jewellery 

decreased by 7 per cent; however, increased by 23 per 

cent on a two-year comparison. 

Mantle disruption: Scientific breakthrough 

may revolutionise the hunt for diamonds 

New scientific findings may shape the future 

of the diamond exploration industry for 

mining companies. 

A recent discovery by international researchers 

has identified the breakup of tectonic plates 

as the driving force behind the generation and 

eruption of magma from deep inside the Earth. 

Diamonds are typically found in a type of 

volcanic rock known as kimberlite, which 

is found in the oldest and thickest parts of 

continents; however, how these diamonds reach 

the surface has remained a mystery. 

In a study published in Nature, researchers 

examined the effects of global tectonic forces 

on volcanic eruptions spanning the past 

billion years. 

“The pattern of diamond eruptions is cyclical, 

mimicking the rhythm of the supercontinents, 

which assemble and break up in a repeated 

pattern over time,” said Dr. Tom Gernon of the 

University of Southampton. 

“But previously we didn’t know what process 

causes diamonds to suddenly erupt, having 

spent millions – or billions – of years 

stashed away 150 kilometres beneath the 

Earth’s surface.” 

The project used statistical analysis to 

forensically examine the connection between 

continental breakup and kimberlite volcanism. 

The results showed the eruptions of most 

kimberlite volcanoes occurred 20 to 30 million 

years after the tectonic breakup of Earth’s 

continents. This insight prompted the scientists 

to explore what geological process could drive 

this pattern. 

They found that the Earth’s mantle is 

disrupted by a rifting of the crust. During 

rifting, a patch of the continental root is 

disrupted and sinks into the mantle below. 

This triggers a chain of similar flow patterns 

beneath the nearby continent. 

While diamonds are formed under immense 

pressure deep within the Earth, many are 

discovered close to the surface. 

Perhaps the most notable example of this 

phenomenon is the 3106-carat Cullinan 

Diamond. The Cullinan is estimated to have 

formed in Earth's mantle transition zone at a 

depth of approximately 410 kilometres. 

The diamond was discovered just five metres 

below the surface at the Premier Mine in 1905. 

“Breakup not only reorganises the mantle but 

may also profoundly impact Earth’s surface 

environment and climate, so diamonds might 

be just a part of the story,” Gernon said. 

This new research could be used to identify the 

possible locations and timings of past volcanic 

eruptions tied to this process, offering valuable 

insights that could enable the discovery of 

diamond deposits in the future.. 

Under seige: Startling sales decline for Perth Mint 

The Perth Mint recorded a significant sales 

decline in July amid recent political turmoil. 

The Perth Mint is the largest processor of newly 

mined gold in the world and in the past year, 

completed sales in excess of $20 billion. 

In July, the mint completed sales of 44,009 troy 

ounces of gold and 863,485 ounces of silver. 

Those figures represent a month-by-month 

decrease of 39 and 35 per cent respectively. On a 

12-month average, sales have declined by 45 and 

65 per cent. 

General manager of minted products, Neil 

Vance, didn’t attribute these sales declines to 

any particular factor or influence. 

“Our distributors reported softening demand in 

June and this trend continued into July but they 

are reluctant to pin the reason on any particular 

factor at present,” he said. 

It’s been a difficult year for the Perth Mint, 

with a $9 billion deal involving China turning 

sour while further scrutiny came following the 

revelation that a notorious underworld figure 

was permitted to purchase $27,000 in gold. 

“Fresh sales data comes after a difficult month 

for the mint in Canberra,” writes Jordan Murray 

of The West Australian. 

“In the Senate, parliamentarians grilled 

AUSTRAC and Australian Taxation Office officials 

about regulatory oversight of Gold Corporation, 

the State Government-owned entity which 

controls The Perth Mint.” 

He continued: “That followed a series of damning 

reports about the organisation’s discontinued 

doping regimes and compliance with anti-money 

laundering regulations.” 

Gold Corporation is the parent company of the 

Perth Mint, Australia’s official bullion mint. The 

Perth Mint was established in 1899 and is owned 

by the Government of Western Australia. 


Lab Grown Diamonds 

A GLIMMERING FUTURE 

OR HIDDEN ETHICAL DILEMMA? 

There’s a sweeping wave of change in the global diamond market, and it’s sparking 

both interest and scrutiny. Consumers are flocking to lab-grown diamonds, 

lauded for their non-mined origins and identical physical properties to their 

mined counterparts. However, a lingering question refuses to fade: What about 

the energy used to produce them? 

While lab-grown diamonds are 

heralded as a modern alternative, they 

also cast a shadow on environmental 

sustainability. 

Cultivating these diamonds in a 

laboratory is an energy-intensive 

process. A single carat might consume 

over 200 kWh of energy, equivalent to a 

family’s entire weekly consumption. 

Indeed, lab-grown diamonds have 

merits such as higher accessibility, 

quality, and yield. But we can’t ignore the 

environmental costs. This complexity 

reveals a nuanced landscape with its 

own challenges, with some viewing 

lab-grown diamonds as an ethical 

solution and others questioning that 

very ethics. 

This has led to more interest in carbon 

offsetting, which helps reduce the 

harm diamond production can do to the 

environment. 

This approach helps build trust with 

buyers, showing them that their 

jewellery purchases are responsible 

and not just about looking good. 

As sustainability gains momentum, 

companies like Clear Neutral are 

leading the way. By specialising in 

making lab-grown diamonds carbon 

neutral, Clear Neutral offers a precise 

solution that integrates seamlessly 

with existing suppliers. 

Clear Neutral uses extensive research 

and a proprietary system to accurately 

assess a diamond’s carbon footprint 

through its growing, cutting, and 

polishing stages. Considering factors 

like stone size, country of origin, and 

growth type, they offset emissions 

conservatively, ensuring no negative 

impact is overlooked. Investments in 

projects such as renewable energy 

and waste management underline their 

commitment to ethical responsibility. 

“The way we see it, the journey towards 

a truly ethical diamond doesn’t end 

in the lab; it continues in the choices

The journey 

towards a 

truly ethical 

diamond 

doesn’t end 

in the lab. 

DENHAM HOPMAN 

CLEAR NEUTRAL 

we make to mitigate our impact on the 

planet,” says Denham Hopman from 

Clear Neutral. 

“With Clear Neutral, we’re striving 

to make this complex process as 

transparent and accessible as possible 

for both retailers and consumers.” 

The consumer market is growing 

increasingly discerning. Recent studies 

indicate that a staggering 90%* of 

global consumers express a preference 

for responsibly sourced products. 

Moreover, 83%* are willing to dig a little 

deeper into their pockets for ethically 

produced merchandise. 

When it comes to the jewellery sector, 

the statistics are equally revealing. 

An impressive 68% of Millennial and 

Generation Z consumers say that 

sustainability concerns could be a dealbreaker 

in purchasing diamond jewellery, 

according to a recent Bain & Company 

survey on the global diamond industry. 

Embracing sustainable practices isn’t 

just about saving the planet; it’s good 

for business. A 2023 Deloitte report 

revealed that 72% of employees in retail 

organisations with leading sustainability 

programs are committed to their current 

jobs. 

Ultimately, the journey 

towards ethical 

perfection is far from 

over. Clear Neutral and 

other initiatives like 

it offer an incredible 

opportunity for the 

jewellery industry to 

embrace responsible 

practices. 

Buyers like Jake Goodwin also appreciate 

an ethically sound supply chain. “It’s 

more than just a gem; it’s a statement 

of who I am,” he says. The sentiment 

echoes among consumers like Ainsley 

Caulfield, who notes, “I love the idea 

of wearing a diamond that’s not only 

beautiful but also kinder to our planet.” 

Jewellers themselves are taking notice 

of the growing ethical concerns. 

“More and more people are asking about 

lab-grown diamonds. They love that 

they’re more sustainable, but they’re 

also concerned about the energy used 

to produce them,” says Jordan Cullen, 

Managing Director of Cullen Jewellery. 

“We need to ensure we’re addressing 

those concerns head-on.” 

Ultimately, the journey towards ethical 

perfection is far from over. Clear Neutral 

and other initiatives like it offer an 

incredible opportunity for the jewellery 

industry to embrace responsible 

practices. The opaquely symbiotic 

relationship between jewellers, 

consumers, and the environment will 

continue to evolve. 

What seems clear, though, is that the 

path towards ethical consumption and 

responsible retailing is not just a trend. 

It’s a necessary evolution that resonates 

deeply with the buyers, employees, and 

society at large.

Introducing 

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Millennials and conscious buyers are demanding 

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Only Offset as You Sell. No Upfront Costs. 

Your investment in sustainability doesn’t 

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No hidden fees, no initial investments – only 

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Use Your Current Supplier 

Stick with your trusted suppliers. Clear Neutral 

works alongside your existing supply chain, 

providing carbon neutrality solutions without 

the need to switch suppliers. 

Pricing to Fit Your Business 

Starting from just 2% of the diamond’s value, 

carbon neutrality is accessible. Your customers 

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but the planet surely will. 

Boost Employee Retention 

A commitment to ethical sourcing aligns with 

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Future-Proof Your Brand 

Aligning with sustainability and ethics ensures 

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Carbon Offsetting, Simplified for You 

Using existing identifiers, we measure the carbon footprint of 

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IN STOCK & 

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WELCOME 

News 

Sales and sunshine: Australian 

Jewellery Fair heads to Gold Coast 

MR.CVD 

LARGEST LAB GROWN JEWELRY MANUFACTURER 

With the Sydney Fair done and dusted for another year, Expertise 

Events has turned its attention towards next year’s jewellery industry 

schedule, beginning with a location change for the Australian 

Jewellery Fair (AJF). 

The AJF concept was launched last year in a move to ‘kickstart’ the 

industry after the COVID pandemic, offering retailers a chance to 

expand collections and explore new products ahead of Mother’s Day. 

The fair has been hosted at the International Convention and Exhibition 

Centre in Sydney’s Darling Harbour twice; however, in 2024 visitors will 

head to the Gold Coast Convention Centre for a change of scenery. 

TENNIS BRACELETS 1CT-26CT 

Next year’s fair is scheduled for 24-25 March, with a more ‘intimate’ 

setting designed to encourage meaningful collaboration between 

buyers and suppliers. 

Expertise Events managing director Gary Fitz-Roy said that with 

supplier bookings already positive, anticipation is high. 

"We are thrilled to return to the stunning Gold Coast and provide 

an event that caters to Queensland's market needs while offering a 

unique opportunity for professionals from other states to seamlessly 

blend business with leisure," he told Jeweller. 

STRAIGHT NECKLACE 

4CT-50CT 

GRADUATE NECKLACE 

4CT-25CT 

“After a successful Sydney Fair, we’ll now do what we do every year – 

go back and review what worked and what didn’t, and formulate a plan 

to improve our events again for next year.” 

On a positive note for suppliers, Nationwide Jewellers and the 

Independent Jewellers Collective are scheduled to host their annual 

general members conferences in the days preceding the fair, 

foreshadowing a strong buying group presence. 

Prior to the AJF, the Melbourne Jewellery Fair will take place on 

3-5 February. For further details and registration information visit 

jewelleryfair.com.au. 

Once-in-a-lifetime Hong Kong fair 

Anticipation is building for Jewellery and Gem WORLD Hong Kong, with 

more than 3,000 suppliers from 50 countries expected to take part. 

Previously known as the September Hong Kong Jewellery and 

Gem Fair, the 18-24 September trade show will be something of a 

homecoming, taking place for the first time since 2019. 

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David Bondi, senior vice president of Informa Markets, said that 

there will be more than 40 themed pavilions paired with a highprofile 

events program. 

“This is a once-in-a-lifetime fair, which is made all the more 

special following the significant impact that the pandemic has had 

on our industry,” he said. 

“The journey has been far from easy. But despite it all, we’re still here 

– stronger, tougher, and even more enduring. JGW is an opportunity to 

recognise and celebrate that resilience and to act with confidence and 

positivity as we move towards the future.” 

The show will open at Hong Kong’s AsiaWorld-Expo (AWE) from 

18-22 September, while the trading will continue at the Hong Kong 

Convention and Exhibition Centre (HKCEC) from 20-24 September.

News 

Pearls for bones: Attention builds for 

groundbreaking biomedical project 

Broome pearl producer Willie Creek Pearls and the University of Western 

Australia’s Medical School are blazing a trail in the search for a solution to 

the global shortage of bone implant materials in the medical industry. 

A study led by Professor Minghao Zheng and Dr Rui Ruan confirmed that 

nacre from silver-lipped pearl oysters in Broome has a structure that 

makes it suitable for bone substitute material. 

UWA has developed a patented technology for using nacre to make a 

substitute named PearlBone, which has been assigned to a biotech 

company called Marine Biomedical. 

Willie Creek Pearls has a commercial arrangement with Marine 

Biomedical to supply raw materials to the company. 

“The magnitude of the opportunity is interesting as the business’ 

foundation product PearlBone is focusing on revolutionising the product 

used for bone voids and trauma medicine,” he told The Australian. 

“The staff at Marine Biomedical are focused on the development of their 

foundation product at the moment and behind the scenes there is a lot of 

research and development going on, which is exciting.” 

In an interview with Jeweller last year, Zheng said the PearlBone project 

has the potential to change the pearl farming industry in Australia. 

“It’s completely reshaping the purposes of farming and what can be 

achieved with the product. If the project is successful it may lead to an 

increase in demand which in turn leads to more farms," he said. 

"That leads to a bigger industry with more and more people being hired 

from local communities, boosting local communities, which is great.” 

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Broome remains the centre of Australia’s South Sea pearl production. The 

price of pearls has continued to increase for the past two years due to the 

impact of the COVID-19 pandemic. 

“An advantage we have is that as a vertically integrated business, we have 

the opportunity to take the product we are farming and growing all the 

way through to the consumer, who are our guests and visitors,” Birch said. 

Visit the all-new chemgold. 

“Off the back of a couple of extraordinary years in Broome, things have 

returned to the way they were pre-pandemic and our view is that if 

we continue to strive to deliver quality experiences and products, we 

will continue to experience increases that are real, sustainable, and 

manageable.” 

In recent years, Australian pearls and pearl jewellery has been in 

particularly high demand in Asian markets. 

CHEMGOLD 

CARES 

We are Committed to 

Achieving Responsible, 

Ethical and Sustainable 

metals.

News 

Watch industry left stunned: Rolex acquires retailer Bucherer in major deal 

Luxury juggernaut Rolex has shocked the 

international watch industry by announcing the 

acquisition of Swiss retailer Bucherer. 

The company began in 1888 when Carl-Friedrich 

Bucherer opened a store in Lucerne. 

Bucherer has remained within the family until 

now, expanding its store count to approximately 

100, with annual sales estimated at $AU4.1 

billion. 

The retailer is chaired by 87-year-old billionaire 

Jöerg G. Bucherer. The details of the deal with 

Rolex have not been disclosed. 

“To preserve the long-standing partnership 

between the two companies and perpetuate their 

shared history, Rolex has decided to acquire 

Bucherer," a statement from Rolex reads. 

"The watch retailer will keep its name and 

continue to operate independently. 

“Rolex and Bucherer share a long history. 

Bucherer has been an official retailer of the 

Rolex manufacture since 1924. 

"The professional relationship, friendship ties 

and mutual respect have endured to this day." 

According to reporting by Reuters, share prices 

for Watches of Switzerland declined by almost 

30 per cent in a single day following the Rolex 

announcement. Watches of Switzerland released 

a statement affirming that Rolex’s takeover of 

Bucherer was not a strategic move towards retail. 

Indeed, many industry figures were shocked at 

the timing of the announcement. 

“If the watch industry was snoozing through the 

dog days of summer, Rolex just woke it up. On 

Thursday, the Swiss watchmaker announced 

that it had agreed to purchase Bucherer, the 

international watch and jewellery retailer that 

owns more than 100 stores in Switzerland, the 

US, England, Germany, France, Denmark, and 

Austria,” writes Justin Fenner of Robb Report. 

“The announcement caught the horological world 

by surprise — after all, lots of the European 

business community is on vacation this month, and 

the biggest news in this industry generally gets 

shared during a few tentpole events.” 

With fears that the acquisition may lead to 

Bucherer stores getting preferential treatment 

compared with other retailers, the statements 

from Rolex and Watches of Switzerland have 

been questioned. 

