Given the fact that natural diamonds are expensive, buyers prefer to have some sort of assurance regarding the value and authenticity of the glittering stone. Olga Rosina one of the diamond experts, involved in the design of the DiaEx blockchain based diamond exchange, has this to say about diamond certification. In her words, '.... diamond buyers would like to ensure that, the diamonds that they buy are natural and not, synthetics or fakes. The 4C parameters (color, clarity, carat and cut) of a diamond are extremely standardized. The objective of getting a diamond certified is to get an accurate and unbiased assessment of a diamond ....'. There are more than a 100 diamond testing labs offering diamond certification. It is only a handful (below 10) of these labs, that are globally recognized. In conventional diamond trade, certifying a diamond is an exception rather than a rule. Sellers who do offer certified diamonds for sale, charge a substantial premium for the stones. It is important to understand that, the premium charged for certified diamonds, clearly exceeds the cost of getting the certification done. If you had to step back and consider, who exactly benefits from diamond certification - it would become clear that both buyers and sellers gain by the process of certification. Testing labs often provide varying degrees of information on the certificate however, it is advisable to ensure that certified diamonds come with the following information.
Diamond Certificates Should Ideally Contain:
- A unique identification number that, will not be repeated for other certificates.
- The 4C parameters of the tested diamond - color, clarity, cut and carat.
- The precise dimensions of the stone including, the thickness of the diamond.
- The fact whether the certified diamond is natural or synthetic.
- The type of cut applied to the diamond and also, the quality of the cut.
- Services are generally available where, the certification number is microscopically lasered on the diamond.
- The treatment if any, applied to the diamond. This is another factor that affects the price of the stone.
Olga Rosina has something to say about synthetic diamonds, '... the diamond industry is a bit confused when it comes to tackling the issue of synthetic diamonds. These stones are factory made and not natural, the process begins by putting a small chip (piece) of natural diamond into a sophisticated piece of equipment. These diamonds have been around for quite some time but, have been recently promoted by tremendous market hype ...'.
The confusion became a bit more severe when, GIA announed that it would be extending its diamond testing services, to include synthetic diamonds. Other testing labs have followed suite and so, we now have certified diamonds that are synthetic and not natural. This is precisely why a certified diamond would need to have a clear indication on the certificate, classifying the stone as natural or synthetic.
And who benefits from diamond certification, while it might appear that buyers are the only beneficiaries, a little thought will reveal a different story. International diamond markets have been showing signs of stagnation, anything that will boost buyer confidence should be welcomed. A significant portion of diamond lovers, are afraid of receiving fake diamonds or paying a high price for overstated 4C parameters. Dealing in certified diamonds provided by reputed testing laboratories, will deliver a win-win situation for both buyers and sellers.
We asked Olga Rosina why the certification of diamonds is not being made mandatory. Her answer was quite straightforward, '... by creating an exclusive status for certified diamonds, sellers are able to make much higher profit margins. Selling diamonds that are not certified, diamond sellers can easily over assess the 4C parameters of a stone. Bringing change in the diamond industry can be a major challenge, technology might have the answer ...'.
Olga surely has her mind set on technology, the Russian diamond expert is one of the key members of the Glitzkoin diamond blockchain team. The project includes the DiaEx diamond exchange platform, a marketplace where trade is strictly restricted to certified diamonds. Buyers of all sizes and located at any geographical location, can trade directly on the platform - no brokers and no middlemen.
Related Resources: Meaning Of Certified Diamonds