AuctionsApr 30, 2026
Vintage Cartier Watch Crashes Through Records, Selling for $2MBelieved to be one of three made in 1987, the Cartier London Crash was hot at the “Shapes of Cartier” sale at Sotheby’s Hong Kong.
EditorsNov 08, 2011
A closer look at the ‘Kinshasa contract’
Last week at its plenary meeting in the Democratic Republic of the Congo, the Kimberley Process (KP) ended its long-standing impasse on the issue of exporting rough diamonds from the Marange area of Zimbabwe, more due to the fact that...
Last week at its plenary meeting in the Democratic Republic of the Congo, the Kimberley Process (KP) ended its long-standing impasse on the issue of exporting rough diamonds from the Marange area of Zimbabwe, more due to the fact that United States abstained from voting than because the situation there has necessarily improved or the process has made great strides in bringing everyone together. It reminds me of that last, lone juror who believes the defendant is guilty but bows from pressure from other jurors to switch their verdict to “not guilty” so the trial will end and everybody can just go home.
The agreement allows for imports to begin immediately from two mines and for monitors to be able to visit other Marange mines and see what conditions are like there before they begin exporting.
Since the meeting, the U.S. State Department has said that it chose not to stand in the way of the KP finally reaching a deal--a compromise that, it admits, could have been “stronger”-- rather than allow the stalemate to continue. Many have speculated that the United States agreed to the exports so it could win the KP chairmanship for 2012, which it ultimately did.
So now the KP, and the industry as a whole, are faced with two interesting propositions going forward.
1) We’ve now made an agreement with Zimbabwe, but much speculation abounds about the government actually keeping its word. As Zimbabwean human right activist Farai Maguwu observed last week, “Zimbabwe has not honored the previous agreements and there is no reason for optimism that Zimbabwe will honor these agreements.”
2) The United States now is in the driver’s seat of the KP and, ostensibly, thinks it can push through some major reforms, reforms deemed necessary by Jewelers of America and the Diamond Importers and Manufacturers Association (DMIA) prior to last week’s meeting. I will be curious to see how this plays out 2012. As we all know, the KP is structured as such that a complete consensus is needed to move forward on any issue, and that has not always been so easy to obtain.
It took two years to reach an agreement on Zimbabwe (keeping in mind that there was no true consensus reached there; when push came to shove, the United States simply did not vote). So, how easily will more changes come in 2012? Does the United States think
Editors' Picks
Sponsored by
it has curried enough favor by abstaining on the Zimbabwe issue to push through other reforms it deems necessary? I guess only time will tell.
In the meantime, it’s worth noting for retailers here in the United States that despite the KP vote, Marange diamonds remain illegal because of U.S. sanctions on Robert Mugabe and his government. JA maintains that members avoid trading in Marange stones, and learn as much as possible about their supply chain, difficult as that may be.
As JA alluded to in the release it penned with the DMIA, the industry also is the process of working on a mechanism for greater inventory control that would, ultimately, help bolster consumer confidence, above and beyond what the KP can offer.
I don’t have many details on this initiative right now but it will be interesting to see what this industry coalition comes up with, and if the United States is able to make any headway in overhauling the KP.
It looks like 2012 is shaping up to be as interesting as 2011.
In the meantime, it’s worth noting for retailers here in the United States that despite the KP vote, Marange diamonds remain illegal because of U.S. sanctions on Robert Mugabe and his government. JA maintains that members avoid trading in Marange stones, and learn as much as possible about their supply chain, difficult as that may be.
As JA alluded to in the release it penned with the DMIA, the industry also is the process of working on a mechanism for greater inventory control that would, ultimately, help bolster consumer confidence, above and beyond what the KP can offer.
I don’t have many details on this initiative right now but it will be interesting to see what this industry coalition comes up with, and if the United States is able to make any headway in overhauling the KP.
It looks like 2012 is shaping up to be as interesting as 2011.
More on Editors
The Latest
ColumnistsApr 30, 2026
Peter Smith: A Sleazy Salesman and the Case for Regret Avoidance Smith uses a comment he overheard in the grocery store to remind retailers that their job is to inspire buying behavior, not just sell.
CrimeApr 30, 2026
Masked Group Uses Hammers, Pepper Spray in Texas Jewelry Store RobberyOfficials are looking for a group that robbed Marc Robinson Jewelers at an outlet mall in Round Rock, Texas, in broad daylight on April 21.