Russ Mould, investment director of AJ Bell, 

told CNBC that investors were concerned that 

Rolex’s plans for Bucherer may be subject to 

change. 

“Watches of Switzerland’s efforts to reassure the 

market that there will be no change in how Rolex 

allocates stock have fallen on deaf ears. This is 

what Rolex might have promised now, but that 

could easily change in the future,” Bell said. 

Rolex chose Bucherer as its partner for the 

certified second-hand program, which launched 

earlier this year.

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News 

Goddess Collection 

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The Australian Opal Exhibition has celebrated its 20th anniversary in style, 

with leading opal miners and wholesales gathering with retailers for two busy 

days of trade. 

Visitors and exhibitors embraced a new venue this year, heading to Southport 

Sharks in Queensland. 

The event was well-attended with approximately 300 visitors across the 

two days. Coordinator Maxine O’Brien said the feedback was 

overwhelmingly positive. 

“There was a definite buzz in the room on the opening day. The feedback has 

been so positive, that there is now a waiting list for exhibitor spaces for next 

year,” she told Jeweller. 

“We are investigating the possibility of creating additional booths. There were 

two major initiatives introduced this year, being the change of venue and 

holding the exhibition one day earlier than usual. Both of these were well 

received by visitors and exhibitors alike.” 

For those familiar with the industry, the success of this event should 

come as no surprise. 

Opal sourced from NSW, Queensland, and South Australia is in high demand 

abroad, particularly in Asia, and has proven popular with buyers at major 

international trade shows. 

O’Brien said that more and more retailers are embracing jewellery for 

a variety of reasons – whether it be because of the natural beauty of the 

gemstone, or the ‘homegrown’ appeal of jewellery sourced from Australia. 

“The visitors that I spoke with who had not previously attended were very 

impressed with the selection of Australian opal and opal jewellery,” she said. 

“The astonishing beauty of Australian opal never ceases to amaze. Anecdotal 

evidence suggests there was strong trading, which was evidenced by the 

bookings for 2024.” 

According to many members of the trade, one of the most significant 

challenges faced moving forward will be the ageing demographics of the 

opal mining workforce. 

O’Brien said that one of the most pleasing aspects of the exhibition was to 

see so many people taking part for the first time. 

“There were a number of space options available to exhibitors from a trestle 

or table all the way up to a premium booth, and there were a number of new 

exhibitors this year,” she said. 

“Not only have the vast majority of new and previous exhibitors booked for 

2024, many have upgraded their space option.” 

She added: “While business is the most important aspect of the Australian 

Opal Exhibition, the social side cannot be overlooked! The opal family loves to 

get together and this is the one event where Australian opal miners, dealers 

and retailers can get together and catch-up.” 

The Australian Opal Exhibition will return to Southport Sharks in 2024, 

scheduled to begin on 31 July.

News 

London: Previously unseen Wallace 

Chan jewellery and artwork on display 

In September, British auction house Christie’s will host Europe’s largest 

exhibition of Wallace Chan’s dreamlike jewellery and art. 

Known as ‘The Wheel of Time’, the exhibition will be located at Christie’s 

headquarters in London and is open to the public from 4-10 September. 

The exhibition is a 50-year retrospective of Chan’s career creating high-end 

jewellery and titanium sculptures. Approximately 150 pieces of jewellery 

and six sculptures will be on display – including previously unseen pieces. 

“In the blink of an eye, half a century has flown by. Time is an eternal wheel 

that rotates for infinity with neither beginning nor end. In the creative 

process, time is a theme so intangible, yet omnificent.” Chan said. 

“I am grateful to my long-term collectors for loaning the pieces; without 

their friendship, the exhibition would not be possible.” 

The 67-year-old artist was raised in Hong Kong, entering the jewellery 

industry at 16 as a gemstone carver. In 1987, he masterminded the 

‘Wallace Cut’, a carving technique that creates three-dimensional 

figures within a gemstone. 

François Curiel, chairman of Christie’s Europe, said the exhibition pays 

tribute to Chan’s innovative nature as an artist. 

“A deeply philosophical man, Wallace infuses his jewels with Oriental 

spiritualism,” Curiel said. 

“This is the motif which he spends his entire creative life interpreting 

and reinterpreting, experimenting with endless combinations of 

gemstones, mediums, styles, aesthetics, and executed in his worldrenowned 

techniques.” 

A highlight of the exhibition will be ‘Legend of the Colour Black’ - a 

shoulder brooch sculpture featuring one of the largest known black 

diamonds at 312 carats. 

The majority of the pieces featured in the exhibition are on loan from 

international collectors. 

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A LOOK IN PICTURES 

International Jewellery Fair 

IKECHO 

DURAFLEX GROUP 

2023 INTERNATIONAL JEWELLERY FAIR 

Change is inevitable, progress is optional 

The Sydney Trade Show has been hailed as a success by buyers and suppliers 

despite the reports of retail doom and gloom, SAMUEL ORD reports. 

In the blink of an eye, the International 

Jewellery Fair has come and gone for 

another year with exhibitors and visitors 

alike departing Darling Harbour with a clearer 

picture of the state of the industry. 

The opening day was frantic, with visitors spilling 

through the entrance to take in the latest products 

and designs. 

At 5 pm when the traditional happy hour 

commenced in the centre of the venue, one could 

be forgiven for expecting the trading to slow; 

however, spirited negotiations continued with a 

glass of champagne. 

As is typical for a Sunday, the opening hour of the 

second day was quiet; however, it wasn’t long before 

the floor fair was full again, with ordering continuing 

into the afternoon. 

The third day began with a typical relaxed 

atmosphere; however, as the clock ticked down and 

the closure of the fair drew near, a surge in lastminute 

enquiries and orders kept many busy. 

Expertise Events managing director Gary Fitz-Roy 

said that the changing nature of the industry and 

the multi-dimensional role that trade shows play for 

different participants were important insights. 

“The common theme we’ve heard all weekend 

has been about change, and I smile when I hear 

that because it feels like we’ve been talking 

about this with our exhibitors for years. Businesses 

need to be willing to change or they risk being left 

behind,” he said. 

“Fairs serve multiple purposes for different people 

and after the pandemic, it’s clear that a large 

component of these events for many people is 

personal engagement and relationship building. 

Sales are always the core objective, but it’s really 

about connection.” 

Fitz-Roy added that retailers have changed 

their approach to trade shows in recent years 

and said that suppliers needed to be flexible to 

meet new demands. 

“Retailers are clearly coming to these events 

with a refined strategy. They’re coming with 

more knowledge and research than ever before 

because they can ill afford to overspend in this 

climate,” he explained. 

Hot demand 

In the final minutes of the Sydney Fair, one 

supplier was particularly jubilant – Timesupply 

and its managing director Ken Abbott. 

“This would be close to a record year for us, 

it’s really been an incredible fair. We are 

somewhat overwhelmed to be completely 

honest,” he told Jeweller. 

“You always hope for the best, but I don’t think 

we could’ve anticipated that things would go 

this well. Every brand that we represent has 

been well received." 

In the lead-up to the fair, Timesupply had identified 

Danish brand Sif Jakobs Jewellery as one brand 

likely to shine in the spotlight. 

“Sif Jakobs has been fantastic. We’re thrilled with 

not only the number of orders we’ve received but 

also the feedback from visitors,” Abbott explained. 

The importance of presentation at trade shows 

was highlighted by the popularity of Ikecho, which 

received praise from visitors and fellow suppliers 

for its stand design. 

Ikecho CEO Erica Miller said that the Sydney Fair 

reinforced the popularity of Australian gemstones 

such as opals and pearls. 

“We’ve received a lot of compliments about our 

stand which is really pleasing for everyone to 

hear. We are really happy with the design, we feel 

like it says a lot about who are and what we do,” 

Miller said. 

“Over the past 12 months or so we’ve had a new 

focus on opals and the feedback we’ve had about 

our jewellery has made it clear that we are heading 

in the right direction.” 

It was an action-packed fair for Duraflex Group 

Australia (DGA), with new offerings from both watch 

and jewellery brands proving popular with retailers. 

DGA recently partnered with Swedish brand Daniel 

Wellington and managing director Phil Edwards 

said his staff was taken aback by how in-demand 

the brand was. 

“The IJF was very well-organised again this year. 

While market conditions are challenging, the 

retailers attending were positive and open to 

buying and considering new brands,” he said. 

“With Daniel Wellington, retailers really 

embraced the opportunity to take on the brand, 

and existing retail partners were very positive 

about the latest collection.” 

Duraflex also introduced a new collection of labcreated 

diamond jewellery. 

“Our lab-created diamonds were well-received, 

and definitely exceeded expectations – due to t 

he competitive pricing and quality of product,” 

Edwards explained. 

“We also received positive feedback about the 


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THE JEWELLERY CENTRE 

BECKS GROUP 

PALLOYS 

POIX & TROY 

SAMS GROUP AUSTRALIA 

SCANLAN AND CO 

NATIONWIDE JEWELLERS 

TIMESUPPLY

2023 International Jewellery Fair | REWIND 

product development over the past 12 months for JAG, and 

there was strong interest from key retailers concerning 

EDOX.” 

As mentioned, change and evolution were important talking 

points among visitors and suppliers and for BECKS, this 

year’s fair was about reinforcing the significance of the 

company’s re-brand last year. 

BECKS managing director Greville Ingham said that he was 

proud of the effort his staff displayed on the trade show floor 

and during the preparation for the event. 

“From a show perspective, this year was about polishing the 

groundwork we’ve laid in the past 12 months,” he said. 

“We came out last year with a renewed strong brand image 

and said ‘hey, we’re still here.’ This year it was about making 

it clear that we are upholding the pillars of our business - 

quality, flexibility, innovation and delivery.” 

Nearby at Palloys, visitors were thrilled with the opportunity to 

hold the 2023 Lexus Melbourne Cup and gold bullion proving 

popular yet again. 

Internationals 

It was a mixed bag for the fair’s international exhibitors – with 

some reporting strong sales, while some struggled to get a 

foot in the door with local retailers. 

Many buyers felt reluctant to deal with international exhibitors 

who haven’t taken the time to showcase their products 

properly and/or advertise and promote their presence at the 

event. 

Among those happy with their reception in Australia were 

Diamonds On Call, which was constantly busy with visitors 

eager to learn more about their platform. 

“The aim of everything we do is to make business easier for 

retailers, and it’s great to have the opportunity to explain that 

in person," CEO Harshil Shah said. 

Fitz-Roy said that international exhibitors needed to be 

mindful of the market conditions for buyers. 

“I think what was clear for the international exhibitors was 

that Australian retailers are very wary of doing business 

abroad for a variety of reasons - whether it be because of 

supply chain concerns, or simply a lack of familiarity with the 

supplier,” he said. 

“Australians want to do business with companies that are 

willing to invest in the local industry by having a presence 

for three or four years. It’s about so much more than the 

prices, or the quality of your product.” 

Colour gemstones 

When it comes to colour gemstones, two exhibitors were 

in the spotlight. In 2021, SAMS Group acquired more than 

400,000 carats of Australian rough sapphire at a FURA Gems 

auction in Thailand with plans for the launch of a major new 

collection. 

Two years later, and the Sapphire Dreams collection was a 

roaring success with visitors and CEO Steve Der Bedrossian 

was elated to see the hard yards pay off. 

“We are over the moon. Sapphire Dreams has been a labour 

of love for us for the past two years, we identified it as a 

category where we could bring something new, original, and 

KEN ABBOTT 

TIMESUPPLY 

“You always hope for the best, but I 

don’t think we could’ve anticipated 

that things would go this well. Every 

brand that we represent has been 

well received.” 

GREVILLE INGHAM 

BECKS GROUP 

“From a show perspective, this year 

was about polishing the groundwork 

we’ve laid in the past 12 months." 

PHIL EDWARDS 

DURAFLEX GROUP AUSTRALIA 

“While market conditions are 

challenging, the retailers attending 

were positive and open to buying 

and considering new brands.” 

ERICA MILLER 

IKECHO AUSTRALIA 

“We’ve received a lot of 

compliments about our stand which 

is really pleasing for everyone to 

hear. We are really happy with the 

design, we feel like it says a lot 

about who are and what we do.” 

JOSHUA ZARB 

INDEPENDENT JEWELLERS COLLECTIVE 

"Whether it be the proportions and 

layout, the ‘vibe’ or atmosphere, 

the promotions and special events, 

and the attitudes of participants, it’s 

been fantastic.” 

GLEN POCKLINGTON 

NATIONWIDE JEWELLERS 

“Our suppliers are happy and the 

members are happy, and that’s what 

matters to us at the end of the day.” 

fresh in terms of design and at this fair, all that hard work has 

paid off,” he said. 

“It’s a collection we are incredibly proud of and the 

feedback we’ve received has been very positive – retailers 

love the design, the colour, and the overall feel of our new 

collections.” 

Nearby at the LJ West exhibit, the emphasis was on 

unique and rare diamonds. The company has spent the 

past two years hoping to raise the profile of fancy colour 

diamonds in Australia. 

This included a partnership with Museums Victoria and a 

showcase of one of the world’s largest collections of fancy 

colour diamonds, including the iconic Argyle Violet. Managing 

director William Gant said it was ‘mission accomplished’. 

“We’ve achieved what we set out to do – making sure that 

these remarkable diamonds have a presence in the Australian 

jewellery industry,” he said. 

“We’ve made a lot of quality connections at the Sydney Fair 

and we’re grateful for the networking opportunities we’ve 

had, to make these diamonds well-known and to educate the 

market on what we do and what we offer.” 

Buying groups 

The Sydney Fair is a vital opportunity for the industry’s 

buying groups to work one-on-one with members. 

Nationwide Jewellers general manager Glen Pocklington said 

that the importance of major industry gatherings had been 

reinforced. 

“The numbers on the floor have looked good. 

From what we’ve been told by suppliers, it seems like the foot 

traffic was slightly down, but the sales were strong," he said. 

Pocklington said that a number of suppliers who had 

participated in the annual Nationwide Timeout Conference in 

Fiji had reported that interactions at that event had produced 

orders in Sydney. 

“Maybe there’s some lag in the market, perhaps some 

hesitancy for the retailers given the economy, but these kinds 

of events are still very important," he explained. 

"Having the opportunity to meet face-to-face and build those 

connections is vital because you never know what’s going to 

change a few months down the track.” 

The feedback was similar from IJC CEO Josh Zarb, who said 

that he was overwhelmed with the feedback he has received 

from visitors. 

“From our perspective, it’s been a sensational weekend. We’ve 

met far more new people than we were expecting,” he said. 

“I’ve been coming to the Sydney Fair for the past 20 years 

and everything about this show was positive. Whether it 

be the proportions and layout, the ‘vibe’ or atmosphere, 

the promotions and special events, and the attitudes of 

participants, it’s been fantastic.” 

With the local jewellery industry’s largest annual gathering 

completed for another year, the attention for Expertise Events 

turn to 2024. 

Expertise Events is expected to finalise plans for next year’s 

industry events, including a number of new innovations, in the 

coming days. 


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Organised by 

Est. 1990

10 Years Ago 

Time Machine: September 2013 

A snapshot of the industry events making headlines this time 10 years ago in Jeweller. 

Historic Headlines 

4 $350,000 buried gemstones found in Alps 

4 Aussie diamonds support Chinese demand 

4 Samsung smartwatch has arrived 

4 Watches to delight Ferrari fans 

4 New stores galore for Pandora 

Sydney jewellery fair upbeat 

What seemed to be an upbeat buzz in 

the lead-up to the 2013 International 

Jewellery Fair materialised on day one 

with a steady flow of retailers eager to 

see the latest releases. 

Just prior to the 9am kick off on Sunday 1 

September, fair organiser Gary Fitz-Roy 

acknowledged a select group of exhibitors 

celebrating their 22nd consecutive year at 

the show. 

And when the doors finally opened visitors 

quickly flocked to Karin Adcock’s new House 

of Brands stand. 

Situated just inside the entrance no doubt 

encouraged the initial attention and before 

long Adcock was inundated with old industry 

friends and inquisitive fair attendees eager 

to see what her new company had on offer. 

Diamond report predicts 

global demand 

A new report has made a number of 

predictions regarding the international 

diamond market for the next four years and 

beyond. 

According to the Journey through the Value 

Chain report, supply and demand globally for 

rough diamonds will remain balanced over 

the next four years. However, following that 

period, demand will begin to outweigh supply. 

