ICA Newsletter - December 2018

Report by ICA President

Clement Sabbagh

This year of 2018 has been quite a significant and busy one for ICA as our Association has been involved in many industry initiatives worldwide.
- Just in the past few months, for example, in October we were invited by Fedesmeraldas and Acodes to be part of the Second World Emerald Symposium in Bogota, Colombia. It was quite an impressive event with speakers and delegates from all emerald-producing countries as well as representatives from major consuming nations such as India, China, Thailand, USA, Canada, Germany, Italy, France, UK and Australia. ICA participation was strong with five Board members and numerous members of the Association from all parts of the globe. It was remarkable to have together so many leading professionals of our industry not only to discuss the present and the future of emeralds, but also to set standards and priorities for our industry for the coming years.
- Needless to say, our gemstone business is often a target for questioning, from its mining operations to overall concerns on its practices and how responsible we really are to the world. ICA was there not only to present itself and its initiatives to the industry, but to also address questions and to ease any concerns of consumers when it comes to Sustainability. It’s important to assure the world that our industry is not only aware, but committed to promote responsible businesses.
- Following the participation at the Second World Emerald Symposium, ICA also took part at the World Jewellery Confederation’s annual congress also held in Bogota. A number of important meetings and discussions were held during both the Symposium and the CIBJO Congress and ICA is actively working together with institutions such as OECD and fellow associations AGTA and CIBJO to further advance initiatives to foster fair, honest and the transparent trade of colored gemstones.
- November was also a month of great industry initiatives, starting with the Technological Seminar for the Jewelry Sector held in Rio de Janeiro, Brazil. The event focused on addressing fundamental issues for the development of the sector in Brazil and the difficulties that are preventing the country from growing. The result was the creation of a document with effective proposals to be presented to the next governmental leaders of Brazil. ICA was not only part of the discussions, but also a co-promoter of the event as it is in the core of ICA’s priorities to support discussions, address challenges and brainstorm solutions to facilitate the international trade of colored stones.
- At the end of November, ICA was also part of the Guangzhou China International Jewelry & Diamond Conference, a very important invitation from the Guangdong Gems & Jade Exchange. I was able to address the many challenges we face in China and to propose to work together with ICA towards programs for even more successful businesses. At the Conference, ICA also launched the very first editio n of InColor magazine in Chinese. This represents a major international link and breakthrough for ICA and China, and the beginning of a new era. I particularly want to thank GGJE and our ICA director in China, Mr. Chen Shen for their great support and efforts in putting together this initiative.
- Beginning in 2019 at the JCK show for our first ever ICA Pavilion, and continuing with all future ICA trade show pavilions, exhibiting members will be contributing to our recently established fund called “Gems Keep Giving Fund.” Through this fund, ICA will be actively looking to help improve the livelihoods of the many small artisanal miners and their families who account for more than 80% in our industry. They are very important partners in our industry and yet they are living in communities less fortunate than ours. Monies raised in the Gems Keep Giving Fund will focus on possible assistance with safety procedures, methods, training, education, social welfare and protection of their environment.
- This Fall season has certainly been very busy and productive. We are now making plans for even greater participation in the 2019 global promotion and support for the Colored Gemstone Industry.
- And finally, I would like to wish you all the very best this holiday season! May it be the best ever! Read Online
***ICA President Speaks at the Fifth Technological Seminar for the Jewelry Sector in Rio de Janeiro
During the fifth consecutive year, AJORIO held its Technological Seminar with discussions centered around the main themes of the collective interest of gems, jewelry, costume jewelry, & watches. In his talk, ICA president, Clement Sabbagh, focused on matters related to the import and export of rough gemstones, taxes, mining legislation, and environmental issues in order to improve the colored gemstone sector.   Read More
***N ew Executive Committee for Sri Lanka’s Gem and Jewelry Industry
The apex body of the gem and jewelry industry of Sri Lanka, the Sri Lanka Gem and Jewellery Association (SLGJA), recently appointed the new governing body consisting of many stalwarts from the industry. The committee to handle the industry’s symbolic event, FACETS, was also announced simultaneously. Read More
***ICA President Speaks at International Jewelry & Diamond Conference 2018 in Guangzhou, China
Clement Sabbagh, ICA President, shared his views on the trends of the global colored gem market at the International Jewelry & Diamond Conference, held in Guangzhou on November 27. He pointed out how the Chinese jewelry industry can enhance the popularization of colored gemstone culture and build consumer confidence through education and training and the establishment of industrial alliances. Read More
***ICA Group Meets in Bangkok to Discuss Next Congress
The 2019 ICA Congress will be held in Bangkok in October. A number of ICA members gathered recently in Bangkok to hear talks by Henry Ho, Kennedy Ho and Santpal Sinchawla about planning for the upcoming Congress, including speakers, sponsors and other relevant information. Read More
