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.


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.