The global supply of rough diamonds is 

expected to increase by a compound annual 

rate of 4.8 per cent from 2012 to 2018, and 

then decrease by a compound rate of 1.9 per 

cent per year from 2019 through 2023. 

The primary causes for the decline in supply 

are reportedly the depletion of existing 

mines and a lack of significant new mine 

discoveries. 

September 2013 

ON THE COVER Dora 

Editor’s Desk 

4Time for change at Jewellers Association 

Now here’s the “doozy”. It should not 

surprise you to know that I abhor political 

correctness, and that I don’t support 

positive discrimination as a matter of 

principle but surely an industry with 

a customer base comprising almost 

entirely of women should have more than 

one female director, right? 

To have just one woman representing 

the entire jewellery industry, let alone 

indirectly representing millions of female 

“customers”, is crazy and begs the 

question, “Why?” 

Soapbox 

4 Stamp out silver-filled problems 

“I’m not accusing any jewellers in 

Australia of misleading the public with 

claims that are unsubstantiated, but 

I am concerned with the amount of 

product coming into Australia whose 

origins are more difficult to test. 

Jewellery retailers are then on-selling 

these pieces on the proviso that the 

description accompanying the piece 

(when there is one) is accurate.” 

David Hollanders 

- Wild Trout Designer Jewellers. 

STILL RELEVANT 10 YEARS ON 

Paying the premium 

“Change and innovation demands that 

businesses and associations celebrate 

and reward dynamic policies and 

discipline." 

Barry Urquhart 

Feedback sought for proposed 

jeweller accreditation scheme 

The JAA is calling for members to have their 

say about the possible introduction of an 

industry-wide, self-regulated accreditation 

program. 

According to the association, the Australian 

jewellery industry is completely unregulated 

– aside from consumer law – whereby 

anyone can open a jewellery store and call 

him/herself a jeweller (manufacturing or 

otherwise). 

“Accreditation would be about regulation by 

setting industry standards that consumers 

can rely on - it is about consumer protection,” 

JAA CEO Ian Hadassin said. 

“We are undertaking an extensive 

consultation phase to ensure we get this 

right, we are urging industry participants 

to have their say.” 

$150 million jewellery heist 

Jewellery designer Reneé Blackwell has 

been recognised for her business acumen, 

having received an award at a recent 

women’s networking event. 

Blackwell, founder of Reneé Blackwell 

Jewellery Design, was named the 2013 micro 

small business woman of the year at the 

Sunshine Coast Business Women’s Network 

awards last week. 

Entrants had to demonstrate all-round 

achievement, sound business acumen 

and evidence of a positive approach to work/ 

life balance. 

Blackwell said that winning the award was an 

important next step in both her personal and 

professional life. 

READ ALL HEADLINES IN FULL ON 

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REVIEW 

Gems 

Gemmologists who changed the game: 

Eduard Josef Gübelin 

In the previous issue of Jeweller, we covered the life 

and times of mineralogist George Kunz. Approximately 

20 years before the death of Kunz, Eduard Josef 

Gübelin was born in eastern Switzerland in 1913. 

Like so many prominent gemmologists, Gübelin was 

an intelligent and inquisitive child. Born into a family 

of watchmakers, his father Eduard Gübelin Sr. was the 

owner of a store in Lucerne. 

As an artist that specialised in fine watches, Gübelin’s 

father demanded a high standard in their practice. In 

1923, Gübelin’s brother opened a small gemmological 

laboratory. 

With a newly opened jewellery atelier, Gübelin wanted to 

ensure the legitimacy of all gemstones their craftsmen 

handled. 

This modest gemmological operation was the foundation 

of the renowned Gübelin Gem Lab, which this year 

celebrated its 100-year anniversary. 

Although Gübelin was always interested in the natural 

sciences, his original passions were in language and 

poetry. He was eventually persuaded to study earth 

sciences by his family as it was thought this would be 

more beneficial for the family business. 

Gübelin completed his studies in Zurich and Vienna, 

including a PhD in mineralogy in 1938. 

His first introduction to gemstone inclusions came from 

Professor Hermann Michel at the Institute of Precious 

Stones in Vienna. 

Michel was a pioneer in gemmology and would 

become an important mentor to Gübelin, teaching v 

him the significance of the diagnostic value of inclusions 

within gemstones. 

Returning home to Lucerne, Gübelin served in the Swiss 

Army during World War II, while privately continuing his 

research of gemmology. 

In the years that would follow, he was dedicated 

to continuing his education and completed studies 

with the Gemological Institute of America (GIA), the 

Gemmological Association of Great Britain, the German 

Gemmological Society, the Institute of Gemstone 

Research, and the Swiss Gemmological Society. 

Pen to paper 

In 1940, Gübelin published his first work on gemstone 

inclusions – an article on distinguishing Burma and Siam 

rubies in Gems & Gemology. 

Eduard Josef Gübelin 

GEMSTONE RESEARCHER 

» Born: 16 March 1913 

Lucerne, Switzerland 

» Died: 15 March 2005 (Age 91) 

Colombian emeralds were 

of particular interest to 

Eduard Josef Gubelin. 

This was just the beginning of an ongoing series of 

publications dedicated to sharing his ground-breaking 

research on gemstones and their inclusions, including 

the Photoatlas of Inclusions in Gemstones, co-authored 

with John I. Koivula. 

In 1953, Gübelin offered a new means of classifying 

inclusions in his work titled Inclusions As A Means of 

Gemstone Identification. 

Gübelin described inclusions as either protogenetic (fully 

formed before the host mineral), syngenetic (formed 

during the growth of, and trapped by, the host mineral), 

or epigenetic (formed post-host growth). 

His proposed classifications of inclusions were further 

developed in later publications and are now widely 

adopted in the gemmology field. 

Trailblazer 

During his lifetime, Gübelin documented the inclusions 

of tens of thousands of mineral and gemstone 

specimens. 

He also created the first desk-model gemmological 

spectroscope, co-founded the International 

Gemmological Conference and the International Colored 

Stone Association (ICA), and worked as a laboratory 

gemmologist at the Gübelin Gem Lab. 

Where Gübelin stood apart from many other 

gemmologists was his appreciation for inclusions. 

He dedicated his work to a feature of gemstones 

previously regarded as an unwanted blemish, and in 

doing so changed the science of gemmology. 

Understanding inclusions plays a valuable role in not only 

in mineral identification but also distinguishing natural 

from synthetic stones and even a gemstone's country of 

origin. Gübelin knew this better than anyone. 

To this day, the Gübelin Gem Lab is dedicated to 

ongoing gemmological research in his memory, and 

offers scholarships to students completing innovative 

projects worldwide. 

Mikaelah Egan FGAA Dip DT began her career 

in the industry at Diamonds of Distinction in 2015. 

She now balances her role at the Gemmological 

Association of Australia with studying geology at 

the University of Queensland. Visit instagram.com/ 

mikaelah.egan For more information on gems and 

gemmology, go to www.gem.org.au 


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COLOUR DIAMONDS FEATURE 

Fancy or not Fancy? 

It’s been said that a different language is a different 

vision of life. SAMUEL ORD explores a rift within the 

diamond industry about the use of specific terminology. 

July 2023 | 47

COLOUR DIAMONDS FEATURE 

Fancy or not Fancy? 

THE AURORA GREEN 

5.03-carat fancy vivid green diamond 

SOLD US$16.9 million @ Christie's 

ARGYLE TENDER; LOT 8 

0.64-carat fancy gray-blue diamond 

Glajz 

MAGNIFICENT JEWELS, LOT 1882 

5.29-carat fancy intense green diamond 

SOLD US$3 million @ Sotheby's 

E 

xtraordinarily valuable and remarkably 

rare, fancy colour diamonds are among the 

most passionately discussed topics in the 

jewellery industry. 

With that said, few ever stop to ask an important question, 

namely – what makes a red, pink, or blue diamond ‘fancy’? 

Furthermore, when is a colour diamond not a fancy colour 

diamond? Or, put another way, is there such a thing as 

‘non-fancy’ colour diamonds – or are all colour diamonds 

innately fancy? 

The descriptor is an unusual choice of wording; however, 

as it appears on the reports issued by the world’s leading 

authority, the Gemological Institute of America (GIA) - it’s 

the industry standard. 

The demarcation of these stones is a complicated matter; 

however, the most important concept to understand is 

that the grading system places great significance to the 

‘strength’ of colour. 

To qualify for the ‘fancy’ moniker, diamonds must display 

a colour stronger than the Z grade. 

For the diamonds that reach these parameters, there are six 

distinct categories of which to be mindful - fancy light, fancy, 

fancy intense, fancy dark, fancy deep, and fancy vivid. 

The GIA assesses three core characteristics - hue, 

tone, and saturation - to determine which of these six 

categories within which a stone is classified. There 

are six colours that make up the 27 distinct hues. 

While there is much more to be said about the intricacies 

of the study of these colour diamonds, the core principle 

to understand is that the term ‘fancy’ is restricted to the 

rarest of stones that display stronger colour than those on 

the K-Z scale. 

With that said, there is still quite a range of differing 

diamonds within that ‘fancy’ territory - could it be said 

that the term is therefore redundant? 

AT THE FRONTLINE 

History Speaks 

FP 

ADVERTISEMENT 

SIR GABRIEL TOLKOWSKY 

“What words can we give to 

diamonds to make it more 

beautiful and important and 

meaningful to the person that will 

buy it as a gift – perhaps the most 

important gift or symbol that many 

people will receive in their lives?” 

EPHRAIM ZION 

HOUSE OF DEHRES 

“In 1995, the GIA realised the 

need for more accuracy. Before 

these changes, you needed to 

rely on your understanding of 

the saturation of colour and 

trust your eyes and experience 

when buying a stone." 

SYDNEY BALL 

(1877-1949) | GIA 

“Colour in a marked degree is 

normal to the latter two species, but 

‘fancies’, the “pierres de fantaisie” of 

the French, that is diamonds of vivid 

colour when cut, are among nature’s 

rarest products.” 

Put another way, if there are six distinct classes of 

diamonds that can be classified as ‘fancy’, why do we 

bother with the term ‘fancy’? 

For the sake of simplicity, why not call it a vivid or intense 

colour diamond rather than a fancy vivid or fancy intense 

colour diamond? 

While it’s a reasonable question to ask, it is worth noting 

that such a dramatic change would be chaotic for the 

market. All pre-existing reports would be outdated, with 

hundreds of millions of dollars at stake. 

With that said, the more succinct the language, the 

better! As Oscar Wilde once said: “If I had more time, 

I would’ve written a shorter letter.” 

Despite this apparent redundancy, many jewellers 

continue to use the term ‘fancy’ coloured diamonds 

to adhere to the industry standards - and accepted 

terminology - set by the GIA. 

Not all industry figures are so quick to ‘get in line’; 

however, and what would appear to be an increasing 

number of jewellers – including several major retailers – 

are dropping the term, particularly when dealing directly 

with consumers. 

So, who is right in this war of words? 

History lesson 

Before we explore the pros and cons of each case, it’s 

essential to understand how and why the term ‘fancy’ 

came about. 

While the fancy colour diamonds that command mindboggling 

prices at auction today were formed billions 

of years ago deep within the Earth, the first extensive 

documentation of these natural wonders dates to the 

Indian subcontinent in the sixth century. 

At the time, there were strict limitations on who could 

possess fancy colour diamonds in India – then known as 

Bharat – defined by social class. 

A ruler could, of course, possess any diamond he wished. 


THE GOLDEN EMPRESS 

132.55-carat fancy yellow diamond 

Graff Diamonds 

THE ARGYLE VIOLET 

2.83-carat fancy deep grayish bluish violet diamond 

LJ West 

THE GRAFF PINK 

23.88-carat flawless fancy vivid pink diamond 


Priests were limited to white, clear diamonds, while 

warriors and landowners were permitted to own brown 

diamonds, described as ‘the colour of the eye of the hare’. 

Nearly 1,000 years later, the rough that would become the 

Hope Diamond was discovered in the Kollour Mine in India. 

Today, the 45-carat dark greyish-blue stone is regarded by 

many as the most famous diamond in the world. 

The origins of the diamond are somewhat unclear; however, 

it’s believed the stone was obtained by French gemstone 

merchant Jean-Baptiste Tavernier around 1666. 

Tavernier travelled with the rough to Paris, where it 

was cut into a crude triangular shape and named the 

Tavernier Blue. 

This diamond was eventually sold to King Louis XIV; 

however, the circumstances of the sale are also unclear. 

In 1678, King Louis XIV commissioned court jeweller 

Jean Pitau to recut the Tavernier Blue, resulting in a 

67-carat diamond which royal inventories listed as the 

Blue Diamond of the Crown of France. 

Fancy colour diamonds were particularly popular with 

French aristocrats, and diamond cutters would use the 

term ‘fantaisie’ when describing these stones. 

When translated to English, fantaisie can be interpreted 

two ways – ‘fancy’ and ‘fantasy’. 

The term fantaisie was used by these craftsmen because 

of the ‘otherworldly’ nature of these diamonds. Indeed, 

when compared with white diamonds, fancy colours do 

feel like the stuff of fiction. 

Of all the diamonds mined each year, a mere 0.01 per cent 

are fancy colour. That’s roughly one in every 10,000 carats 

extracted from the Earth! 

Nearly 300 years later, a US jeweller – Robert Shipley – 

established the GIA in 1931, hoping to address what he 

perceived as a lack of scientific expertise within the industry. 

In 1953, the GIA developed its International Diamond 


Experience Speaks 

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ADVERTISEMENT 

GARRY HOLLOWAY 

HOLLOWAY DIAMONDS 

“It’s possible that ‘fancy’ simply 

sounds boring or trite to many 

these days; however, it has a 

meaning and values are based 

on the words that come after." 

NIC CERRONE 

HOUSE OF CERRONE 

“We convey the exact 

information and terminology that 

is stated on the certificate of the 

diamond to our customers.” 

ROB BATES 

JCK ONLINE 

“I agree ‘fancy’ is a bit redundant, 

but as we have seen many times, 

trade terminology and customs 

take on a life of their own, and can 

be hard to change.” 

Grading System and introduced the four Cs – colour, 

clarity, cut, and carat. The first diamond reports were 

issued two years later. 

According to a 1994 issue of Gems and Gemmology, 

it was around this time that interest first began to 

increase in fancy colour diamonds. 

“The GIA’s interest in the colour origin of coloured 

diamonds was initially sparked in 1953 when staff 

members were first shown diamonds treated to 

‘yellow’ with cyclotron irradiation,” the report reads. 

“As news of the availability of cyclotron-treated diamonds 

spread in the trade, the GIA began to receive large 

numbers of colour diamonds from clients wanting to 

know whether the colour had been altered by laboratory 

irradiation and annealing. 

“Almost as soon as it was introduced in 1956, the GIA’s 

origin of colour report began a process of the systematic 

standardisation in describing coloured diamonds.” 

The report clarifies that the term ‘fancy’ was first used 

on GIA reports to describe natural faceted diamonds that 

exhibited colour appearance when viewed either face-up 

or simply displayed any colour other than yellow or brown. 

The GIA’s colour grading system was further refined in the 

1960s and 1970s, with several ‘master comparison stones’ 

used to judge other diamonds against a ‘standard’. 

Interestingly, much of this research was spurred by 

frustrations within the industry about the lack of a 

standard definition for a ‘canary’ coloured diamond – 

further highlighting the timeless importance of language 

and terminology. 

GIA researchers established boundary distinctions and 

expanded the collection of master stones; however, there 

were significant hurdles to overcome – namely, the lack 

of availability of master stones to cover the wide variety of 

diamonds that occur in nature. 

“Grading the colour of coloured diamonds is one of the 

greatest challenges in gemmology. The description must be a 


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The Fanciest of Them All 

2 

3 

1OPPENHEIMER BLUE 

DE BEERS BLUE 

BLUE MOON OF JOSEPHINE 

4FORTUNE PINK 

This 14.62-carat 

rectangular-cut diamond 

fetched a record-breaking 

US$57.5 million (AU$79.5 

million) in 2016. 

The world’s largest blue 

diamond, the De Beers 

Cullinan Blue, was sold at 

auction for $US57.47 million 

($AU80.96 million) in 2022. 