Brought to you by
Discover Timeless Treasures: A Showcase of Antique Jewelry & Timepieces in Las VegasGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
Supplier BulletinApr 30, 2026
OROAREZZO 2026: The B2B Event for Italian Excellence in Goldsmith, Jewelry and Silver ManufacturingSponsored by OROAREZZO International Jewelry Exhibition
Weekly QuizApr 23, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsApr 29, 2026
The Thought Process Behind the Mother's Day Email Opt-OutSome retailers are taking a nuanced approach to marketing what can be a difficult holiday for many.
IndependentsApr 29, 2026
Dick Abbott to Retire From The EdgeThe Edge has announced its new CEO, as well as a new partnership with an investment firm focused on founder-led software businesses.
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the GlobeGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
SourcingApr 29, 2026
De Beers’ Production Rises, Market Remains ‘Challenged’De Beers’ diamond production was up 17 percent in Q1, boosted by increased output at its mines in South Africa and Canada.
AuctionsApr 29, 2026
This'll Be the Day You Own John Wayne's RingA signet ring belonging to the Western film star of Hollywood’s Golden Age will be up for auction at Elmwood’s next month.
Policies & IssuesApr 28, 2026
Tariff Refunds: How to File, What to Expect Importers can submit claims now to receive money back for the IEEPA tariffs they’ve paid, with refunds expected to take up to 90 days.
IndependentsApr 28, 2026
This North Carolina Jeweler Is Passing the TorchThe owners of Gregory Jewelers in Morganton, North Carolina, are heading into retirement.
SourcingApr 28, 2026
Doug Hucker Retires From ICAThe colored gemstone industry leader is heading into retirement after four years as the association’s CEO.
SourcingApr 28, 2026
NDC Hires Tapestry Exec to Head Global Marketing Susie Dewey joins the Natural Diamond Council as its new chief marketing officer.
AuctionsApr 27, 2026
12 Years Later, the ‘Ocean Dream’ Diamond Resurfaces at Christie’sThe largest known fancy vivid blue-green diamond could fetch more than $12 million at its second auction appearance.
ColumnistsApr 27, 2026
Stop Treating Mother’s Day Like an AfterthoughtEmmanuel Raheb says jewelers need to start marketing early and make it easy for customers to pick a gift for mom.
IndependentsApr 27, 2026
Longnecker Jewelry Celebrates 30 YearsIn honor of the milestone, the Nebraska jeweler has debuted Leslie & Co., its new in-house jewelry brand.
MajorsApr 27, 2026
JBT Re-Elects Jeff Corey as Board ChairThe trade organization, which held its annual elections earlier this year, also added five new board members.
SurveysApr 24, 2026
Mother’s Day 2026 Jewelry Spending to Top $7B, NRF SaysNRF’s annual survey found that 45 percent of consumers plan to purchase jewelry for a loved one this Mother’s Day.
TechnologyApr 24, 2026
TwentyFour’s Digital-Age Locket Is a Virtual VaultThe “Vault” charm, our Piece of the Week, expands on the memories that can be stored in a locket by connecting to your phone.
Events & AwardsApr 24, 2026
Hamptons Jewelry Show to Return in JulyThe open-to-the-public luxury jewelry and timepiece show, in its second year, is slated for July 23-26.
IndependentsApr 23, 2026
Meet the Real Moms of Day’s JewelersThe jeweler’s Mother’s Day campaign highlights the women who work there—mothers, grandmothers, women who want to be mothers, and dog moms.
Supplier BulletinApr 23, 2026
JM® Shipping Solution: Smarter Shipping for High-Value GoodsSponsored by Jewelers Mutual
Lab-GrownApr 23, 2026
Charles & Colvard May Sell Assets for $1.5MThe proposed agreement follows the moissanite maker’s Chapter 11 bankruptcy protection filing last month.
AuctionsApr 23, 2026
John Jacob Astor IV’s Titanic Pocket Watch Fetches $1MThe Patek Philippe for Tiffany & Co. timepiece Astor brought aboard the ill-fated ship sold for double its estimate at a Freeman’s auction.
CollectionsApr 23, 2026
Adam Neeley’s High Jewelry Collection Steps Into Salvador Dalí’s GardenThe “Dalí’s Garden” collection was inspired by a surreal dream Neeley had after cooking a recipe from Salvador Dalí’s 1973 cookbook.
IndependentsApr 23, 2026
Windsor Jewelers Names New Buying DirectorNatalie Feanny has been appointed to the role.
