Kevin: July 2008 Archives

The US president has extended a ban on the importation of precious gems from Myanmar.

Signing new sanctions legislation into effect on Tuesday, George Bush renewed a ban on imports from the military-ruled country and signed a new law aimed at keeping Myanmar's gems from entering the US via third countries.

"I'm going to sign a piece of legislation and a joint resolution that will continue some sanctions, impose new sanctions and extend the import restrictions on the Burmese regime," Bush said during a White House signing ceremony.

"Our message is the United States believes in democracy and freedom."

The Burmese Freedom and Democracy Act, referring to Myanmar's former name, renews a sanctions regime imposed since 2003 over the suppression of the opposition led by Nobel Peace laureate Aung San Suu Kyi.

She has been held under house arrest in Yangon for most of the past 18 years.

The new Block Burmese Jade Act is aimed at stopping precious stones, including jade and rubies, from entering the US via countries such as Thailand, China, Taiwan, Malaysia and Singapore.

Gemstones are Myanmar's third largest source of income and the new law is aimed at depriving Myanmar's ruling generals of hundreds of millions of dollars in annual revenue.

The bill also makes Myanmar's generals and their families ineligible for visas to the United States and enhances existing financial sanctions against the government.

Tiffany & Co on Monday ran an advertisement in the Washington Post saluting the U.S. Congress for passing an absolute embargo on rubies originating in Burma (Myanmar). "This sanction," the ad says, "is an important step by the U.S. to help secure basic freedoms for the Burmese people."

The U.S. Senate approved the legislation last week, following a similar bill passed in the House of Representatives the week before, in an effort to cut off sources of funding for Myanmar's ruling junta, for which the export of rubies and jade is a major revenue source.

The legislation, among other details, would keep Burmese gemstones from entering the U.S. via third-party countries, and has now been sent to President Bush to be signed into law.

Tiffany & Co, along with other jewelers such as Cartier, previously announced that it would not buy gems that are from, or that could possibly be from, Burma

Jewelers of America and CIBJO (the World Jewelry Confederation) issued similar statements, calling on their members not to source gemstones from the country, following widespread condemnation of the junta's human rights abuses and violent crackdowns on peaceful protests last year. 

However, the International Colored Gemstone Association (ICA) warned against any hasty decision towards a "systematic ban to trade with Burmese gemstones," recommending that "all parties carefully consider the negative impact...that indiscriminate measures could inflict upon independent and poor populations engaging in mining, processing and trading activities in Myanmar and other countries."

British jeweler Fameo, one of the finalists in the UK Jewelry Awards 2008 competition won the Bridal Jewelry of the Year award, with their two bridal jewelry collections - a unique series of fine jewelry  pieces, which includes an ensemble of special heirloom quality bracelets, earrings, necklaces and pendants.

The UK Jewelry Awards event took place at the Grovenor House Hotel, Park Lane on Thursday 17th July 2008. A spectacular ceremony hosted by Mica Paris, soul singer and TV presenter, attended by British celebrities and the cream of the international jewelry world. The catwalk event that took place showcased stunning pieces of jewelry, which made a huge impact on the fashion runway and the awards were presented to each winner of the jewelry categories. Retail Jeweler Editor Sarah Carpin said: "It was a tremendous evening where we awarded and applauded the very best in our industry".

Fameo's award winning bridal jewelry collections include Imperial Wedding - a mix of cascading peach-color morganite gemstones accented by princess-cut diamonds and the Tsarina - pearl jewelry range.

"Any bride would really be proud to wear this jewelry on her wedding day. There is a real sense of romance about these pieces" enthused one judge. Selected pieces from the Imperial Wedding collection was picked for the event's catwalk show.

Louise Davies, designer and director of Fameo comments: "Achieving the perfect look for the most important day of your life is paramount and the Imperial Wedding jewelry collection with its cascading movement, unique color, timeless vibrance and stunning pink sparkles - does it."

Fameo will be expanding its bridal jewelry collection and dedicating a section at its online jewelry boutique (http://www.fameo.co.uk/) purely for the wedding market, showcasing the Imperial Wedding and Tsarina Collection initially, with new collections added throughout the year. "While current economic downturn and threats of recession does affect sales, it's a perfect opportunity to re-think our long term strategy and invest into the expansion of the online business" said Louise Davies, director of Fameo Ltd.