This 12.03-carat fancy vivid blue 

diamond set a price-per-carat 

record at auction for any diamond or 

gemstone when it sold for US$48.5 

million (AU$67.5 million) in 2015. 

It was hoped that the 18.18-carat pearshaped 

fancy vivid pink diamond would 

achieve a historic return; however, 

it wasn’t to be. It returned $US28.8 

million ($AU44.79 million) in 2022. 

thoughtful blend of both art and science,” the report reads. 

“It is not an easy process. It requires a robust system with 

consistent standards. A fancy yellow diamond must be the 

same yesterday, today, and tomorrow. 

"Finally, to neglect history and tradition, or to distance 

ourselves from the mystique and romance associated with 

natural-colour diamonds, is to do injustice to their beauty.” 

Hit the books 

While these details are fascinating, they don’t answer 

the initial question – why was the word ‘fancy’ adopted? 

Jeweller contacted the GIA for an explanation and 

intriguingly, researchers were unable definitively to 

answer the question. What they were able to reveal; 

however, was that the term predates the GIA. 

The GIA was able to identify classic works published 

in 1751, 1839, and 1874 which describe known colour 

diamonds without the use of the term ‘fancy’ or ‘fantasie’. 

The authors of these texts describe the colour of these 

diamonds to the best of their ability, without the added 

benefit of standardised terminology. 

The earliest book the GIA was able to uncover using the 

term ‘fancy’ was ‘The Diamond’, written by Wallis Richard 

Cattelle and published in 1911. 

“Other things being equal the relative market values 

of colour in the diamond are about as follows: Fancies: 

emerald-green, red, sapphire blue, pink, orange, tints of 

violet-blue and blue, canary, black, and brown,” the book 

states on page 149. 

The earliest use of the term ‘fancy’ by the GIA appears 

in a September 1935 issue of Gems and Gemmology. 

“Colour in a marked degree is normal to the latter two 

species, but ‘fancies’, the "pierres de fantaisie" of the 

French, that is diamonds of vivid colour when cut, are 

among nature's rarest products,” writes Sydney Ball. 

A translation of the French term ‘pierres de fantaisie’ 

"A fancy yellow 

diamond must 

be the same 

yesterday, today, 

and tomorrow. 

Finally, to 

neglect history 

and tradition, 

or to distance 

ourselves from 

the mystique 

and romance 

associated with 

natural-colour 

diamonds, is to 

do injustice to 

their beauty.” 

to English reads ‘fancy stones.’ 

The earliest known GIA diamond grading report to use 

the term ‘fancy’ is dated October of 1954 – a fancy light 

green stone. 

What did we learn? 

So, what is the outcome from this history lesson? The 

GIA doesn’t claim to have coined the term ‘fancy colour 

diamonds’ – it merely standardised the language that was 

already widely used within the jewellery industry. 

With that said, the GIA’s authority is in the realm of 

science – and the cold, hard facts of science are often 

(appropriately) thrown to the wayside in the relationship 

in the business world, including between retailers and 

consumers. 

So, while it may be appropriate for members of the 

diamond industry to adhere to the term ‘fancy colour 

diamonds’ for the sake of standardisation, should 

retailers move on to something more straightforward? 

Owner and founder of the House of Cerrone, Nic Cerrone, 

suggested that adhering to the standards set by the GIA 

was an approach that has worked well for his business. 

“I see grading companies using the word ‘fancy’ to state 

that the diamond is coloured,” he tells Jeweller. 

“We convey the exact information and terminology 

that is stated on the certificate of the diamond to our 

customers.” 

Based in Melbourne, James Temelli is the marketing 

manager of Temelli Jewellery, specialising in bespoke 

creations featuring rare diamonds and gemstones. 

Temelli suggests that the terms used to describe these 

stones should be adjusted depending on the audience. 

“Fancy colour diamonds is a term often used in the trade 

and often overseas when describing coloured diamonds 

with a fancy grade - as opposed to an unappealing colour 

tone,” he reveals. 


COLOR DIAMONDS FEATURE | Fancy or not Fancy? 

6PINK STAR 

7SAKURA DIAMOND 

5WILLIAMSON PINK STAR 

8AURORA GREEN 

The 11.15-carat Williamson Pink 

Star sold for $US57.7 million 

($AU89.74 million) at Sotheby’s 

in Hong Kong in 2022. 

The record return for a pink 

diamond at auction remains with 

the 59-carat Pink Star, which 

was sold in 2017 for $US71.2 

million ($AU110.73 million). 

This 15.81-carat fancy vivid stone 

was sold to a telephone bidder in 

Hong Kong for $HK226 million 

($AU37.7 million) in 2021. 

A rectangular-cut fancy vivid green 

diamond, weighing approximately 

5.03 carats, and set within a circularcut 

pink diamond surround. Sold at 

auction in 2016 for $US16.81 million 

($AU25.91 million). 

“In a conversation with a customer, or in a marketing 

context, we tend to use simpler terminology, that is, 

‘coloured diamonds’ without the ‘fancy’. Keeping it 

simpler tends to resonate more with customers.” 

Temelli added: “I think it’s important to divulge 

colour grades, depth and tones in relation to coloured 

diamonds more in-depth during the communication 

with the customer, as this gives value to the quality of 

the diamond.” 

Individual fancy colour grades are quite wide, and the 

price difference between a weak and strong fancy intense 

diamond and can be close to double. 

As previously mentioned, to grade fancy colour diamonds, 

laboratories such as the GIA use a set of master stones 

and the Munsell Book of Colours. 

This is a colour chart of approximately 1,500 different 

shades and is particularly useful when suitable master 

stones are not available. 

Evolution 

Garry Holloway of Holloway Diamonds proposed a simple 

explanation for the evolution of vocabulary around the 

category. 

“It’s possible that ‘fancy’ simply sounds boring or trite to 

many these days; however, it has a meaning and values 

are based on the words that come after,” he suggests. 

Indeed, in terms of general use, the word fancy may have 

become somewhat outdated, just as ‘ladies’ is rarely used 

today when discussing ‘women’. 

Holloway suggested that the declining use of the term 

when addressing consumers, particularly when in 

Australia, may stem from the introduction of a separate 

colour grading system at the Argyle Diamond Mine. 

The GIA’s colour grading system was considered limited 

when it came to differentiating pink diamonds mined 

in Australia, and so the Argyle mine began to divide 

production into four separate categories – purple-pink, 

“The term 

fantaisie FP was 

used by these 

ADVERTISEMENT 

craftsmen 

because of the 

‘otherworldly’ 

nature of these 

diamonds. 

Indeed, when 

compared with 

white diamonds, 

fancy colours do 

feel like the stuff 

of fiction.” 

pink, pink-rose, and pink-champagne. 

Within each category, the diamonds are further classified 

according to the strength of the colour, from the deepest 

most desirable colour (one) to the lightest (nine). 

There was one exception - the pink-champagne category 

- which has only three strength ratings. 

“I know that many online retailers have simplified the 

wording, such as the Signet companies, including Blue 

Nile and James Allen, as well as Brilliant Earth. Those 

are the three largest by far,” Holloway said. 

“However, in their search criteria, they always use the 

GIA ‘fancy nomenclature’ names on the slider." 

“If the word ‘fancy’ was eliminated due to 

redundancy, then that grade would need to be 

outright renamed – and finding the appropriate 

language is difficult. Should you eliminate 

that grade, the entire structure falls apart.” 

Rob Bates, news director at JCK Online, says that while 

the term ‘fancy’ is redundant, he doesn’t see the harm in 

its continued use. 

“I agree ‘fancy’ is a bit redundant, but as we have seen 

many times, trade terminology and customs take on a 

life of their own, and can be hard to change,” he tells 

Jeweller. 

“While I'm willing to entertain other opinions, the word 

fancy doesn't seem particularly misleading and could 

provide a point of difference vis-a-vis lab-created 

diamonds. 

“It also goes along with the grades, such as fancy deep 

and fancy intense. All in all, it seems pretty harmless, 

and as long as everyone stays honest, I think it's fine to 

use, and fine to drop.” 


Fancy or not Fancy? | COLOR DIAMONDS FEATURE 

THE ARGYLE ROSE 

1.36-carat fancy deep pink diamond 

Solid Gold Diamonds 

THE DELAIRE SUNRISE 

221.81-carat fancy vivid yellow diamond 


TZARINA 

2.15-carat fancy intense purplish pink diamond 

Calleija 

Shubham Maheshwari, marketing director of Kunming 

Diamonds, agrees with Temelli and suggests that keeping 

it simple with consumers is always the best approach. 

He also offered a possible explanation as to why major 

retailers are sticking with ‘coloured diamonds’. 

“There are a few reasons why companies may choose 

to omit the word ‘fancy,’ he explains. 

“By removing the term ‘fancy’, the language used 

in marketing materials is simplified, making it more 

straightforward and easier to understand for potential 

buyers. 

“Additionally, companies may have identified that certain 

keywords or phrases related to fancy colour diamonds are 

not as effective in online marketing campaigns.” 

Diamond industry analyst Ari Krawitz believes that there 

is a redundancy in the terminology; however, he suggests 

it’s necessary in order to avoid confusing consumers. 

“I refer to coloured diamonds as fancy colour diamonds. 

In my mind that avoids any confusion around ‘fancy shape’ 

diamonds which are typically referred to as ‘fancies’, he 

explains. 

“It probably is redundant in my view. With that said, as 

long as the description has the word ‘diamond’ attached, 

to avoid clashing with coloured gemstones, I’m happy.” 

Keep the flame alight 

Described by the Fancy Colour Research Foundation as 

‘the most influential fancy colour diamantaire in the Far 

East,’ there are very few who can rival Ephraim Zion as an 

authority on these matters. 

Zion’s career began in Israel as a diamond cutter 

apprentice at the age of 14. After relocating to the US, he 

became a highly sought craftsman in New York. 

In 2008, he became a governor of the GIA, joining the 

organisation for nine years. Zion says that regardless of 

any redundancy, it’s important that the diamond industry 

upholds the ‘fancy colour’ terminology. 

“If you were to look at the language from a logical point 

FP 

SHUBHAM MAHESHWARI 

KUNMING DIAMONDS 

“By removing the term ‘fancy’, 

ADVERTISEMENT 

the language used in marketing 

materials is simplified, making it 

more straightforward and easier to 

understand for potential buyers.” 

JAMES TEMELLI 

TEMELLI JEWELLERY 

“In a conversation with a 

customer, or in a marketing 

context, we tend to use simpler 

terminology, that is, ‘coloured 

diamonds’ without the ‘fancy’. 

Keeping it simpler tends to 

resonate more with customers.” 

GEMS & GEMMOLOGY 

WINTER ISSUE, 1994 

“Grading the colour of coloured 

diamonds is one of the greatest 

challenges in gemmology. The 

description must be a thoughtful 

blend of both art and science.” 

of view, yes, I would agree that it’s redundant. Common 

sense says it’s unnecessary,” he tells Jeweller. 

“With that said, I think the current nomenclature is most 

suitable for these stones.” 

Zion says that hypothetically should such a radical change 

in terminology occur, there would be a major hurdle to 

cross – namely, the second of the six grades, which is 

simply ‘fancy’. 

If the word ‘fancy’ was eliminated due to redundancy, 

then that grade would need to be outright renamed – and 

finding the appropriate language is difficult. Should you 

eliminate that grade, the entire structure falls apart. 

On the topic of language, Zion also drew attention to the 

GIA’s move in the 1990s to introduce the fancy vivid and 

fancy intense categories, suggesting that it was a positive 

example of the nomenclature evolving. 

“It was necessary that the GIA create two new 

denominations to distinguish between fancy, fancy 

intense, and fancy vivid. It gave a more accurate 

representation of the colour differences between those 

three,” he explained. 

“In 1995, the GIA realised the need for more accuracy. 

Before these changes, you needed to rely on your 

understanding of the saturation of colour and trust your 

eyes and experience when buying a stone.” 

In 1971, Zion relocated to Asia and joined his family’s 

diamond and gemstone business. In 1985, he established 

the House of Dehres, a company that creates remarkable 

fine jewellery. 

House of Dehres scours the world for high quality and 

unique gemstones, and then produces fine jewellery using 

its team of talented artisans. 

“I have always loved fancy colour diamonds, and I’ve been 

very fortunate to be based in Hong Kong. Asian culture 

has always valued colour gemstones and fancy colour 

diamonds have always been appreciated here,” he says. 

“That’s not always been the case in other places, where 

these stones have not always been revered the same way 


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12.03-carat fancy vivid blue diamond 

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that they are today. 

“I can remember when I was younger, seeing dealers 

handle parcels full of colour diamonds with little regard. 

That amazed me, peering inside and seeing small reds, 

greens, blues – all the colours of the rainbow – and these 

stones were given such little consideration! How things 

have changed.” 

Learning from the legend 

While the observation that many jewellers appear to be 

dropping the term ‘fancy’ is new, the debate about the 

language used around these diamonds is not. 

Earlier this year, one of the world’s most revered diamond 

cutters, Sir Gabriel Tolkowsky, passed away at the age of 84. 

The language used by the diamond industry was a topic 

close to the heart of Tolkowsky. In a presentation in 

Moscow in 2004 – organised by Holloway, among others - 

he addressed these matters. 

“The internet and the multiple publications have resulted 

in our professional language on diamond grading reports 

spilling into common knowledge,” he said. 

“Now, the general public attempts to use this technical 

and specialised language and knowledge. Is this 

appropriate for consumers? Will it result in them being 

more attracted to diamonds for their inherent beauty and 

symbolism? 

“Or should we keep our professional language to 

ourselves and adopt other language that is more 

descriptive for the sense such as rarity, beauty, dream, 

emotion, craftsmanship, and art?” 

During the presentation, he discussed the language 

used by cutters and polishers. Terms such as cut, cleave, 

brute, saw, and laser are common; however, when it 

comes to speaking with consumers, these terms are not 

used because they lack romance. 

A consumer is not interested in a diamond that has been 

cut and cleaved. They’re looking for a diamond that has 

been divided, fashioned, and styled! 

“After all, it’s 

the mystery 

and intrigue 

behind fancy 

colour diamonds 

which has made 

them so very 

valuable – and 

not our scientific 

understanding 

of the stones 

themselves.” 

It’s important in all retail contexts that the appropriate 

language is used when dealing with consumers to prevent 

damaging the public’s image of products. 

“So, can we imagine new terminology that better 

describes the diamond so that it means more, and adds 

better value, to what we have done with a natural rough 

gem?” asks Tolkowsky. 

“The thing that was created by The Almighty, the creator 

of all things. What words can we give to diamonds to 

make it more beautiful and important and meaningful to 

the person that will buy it as a gift – perhaps the most 

important gift or symbol that many people will receive in 

their lives?” 

Nearly 20 years ago, Tolkowsky was keenly aware of 

the importance language plays in the love consumers 

have for diamonds. He highlighted the significance of 

nomenclature and the impact that scientific jargon can 

have on the perception of a diamond. 

Today, the diamond industry faces a similar conundrum! 

The industry must walk a tightrope between protecting 

consumer attachments and prioritising language that 

is simple and easy-to-understand, while also adhering 

to a thorough scientific understanding of what it is that 

makes these stones special. After all, it’s the mystery 

and intrigue behind fancy colour diamonds which has 

made them so very valuable – and not our scientific 

understanding of the stones themselves. 

And if we consider that language evolves, and it's 

common for the change to relate to technological 

advancements, what are we to make of a colour or 

coloured diamond? 

Do those two terms mean the same thing? Or should they 

be used differently because ‘coloured’ could imply, or at least 

sounds like, the diamond was artificially treated to enhance 

the colour? 

It might be a case of semantics but isn’t that what 

nomenclature is all about? That said, we will leave this 

debate for another time! 


FP 

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orangeriver.com.au

DIAMOND FEATURE 

Leadership Crisis 

FP 

INTERRUPTION 

ADVERTISEMENT 

or DISRUPTION 

LEADERSHIP CRISIS IN 

THE DIAMOND INDUSTRY 

The diamond industry finds itself 

in a period of great change. 

ROBERT BOUQUET questions 

whether this is a fleeting phase 

or a moment of significant 

transformation. 

De Beers Group

DIAMOND FEATURE 

Leadership Crisis 

by ROBERT BOUQUET 

De Beers' 24.08-carat white 

diamond and 10.10-carat 

fancy vivid yellow 

diamonds that were 

discovered in Botswana. 

