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- Aug 15, 2000
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President Bill Boyajian addressed a group of prominent Indian Diamondtaires in Mumbai (Bombay) on Tuesday evening. He got a bit of a shock to see me arrive among the manufacturers and marketing divisions of these $100 Million plus companies.
Martin Rapaport was also there, sitting with Bill, and saw the funny side of “the Cut Geek from DownUnder”, as he called out on greeting me. Martin runs a sizable GIA take in window, shipping diamonds under Customs Bond to USA for grading, and then the stones must be returned to India.
I had hoped for some news about the GIA Cut Grading, but there was very little in the brief presentation which was mainly about the new GIA school in India and the negotiations with the Govt. of India for a new grading la there. However, when Bill worked the room, he let slip a bit. He was allaying fears of the manufacturers present and said “of the stones you are currently sending to GIA the majority of them are in the Excellent and, err, aha, the two top grades.” Thus two things were confirmed in my mind:
1. The grades will be the same as their current Symmetry and Polish grades Excellent, Very Good, Good, Fair and Poor.
2. If the majority are in the 2 top grades, then that is a bit of a worry.
Bill also said that 65% tables are favored in the Far East, and he inferred that they would be candidates for the top grade.
When we first arrived Martin came and joined my group and told us he (Rapaport Corporation) is suing De Beers and Russia (presumably Alrosa) for price fixing. I am sure it will all be in the next issue of Rap, and on-line. But the brief version is he examined publicly available loan documents for an Alrosa fund raising and found that they have an agreement with De Beers that any rough goods Alrosa do not sell will be purchased by De Beers at their ‘book’ value (the De Beers rough prices book). Martins lawyers agree with him that using such a floor price is tantamount to price fixing. The case has been lodged with the EC (European Community).
Martin Rapaport was also there, sitting with Bill, and saw the funny side of “the Cut Geek from DownUnder”, as he called out on greeting me. Martin runs a sizable GIA take in window, shipping diamonds under Customs Bond to USA for grading, and then the stones must be returned to India.
I had hoped for some news about the GIA Cut Grading, but there was very little in the brief presentation which was mainly about the new GIA school in India and the negotiations with the Govt. of India for a new grading la there. However, when Bill worked the room, he let slip a bit. He was allaying fears of the manufacturers present and said “of the stones you are currently sending to GIA the majority of them are in the Excellent and, err, aha, the two top grades.” Thus two things were confirmed in my mind:
1. The grades will be the same as their current Symmetry and Polish grades Excellent, Very Good, Good, Fair and Poor.
2. If the majority are in the 2 top grades, then that is a bit of a worry.
Bill also said that 65% tables are favored in the Far East, and he inferred that they would be candidates for the top grade.
When we first arrived Martin came and joined my group and told us he (Rapaport Corporation) is suing De Beers and Russia (presumably Alrosa) for price fixing. I am sure it will all be in the next issue of Rap, and on-line. But the brief version is he examined publicly available loan documents for an Alrosa fund raising and found that they have an agreement with De Beers that any rough goods Alrosa do not sell will be purchased by De Beers at their ‘book’ value (the De Beers rough prices book). Martins lawyers agree with him that using such a floor price is tantamount to price fixing. The case has been lodged with the EC (European Community).
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