Diamond Production Worldwide

A retail diamond company for more than 22 years, RDI Diamonds of Rochester, New York, maintains an inventory of nearly 8,000 diamonds. RDI Diamonds maintains an up-to-date knowledge of the diamond mining and production industry as a member of such organizations as the Jewelers Board of Trade and the Gemological Institute of America.

Although many people assume that diamond mining is an industry exclusive to Africa, recent official data shows that this tradition is merely a small piece of the whole. While it is true that in 2011 and 2012, the country of Botswana produced more diamonds than any other nation on Earth, Russia and Canada occupied the second- and third-place spots. The African nation of Angola came in a distant fourth in those years, having mined 7.5 million carats in 2011 and 7.2 million in 2012, and several other African countries trailed not far behind.

Botswana’s leading position is, in fact, a recent one. In 1996, Australia produced 8 million more diamonds than Botswana did. Its high-quality gems created great demand across the world, yet its supply has been limited in recent years as its resources have decreased. Meanwhile, an agreement between De Beers diamond company and the Botswana government has led to a nationwide increase in production. Russia continues to produce at high levels and is expected to remain a world leader in mining. Canada may retain its prominent position as well, provided that it continues to uncover new mining opportunities as current mines are depleted.

Advertisements

Services Offered by the Jewelers Board of Trade

RDI Diamonds is a Rochester-based distributor with clients nationwide and offers memo and stock transactions. RDI Diamonds is a member of the Jewelers Board of Trade (JBT).

Since its inception in 1884, the JBT has endeavored to oversee its members’ interests and those of the jewelry industry. All jewelry-related companies are permitted to join, and members have access to numerous benefits, including credit reports and alerts about their current client companies, collection services to recover fees associated with outstanding accounts, and a directory of over 30,000 jewelry-related businesses that allows members to reach buyers. Seminars, reports, and other resources are also available, allowing members to stay current on industry news and trends.

Today, JBT is the sole credit-reporting service devoted to the jewelry industry. The organization is supported and maintained by its members in North America and elsewhere in the world.

For more information about JBT, visit www.jewelersboard.com.

The Risks That Come With Memo Transactions

Founded in 1992, RDI Diamonds is a wholesale diamond company dedicated to the success of its jewelers. Located in Rochester, New York, RDI Diamonds offers a memo transaction service that allows jewelry retailers to show more stones, therefore maximizing potential profits.

A common practice in the jewelry industry, memo transactions are similar to credit transactions or loans in which suppliers lend their products to retailers. Stone suppliers who engage in memo transactions allow retailers to hold on to their products for specified periods of time at no cost. If sales transactions are completed between the retailers and their customers, the suppliers charge the retailers fees. However, if no sales are made prior to the expiration of the contracted periods of time, the stones are returned to the suppliers.

The process by which these transactions are carried out, also referred to as consignment, comes with risks. Should retailers file bankruptcy while the stones are in their possession, getting stones returned to suppliers can be a difficult and lengthy procedure. Suppliers can avoid obstacles to retrieving their stones in these instances by exercising necessary precautions, such as completing memo agreements and evaluating credit reports and Uniform Commercial Code filings to gain more detailed understanding of retailers’ financial soundness.

Options for Insuring Diamond Jewelry

Based in Rochester, New York, RDI Diamonds has been distributing quality diamonds for over two decades. The company has been nationally recognized for its role as a leading diamond distributor, operating with a commitment to honest, reliable services and pride in the quality of its jewelry. In addition to the Rochester office, there is a location in Israel, placing RDI Diamonds on an international stage. When considering a diamond jewelry purchase, it’s important to choose a trustworthy dealer, but it is equally important to protect the jewel after the purchase. What options are available for insuring jewelry?

To obtain insurance, a buyer may have to use a separate insurance extension plan from the homeowner’s insurance that covers personal items like expensive jewelry. There are also specialized jewelry insurance plans available from private companies. The jewelry’s value should help determine which is more appropriate. Always ask the insurance agency for details concerning its protocol for loss, what documentation would be required, and what situations are covered by the policy. A good plan is comprehensive and covers all scenarios, including theft and accidental loss.

To obtain insurance, an appraisal of the jewelry and a receipt is required. When using homeowner’s insurance for the diamond, it is important to switch the coverage to the home in which the jewelry’s owner currently resides in the event of a move or relocation. While it may seem like a hassle, these measures can help protect the value of your investment.

Understanding the Various Cuts of Diamonds

With offices in New York City, Israel, and Rochester, New York, RDI Diamonds Inc. offers jewelers a full range of quality stones, with many certified by major organizations such as the Gemological Institute of America. RDI Diamonds carries thousands of stones in cuts such as round brilliant, emerald, and radiant. Beyond carats, color, and clarity, the cut of the diamond is a key determinant in the stone’s value. Traditional round brilliants have a 58-facet cut that maximizes brilliance and sparkle, and they make up approximately three-quarters of the diamonds on the market today.

Other popular designs include the radiant cut, which contains 70 facets and has a rectangular or square shape similar to an emerald’s. The intense color refraction of this cut requires stones of exceptional depth; depth percentages of 70 percent or more are common. The marquise cut is a classic, elongated cut originally commissioned by Louis XIV of France, who requested that it match the beauty of his mistress, the Marquise de Pompadour. This exquisite cut stands well on its own and is often matched with smaller settings in jewelry as well.