It’s been said before that there’s never a dull day 

in the international diamond industry. After 

witnessing how 2023 has unfolded so far, 

I’m sure you’ll agree that it’s an accurate statement. 

The industry has seen changes in supply dynamics, 

an extremely difficult rough market with a significant 

supply-demand imbalance, bloated polished stocks, the 

devastating war in Ukraine and the clear expansion and 

ensuing cannibalisation of the natural diamond space by 

lab-created products. 

We must also consider the economic woes in many 

consumer markets, and the so-called ‘market 

disruptors’ attempting to storm the stage. 

There are so many factors to consider, and so little 

time, as the industry seems to be evolving more 

rapidly than ever. 

Against this backdrop, it’s appropriate to ask one 

question: is the diamond industry in a state of shortterm 

‘interruption’, or is it facing genuine ‘disruption’? 

Diamond market update 

Following a sharp and exciting recovery from the 

doldrums of the market during the COVID-19 pandemic, 

both 2022 and 2023 have proved to be increasingly difficult 

markets. 

The sanctions which followed the invasion of Ukraine 

did not lead to the expected blocking of the entire flow of 

Russian rough into the market. 

Somewhat ironically, removing 30 per cent of the global 

supply might have helped strengthen the market, albeit 

temporarily. 

Despite attempts by the US to stem the flow of Russian 

rough, the market found new ways to pay for it and direct 

the diamonds to the wheels in Surat and elsewhere. 

The trade became increasingly anxious about excessive 

polished stocks impacting middle-market liquidity, 

which in turn weakened rough demand and prices. Most 

diamantaires had already written off 2022 and hoped to 

see improvements later in 2023. 

And yet the major suppliers were forced to drop their 

prices, and while contractual obligations allowed De 

Beers to sell, the middle market experienced little 

demand for diamonds. 

The exception was in the smaller and cheaper ($US100 

per carat and below) rough diamonds to keep the Indian 

factories operational. Smaller producers and tender 

houses witnessed a decline in prices achieved. 

DI A MOND INDUSTRY 

Key Figures 

18% 

Revenue increase for De 

Beers' parent company 

Anglo American in 2022. 

1967 

Diamonds are discovered 

in Botswana leading to 

extraordinary economic 

development. 

36 million 

Estimated rough diamond 

exports (carats) from Russia 

in 2022 according to the 

Kimberley Process. 

$US210b 

Value of the global 

jewellery market in 2022, 

with diamond jewellery 

comprising of at least 

40 per cent of that total. 

(IDEX) 

26 million 

Estimated total 

lab-created diamond 

production in carats in 2022. 

$US73.8b 

Estimated natural diamond 

jewellery retail market 

value in 2022. (IDEX) 

This trend continued throughout the first half of 2023. 

Polished buyers could see the market weakening and 

were in no rush to place orders due to their accurate 

anticipation of further price decreases. 

Polished prices have evolved significantly over the past 

few years and this year alone we have seen an average 

decline of more than 15 per cent. 

If anything, what we witnessed during the first half of 

2023 was a market looking for pockets of demand and 

opportunities to trade or manufacture at profit. At the 

very least, the intention for manufacturers is to keep 

the wheels turning at around 60 per cent of full capacity 

for now. The truth of the matter is that natural rough 

diamond production is too high compared to what the 

market can readily absorb. 

With that in mind, the entire impact on the natural 

diamond trade by the introduction of lab-created 

diamonds is still not entirely understood or quantified. 

Where do we go from here? 

So, against the backdrop of this fragile situation, what 

needs to happen to improve the market dynamics? 

Reduced rough levels: The major suppliers could 

reduce production and hold back on sales which would 

allow a certain ‘rebalancing’ of the middle market. 

Although this would allow the smaller producers to 

sell more or for better prices, the majors still 

account for 70 per cent of the global rough supply. 

Holding back significant volumes would allow prices to 

stabilise and support the market in the short term. 

Practical embargo on Alrosa: Russia’s largest diamond 

mining company has become ‘caught up’ in a war that 

has nothing to do with diamonds specifically. 

Previous attempts to stem the flow of Russian goods to 

the factories of India have failed; however, successfully 

stemming this rough would temporarily support the 

market due to supply shortages. 

At present Russian rough is flowing to the cutting centres 

and despite the current market and prices being forced 

downwards, there are reports that around 70 per cent of 

‘normal’ volume is currently being sold - principally to India. 

The Kimberley Process statistics indicate that Russia is 

still selling diamonds strongly, with 2022 exports of 36.7 

million carats valued at $US3.87 billion ($AU5.8 billion). 

The end of the Ukraine war: The diamond market 

traditionally rebounds on major positive global news. 


Meaning 'a place of small 

stones', the Jwaneng open 

pit mine in Botswana is 

majority-owned by the 

Government of Botswana 

and produced 10,319 kct 

between Q1 and Q3 in 2022. 

Should the Ukraine war cease, an emotional 

rebound globally is on the cards which could 

mean a surge in diamond acquisition. This would 

help by reducing the overhang of polished stuck 

in the cutting centres. 

Improved macroeconomic factors: The two 

key consumer markets of the US and China 

need to improve economically. 

Despite some positives, such as the Nasdaq 

having a stellar first half this year, there are 

many negative tailwinds, such as concerns 

over productivity and very high credit card 

spending in the US or the deteriorating economic 

fundamentals, such as deflation and an increase 

in youth unemployment in China. 

Factors such as these indicate potentially 

weaker short-term consumer confidence and 

negativity for future diamond acquisition by the 

mass markets. 

It must be said that, right now, none of the 

above scenarios appears likely to happen. As a 

result, the diamond market will - in my opinion - 

continue to struggle for the remainder of the year. 

The biggest news of the year 

From an outsider's perspective, the partnership 

between De Beers and Botswana appeared 

to be crumbling after more than 50 years of 

collaboration. The media coverage and political 

rhetoric from certain quarters hinted at a 

potential collapse of the partnership. 

Of course, the stakes were too high for that. 

Negotiations require a certain back-and-forth, 

and with Botswana's general election looming 

in 2024, discussions took on an extra layer of 

complexity. 

Diamonds were discovered in Botswana in 1967 

and this discovery has been behind, what I believe 

is justifiably referred to as, one of the most 

extraordinary stories of economic development. 

To think that all that has been accomplished 

during the 54 years of agreement between De 

Beers and Botswana has been centred around a 

non-essential luxury item! That said, diamonds 

are just too important to Botswana, its economy, 

and its people to allow the partnership to end – 

and so a deal was struck. 

In addition to the sales and marketing agreement, 

which deals with the post-mining distribution 

of the rough production for the next 10 years, 

there is the crucial mining licence. This allows 

Debswana to continue mining its Botswana 

assets for the next 25 years and requires De 

Beers to invest billions in underground expansion. 

The entire details are not fully public yet. In fact, 

I hear that some of the final agreements are not 

signed as some of the finer details still need to be 

ironed out. 

Indeed, in its 1 July press release De Beers indicated 

that the agreements had been made “in principle”. 

These public statements were well received by 

the industry as a collective; however, we must 

always remember that the devil will be in the 

final details. 

"Previous attempts to stem the flow 

of Russian goods to the factories of 

India have failed; however, stemming this 

rough would support the market due to 

temporary supply shortages." 

Certain elements of the deal have been 

released publicly: 

• 10-year sales and marketing agreement until 

2033 

• 25-year extension of the current Debswana 

mining licences until 2054 

• Increased allocation of diamonds produced 

by Debswana to the state-owned Okavango 

Diamond Company (ODC) to 30 per cent with 

immediate effect 

• Further increase of allocation to 50 per cent 

before the end of the 10-year agreement 

• Opportunity to partner on the polished upside 

in value from exceptional rough valued at over 

$US500,000 

• Creation of the Diamonds for Development 

Fund which De Beers will fund to the tune of 

around $US750 million 

• Botswana will have some share of exploration 

success by De Beers elsewhere in the world 

My reflection on the deal, as we know it to be, is 

that De Beers had no choice but to accept the 

demands of Botswana’s government. 

The ratchet effect of each successive contract 

negotiation means that Botswanan governments 

will now have even greater control of the 

diamonds discovered in the country. De Beers 

consequently has fewer diamonds for its 

client base, both internationally and locally in 

Botswana. 

This reduction will impact the clients in Botswana 

that receive diamond allocations for local 

factories. Originally Botswana wanted these 

factories to be established and supported with 

allocations from De Beers. 

The increased responsibility that ODC will now have 

in managing the optimal distribution of its higher 

levels of rough (up to $US2 billion per annum by 

2033) is an interesting and important note. 

I wonder how many more of these sales and 

marketing contracts we will ever see? 

In any negotiation, there is only so far one side 

can push before the other party sees no more 

value in continuing. One must always be careful 

what they wish for! 

As an interesting aside, as news breaks of more 

mega rocks being unearthed at Lucara’s Karowe 

mine, I find myself pondering what ever happened 

to the stunning 1098-carat diamond discovered at 

the Jwaneng mine in 2021. 

Blink and you’ll miss it 

To understand the significance of lab-created 

diamonds, it’s important to first review the 

chronology that brings us to the present situation. 

Over the past two decades, the landscape for labcreated 

diamonds has altered dramatically. 

Improved production methods and economies of 

scale have meant that production levels 

have increased dramatically. What was once 

considered a long-term, distant threat to natural 

diamonds evolved in the early 2000s into a 

competitive proposition to the consumer. 

In 2017, Swarovski officially launched its labcreated 

diamond brand Diama in the US. 

In a move to counter the threat of lab-created 

diamonds – and confusing consumers and 

damaging the natural diamond trade in the 

process - De Beers shocked the industry at JCK 

2018 by launching its Lightbox brand. 

The diamond trade embraced the sudden 

‘legitimisation’ of the lab-created category and many 


L to R: 

One of the world's largest diamonds 

was been unearthed in Botswana. The 

1,098-carat diamond, believed to be the 

third largest gemstone-quality diamond 

ever found, was discovered at the Jwaneng 

mine, around 75 miles from the country's 

capital, Gaborone. 

Indian Prime Minister Narendra Modi 

presented a gift to the US First Lady Jill 

Biden in Washington during his ongoing 

state visit - a 7.5-carat lab-created diamond 

manufactured in a Surat factory in Gujarat. 

middle-market stakeholders struggling with wafer-thin 

margins started developing their own lab-created diamond 

businesses. 

In 2020, De Beers opened a new $US94 million lab-created 

diamond production facility in Oregon (US). Around the 

same time, ‘lower level’ brands began moving to lab-created 

diamonds as consumer awareness increased. 

In 2021, Pandora announced that it would no longer sell 

jewellery with natural diamonds and instead use labcreated 

diamonds in its new brand, Pandora Brilliance. 

Retailers also increasingly adjusted store space to 

incorporate lab-created diamonds. 

Lightbox subsequently evolved its customer offering - 

introducing grading reports and the ‘Finest’ collection, 

however, the company stayed away from bridal jewellery. 

It wasn’t long before the US became the key market for 

lab-created diamond jewellery at the consumer level. 

At the same time, trade prices began to decline significantly, 

dropping to 98 or 99 per cent below ‘Rap’. In February of this 

year, the Indian government announced a $US30 million 

five-year research grant to support the indigenisation of 

lab-created production in India. 

The lab-created market is reported to have expanded 

to approximately $US10 billion in retail sales, around 

10 per cent of the entire global diamond trade - and is 

increasing. However, it is important to realise that the 

percentage is far higher when you look at actual carats or 

'pieces'. 

In June of this year, Lightbox introduced its first ‘bridal’ 

jewellery with a range of 16 engagement rings priced 

up to $US5,000. Around the same time, Indian Prime 

Minister Narendra Modi presented a 7.5-carat lab-created 

diamond to US First Lady Jill Biden on a visit to the White 

House. 

Higher-end brands had previously resisted any entrance 

into the lab-created market, except for a few examples 

such as Tag-Heuer’s Carrera Plasma watch range. 

The US lab-created market increased rapidly. Greater 

margins for retailers lead them to promote lab-created 

ahead of natural. Some reports suggest that as much as 

50 per cent of all engagement rings in the US are now 

using lab-created diamonds. 

What’s known as ‘hybrid diamond jewellery’ also 

started to appear – pieces that feature both natural and 

lab-created stones. 

What’s next? 

As it stands, I believe we are in a specific phase where labcreated 

products have not found their long-term market 

CRUCI A L INSIGHTS 

Botswana Agreement 

25 years 

Extension of the current 

Debswana mining licence 

agreement, which will now 

last until 2054. 

30% 

Increased allocation of 

diamonds produced by 

Debswana to the stateowned 

Okavango Diamond 

Company. 

$US750m 

De Beers expected 

contribution to the 

establishment of the 

Diamonds For 

Development Fund. 

2033 

The final year of the 

current sales and marketing 

agreement between 

De Beers and Botswana. 

$US73.8b 

Estimated natural diamond 

jewellery retail market 

value in 2022. (IDEX) 

positioning. The production of one-carat polished stones is 

now 2:1 in favour of lab-created, and this number could easily 

increase. 

So, I do not agree with those who claim that the lab-created 

category is not cannibalising natural diamond sales. The 

fact is, some consumers are opting for larger lab-created 

diamonds at the expense of natural diamond sales. 

How would you describe such an occurrence, without also 

describing market cannibalisation? 

Even Lightbox has moved to bridal to capture some of 

this movement. There is an argument to be made that 

lab-created diamonds are creating incremental demand, 

which ironically, has been the holy grail for the natural 

industry for so long. 

Trade prices for lab-created rough and polished have 

decreased significantly and have little room to decline 

further. 

"Diamonds have always been non-essential luxury 

items, marketed brilliantly over the decades 

to represent the ultimate gift of love. " 

Producers are reportedly struggling, which means that 

certain businesses will fall away and only those who have 

sufficient scale and efficiency will survive. 

While prices have decreased significantly around production, 

otherwise known as the ‘upstream’, they have not declined to 

the same degree for retailers. 

This currently leaves a healthy and interesting margin for 

retailers, and many are enjoying the moment. 

At some point in the near future, the ‘cat will be out of 

the bag’ at the retail level. The combination of competition 

naturally driving retail prices down along with consumer 

awareness of the real cost of lab-created diamonds will 

force retailers to reduce their prices. 

Only at this point will the long-term ‘bifurcation’ between 

natural and lab-created occur. 

The recent increase in online commentary around the 

already low and declining value of lab-created diamonds 

is, I believe, a sign of this important market movement 

beginning to happen. The first signs of discounting at the 

retail level would indicate that this is underway. 

With that said, it’s important not to ignore the rise of hybrid 

jewellery. Who could have expected that? 

An important factor that remains unclear to me is the 

long-term attitude of consumers. 


DIAMOND FEATURE | Leadership Crisis 

Chart A: 

Average Polished Index 

Evolution of polished 

diamond prices over the past 

three years. In 2023, there 

has been a startling decline 

of more than 15 per cent. 

Source: Compiled by 

I. Hennig from a number 

of proprietary and public 

sources; includes data to 

August 2023 

Consumers are being drawn to an alternative product 

where they can perhaps get a two-carat diamond 

instead of a 50-pointer for the same money. While many 

consumers care about the ‘reality’ of diamonds and their 

origins, many are also unconcerned with the specifics. 

Therein lies a large conundrum; the consumer of 

tomorrow is not guaranteed to act the same as the 

consumer of today. The next generation may not care if a 

diamond is lab-created. 

Diamonds have always been non-essential luxury items, 

marketed brilliantly over the decades to represent the 

ultimate gift of love. The stuff of dreams that is marketed 

as rare and is perceived as a great store of value. 

Now consumers are faced with this rebellious alternative 

- it looks the same, it feels the same, and yet it is not. 

Lightbox was originally not going to enter the all-important 

bridal market; however, the brand couldn’t resist the 

opportunity. Today, it’s a direct competitive threat to natural in 

its biggest segment. 

Diamond marketing 

The Natural Diamond Council is trying to blaze a trail for 

diamond and jewellery retailers to follow; however, with 

a reduced budget due to the loss of Alrosa following the 

invasion of Ukraine, that has become a greater challenge. 

The old ‘Supplier of Choice’ strategy tried to get the 

sightholders to drive consumer demand; however, from my 

perspective, this was the wrong approach. 

