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  • The Good, the Bad & the Ugly: Everything You Ever Wanted to Know About The Diamond Industry

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    You’re about to make the biggest purchase of your life, yet wish you could clarify a few questions and clear up a few rumors you have heard about the diamond industry as a whole. Well look no further because we’re debunking some of the common misconceptions in hopes you breathe a sigh of relief.

    Myth: Diamond mining is terrible for the environment

    Reality: Considering little to no chemicals are used during diamond mining, (which would otherwise be harmful to the staff’s health), diamond mining is generally less harmful to the environment than other types of mining. Additionally, the orebodies used in mining are vertical not horizontal, ultimately affecting less of the surrounding area. Many companies have established protected habitats adjacent to their operations, often times larger than the mining operation itself.

    Myth: There is a high chance that you could buy a conflict diamond

    Reality: One of the most popularized myths of all is the issue of conflict diamonds — or “blood diamonds”. During the brutal civil wars in Sierra Leone and Angola in the 1990s, the diamond industry has made great strides given what this time unveiled. Since the introduction of the Kimberley Process (KP) certification scheme and the World Diamond Council (WDC) System of Warranties, more than 99.8% of the world’s diamonds are certified conflict-free, with the support of 81 countries.

    Today the industry is mostly self-regulated, and various countries have additional layers of government regulation in place. The UK’s Government Diamond Office, for example, works closely with HM Revenue & Customs, the European Commission and civil groups to combat illicit diamonds.

    Additionally, there are voluntary and self-regulation systems that are effective in maintaining the diamond pipeline. Like most jewelers, we want to ensure our customers have the confidence to know that our source of supply is conflict-free. Additionally, may jewelers subscribe to the Responsible Jewelery Council, De Beers’ Best Practice Principles, and the Signet Responsible Sourcing Protocol.

    Myth: The diamond industry is a monopoly, owned by De Beers.

    Reality: The good news is no one company has had controlled the market for decades. This myth dates back to the 1980’s when De Beers did indeed control over 90% of the supply chain and was almost wholly responsible for marketing diamonds, having developed its famous “A Diamond Is Forever” slogan in the 1940s. This also led to the perception that De Beers “invented” the diamond engagement ring, when in fact the first was recorded as early as 1477 byArchduke Maximillian of Austria, who commissioned the very first diamond engagement ring on record for his betrothed, Mary of Burgundy.

    By the 1990s, the market for new mining companies opened, breaking the hold that De Beers and Alrosa had on the industry and ushering in a new wave of diamond discoveries in Angola and Canada, according to Pouroulis.

    Today De Beers company share of the diamond market is closer to 35%, while five other companies divide the remaining 65% of diamond share.

    Myth: Diamond mining individuals and communities are mistreated and at-risk

    Reality: To first understand why this myth is so false, you must first understand how the mining process works and how much diamond mines actually help strengthen a community. The isolated nature of diamond mines means the workforce lives close by and develops a community spirit, which the diamond industry supports by investing in hospitals, schools, training and bursary programs.

    For example, 33% of Botswana’s GDP comes from diamond mining, and an estimated five million people globally have access to health care thanks to diamond revenues, according to diamondfacts.org.

    Today’s mining is not done by hand but is quite automated with miners moving millions of tons of rocks per year. Miners operating large earth loaders in open pits or underground would never even see a diamond.

    Myth: The diamond industry is secretive and closed to outsiders and not to be trusted.  

    Reality: This myth simply stems from a place of fear. The high-value nature of diamonds may be to blame for the presumption that the industry is filled with inaccessible people and organizations, more comfortable with secrecy than transparency. The reality is there is a whole spectrum of hard-working people all at different levels of financial success. Just like any business, success in the diamond industry is all dependent on how a business has been built.

    It’s not uncommon for society to expect to see businesses reporting on their social activities, financials and stakeholders to increase transparency and trust. This shift in societal expectation has created major changes in the diamond sector for the better - more transparency and more trust.

    You might also be pleased to know that diamond retailers such as De Beers are not sitting on stockpiles of diamonds nowadays, but instead build up inventory before making a sale as any retailer would.

    Have a question that wasn’t addressed above? Leave us a comment below!

    ~ LB

  • The Rise of Local Connections

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    Photo by Lili Popper on Unsplash

    It’s an all too common misconception that purchasing a diamond online is cheaper than ordering one through a brick and mortar retailer. This misconception stemmed mostly from the lack of sales tax for online purchases. Did you know that as of December 1, 2018, online retailers began collecting and remitting sales tax for online orders placed by consumers, making the idea of a blind, online purchase, even less appealing. 

    The once financial benefit of buying a diamond online has drastically changed. Today more than ever, consumers are looking to have a local connection with a jeweler and build a level of trust before making such a large financial decision. The bond you build during an educational in-person visit is unmatched.

    Take Blue Nile for example, a diamond retail company that was born online and built to disrupt the whole diamond/jewelry business. They have now been forced to open five retail stores just to stay relevant.

    The idea of wanting human to human interaction isn’t something new. Today, consumers want to be educated and feel like they’re not getting taken advantage of, regardless of the industry. 

    When purchasing an engagement ring, they want to physically see the diamond they are purchasing and play an instrumental role in the process of designing it for their significant other. 

    The truth is, when it comes to diamond shopping, there’s a lot more to consider than just the listed price on the website.  

    For one, you want to ensure you’re being offered a quality guarantee. This means if something is in fact wrong with the diamond you purchased, (say an imperfection you weren’t expecting, or the color is off), you want to know that this can all be taken care of for you. With an online purchase, this type of quality guarantee just doesn’t exist. Buying a diamond with no guarantee could result in you overpaying for a diamond you thought was a great deal. 

    A second thing to consider is the Customer Experience.  Buying a diamond online means making one of the biggest financial purchases of your life completely blind. As you might imagine, it takes years to understand and learn how to evaluate a diamond, which is why buying online can be so tricky and unforgiving. Sure you can try to pawn-off a faulty diamond, but you will end up losing hundreds, if not thousands in the process. Do yourself a favor and go with a jeweler that prides themselves on the customer service they offer, and has many repeat customers. 

    Purchasing a diamond online means you’re not able to work with an experienced jeweler to come up with a diamond ring, (setting and all), that fits within your budget. It’s a common misconception that a shopping online will get you a better deal. An experienced jeweler can help you prioritize what is most important to you and your significant other, (say diamond size perhaps), and find you the best options given your criteria and budget.

    At La Bijouterie, our goal is to find a diamond that makes sense for you by sharing our years of knowledge to help you make the best decision. The in-person shopping experience is here to stay, we are for it. As a matter of fact, we’re huge purveyors of it. 

    Curious to learn more about what we offer? Book an appointment today and check out our reviews on Yelp. We’re here to help!

    -LB