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Gemmology > Chapter 2 > Flashcards

Chapter 2 Flashcards

1
Q

Which country was only source for diamonds till 18th century?

A

India

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2
Q

Name 4 famous diamonds sourced from India?

A

Koh-i-Noor, Great Mogul, Hope, Dresden Green

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3
Q

Who wrote about visiting Krishna Valley diamonds mine in the 13 century?

A

Marco Polo

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4
Q

Which name was associated with fine quality diamonds?

A

Golconda

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5
Q

How long India was the only source for diamonds?

A

Almost 2,500 years, 800-600 BC to 18th century

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6
Q

Which country was the world’s leading diamond producer from the 1700’s to late 1800’s?

A

Brazil

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7
Q

When were earliest accounts of diamond discoveries in Brazil?

A

In late 16th century.

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8
Q

When Brazil’s diamond sources were officially announced?

A

In 1729 after reports from colonial governor caught the attention of European rulers.

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9
Q

When Brazil’s diamond production reached its peak?

A

In the mid 1700s, more than 1.5 milion carats of diamonds were reportedly exported to Europe between 1732 and 1771.

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10
Q

In which time Brazil was the world’s leading diamond producer?

A

From the early 1700’s to the late 1800’s.

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11
Q

What discovery and where attracted prospectors to the area in Africa?

A

Discovery of the Star of South Africa (The Dudley) at Zandfontein in 1869.

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12
Q

Prospector’s term for diamond deposits away from water?

A

Dry diggings

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13
Q

In which river bank Star of South Africa has being found?

A

Vaal River

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14
Q

How much weighted Star of Africa?

A

83.50 ct

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15
Q

How many diggers came to dig for diamonds after finding Star of South Africa?

A

Around 10,000

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16
Q

How much Schalk van Niekerk payed to shepherd for the Dudley?

A

1 horse, 10 oxen, and 500 sheep (~150 pounds)

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17
Q

How much Niekerk got for diamond?

A

11,200 £ which is now ~56,000 $.

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18
Q

Why miners moved to dry diggings?

A

In riverbed they had to stand for hours in the water and risk a flooded claim.

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19
Q

How many miners worked in Kimberley area?

A

30,000 miners, 3600 tents over 42 acres area.

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20
Q

How long Kimberley mine was in operation?

A

Between March 31, 1871 to August 4, 1914.

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21
Q

How deep in Kimberley mine pit become?

A

240 meter deep, it’s named today “Big Hole”

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22
Q

Why miners began to form partnerships and small companies?

A

Soft surface layer ran out, miners found hard rock which required more capital investments and and advanced equipment.

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23
Q

Who stood out and became competitors?

A

Cecil Rhodes and Barney Barnato.

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24
Q

By when Rhode’s company held all claims in the Beers mine?

A

By 1887

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25
Q

Who took control of all claims in the De Beers and Kimberley mines?

A

Cecil Rhodes

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26
Q

Who was dominant shareholder in in Kimberley mine?

A

Barney Barnato

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27
Q

What was idea of Rhodes to stabilize prices of diamonds?

A

He developed concept of controlling of production.

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28
Q

Why Rhodes named his company De Beers Consolidated Mines Ltd.?

A

After the owners of a farm where one of the first diamond rushes took place.

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29
Q

When Rhodes est. his company?

A

On March 12, 1888.

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30
Q

What is London Diamond Syndicate?

A

A group of diamond merchants formed in 1890 to buy and sell rough diamonds.

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31
Q

What is CSO?

A

Central Selling Organization an agency that functioned as the sales arm of De Beers.

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32
Q

What is DTC?

A

The marketing and sales arm of De Beers (the CSO was its predecessor).

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33
Q

How centrally controlled marketing strategy for rough diamonds was called?

A

Single-channel marketing.

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34
Q

What happened in 1890 in London?

A

A group of London diamond merchants united to form an organization known as the London Diamond Syndicate, which contracted to buy and sell all the output of major diamond producers, including De Beers

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35
Q

Who assumed chairmanship in the De Beers when Great Depression hit in 1929?

A

Ernst Oppenheimer.

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36
Q

What De Beers did to solidify its marketing strategy?

A

Through centralized control of rough diamond supply, buying, marketing, and sales.

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37
Q

What led to the DeBeers’s dominance of of the diamond industry?

A

The combination of the single-channel market and advertising campaign.

