Diamond industry news recap - February 7, 2024
Diamonds dazzling, undisclosed lab-grown rising, and Grammys gleaming: Your weekly jewelry industry news recap!
Another week brings exciting developments in the world of gems and jewels! From recovered treasures to ethical trends, dive into our weekly news roundup and stay ahead of the curve:
GIA helps recover stolen diamonds:
The Gemological Institute of America (GIA) helped recover two stolen diamonds, each over 4 carats, that were stolen from a home in Colorado. The diamonds were recovered after a wholesale diamond dealer sent them to the GIA for grading. The GIA matched the stones to their reports and alerted law enforcement, which led to an arrest. This is a great example of how the GIA's expertise can be used to help protect consumers from fraud.
Read more on RAPAPORT
Undisclosed lab-grown diamonds on the rise:
There has been a recent increase in undisclosed colored lab-grown diamonds being sold as natural diamonds. The Gemological Science International (GSI) has issued a warning to the jewelry trade about this trend. These diamonds are often mixed in with natural colored diamonds and can be difficult to detect, even by experts. This is a reminder to be careful when buying diamonds and to only purchase from reputable jewelers
Read more on RAPAPORT
Fancy colored diamonds continue to grow in popularity:
There has been a recent increase in undisclosed colored lab-grown diamonds being sold as natural diamonds. The Gemological Science International (GSI) has issued a warning to the jewelry trade about this trend. These diamonds are often mixed in with natural colored diamonds and can be difficult to detect, even by experts. This is a reminder to be careful when buying diamonds and to only purchase from reputable jewelers.
Read more on IDEX Online
Statement necklaces were a major trend at the Grammy Awards:
Celebrities at the Grammy Awards sported some truly eye-catching jewelry, with necklaces being a major trend. Some of the most notable looks included Taylor Swift's watch choker by Lorraine Schwartz and Doja Cat's diamond cross necklaces by Loree Rodkin.
Read more on JCK Online
Consumer confidence reaches highest level since December 2021:
The Conference Board's Consumer Confidence Index rose to 114.8 in January, marking the third consecutive monthly increase and the highest level since December 2021. This increase is attributed to slower inflation and anticipation of lower interest rates. Consumers are still concerned about rising prices, but their expectations fell to a three-year low.
Read more on National Jeweler
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