The real deal
In the last decade, undisclosed resale of synthetic and treated diamonds and gemstones has increased unabated. Even though many industry leaders and gemmological laboratories have aimed to establish clear protocols to identify synthetic and treated stones, it is still up to the members of the diamond and gemstone sectors to take on these responsibilities. Established suppliers know the relationship they cultivate is based on fundamental trust, which they have to build and maintain. They do this by constantly scrutinizing their supply chains, knowing it is integral to the success of their businesses. Further, they help their clients navigate the pitfalls and landmines resulting from the growing threats of synthetic and treated gems.
As suppliers push to maintain a high level of integrity in their inventory, they increase confidence in the authenticity of their supply to their clients. Further, retailers can use the certainty of natural origin of the gemstone or diamond as one of the key value propositions to their customers. This serves as a vital symbiotic relationship that can help minimize the impact of undisclosed synthetic and treated stones.
With the growth of online diamond/gemstone trading platforms that attract new sellers and buyers daily, many retailers find digital transactions an easy and quick way of making a purchase decision. However, retail customers often request to see a number of stones in order to narrow down their searches. This can only be accommodated when there is a solid understanding between the supplier and client, which cannot be achieved online. Suppliers take on the burden of risk by stocking a wide range of inventory and allowing their clients access through consignments, which works only if the relationship is fair to both parties. A unique advantage of this consignment relationship occurs when retailers work exclusively with a limited number of consigners, which can encourage suppliers to provide their best effort, service, and pricing.
In speaking to numerous clients throughout a business week, I have found this symbiotic approach has become a cornerstone to many successful businesses. By simplifying their supply chains, retailers feel they are able to extract more value from their suppliers for their customers and for their bottom line.
Hemdeep Patel has been writing since 2008 on a variety of topics relating to the jewellery industry, from advanced gemmology, gemstone, and diamond trends to emerging jewellery CAD/CAM technologies. He is head of business strategy and marketing for Creative CADworks, a 3D CAD/CAM firm specializing in design, production, and 3D printer and resin sales. He is a third-generation member of the jewellery industry. Currently, Patel is vice-president of the Gemological Institute of America (GIA) Alumni Association for the Ontario Chapter. He is a graduate gemmologist with a B.Sc. in physics and astronomy. He can be reached via e-mail by contacting hemdeep@creativecadworks.ca.