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38
Q

What was belief of Ernst Oppenheimer?

A

He held belief that that stability of the trade could be maintained only by selling diamonds through a single channel and limiting the number of diamonds on the market.

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39
Q

What was the tactic during great depression of DeBeers?

A

Minimizing own mining output and maximize buying production from others, until diamond price and demand recovered.

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40
Q

How long CSO was dominant body sales channel?

A

For nearly six decades.

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41
Q

What did DeBeers to boost diamonds demand after the II War?

A

Hired a Philadelphia advertising agency, N.W. Ayer & Son.

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42
Q

What slogan and by whom has being created in 1947?

A

“A diamond is forever” by Mary Frances Gerety

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43
Q

What established by DeBeers campaing?

A

Tradition of the diamond engagement ring worldwide.

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44
Q

What happened after DeBeers began its global campaign?

A

Diamond became the number one engagement ring stone worldwide

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45
Q

When long reign of DeBeers started to sway?

A

In the mid 1990s because of rising producers from Russia, private min.comp. in Australia and Canada.

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46
Q

What made for De Beers difficult to control diamond supply?

A

Rise of important new producers.

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47
Q

Which producer played critical role in transforming industry after 1950s?

A

Russia

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48
Q

In 1970s which place took Russia in production of diamonds?

A

3rd

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49
Q

What coincide with single-channel disintegration in 1990s?

A

Collapse of Soviet Union

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50
Q

What company and when was established by Russian Federation when De Beers lost ability to control the market?

A

ALROSA, 1990s

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51
Q

When and where in Australia rich diamond deposit was dicoveried?

A

In Western Australia in 1979

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52
Q

Benefication

A

A commitment to reserve a portion of resources derrived from a country for the economic development of that country.

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53
Q

Which government became partner with De Beers?

A

Botswana government formed with DeBeers “Debswana” in 1969.

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54
Q

What happened after disintegration of single-channel supply and sales of rough?

A

Industry transformed to multi-channel.

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55
Q

When CSO became DTC?

A

In 2000.

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56
Q

How many segments has diamond value chain?

A

Six segments

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57
Q

DVC Segment 1

A

Mining

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58
Q

DVC Segment 2

A

Rough sorting and distribution

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59
Q

DVC Segment 3

A

cutting and polishing

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60
Q

DVC Segment 4

A

faceted diamond trading

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61
Q

DVC Segment 6

A

retail sales

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62
Q

DVC Segment 5

A

jewelry manufacturing

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63
Q

Define upstream section of diamond value chain?

A

Rough diamond mining and rough distribution diamond value chain

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64
Q

Define downstream section of diamond value chain?

A

Retail portion of the diamond value chain.

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65
Q

Which value chain segment is the most risk and unpredictable?

A

Mining

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66
Q

Name 3 major diamond source countries?

A

Russia, Africa and Canada.

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67
Q

Which year is historic high for diamond production?

A

2008

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68
Q

What is the name for large scale industry leader specializing in diamond mining?

A

Major

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69
Q

Which two companies supply more than half of the world’s rough diamond by value?

A

Alrosa & De Beers.

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70
Q

How many deposits ALROSA operates in Russia?

A

More than 20 deposits

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71
Q

In which mining regions in Russia ALROSA operates?

A

Republic of Sakha (Yakutia) and Arhangelsk

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72
Q

Where De Beers operates?

A

Botswana, Canada, Namibia and South Africa

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73
Q

What requires diamond mining?

A

Heavy duty equipment and the removal of a large amount of earth.

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74
Q

How mining begins?

A

With exploration, which consists of multiple phases of prospecting and evaluation.

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75
Q

Name three major steps in mining?

A

Ore extraction, ore processing, and stone extraction.

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76
Q

Name two big challenges in diamond mining companies?

A

Uncertainty and capital investment.

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77
Q

What is objective of rough sorting?

A

To facilitate rough diamond sales.

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78
Q

What determines the income of mining companies?

A

Income depends on the amount of diamonds extracted and the market price of rough diamonds.

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79
Q

What is the first value-adding process on the journey of diamonds?

A

Rough sorting

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80
Q

Name activity that adds something to a product that increases its value for consumers.

A

VALUE-ADDING PROCESS

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81
Q

How are called diamonds that meet certain criteria to be used as gems in jewelry market?