***Gemfields Finds and Sells 5,655-Carat Emerald in Its Kagem Mine in Zambia
Gemfields sold a 5,655-carat emerald to Indian gemstone specialist Dia-Color for an undisclosed amount, the miner said recently. Gemfields extracted the Inkalamu , or Lion Emerald, at its Kagem mine in Zambia in October. It was one of 26 lots it offered at its auction in Singapore last week, which fetched a combined $28.4 million from the sale of 420,000 carats of rough Kagem emeralds.  Read More
*** ICA Members Gather in Shanghai
With the UBM Shanghai Show in town, a few ICA member and other people in the industry in Shanghai gathered together for a movie night to watch the film entitled, Emerald Cowboy . During the event, everyone also received a print copy of the new Chinese version of InColor. More such events will take place in the future with the goal of building a sense of ICA community in China.   Read More
***Fura Gems Provides Updates on Its Community Engagement And CSR at the Coscuez Project
"CSR remains a priority across the breadth of Fura's operations," states Dev Shetty, President and CEO of Fura Gems. “We are pleased to have developed the local socialization sessions, the baseline CSR study, and community engagement activities, and we are delighted that our bakery and seamstress workshop projects were inaugurated by Ahmed Bin Sulayem, Executive Chairman of Dubai Multi Commodity Centre. We are excited about implementing the next phase of our CSR programs and we have launched two new projects: Goals for Hope and the Coscuez Health Clinic." Read More
*** LMHC Makes Progress on Harmonization of Color Description and New Treatment Issues
Significant achievements in the harmonization of wording on laboratory reports and the reporting of new treatments were made during the 29 th  meeting of the Laboratory Manual Harmonisation Committee (LMHC), which was hosted by the Gübelin Gem Lab in Lucerne, Switzerland, on November 14 and 15, 2018. The LMHC is currently comprised of representatives from the Central Gem Laboratory (CGL), CISGEM Laboratory, DSEF German Gem Lab, Gübelin Gem Lab, GIA Gem Laboratory, the Gem and Jewelry Institute of Thailand (GIT) and the Swiss Gemmological Institute SSEF. Read More
***British Columbia revises law that regulates the environmental assessment of major resource projects
The British Columbia government has announced that, after one year of consultations with Indigenous peoples, industry, communities, environmental organizations and the public, it introduced legislation to modernize the environmental assessment of major resource projects. The provincial administration said that the idea behind the changes is to provide "a clear and timely path for the approval of responsible resource projects, pursue reconciliation with B.C.’s Indigenous peoples, increase public engagement and transparency and deliver stronger environmental protections." Read More
***The U.S. Jewelry Market is Smaller Than You Think
How did the U.S. government get jewelry sales in that nation so wrong? Edahn Golan provides some answers after the government revised its estimates downward by $16.5 billion for 2017 alone. Read More
Diamonds and sapphires all exceeded their pre-sale estimates at the Bonhams London December Jewellery sale on December 5. Headlining the auction was a 24.31-carat D-IF Type IIa step-cut diamond, which sold for £1,868,750 ($2,387,105) or $98,194 per carat. The diamond’s final price was in excess of its pre-sale estimate of £1,300,000-£1,800,000 ($1,700,000-$2,300,000). Read More
*** Harry Winston Buys "Pink Legacy" for $50 Million
The rectangular-cut, 18.96-carat, fancy-vivid-pink diamond went for $50.4 million at Christie's November 13 auction, becoming the most expensive pink diamond Christie’s has sold. At $2.7 million per carat, it also achieved a world-record average price for a pink diamond at auction, beating the 14.93-carat Pink Promise, which fetched $32.5 million ($2.1 million per carat) at Christie’s Hong Kong in 2017.   Read More
*** Diamonds and Lies’ Exposes the Real Fake
In the era of fake news and synthetic diamonds, it was a matter of time before the two would meet. They did so recently in the form of editorials in the  South China Morning Post  (SCMP) and on the Russia Today (RT) TV channel, which took some cheap shots at the diamond trade.   Read More
***Fura Gems Launches All-Women Washing Plant in Colombia
At the Second World Emerald Symposium held in Bogota, October 2018, Fura Gems launched its All-Female Wash Plant project, possibly the first of its kind, not only in the gemstone industry, but also in the mining sector. The decision to launch the project was made based on the desire of women for a more active role in emerald mining. Read More
*** Design Competition for Champion of Champions
The HKTDC is organizing the biennial International Jewellery Design Excellence (IJDE) and it is now open for entries. It is an award for winners of jewelry design competitions worldwide so that they can compete for the Champion of the Champions. All entries must be wearable and comprised of precious metals with or without gems. The deadline is December 10.   Read More
***Colombian Mining Group Says Tax Bill Will Attract Foreign Investment
Colombia's main mining industry group said on Monday it was optimistic a new tax bill that includes a cut to corporate taxes will help attract more foreign investment, allowing companies to boost exploration and output in the coming years. Read More
*** Danish Retailer Launches First Brand Set With Greenland Rubies And Sapphires
Greenland Ruby, Greenland’s only miner of ruby and pink sapphire, has announced that Hartmann’s Jewellery, a Danish luxury brand, is introducing a collection of jewels using Greenlandic rubies and pink sapphires. The Hartmann collection features more than 50 pieces of Greenlandic ruby and pink sapphire jewelry using a total of approximately 300 carats of rubies and pink sapphires.   Read More