Diamond industry news recap -August 28, 2024
Diamond Industry News Recap:
Gemstone Industry Buzz: Diamonds in the News - Sanctions, Collaborations, and Glittering Debuts
The world of diamonds continues to sparkle with a kaleidoscope of news this week. From policy updates to industry collaborations and a touch of high-jewelry extravagance, here's a glimpse into the latest happenings:
US Clarifies Diamond Import Rules:
The US government has established guidelines for importing "grandfathered" diamonds - those purchased before March 2024's sanctions on Russia. This clarifies some initial confusion and allows for the import of certain diamond jewelry and loose stones under specific carat weight restrictions.
US Expands Diamond Sanctions:
The US Treasury Department has added more diamond entities to its sanctions list,including Russia's largest manufacturer, Kristall, and prominent jewelry maker Miuz Diamonds. This move further tightens the grip on Russia's diamond industry.
De Beers and Tanishq Partner for Diamond Promotion:
De Beers and Tanishq, India's leading jewelry retailer, have announced a long-term collaboration to boost consumer education and confidence in natural diamonds. This strategic partnership aims to tap into India's growing diamond market.
Israel Diamond Exchange Membership Declines:
The Israel Diamond Exchange (IDE) is experiencing a shrinking membership base for the first time in its history. Factors like global recession, reduced foreign travel, and regional conflicts are cited as contributors to this trend.
Saks Fifth Avenue Unveils Dazzling High Jewelry Collection:
Luxury retailer Saks Fifth Avenue makes a grand entrance into the high jewelry arena with a collection boasting over 200 pieces. Featuring mega-carat diamonds in both classic and trendy styles, the collection caters to discerning clientele seeking exceptional quality and bespoke experiences.
We would like to express our sincere gratitude to JCK Online and National Jeweler for featuring Kathy Hillelson, our CEO, in their recent articles.
Here are the links to the articles:
We hope that you will continue to follow Kathy's work and the work of the WJA Foundation.
Stay tuned for more insights into the ever-evolving diamond and gemstone industry!
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Warm Regards,
Kathy Hillelson & Kalman Klein
Owl Financial Group, LLC
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