With diamonds becoming a hot topic in the jewellery world following the announcement of Signet’s Responsible Sourcing Protocol, industry figurehead the London Diamond Bourse has a secure position as a frontrunner in the tides of change.
Its recent consumer advice report highlighted issues arising in the area of investment diamonds, which has seen an increase in misselling in recent years. It identified the scamming to be two-fold; firstly the initial “Boiler House” scam, where stones are sold at highly inflated prices or do not exist at all, or more recently, companies offering recovery services to recoup previously sold diamonds or money, which can be an extension of the scam.
As well as analysing and identifying potential problem areas of the industry, the London Diamond Bourse has a keen vision towards the future, with an array of plans in store for the year ahead.
Chief operating officer of the London Diamond Bourse, Victoria McKay, says: “Supply chain integrity and consumer confidence is a hot topic for us. This year we will continue to work with a variety of partners on grading issues, the government diamond office on KP compliance, and we will be working on various green initiatives. We will also be releasing version four of our diamond trading platform which will be more user friendly, and in April will hold elections at our AGM.
“Going forward, we will be offering a variety of seminars for our members commencing with the impact of social media on business, and how to make the most of online platforms to enhance productivity.”
For the latest news form the London Diamond Bourse, visit www.londondiamondbourse.com