Israel Diamond Exchange issues announcement following GIA Lab Alert on undisclosed treated diamonds

The President and the Board of the Israel Diamond Exchange issued a statement today, expressing concern about reported suspicions that traders have distributed close to 500 high-quality, treated polished diamonds in the Israeli diamond trade, without disclosure, and with GIA diamond grading reports that misrepresented the diamonds' true identity. The deception was exposed by GIA, which subsequently issued a laboratory alert and informed the "appropriate trading bodies."

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8 Ways Buying Luxury Will Change

Luxury brands need to reinvent the way they sell to you to remain relevant, said a number of experts, speaking today at Luxury Daily’s “Luxury Insights Summit” in New York. For decades, buying luxury goods has meant a trip to the store, although gradually high-end brands have been exploring e-commerce. Burberry has been on the cutting edge of making the bricks-and-mortar experience more dynamic, integrating technology that brings products to life and ties your mobile phone to in-store shopping. Still, it’s not all rosy. Remember “Pretty Woman?” Only about one-third of luxury shoppers in the United States have a favored salesperson they can count on versus 77 percent in emerging markets, notes Cara David of YouGov. And the clock is ticking. Nadia Tuma of McCann’s Truth Central says, time is the most precious resource of affluent consumers.

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The Secret Slang of the Diamond District

The public face of New York’s diamond district is Diamond and Jewelry Way, a block of 47th Street between Fifth and Sixth Avenues lined with dazzlingly lit shops and exchanges and cluttered by hawkers, hustlers, cops and couriers. But beyond these street-level operations, in back rooms, upper floors and looming towers, toils an army of cutters, blockers, polishers, sorters, appraisers, graders, designers and dealers — most of whom the diamond-buying public never sees.

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