A

Gem-quality diamonds.

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82
Q

How are called diamonds designated to industrial use?

A

Industrial diamonds./Bort/

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83
Q

What is called bort in trade?

A

Industrial grade diamond usually occurs very included and single crystals in yellows, grays, and browns.

84
Q

What sorters do?

A

Sorters categorizes gem-quality diamonds based on weight, shape, clarity, and color.

85
Q

When majors step in to invest, purchase or form joint ventures?

A

Once prospecting shows promise.

86
Q

How is called a form of industrial-grade diamond that usually occurs as very included single crystals in a range of yellows, grays and browns?

A

Bort

87
Q

What is the first step in sorting diamonds?

A

Separating gem-quality diamonds from industrial diamonds, known as bort.

88
Q

How do sorters group gem-quality diamonds?

A

Principally on weight, shape, clarity & color. These roughly match those applied to finished diamonds.

89
Q

In how many categories rough diamonds can be sorted?

A

12 to 16 thousand, depending on the producer.

90
Q

Where rough is sorted?

A

At the mining sites or designated sorting centers.

91
Q

Where to DeBeers relocated it’s sorting facility from London?

A

Gaborone, Botswana (one of the world’s largest diamond-producing countries by value).

92
Q

Name 5 major rough sorting centers in the world?

A

Gaborone, Antwerp, Mumbai, Moscow & Toronto.

93
Q

What is the name for diamond auctions?

A

Tenders

94
Q

What rough diamond auction (tenders) provides for buyers?

A

An opportunity to source directly from the producers.

95
Q

What is the name for long-term customer?

A

Sightholder

96
Q

What factors producers evaluate when selecting sightholder?

A

Financial strength, market presence, manufacturing capacity, operational efficiency, and legal compliance.

97
Q

What is auction?

A

A competitive sales process where rough diamonds are sold to the highest bidder.

98
Q

What is average contract duration between producer and sightholder?

A

18 months to 3 years.

99
Q

What is another sales channel for rough diamonds, besides long-term contracts/sights?

A

Auctions/Tenders

100
Q

Some auctions are operated as complementary to?

A

Sights

101
Q

How majors are selling really unique stones?

A

Through special tenders/auctions.

102
Q

What are types of tenders/auctions?

A

Blind and live.

103
Q

What is example of special tender?

A

Argyle Pink Diamonds tender, held annually for almost 40 years. Offering of extraordinary pink, red, violet diamonds that are less than 0,1 percent of mine’s production.

104
Q

Why auctions are valuable for major producers?

A

They are a way to see real-time market prices and trends. Tenders allow to test potential sight holders.

105
Q

Why tenders are valuable for buyers?

A

Auctions allow to avoid long-term commitment and to source special goods for selective clients.

106
Q

What is rough diamond spot sales?

A

Short-term contracts, they have smallest share of the rough market compared to the other formats.

107
Q

When Kimberley initiative began?

A

In May 2000

108
Q

What is Kimberley Process?

A

Global initiative to combat the trade of “conflict diamonds”.

109
Q

When UN-sanctioned Kimberley Process Certification Scheme (KPCS) took effect?

A

In 2003

110
Q

How much of global rough diamond production KP members account for?

A

99,8 percent

111
Q

Which 2 processes are critical to unveil a diamond’s beauty?

A

Cutting and polishing.

112
Q

What is the second value-adding process on the journey of diamonds?

A

Cutting and polishing

113
Q

Where was first known cutting center in the history?

A

Southern India

114
Q

Name 4 first diamond cutting centers in 14th century Europe?

A

Venice, Amsterdam, Antwerp & London.

115
Q

When Israel became established cutting center?

A

1930s

116
Q

When India developed its modern cutting industry?

A

In 1960s and 1970s

117
Q

How much rough is cut in India?

A

90%

118
Q

What factors allowed India to reclaim as the leader of diamond cutting?

A

Competitive labor cost, advanced technology and entrepreneurship.

119
Q

Where is large-scale cluster of cutting and polishing factories in India?

A

In Surat.

120
Q

Name global polished diamond trading hubs?

A

New York, Antwerp, Tel Aviv, Mumbai, Dubai, Hong Kong

121
Q

Name the largest diamond exchange in the world?

A

Mumbai’s Bharat Diamond Bourse.

122
Q

Diamond exchange definition?

