A crucial change to GIA grading reports could restore confidence among the trade and consumers.
Weak Market and Product Mix Dent Petra Revenue
Sales value down 24% in fourth quarter and flat for full year.
Kiran Gems’ ‘Buy Your Diamonds’ Signals India’s Auction Fever
The world’s largest polished manufacturer has adopted a sales model that mushroomed in popularity during the market downturn.
Anyone in the diamond industry who’s been on social media in the last two weeks will have seen multiple advertisements from Kiran Gems for its new sales event, “Buy Your Diamonds (BYDs).” The world’s largest polished manufacturer held the four-day, auction-style sale from June 26 to 29. It allowed registered users to search for certified diamonds and bid over a base price.
Kiran was almost exultant after the event. Group director Dinesh Lakhani described it as a “massive success” in an Instagram video on June 30. It attracted more than 1,800 bidders from 36 countries…
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