I have always thought that the retailers were well-placed 

to step in and handle marketing, as they understand the 

markets and consumers. At the end of the day, it doesn’t 

matter who does it – so long as someone does! 

Tracing and transparency 

It has been long suggested that ‘provenance’ is an 

increasingly important factor supporting the consumer 

proposition for diamonds. 

There are signs that the industry has (incorrectly) elevated 

the importance of this practice, with the emergence of 

various blockchain companies. 

However, until the average jewellery store customer 

demands provenance for either natural or lab-created 

diamonds as a priority, I do not see this issue being the 

key driver for diamond jewellery sales at the moment 

The collapse of Brisbane-based diamond tracing company 

Everledger – entering liquidation with more than $AU19 

million in debt – may support the idea that ‘movement’ 

around provenance is fleeting rather than permanent. 

UNDER THE MICROSCOPE 

De Beers 

$U6.62b 

Estimated revenue for 

De Beers parent company 

Anglo American in 2022. 

$US94m 

De Beers investment into 

a new lab-created diamond 

production facility in 

Oregon in 2020. 

34 million 

Estimated carats of 

diamond rough mined by De 

Beers in 2022. 

$US370m 

The total sales from De 

Beers' latest sight, the 

seventh of 2023. This 

marked the lowest sales 

figures of the year, 

a 42 per cent decline 

year-on-year. 

2018 

De Beers stuns the 

international diamond 

industry with the launch 

of the Lightbox Jewelry 

brand at JCK. 

Indeed, the trade is discussing provenance much more 

than the consumer. And, regardless, certain well-known 

loopholes will also need to be closed to make the 

provenance claim more watertight. And that includes any 

potentially upcoming attempts to block Russian polished 

diamonds. 

Industry leadership 

I have been a part of the diamond industry for 30 years. 

I have never seen a diamond market facing such a set of 

complex difficulties simultaneously before. 

From my perspective, the industry seems to be suffering 

from a lack of leadership. 

Of course, in the good old (bad old) days De Beers was the 

custodian - the industry steward – ruling as a dominant 

monopolistic force. The industry pipeline is no longer so 

seemingly linear. 

"What was once considered a long-term, distant 

threat to natural diamonds evolved 

in the early 2000s into a competitive 

proposition to the consumer." 

However, it still must be said that today - even with a 

market share somewhere in the 30-40 per cent range 

- De Beers still does far more for the industry than any 

other player. No other producer comes anywhere close. 

It must be remembered that as the various negotiations take 

place and producers squeeze more and more out of the value 

equation, it may become untenable financially for De Beers to 

continue some of its market-based activities. 

Indeed, I often wonder how long it will be before De Beers 

retreats into becoming solely a diamond mining company. 

With its new and improved deal and greater standing on the 

global stage, perhaps the time has come for Botswana to 

shoulder some more responsibility. 

What does the future hold? 

I have always been positive about the long-term future 

of the diamond industry. With that said, the current 

macroeconomic factors need to improve. 

The tension between lab-created and natural diamonds 

must settle as soon as possible. Furthermore, the huge 

polished overhang needs to, somehow, be absorbed. 

Until both of these factors are resolved, the short to 

medium-term future prosperity of the natural diamond 

industry will remain challenged. 


"For my customers, it's a fairly even 

split between 18-carat white gold 

and platinum. My designs usually 

work well in Platinum, and the 

current pricing of these two metals 

works out fairly similar.”

WHITE METALS 

Trends & Opportunities 

THE WILD WORLD OF 

FP 

ADVERTISEMENT 

BECKS Group

Tiffany & Co. 

Sophie Simone Designs 

Platinum Guild International 

W 

hen it comes to white metal jewellery, 

consumers are spoiled for choice. 

Whether it be platinum, palladium, white 

gold, silver, stainless steel, or titanium, there’s something 

for everyone – and each metal has its own unique 

strengths and weaknesses. 

Platinum, palladium, and white gold are the more 

expensive choices; however while stainless steel, silver, 

and titanium are easier on the hip pocket that doesn’t 

mean they’re incongruous with meaningful adornments. 

From engagement and bridal jewellery to pieces intended 

to be worn each day, white metals can meet both budget 

constraints and design desires. 

With that said, this leaves retailers facing a significant 

conundrum: how do you know which white metal 

jewellery to offer? 

While it’s undoubtedly a positive that consumers have 

more choices now than ever before when it comes to 

metals and alloys, this leaves retailers with an expanding 

pool to choose from when it comes to selecting stock. 

After all, a jeweller can’t afford to offer every option 

under the sun! 

So, how does a retailer make this decision? Listening to 

feedback from customers is one thing; however, hearing 

the insight from jewellers facing the same conundrum is 

even better. 

Perfect platinum 

Platinum is one of the rarest elements in the Earth’s 

crust, with only a few hundred tonnes produced each 

year. Approximately 80 per cent of platinum is sourced 

from South Africa. 

Platinum is one of the least reactive metals, and 

has an excellent resistance to corrosion even at high 

temperatures – earning it the title of a ‘noble metal'. 

Based in Bondi Beach, Sian Jones is the owner of Bert 

Jewellery. Jones says that when customers enter her 

64 | September 2023 

LOV ED BY A LL 

The Classics 

PLATINUM 

HYPOALLERGENIC 

Meteorites and our moon contain 

a higher percentage of platinum 

than can be found on the Earth. 

WHITE GOLD 

White gold was originally 

developed as a substitute for 

platinum. 

STERLING SILVER 

Mexico is the world’s leading 

producer of silver. 

PALLADIUM 

Deposits of palladium are rare, 

but are found in South Africa, 

Canada, and Russia. 

STAINLESS STEEL 


Stainless steel was 

discovered during weapons 

experimentation in 1931. 

TITANIUM 


Titanium is the ninth most 

common metal in Earth’s crust 

and is forged in supernovas. 

store looking for white metal jewellery, she’s always quick 

to recommend platinum. 

“Platinum is definitely the way to go. I personally don’t 

work with palladium, silver, stainless steel or titanium, 

but I certainly work with white gold and platinum,” she 

tells Jeweller. 

“I always recommend platinum over white gold to my 

female customers simply because it doesn't need to be 

rhodium plated and the brightness of it looks fantastic 

next to diamonds. 

“Personally, I dislike the look of white gold set with 

diamonds once rhodium plating wears off, whereas 

longevity-wise, platinum always looks good and retains 

that lovely colour.” 

Jones has a different perspective when it comes to 

men’s wedding rings; however, especially those that 

don't feature diamonds. 

She recommends unplated white gold for men because 

the ‘understated’ aesthetic is often ideal. 

Jones is far from the only jeweller to recommend that 

retailers pursue platinum products. 

A short drive from Bondi Beach, Stuart Alexander 

Goldsmith Jeweller is owned by a craftsman with four 

decades worth of hands-on experience. 

Alexander says that after entering the industry in the 

1980s, he quickly developed an appreciation for platinum. 

“I would say that 90 per cent of the work I do is in 

platinum, it’s a truly glorious metal to work with,” 

he explains. 

“Platinum needs hardly any maintenance other than 

a quick buff now and then. There’s no rhodium plating 

involved and comparable prices to 18-carat gold means it 

is always preferred.” 

Jones agreed with Alexander that rhodium plating is an 

important factor to consider. 

“The biggest appeal, in my opinion, with platinum is its

SIF JAKOBS 

JEWELLERY 

COPENHAGEN 

INTERCHANGEABLE

Zoe Alexandria 

BECKS Group 

beautiful everlasting colour and the fact it doesn't have to 

be ‘rhodiumed’,” she says. 

“However, the fact that platinum is so strong is fantastic 

too in terms of main prongs on engagement rings.” 

She continues: “Another benefit of platinum is that it 

is hypoallergenic, so I recommend it, especially for 

customers who may have had a reaction to certain 

jewellery or alloys in the past or those who have 

sensitive skin.” 

Rhodium plating is also an important consideration 

for Kate Higgins, the owner of Eli Speak Jewellery in 

Melbourne, which specialises in handcrafted wedding 

and engagement rings. 

“For my customers, it's a fairly even split between 

18-carat white gold and platinum. My designs usually 

work well in Platinum, and the current pricing of these 

two metals works out fairly similar,” she explains. 

“The selling point of beautiful bright-toned platinum with 

no rhodium plating maintenance often helps too.” 

Shiny silver 

While platinum has many valuable qualities, it’s far from 

a ‘perfect’ metal for jewellery. Working with platinum can 

be complicated, particularly due to its high melting point. 

Overall, it’s been said that working with platinum requires 

a significant deal more skill and artistry than with gold. 

Jones noted that she doesn’t work with silver, while 

Alexander suggested that he only offers silver jewellery by 

special request. 

These responses may come as a surprise to those not overly 

familiar with the minutia of jewellery manufacturing. 

Silver has been valued as a precious metal for thousands 

of years - soft, white, and lustrous it exhibits the highest 

reflectivity of any metal. 

Working out of her studio in Sydney, Zoe Richardson 

is the owner of Zoe Alexandria – a brand that she says 

prides itself on the ‘slow jewellery’ approach. By ‘slow’, 


Experience Speaks 

SIAN JONES 

BERT JEWELLERY 

"Platinum is definitely the way to 

go. I personally don’t work with 

palladium, silver, stainless steel 

or titanium, but I certainly work 

with white gold and platinum." 

STUART ALEXANDER 

GOLDSMITH JEWELLER 

"Platinum needs hardly any 

maintenance other than a quick 

buff now and then. There’s no 

rhodium plating involved and 

comparable prices to 18-carat gold 

means it is always preferred." 

KATE HIGGINS 

ELI SPEAK JEWELLERY 

"For my customers, it's a fairly even 

split between 18-carat white gold 

and platinum. My designs usually 

work well in Platinum, and the 

current pricing of these two metals 

works out fairly similar.” 

Richardson explains that an emphasis is placed on 

sustainable practices. 

Richardson takes pride in resurrecting older, overlooked 

jewellery into timeless pieces with emotional value and 

says that silver is often an important part of that process. 

“Silver is the most popular white metal with my 

customers, followed by white gold,” she tells Jeweller. 

“I think it’s mostly popular due to its affordable price 

point and the fact that most people recognise silver as 

a metal but a lot of them don’t really know much about 

white gold.” 

Indeed, while the top end of the white metals category is 

often sensitive to macroeconomic fluctuations, silver and 

stainless steel traditionally experience stable prices and 

steady demand. 

"While platinum has many valuable qualities, it’s 

far from a ‘perfect’ metal for jewellery. Working with 

platinum can be complicated, particularly due to its 

high melting point." 

This stability makes these metals popular with jewellery 

retailers and consumers. Established in Melbourne in 

2013, Scarlett Jewellery Label aims to create handcrafted 

fine jewellery suitable for effortless everyday wear. 

Owner Rebecca Shearer says that when it comes to 

selecting white metal jewellery offerings, retailers need 

to be sensitive to consumer budgets. 

“Silver presents an opportunity for lower-priced, more 

affordable pieces, which can be worn more casually,” she 

tells Jeweller. 

Shearer focuses her efforts on signet rings, engagement 

rings, wedding bands, and personalised gifts and 

says that in recent years, it’s difficult to look past the 

popularity of platinum. 


WHITE METALS AT A GLANCE 

Metal Matrix: making the right choice 

Stored Value Lifespan Purity 

Surface 

Strength 

WHITE METALS | Trends & Opportunities 

Hypoallergenic Repairable Rarity 

RHODIUM 

18-carat white gold 

Platinum 

Palladium 

14K NICKEL 

WHITE GOLD 

14K PALLADIUM 

WHITEGOLD 

Tungsten Carbide 

Titanium 

Stainless Steel 

18K PALLADIUM 

WHITEGOLD 

PALLADIUM 

Sterling Silver 

PLATINUM 

Choosing the correct metals for a jewellery piece is an important decision – the more you know about how each metal performs and looks, the better your choice will be. 

“People are quite open to either white gold or platinum, 

but now that a platinum engagement ring is comparable 

in pricing to a white gold ring,” she says. 

“Customers appreciate the durability and strength of 

platinum, as well as the fact that they won’t need to 

rhodium plate their ring.” 

She adds: “People like the weight of platinum, the 

heaviness feels precious and valuable.” 

Wonderful white gold 

Arda Kara is the owner of Melbourne-based Fidda & 

Katina, a business that began with sterling silver pieces 

and evolved its offerings to include engagement rings and 

wedding bands. 

Kara says that since entering the bridal jewellery 

market, he’s noticed one particular white metal is always 

in high demand. 

“Ever since we began offering custom-made engagement 

and wedding rings, we've found that 18-carat white gold 

is by far the most frequently chosen metal by our clients,” 

he tells Jeweller. 

“The biggest appeal of white gold lies in its elegant 

and timeless appearance. Its lustrous and bright 

finish complements a wide range of diamonds and 

precious stones, making it a versatile option for various 

jewellery designs, from engagement rings to necklaces 

and bracelets. 

He added: “It is perfect for both casual and formal 

occasions and adds a classic charm to any outfit.” 

White gold is an alloy of gold and at least one white 

metal (usually nickel, silver, or palladium) and the 

properties of the alloy vary depending on the metals 

used and their proportions. 

White gold is traditionally popular with high-end jewellers, 

where the price is less of a question for customers. Kara 

says that jewellery featuring white gold exudes elegance. 

“The most common feedback we receive from our 

customers is that they love the brilliant shine, particularly 

ZOE RICHARDSON 

ZOE ALEXANDRIA 

"I think it’s mostly popular 

due to its affordable price 

point and the fact that most 

people recognise silver as 

a metal but a lot of them 

don’t really know much 

about white gold." 

REBECCA SHEARER 

SCARLETT JEWELLERY LABEL 

"People like the weight of 

platinum, the heaviness feels 

precious and valuable." 

ARDA KARA 

FIDDA & KATINA 

"Ever since we began offering 

custom-made engagement and 

wedding rings, we've found that 

18-carat white gold is by far the 

most frequently chosen metal 

by our clients." 

when paired with diamonds. We find that our customers 

love the sophisticated and timeless appearance that white 

gold offers,” he reveals. 

Misconceptions and misunderstandings 

It should come as no surprise that as the range 

of white metal jewellery on offer expands, 

misconceptions impacting consumer decision-making 

continue to increase. 

“Consumers don’t often realise that white gold is more 

of a grey colour and that the majority of the time it’s 

rhodium plated,” Richardson explains. 

“Another thing I’ve noticed is that many customers 

will refer to white gold as ’silver’ because they don’t 

understand the difference. When we talk about gold, most 

people assume we’re talking about yellow.” 

"From engagement and bridal jewellery to pieces 

intended to be worn each day, white metals can 

meet both budget constraints and design desires." 

Interestingly, Jones noted a similar phenomenon when 

dealing with her customers and says that offering 

education and insight wherever possible is an excellent 

way to build rapport. 

“Surprisingly, most of my customers that want a white 

metal engagement ring or wedding ring ask for a ‘silver’ 

ring,” she reveals. 

“I always correct them and explain the qualities of white 

gold and platinum and let them decide which they'd 

prefer. Consumers still aren't aware of the differences 

between white gold and platinum.” 

Higgins says that the most common feedback she hears 

from customers is that they need their jewellery to be 

resilient to the incidental knocks, bumps and scratches 

of everyday life. 


Trends & Opportunities | WHITE METALS 

Coeur de Lion 

Thomas Sabo 

She takes this into consideration during the design process. 

“Customers find white metals hard-wearing, which is 

important in today's busy lifestyle. I handmake all my 

pieces, so the white metals are as hardwearing as they 

could be,” she says. 

“White metals like platinum have a certain innate 

opulence, which is appealing. It has an association with 

Art Deco jewellery too, which many of my designs are 

influenced by and my customers like that. “ 

"So, how does a retailer make this decision? 

Listening to feedback from customers is one thing; 

however, hearing the insight from jewellers facing 

the same conundrum is even better. " 

Can I help you with anything else? 

Whether a retailer decides to pursue the upper echelon 

of the market with platinum and white gold jewellery or 

focuses on providing more affordable alternatives via 

silver and stainless steel, one thing remains clear – the 

importance of education. 

“I think it’s really important to educate consumers about 

the different types of metals available to them and what is 

most appropriate for the job at hand,” Richardson advises. 

