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Time For Action On Diamond Finance — Consider A Global KYC

ABN Amro Bank recently sent a letter to several of its diamond clients stating that it would be limiting finance for rough purchases… "in view of the continued lack of profitability in the purchase of rough goods. We recommend you to show constraint and only consider purchasing rough when there is sufficient profitability. We want our clients to ...

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A few wrong-doers have brought the industry to this state. They have taken their creditors for a ride — whether from the trade or financial institutions. The WFDB and all associations or bodies of the world dealing in this industry should act against these wilful defaulters. Maybe by boycotting them for a few years at least, or refraining from doing business. If possible, their memberships should be terminated, so they automatically would not be in the mainstream of business. It is high time we act as per our articles of association and code of ethics. I see this as the only option to revive the credibility of our industry at large. — Sanjay Kothari

Industry Loses A Rock Of Integrity In The Passing Of K.T. Ramachandran

In the passing away of K.T. Ramachandran, the Chief Gemmologist of the Gemmological Institute of India (GII), I lost someone I considered a rock of integrity that had stood fast in a swamp of loose ethics, billion-dollar scams and uncertain times in the Indian gem and jewellery industry.

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Lightbox Will Push Synthetic Prices Down, Drive More Differentiation

There has been a lot of speculation and doomsday predicting in the wake of the De Beers announcement that it was launching its own synthetic jewellery line. Much of the reaction is driven by genuine fear. As an industry, we have been battling the insidious devaluation of our product by the undisclosed mixing of synthetics in parcels of natural diamonds.

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