A

A membership based entity that provides service and venue to facilitate diamond trading.

123
Q

What channels are in place of polished diamonds sales?

A

Auctions, long and short-term contract sales.

124
Q

Which type of polished diamonds sales occurs most?

A

Short terms and one time contracts.

125
Q

How much diamond bourses are around the world?

A

About 30

126
Q

What and why has emerged as popular venue for polished diamond sales?

A

Online trading due to technological advances in online presentation of polished diamonds.

127
Q

How the large cutting companies sell the majority of their inventory?

A

Online trading platforms.

128
Q

Why large cutting companies sell inventory online?

A

Online exchange saves energy and travel expenses.

129
Q

What kind of process is a jewelry manufacturing?

A

Value adding process (another increase of value for the consumer)

130
Q

Name segments of jewelry manufacturing process?

A

Design & manufacturing.

131
Q

What many diamond cutting companies make?

A

They make own jewelry.

132
Q

Where biggest wholesale manufacturers centers are located?

A

Guangdong Province China & Surat, India.

133
Q

Where retailers buy their stock?

A

In jewelry factories.

134
Q

Where from design comes from for big chain retailers?

A

It comes from retailer or in-house designers.

135
Q

How many pieces of commercial quality jewelry are sold?

A

Hundreds of thousands.

136
Q

What is required in factory to produce high-end customized jewelry?

A

More resources, than production of commercial quality jewelry.

137
Q

What limits number of players in upstream segment of diamond value chain?

A

The risk and resources required.

138
Q

Why it’s extremely difficult to enter diamond mining, sorting and rough sales segments?

A

Capital, resources and expertise.

139
Q

How can you describe with one word diamond jewelry retail?

A

It’s Multifaceted.

140
Q

How much players are in exploration and mining and which segment is it?

A

Less then 100, UPSTREAM

141
Q

How much players are in Rough diamond sales and which segment is it?

A

Less then 100, UPSTREAM

142
Q

How much players are in Cutting and Polishing and which segment is it?

A

More then 1000, MIDSTREAM

143
Q

How much players are in Polished Diamonds Sales and which segment is it?

A

More then 1000, MIDSTREAM

144
Q

How much players are in Jewelry Manufacturing and which segment is it?

A

More then 10,000, DOWNSTREAM

145
Q

How much players are in Retail Sales and which segment is it?

A

More then 250,000, DOWNSTREAM

146
Q

What makes easier becoming retailer nowadays?

A

Internet and social media have made it easier.

147
Q

Where are made highest profits?

A

On two ends of the supply chain.

148
Q

Explain vertical integration.

A

A business strategy of operating in more than one segment of the value chain. (partially or completely)

149
Q

Which segment is dominated by public companies?

A

Mining.

150
Q

Which segment is dominated by private companies?

A

Cutting and polishing.

151
Q

Which segment is mixture of public and private companies?

A

Jewelry retailers.

152
Q

Which company is an example of vertical integration?

A

De Beers

153
Q

Which company is an example of partial vertical integration /no mining and rough sales/?

A

Chow Tai Fook one of the largest jewelry retailer.

154
Q

How big margin midstream companies usually have?

A

1 to 3%

155
Q

What is consolidation, and in which segments does it occur?

A

Consolidation is a merging and acquisition of many smaller businesses into larger ones, it occurs in upstream and midstream markets.

156
Q

What risks do smaller mining companies take?

A

Risk of exploration.

157
Q

When small mining companies are acquired by major?

A

Once project demonstrates promise.

158
Q

Which segment of the diamond value chain consolidation just begun to develop?

A

In the Midstream - cutting and polishing sector, specially in Surat.

159
Q

What impacted entire supply chain in XX century?

A

Technological advances.

160
Q

Which technology improved of more rough in mining sector than before?

A

X-ray technology

161
Q

What was enhanced because of advancements in manufacturing automation?

A

Rough planing, cutting, and polishing.

162
Q

How technology helps retailers?

A

To better present the diamonds and enhance the consumer experience (f.ex. software allowing shopper to see diamonds larger-than-life sizes).

163
Q

How can technology increase transparency in the industry?

A

For example using of blockchain, technology resistant to modification, to track stones through the value chain.

164
Q

What is a key to diamond industry growth?

A

Securing and expanding consumer demand.

165
Q

What is ultimate driver of diamond industry growth?