“As an example, we offer our white gold pieces raw – 

without rhodium plating - and I always let customers 

know that rhodium is a surface finish and requires 

maintenance which is something to consider when 

choosing their piece.” 

Jones says that she takes a similar approach. 

“Interestingly, many customers are surprised when I 

explain that most white gold is rhodium plated,” she says. 

“I think it's important to be transparent with customers about 

the fact that their white gold rings that have been rhodium 

plated won't look that way forever with everyday wear.” 

Indeed, with an ever-expanding range of white metal 

68 | September 2023 

GA INING MOMENTUM 

Alternative? 

COBALT 


Cobalt has been detected in 

Egyptian statuettes and Persian 

necklace beads of the third 

millennium BCE. 

TUNGSTEN 


Tungsten is used in many 

different ways because it is 

strong and durable. It is resistant 

to corrosion and has the highest 

melting point and highest tensile 

strength of any element. 

CARBON FIBER 


Carbon fiber is made of thin, 

strong crystalline filaments 

of carbon that are used to 

strengthen material. Carbon fiber 

can be thinner than a strand of 

human hair and gets its strength 

when twisted together like yarn. 

TANTALUM 


More than half of tantalum's use 

is for electrolytic capacitors 

and vacuum furnace parts. The 

element is also used to make 

chemical process equipment, 

nuclear reactors, aircraft and 

missile parts. 

jewellery available for retailers to showcase to customers, 

so comes an ever-increasing responsibility for jewellers 

to educate these consumers on their unique strengths 

and weaknesses. 

While this may initially seem like a time-intensive 

burden for already busy jewellers, the good news is that 

educating consumers is an avenue for increasing rapport 

and improves the chances of repeat business. 

Loyal customers and repeat business are, after all, the 

lifeblood of all retail operations. What better way to 

cement this relationship than by guiding a confused or 

misinformed consumer through the complex world of 

white metal jewellery? 

Research suggests that consumers are more likely to 

purchase from a business or brand if they engage with 

‘early-stage’ educational content. 

"Whether it be platinum, palladium, white 

gold, silver, stainless steel, or titanium, 

there’s something for everyone." 

This is a compelling insight and suggests that in order 

to win customers and keep their loyalty, you must exceed 

their expectations in solving their problems. 

Customers want quality and convenience, and to be able 

to understand the product they are buying. Customer 

education is ideal for meeting these expectations. 

It’s about giving customers a unique experience by 

informing them about the value, functionality, and 

characteristics of your jewellery. You might know 

everything there is to know about white metal jewellery; 

however, chances are your customers doesn’t! 

With the right information, customers will be satisfied with 

the knowledge that they are making an informed purchase. 

More importantly, they’ll head home knowing that your 

business is responsible for that satisfaction.

MELBOURNE 

LET’S GO! 

FEBRUARY 4 – 6, 2023 

See it. Restock it. Buy it. 

FP 

ADVERTISEMENT 

In conjunction with 

FEBRUARY 3 – 5, 2024 

Melbourne Exhibition Centre, South Wharf 

Register for free at jewelleryfair.com.au/mjexpo 

FROM FASHION TO FINE TO GIFT, DO IT ALL 

AUSTRALIA’S NO.1 

JEWELLERY EVENTS 

Contact Nick Fewtrell via email at 

nicholas.fewtrell@expertiseevents.com.au 

Organised by 

Est. 1990

BUSINESS 

Strategy 

The art and science of storytelling in sales 

Storytelling is so often crucial to a successful sale. 

RYAN ESTIS explores the importance of understanding a narrative in retailing. 

“I understand - let me tell you a story.” 

These are some of the most powerful 

words we can convey. The invitation to 

listen is also my favourite moment in an 

exchange with a customer. 

This inflection point so often determines 

the outcome of a sales opportunity, which 

is precisely why storytelling is a critical 

competency for all sales teams. 

Stories matter! Borrow a few ideas from 

my framework for incorporating stories 

into your sales pitch or presentation and 

exchanges with customers and takes your 

business to another level. 

Create a bond 

When you hear stories your brain starts 

to synchronise with the storyteller. 

Reading stories activates the parts of 

your brain that imagine people’s motives, 

perspective, and next actions. 

In other words, people experience 

stories as if they were going through the 

experience themselves. Think of how 

you’ve been affected by deeply touching 

stories and how you can do the same for 

your audience. 

Data and facts are important however 

your audience wants more than dry 

information. 

Research suggests that after people hear 

short pitches 63 per cent of participants 

can recall the stories, however only 5 

per cent can remember the statistics. 

Compelling stories help you connect with 

your audience in a way that no data point 

can match. 

Gerald Zaltman of Harvard Business 

School says 95 per cent of purchase 

decision-making occurs in the 

subconscious mind. 

Therefore, by telling stories you’re 

creating a connection that can help you 

move the prospect toward a purchasing 

decision. 

Creating that bond requires you to be 

brave, to be different, to be willing to do 

things that your competitors won’t. 

Effective sales stories build connections 

and show your relevance to the buyer. 

Stories identify the common ground you 

stand on today and the future destination 

you can achieve together. 

As you develop your storytelling protocol 

consider the following ideas. 

All the best 

stories have a 

crucial insight. 

What should 

customers 

do with your 

story? 

Establish connection 

What experiences can you explore that 

demonstrate how you can help the 

customer get to where they want to go? 

Facts and figures support your value 

proposition, however, stories bring it to life. 

Three common story types you can use are: 

• Success: Explain how your customers 

have previously found success with your 

product. Use these case studies to illustrate 

not just that your product or service 

succeeded, but also the difference it made. 

• Vision: Tell a story that looks to the future, 

helping your audience see themselves 

advancing with your help. Describe a 

proposal using an engagement ring you 

offer, or perhaps the perfect birthday 

present for a family member. 

• Consequence: What is the cost of not 

failing to take action? What is lost or gained 

upon assuming the risk and cost associated 

with change? Examining the alternative can 

motivate and inspire action. 

As you are deciding on the type of story 

and which story to use, ask yourself - are 

you trying to establish the customer’s 

need for your product? Do you want 

to share customer success to inspire 


confidence in your business? 

Inflection point 

The inflection point is that significant 

moment that changes the trajectory of 

a business or a person. The pandemic’s 

enforced pause, for example, was an 

inflection point that forced many people 

to confront themselves and commit to 

change personally in the business. 

Inflection points can be powerful 

moments in the stories you tell 

customers. You should tell stories that 

expose moments of adversity as catalysts 

for moving forward positively. The details 

within these stories can pull in your 

audience and move them closer to your 

objective outcome. 

By the time you get the chance to speak 

to many potential customers, they are 

already ‘aware’ of you and have likely 

done some level of research on your 

store. In person, they’re analysing you 

and deciding whether they should move 

toward action – a purchase. 

Understanding your customer’s situation 

can help you craft a story that aligns with 

their journey. Powerful stories help your 

audience clarify their understanding of 

you and how they can move toward a 

purchasing decision. 

Create the vision 

You need to demonstrate how your 

product or service will improve or fulfil 

someone’s life. Of course, every business 

says, “We can help you.” Can you describe 

how that will happen? 

Great stories paint the picture of what the 

future looks like with you by their side. 

Storytelling can illustrate how you can 

help them reach their goals and how your 

product or service is different from what 

they’ve experienced previously. 

To create this vision, set the scene. Get 

specific — put energy into this description 

to help your customer feel that it’s 

happening. Guide them forward from the 

current state to the future state. Show 

how you’ll help them overcome obstacles 

and reach the finish line together. 

Make the customer the hero 

You are the narrator of the story and not 

the protagonist! 

The stories that move us are about 

people. When developing your story listen 

to the questions your customers and 

prospective customers are asking. 

Don’t stop there. Ask them more 

questions. Get to the root of their 

goals and concerns. Be obsessed with 

customer outcomes and pain points. By 

listening deeply and following up, you 

build trust and help the customer choose 

you. 

Four key factors 

All the best stories have a crucial insight. 

What should customers do with your 

story? I borrow a page from the playbook 

of author and sales expert Kindra Hall 

and use the ‘think, know, feel, and 

do’ framework. 

•Think: What mindset do you want and 

need them to be in? 

•Know: What is the most important thing 

you want your customer to absorb from 

this conversation? 

•Feel: What emotional connection are you 

trying to make with them? 

•Do: What is the action that you want them 

to take immediately after your conversation 

is done? Purchase a piece of jewellery? 

When you’ve used these story techniques 

successfully you’ll have your customers 

THREE 

KINDS OF 

STORYTELLING 

IN SALES 

Success 

Sharing previous 

examples of 

customers who 

were satisfied 

with their 

purchase. 

Vision 

Describing an 

ideal future that 

occurs as a result 

of the purchase. 

Consequence 

Examining how 

failing to make 

the purchase will 

lead to negative 

outcomes. 

excited and ready to take action, however, 

there’s still a chance they may hesitate. You 

still need to build that ‘yes’ momentum. 

One way to create and maintain 

momentum is to anticipate the resistance 

that you’ll receive and incorporate it into 

your story. Resistance isn’t rejection. 

It should always be remembered that 

resistance signals someone’s interest 

in your product and service. Use that 

curiosity to propel them toward a yes. 

Sell a sense of urgency 

How can your stories illustrate not only 

that your product is phenomenal, but 

also that the purchase simply can’t wait? 

Many businesses sell around compelling 

events; however, you don’t need to wait for 

the calendar to turn. Be the catalyst for a 

compelling event through your storytelling. 

Great storytelling brings a presentation 

to life and helps customers see the value 

of your jewellery. 

Speaking from personal experience, 

developing quality storytelling skills 

changed my business, my trajectory, the 

opportunities I receive, and the impact I 

can deliver to a potential customer. 

Master these fundamentals and you are 

on the move! 

Use this framework to organise and 

strengthen your storytelling and you’ll 

build stronger relationships with 

customers, better understand what 

motivates them and learn how to inspire 

a customer to decide and commit! 

RYAN ESTIS is a Keynote speaker, 

author and founding partner of 

Impact Eleven helping companies 

embrace change, align teams, deliver 

value and drive growth. 

Learn more: ryanestis.com 


BUSINESS 

Selling 

Selling: Everything starts from a solid core 

The foundation of every successful jewellery store is a solid core. DAVID BROWN reveals how an 

understanding of the basic principles of sport can improve your store’s sales. 

I never get the level of exercise I need 

- time and travel conspire to work 

against me. 

On the odd occasion in the past, I’ve been 

disciplined enough to get some personal 

training. I’ve always been drawn to a 

repeated message that a certain trainer 

would give me. 

Marketing channels: One or two key 

channels are likely to be responsible 

for most of the sales you produce with 

advertising and marketing efforts. 

One or two key product offers will be 

responsible for a sizable percentage of 

your sales. Recognise their importance 

to your performance. 

This trainer often talked about the 

importance of the core – the muscles 

around the central body area that provide 

you with the support that allows the rest of 

the body to function at its optimal level. 

The further away your muscles are from 

the core, the more support they need from 

the core. Try holding a weight at arm’s 

length and notice how hard your stomach 

muscles need to work! 

I was explaining this concept and its 

application to a friend recently, who is a 

fan of soccer and he related it back to a 

team’s performance. 

The players up the centre of the pitch – 

your striker, central midfield or holding 

midfielder, your centre backs, and your 

goalkeeper, are the core that the rest of 

the team can rely upon. 

Keep this area solid and the team can play 

well; let this area lose its shape and the 

rest of the structure falls apart. 

By now you’ll realise that I am leading this 

back to business! 

Your store also has a solid core – which 

consists of various aspects from which all 

other activities and results can function. 

Keep this core solid and sustained and the 

business will function well. 

Lose this core and sales will become 

increasingly difficult to secure. 

Specifics 

So, what makes up this core? 

Product: In the same way that a small 

number of muscles are used repeatedly, 

a small number of jewellery pieces will 

perform much of the ‘heavy lifting’ that 

constitutes your sales. 

You need to protect and sustain this core 

product. If you allow it to weaken your 

sales will suffer. 

Personnel: Watch a game of soccer and 

you’ll notice how much of the play goes 

through a handful of key players. 

You’ll often find one midfielder who is 

be responsible for creating many of the 

goals for others. There’s usually one key 

striker who will score more goals than 

their teammates. 

The same is true with your staff. Chances 

are, one or two key employees will be 

responsible for driving much of your sales. 

These core personnel need to be 

supported. 

As is the case with stomach muscles, if 

you neglect them, they will start to weaken 

and become less effective. 

Customers: The importance of the core 

applies to your customers as well. 

Your business will have several loyal 

customers responsible for driving a 

significant percentage of your sales, and 

responsible for advocating your business 

to others. 

Neglect these customers at your peril! 

They will slowly dwindle away and by the 

time you realise it will be too late. 

Keep this core 

solid and 

sustained and 

the business 

will function 

well. Lose this 

core and sales 

will become 

increasingly 

difficult to 

secure. 

I’ve seen many new owners purchase 

a successful store and then promptly 

change the marketing strategy without 

any study into which methods have 

already contributed to the store’s 

success. This is a big mistake. 

Merchandising: One or two key areas 

of your store will attract the most foot 

traffic. 

Your staff should be aware of which 

section of the stores this is, and you 

should always ensure that these areas 

are always presentable. 

Get to work 

As is always the case, self-reflection 

is vital to benefiting from your 

understanding of this knowledge. 

Start the exercise by identifying your 

core in each of these areas. What are 

your core products? 

Who are your core staff members? 

What about your core customers? 

What channel and what message 

brings in the most customers? Where 

do your customers spend most of their 

time in-store? 

Identify these cores of your business 

and then you can prepare a plan to 

sustain and build on them. 

Make these cores bigger and better and 

your business will reap the benefits. 

Neglect their sustenance and you will 

pay a price for your oversight. 

DAVID BROWN is co-founder 

and business mentor with Retail 

Edge Consultants. Learn more: 

retailedgeconsultants.com 


BUSINESS 

Management 

Leadership in business: Look who’s talking! 

What does it take to lead a business? DOUG FLEENER discusses the 

characteristics shared by successful trailblazers in business. 

When it comes to studying what works 

– and equally, what doesn’t work – in 

business, it’s important to pay attention 

to ‘who’s talking’. 

No, we aren’t talking about the 1993 

romantic comedy with Kristie Alley and 

John Travolta with the talking baby voiced 

by Bruce Willis! 

Just as necessary, I reflect on the personal 

and work improvements I want to make in 

the day. 

It’s always my goal to improve at least 

three things every day. 

By doing that, I know I will make at least 

1,095 improvements in a year. 

There are two kinds of leaders in business 

- those who talk more than they listen and 

those who listen more than they talk. 

Daily self-improvement has been crucial to 

my personal and professional success, as 

well as my overall happiness. 

It should be immediately obvious which 

one will be more successful in their role. 

Even a talking baby would say it’s the 

leader who listens more than talks. 

I would encourage you to adjust your 

daily routine for self-reflection, selfexpectations, 

and self-improvement. 

Don’t be afraid to ask for help 

Ask most leaders, and they will tell 

you they listen more. Many of them 

are mistaken! 

During my time working for Bose, I was 

travelling with a multi-unit manager. One 

day while visiting stores, I noticed he talked 

about 90 per cent of the time with the staff. 

one of the most important things they do 

each day. 

It gives leaders the information they 

need to improve things for customers, 

employees, and sales results. You can’t 

learn when you’re talking. 

In business, there are many times you need 

help from others. Never let your ego get in 

the way of doing so. 

Asking for help is not just about receiving 

assistance; it also creates an opportunity 

for you to give back in return. 

He had them engaged and they were 

laughing. He was telling them about new 

programs and he would talk to them about 

new sales tools. 

I noticed on more than one occasion that 

when an employee tried to ask a question, 

he would cut them off and keep talking. 

Afterwards, I asked him what he learned 

on the visit. 

He talked about all the things he saw in the 

store; however, he couldn’t tell me a single 

observation he had about the employees. 

When you’re with employees, you should 

be looking at who’s talking. 

When you’re with customers, look 

at who's talking. When you’re with 

suppliers, look at who’s talking. 

You will be shocked at how much valuable 

information you can collect by simply 

taking the time to listen. 

The best leaders not only listen - they 

know they listen more than talk. So, 

force yourself to not speak during some 

exchanges. 

You will be 

shocked at how 

much valuable 

information 

you can collect 

by simply 

taking the time 

to listen. 