A

Consumer demand

166
Q

What are new era diamond industry elements?

A

New consumer generations, advanced technologies, and more diversified markets.

167
Q

Where nearly half sales of Tiffany take place?

A

Americas

168
Q

Who is the number one jewelry-consuming market?

A

USA

169
Q

What was greater China’s global diamond demand in 2016?

A

It was 16%

170
Q

What Chinese consumers often purchase for wedding in opposition to Western couples?

A

One set of wedding rings instead of both engagement and wedding rings.

171
Q

What are the shares of the diamond market by India, Persian Gulf, and Japan?

A

5-7% (similar)

172
Q

What is secondary diamond market?

A

The secondary market consists of resale of previously owned diamonds and diamond jewelry. (recycled diamonds)

173
Q

What secondary diamond market includes?

A

Auctions, antique stores, estate sales, and the like.

174
Q

What will be the largest diamond reserves of the future, when natural diamonds resources diminish?

A

Secondary diamond market.

175
Q

What add social value to the resale diamond market?

A

Stones (jewelry) have traceable history this add social value to the products.

176
Q

Which market is good indicator of diamond’s value?

A

The secondary market

177
Q

What is critical for jewelers to secure and expand the customer base?

A

Recognizing the demands of new consumer generations.

178
Q

What

A
179
Q

Which generation was closely associated with diamond’s symbolism of committed lifelong love?

A

Baby Boomers

180
Q

What several majors did in 2015?

A

ALROSA, De Beers, Dominion Diamond Mines, Gem Diamonds, Lucara Diamond Corp., RZM Murowa, Petra Diamonds, and Rio Tinto - formed the Diamond Producers Association (DPA)

181
Q

What Diamond Producers Association has initiated in near the end of 2016?

A

Campaigns targeting consumer trends, such as women purchasing jewelry for themselves. And generic campaign “Real is Rare: Real is Diamond”.

182
Q

What did Diamond Producers Association in 2020?

A

DPA changed name to Natural Diamond Council (NDC) and launched the first editorial site dedicated to natural diamonds.

183
Q

What is important advertising platform in the new era?

A

Social media

184
Q

What are important jewelry retail avenues today?

A

Internet and social media.

185
Q

What become new measure of how well a campaign message reaches the audience?

A

Engagement rates

186
Q

For whom was designed media campaign “Real is Rare: Real is a Diamond.”?

A

The media campaign was designed to target consumers in ages 21 to 34 /millennials and the older Generation Z/

187
Q

What was the budget for “Real is Rare” campaign?

A

$40 million

188
Q

How much media impressions generated “Real is Rare” by DPA?

A

1,5 billion over 12 months.

189
Q

Which segment of Diamond Value Chain is most fragmented?

A

Jewelry retail.

190
Q

What are traditional sales channels for jewelry retails?

A

Dept. stores, branded chain stores, individual brick-and-mortar jewelry stores, discount sellers, catalog sellers, and tv.

191
Q

What are new sales channels for jewelry retails?

A

Internet and social media.

192
Q

What allowed to increase online sales of jewelry?

A

Consistent standards of diamond grading.

193
Q

Why many consumers still prefer physical stores?

A

Because they can consult with jewelry professionals and touch the jewelry before buying.

194
Q

What is the newest sales channel for retail?

A

Social media - millennials and Gen Z live on social media.

195
Q

Who was the only diamond source until the early 18 century?

A

India

196
Q

Who was the world’s leading diamond producer from the early 1700s to late 1800s?

A

Brazil

197
Q

When diamond rush began in Africa?

A

With discovery of the Star of the South Africa.

198
Q

When Cecil Rhodes established De Beers Consolidated Ltd.?

A

In late 1800’s.

199
Q

What Cecil Rhodes used to stabilize diamond prices?

A

Production control

200
Q

What is benefit of long-term contracts?

A

It’s benefit for seller and buyer due to their predictability.

201
Q

Where the majority of world’s diamond production is cut?

A

In India

202
Q

Definition of secondary market?

A

The gem and jewelry resale market.

203
Q

How is called rough diamond sales event where long-term customers buy from producers based on contracts?

A

Sight

204
Q

How is called a buyer admitted by rough diamond producer as a long-term customer?

A

Sightholder

205
Q

What is definition of value-adding process?

A

Activity that adds something to a product that increases its value for consumers.

Gemmology (11 decks)

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