When you seek help from others, whether 

it be from a supplier, an employee or even a 

customer, you acknowledge their expertise 

and acknowledge that you value their 

contributions. 

It fosters a sense of empowerment 

and validation. As an added bonus, 

asking for help is an example to others 

and encourages them to seek help 

when needed. 

I’m sure you’d agree that encouraging that 

attitude from your employees is vital. 

How were the employees feeling? Are they 

happy? What suggestions did the staff 

have? How can we better support them? 

How can we help them sell more? 

He had no idea! He not only had no idea 

about the things I asked. Perhaps worst 

of all, he had no idea that he dominated 

the conversation and talked 90 per cent 

of the time. 

Education 

Leaders learn from their staff. It’s 

There’s no need to be rude; however, it will 

open the door to new opportunities. 

So let me ask you one simple question: 

How much are you listening compared to 

talking? 

Self-reflection 

Every morning I start my day by setting 

self-expectations on the type of person I 

want to be for the day. 

By starting my day this way, I am quicker to 

catch myself if I veer off anytime in the day. 

Asking for help becomes a powerful act 

of giving, enabling you to receive and 

contribute to the collective well-being and 

success of those around you. 

Is there anyone you could assist by asking 

for their help? 

DOUG FLEENER is the author of a new 

book titled The Day Makes The Year 

(Makes The Life). 

Learn more: dougfleener.com 


BUSINESS 

Marketing & PR 

The keys to word-of-mouth marketing: Part I 

Fewer factors influence the success of a jewellery business as much as reputation. 

DENYSE DRUMMOND-DUNN discusses the secrets to successful word-of-mouth marketing. 

Ever wonder how to get more people 

talking about your business? It’s simple. 

Offer them incredible products and services 

that solve their problems and fulfil their 

needs. Then when you have converted them 

into customers, continue to keep them 

satisfied and give them something to talk 

about by surprising them from time-to-time. 

Sounds easy, doesn’t it? But as you know, 

it’s not! Every strategy comes with its own 

set of rules, and the same is true for wordof-mouth 

marketing. It’s important to create 

a strategy to generate positive word-ofmouth 

for your business. 

In fact, this has become an essential part 

of marketing as consumers have started to 

lose trust in the reviews they read online. 

Friends, family, and trusted advisors are 

where many of your customers likely place 

their faith. 

Why does word-of-mouth matter? 

As a retailer, it is important to understand 

the phenomenon of cognitive dissonance. 

According to Wikipedia: “a person holds 

two or more contradictory beliefs, ideas, 

or values; or participates in an action 

that goes against one of these three, 

and experiences psychological stress 

because of that. 

“Coping with the nuances of contradictory 

ideas or experiences is mentally stressful. 

It requires energy and effort to sit with 

those seemingly opposite things that all 

seem true.” 

In other words, people are always searching 

for ways to reduce the stress that is caused 

by cognitive dissonance when shopping. 

One of the ways they do this is by searching 

for confirmation that they have made the 

right choices. 

Receiving positive word-of-mouth opinions 

of products and services from friends 

or family will reduce the dissonance, as 

it confirms the belief in what they have 

purchased. 

Given consumers need input to reduce 

the risks they take, especially when 

purchasing from a business for the 

first time, it is up to marketing to 

provide a maximum amount of 

information to build trust. 

Whether this is through advertising 

or online customer reviews, it 

is important to showcase both 

trustworthiness and popularity to 

enhance consumer confidence. 

This has become a challenge in recent 

years because of the exposure of 

significant fake reviews on many 

websites, including Amazon. 

There are now services to highlight these 

paid or fake reviews, such as fakespot.com 

and reviewmeta.com. 

So with that said, how can we improve 

customer trust in what we offer? 

Make customers delighted! 

If you value your customers, offer them 

more than they expect. It’s not only the 

great product or service that generates 

loyalty but the implicit message that ‘you 

matter to us’. That’s what every customer 

wants to feel. 

Building solid relationships depends on 

rewarding your customers with exceptional 

service and perhaps the occasional 

creative surprise. 

This can be complimentary priority 

shipping, free samples, coupons, 

discounts, or unexpected gifts. Anything 

you can do to show customers that you 

value their business, especially when it is 

unanticipated, will build loyalty. 

While some may say it is important to 

do this in a regular, ongoing fashion, 

If you value 

your customers, 

offer them 

more than 

they expect. It’s 

not only the 

great product 

or service that 

generates 

loyalty but 

the implicit 

message that 

‘you matter to 

us’. That’s what 

every customer 

wants to feel. 

I disagree. If the surprises become 

expected, then they no longer amaze. You 

should not rely on just one single way to 

delight your customers. 

Focus on brand commitment 

In the book Spreading the Word, author Tom 

Brown defined brand commitment as “an 

enduring desire to maintain a relationship 

with a specific entity.” 

Your Facebook brand page may offer a 

unique opportunity to build and nurture a 

relationship with your customers. It takes 

more than just generating 'likes’ to get 

people to talk about you! 

Have a look online and see just how many 

Facebook pages have almost 

zero engagement. 

So, ask yourself these three questions: 

• Do customers have an enduring desire to 

maintain a relationship with our business? 

• What do we do to earn the trust of our 

customers each day? 

• What more can we do to surprise and 

delight our customers? 

If you focus on maintaining the desire your 

customers have to continue a relationship 

with your business, this will set up the ideal 

conditions for successful word-of-mouth 

marketing. 

Brands with a strong and above all engaging 

fan base on Facebook can count on daily 

likes, but more importantly shares and 

comments. 

This engagement will increase visibility and 

accelerate reach and this ‘social proof’ will 

increase the attention your business gathers 

from potential customers. 

In the next issue of Jeweller, the study 

continues with the importance of 

advocates, nurturing involvement, and 

distinct offerings. 

DENYSE DRUMMOND-DUNN works 

with organisations that want to attract, 

delight, and retain more customers. 

Learn more:: c3centricity.com 


BUSINESS 

Logged On 

How do you treat your customers after they leave? 

Customers may come and go. JEANNIE WALTERS says that the impression 

your business leaves on a customer can live forever. 

Customers appreciate having their 

loyalty highlighted during the shopping 

experience. 

In fact, businesses that invest in 

successful customer loyalty programs 

increase revenue up to 2.5 times faster 

than their competitors, according to 

Harvard Business Review. 

With that said, this raises an interesting 

question: how much should businesses 

care about customers who are no 

longer loyal? 

Customers leave a business or brand and 

stop purchasing for many reasons. And 

yet, you must remember they still might be 

an advocate for your business. They may 

invertedly provide positive word-of-mouth 

marketing, referrals, and encouragement 

to future prospects considering becoming a 

customer. 

Consider the following reasons why 

someone may stop shopping loyally with 

your business. 

Life gets in the way 

As a mother of two, I remember being 

bombarded with samples, coupons, and 

free merchandise from formula brands. 

They kept bombarding me with the same 

coupons, which don’t feel as relevant when 

the child is an independent little person who 

doesn’t have those same needs. Yet those 

coupons and emails and promises for dry 

cribs showed up for a long time! 

There is potential here for family and health 

brands to help families navigate the ongoing 

journey of childhood. Some brands have 

done this, but many miss the mark! 

Financial services businesses understand 

this, and successful ones see the potential 

in keeping former customers engaged 

for the long term. A customer who starts 

as a university student with a minimum 

balance checking account might leave as a 

customer because they’re moving to a new 

area, for example. 

By engaging this customer with ongoing, 

valuable, relevant content or tools, that 

customer will consider that business 

if they move back to the area or if their 

priorities change. 

Different needs 

During the pandemic, the needs of 

consumers changed significantly. Some 

businesses quickly pivoted, offering new 

services to meet new demands . 

Businesses that were creative 

and communicative maintained 

relationships with customers by 

offering what they could. 

With that said, sometimes a customer 

moves on because they simply don’t have 

a need for the product anymore. 

Don’t treat them like strangers! 

Former customers don’t have amnesia 

about your business. They remember how 

they were treated during their time as a 

customer. They recall the last time they 

visited a store, how the exit was handled, 

and how they were treated afterwards. 

Have you ever tried to cancel an 

arrangement and found the process 

infuriating as a customer? What do 

you talk about after that happens? You 

probably don’t mention the wonderful 

onboarding experience you had as a firsttime 

customer. You neglect to remember 

the time the staff really went above and 

beyond for you. 

No, you just talk about the frustrating and 

ridiculous cancellation policies and how 

you felt at the end of that relationship. 

The peak-end rule, introduced by 

Former 

customers don’t 

have amnesia 

about your 

business. They 

remember 

how they were 

treated during 

their time as a 

customer. 

academics in the 1990s, suggested that 

people are much more likely to remember a 

highlight of an event that occurs at either the 

beginning or the end of a journey. 

With that said, you can see how a poor 

experience as a customer will remain a 

lasting impression of the entire business 

relationship. 

What can you do for former customers? 

In an ideal world, customer experience 

leaders need to connect with past customers 

as appropriate. Of course, we can’t invest 

too much energy and effort into these former 

customers. They may simply be done! 

Instead, think of these former customers 

as potential ambassadors and advocates. 

Then you can get creative about how you 

communicate, categorise, and connect 

with them. When it comes to digital 

marketing, make sure the language you use 

reminds the customer that while they haven’t 

shopped with your business in some time, 

they’re always welcome back. 

These former customers may comment on 

social media or look for ways to refer others. 

Recognise their relationship so they can be 

acknowledged as a valued past customer. 

Life cycles 

Develop communication campaigns and 

tools to assist customers as they move 

through various stages of life. This could 

include simple steps like recognising 

milestones like birthdays and anniversaries, 

which are particularly valuable occasions for 

the jewellery industry. 

This is a significant topic, and it’s easy to 

move on from past customers. There are 

enough things on our to-do list, right? 

With that said, these relationships can be 

valuable in their own right. Focus on how 

to build on what’s there, and don’t forget to 

show appreciation for the customers they 

once were. 

JEANNIE WALTERS is founder and 

CEO of Experience Investigators. Learn 

more: experienceinvestigators.com 


My Bench 

Se-Hoon Wood 

Soklich & Co. Jewellers Perth, WA 

• YEARS IN TRADE 2 • LOVE JEWELLERY BECAUSE You bring customers happiness. It’s always a great pleasure to see people’s reactions to the final product. 

CHA MPAGNE 

Beautiful spiral design drop earrings in 18-carat yellow 

gold and featuring champagne and white diamonds. 

4FAVOURITE GEMSTONE Opal. 

4FAVOURITE METAL Platinum. 

4FAVOURITE TOOL Files and pliers. 

4BEST NEW TOOL DISCOVERY Modified dividers. 

4BEST PART OF THE JOB Hand making jewellery 

and seeing the finished product. It takes tremendous 

focus, but it's always worth it when you get to the end 

of a project you've taken pride in. 

4WORST PART OF THE JOB Cleaning castings. 

4BEST TIP FROM A JEWELLER Clean your jewellery 

regularly! A clean workspace is a clean mind. 

4BEST TIP TO A JEWELLER Enjoy what you do. They 

say that when you love your job, you never work a day 

in your life. That's been true in my experience. 

4BIGGEST HEALTH CONCERN ON THE BENCH 

Complacency, and deterioration of vision with age. 


OPINION 

Soapbox 

Value from virtue: Be the change 

you wish to see in the world 

It’s been said that in the world of diamonds, there’s never a dull day. FERIEL ZEROUKI 

discusses recent changes in the industry and outlines a strategy for a prosperous future. 

Famous for being a traditional industry 

where time-honoured practices remained 

untouched while the world evolved around 

us, the diamond sector has changed 

rapidly since the turn of the millennium. 

Such change has been necessary as the 

landscape in which we operate has shifted 

faster than ever before. The expectations 

and priorities of people across the 

industry – from diamond-producing 

country governments to end clients 

– are completely different. 

Governments are rightly seeking new 

ways to drive economic development and 

diversification through diamonds, and 

end consumers are more keenly aware of 

environmental and social issues. 

Investors are looking for strong ESG 

performance, so the three Ps of ‘people, 

planet and purpose’ are now as prevalent 

as the four Cs. 

This evolution is reflected in the agreement 

De Beers recently reached with Botswana, 

whereby the focus is not restricted to 

supporting Botswana’s economic returns 

from its diamonds. 

Renewed focuses, such as how to 

support diversification, the improvement 

of a knowledge economy, and increased 

international recognition of investment 

opportunities in Botswana are now a priority. 

Virtue becoming value 

At the other end of the supply chain, where 

diamonds once spoke to financial status, 

end clients are now focused on making sure 

their purchases reflect their priorities and 

show them to have a consumer conscience. 

In short, value is increasingly connected 

to values. 

The good news is that the natural diamond 

industry has an amazing story to tell in 

terms of how these miracles of nature 

are supporting the lives and livelihoods of 

millions of people worldwide. 

We have made huge strides forward; 

however regrettably, consumer perception 

of the industry has potentially moved in the 

opposite direction. 

This can be credited in part to the legacy 

of highly visible cultural reference points 

such as the Blood Diamond film, and 

misrepresentations of the natural diamond 

industry by some companies seeking to 

boost demand for lab-created diamonds at 

the expense of natural diamonds. 

This damage to consumer perception 

comes at the expense of all those who 

rely on diamonds, from communities in 

Botswana to jewellers in Brisbane, Sydney, 

and Melbourne. It has left many people with 

outdated and negative perceptions of the 

modern industry. 

However, as we continue to see natural 

diamonds and lab-created diamonds diverge 

and the two sectors become established 

as separate categories, there is a great 

opportunity to engage with end clients 

positively about both products. 

Setting them against each other is a race to 

the bottom, and we would be much better 

served by focusing on the positives of what 

each offers. 

Education as a priority 

The natural diamond value proposition 

has stood the test of time for decades, as 

a rare, unique and timeless symbol of our 

finest emotions. 

Natural diamonds speak to enduring value, 

and as we educate consumers about their 

positive influence on the people and places 

where they come from, they will maintain 

their position as the ultimate luxury for the 

modern client. 

Meanwhile, lab-created diamonds can 

secure their long-term position as an 

exciting and value-accretive part of the 

jewellery sector by evolving a proposition 

that will stand the test of time. 

This means a focus on innovation, new 

cuts and colours, and accessible prices to 

enable lab-created diamonds to establish a 

compelling narrative that can be sustained 

as their value evolves, and which will not 

undermine the long-term value of their 

natural counterparts. 

Jewellery retailers are at the vanguard of 

consumer education, and jewellers need to 

The good 

news is that 

the natural 

diamond 

industry has 

an amazing 

story to tell in 

terms of how 

these miracles 

of nature are 

supporting 

the lives and 

livelihoods 

of millions 

of people 

worldwide. 

consider the importance of their long-term 

futures in communicating these two positive 

and complementary propositions. 

With lab-created diamond values expected 

to continue the significant decline that we 

have already seen as supply continues to 

increase, supporting the long-term value 

proposition of natural diamonds while 

developing a sustainable market position 

for lab-created will be vital. 

At De Beers, we are working to develop 

the tools and techniques to facilitate this 

positive long-term outcome for both natural 

and lab-created diamonds. 

It’s a future where the two categories 

support each other’s success – as well as 

that of those who sell them – rather than 

pulling each other down. 

Our Lightbox business is focused on 

establishing an exciting narrative for 

lab-created diamonds that is distinct from 

natural diamonds, and which will continue 

to resonate with consumers even as 

product values continue to evolve. 

Meanwhile, the initiatives we are working 

on to support retailers in telling the 

story of the good that natural diamonds 

do – including Tracr, the IOD Origin suite 

of services and our Building Forever 

approach – will transform the ways in 

which end clients are connected with 

their diamond, as well as the unique 

story of its lasting positive impact. 

The world of diamonds is changing on an 

almost daily basis, and it’s up to us to lead 

that change. 

So, let’s all get behind these initiatives that 

are helping to shape the new diamond 

world, and use them to make sure end 

clients understand just how brightly our 

diamonds are sparkling – not only in 

jewellery boxes but also for the people and 

places where they come from. 

Name: Feriel Zerouki 

Business: The De Beers Group 

Position: Senior Vice President 

Location: London, UK 

Years in the industry: 18 


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Pink Kimberley showcases luxurious Argyle pink diamonds in 

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Jeweller - September 2023

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