Source: - PRWEB

Approved earlier by the U.S. House of Representatives, the bill is being sent to President Bush to be signed into law. If enacted, the legislation is expected to have an especially large impact on imports of "Burmese rubies," as they are known in the trade, since 90 percent of the world's rubies originate in Myanmar.

"In essence, this act closes the loophole that allowed stones to be recut outside of Burma and no longer be considered as "Burmese origin" when imported," said Chris Smith, vice president of the American Gemological Laboratories. "The bill now states that it is the intrinsic quality of the ruby/jadeite, as well as the geologic origination within Burma that accounts for the majority of the value, as opposed to the cutting and polishing.

The bill also makes Myanmar's ruling junta, other military officers and their families ineligible for visas to the United States, according to the Associated Press.

The legislation is named for the late U.S. Representative Tom Lantos, a Democrat who is the only Holocaust survivor to serve in Congress. When he died in February at the age of 80, he was chairman of the House Foreign Affairs Committee.

The U.S. and other Western governments have criticized Myanmar's junta for its refusal to restore democracy and release pro-democracy leader and Nobel Peace Prize laureate Aung San Suu Kyi and other political detainees, according to the Associated Press.
As a gemological note, nowhere in the bill does it mention Burmese sapphire, peridot, spinel, or any other gem materials besides jadeite and ruby. So while these could be added in the regulatory process, without industry input, it is questionable that these gems will be included in the Block Burmese JADE Act.

Are you ready for rocks? If so, then the 12th annual Bancroft Gem and Mineral Show is where you should be on July 27.

Over 20 dealers from across the province will be coming to the Bancroft Legion showing everything from unique mineral specimens to jewelry from local and rare gems.

"This year's focus is on the different colors that can be found in gems and minerals," says show coordinator Frank Melanson. The hope is that the colors of the gems will attract those aspiring mineral collectors while offering unique specimens for the trained rock hobbyist to enjoy.

Featured at the event will be the collections of some of the most recognized names in the mineral world. Mike Hyszka will be there to show off his renowned collection of 60 different types of colored stones including stones that are rarely seen.

People who attend the event will immediately get the chance to win a number of great door prizes. From a pair of carved stone bookends from the country of Brazil to a carved horn ornament, Melanson says that these are prizes are worth the visit to the show.

There will also be a live auction held at the event and three silent auctions with great items up for grabs.

Diamonds, like art, are a commodity that is gaining attention as an alternative investment.

Increases in the price of the rarest colorless and colored diamonds are attracting wealthy investors and structured funds as stock markets and real-estate values decline.

The price of 5-carat gems with the potential to be sold at $ 1 million or more has risen 76. 5 percent in the year to May 2008, according to http: // www. idexonline. com, the Web site of the International Diamond and Jewelry Exchange.

"There's a group of very savvy, tremendously wealthy people who have put a small portion of their fortunes aside to invest in diamonds," said Francois Graff, managing director of London based Graff Diamonds International. "They've made incredible returns." Five years ago, dealers were paying $ 70, 000 per carat for colorless diamonds of 10 carats and more, Graff said. "Now we're paying over $ 200, 000 per carat." There are only about 200 highest-grade, D-flawless colorless diamonds of more than 5 carats discovered per year, according to Raymond Sancroft-Baker, Christie's International's European director of jewelry. The annual yield of large-scale blue and pink stones is considerably smaller.

"Diamonds are getting rarer. The earth just isn't giving them up," Sancroft-Baker said.

New York diamond dealer Alan Bronstein said, "Over the last 12 months, the best pink and blue diamonds have increased in price between 75 and 100 percent." Joanna Hardy, senior specialist at Sotheby's jewelry department in London, said colored diamonds used to be viewed as curiosities.

"Now buyers are taking colored diamonds much more seriously," Hardy said. "People want to have something different. And they value rarity." Graff, of Graff Diamonds International, said that within the last three months he privately has sold a D-flawless, emerald cut colorless diamond of 243. 96 carats to an Asian buyer for more than $ 99 million. "There were quite a few people ready to buy that stone," said Graff, who has placed a similar price on a flawless 20-carat fancy deep blue diamond.

The record for any gemstone sold at auction is the $ 16. 5 million with fees paid for the 100. 1-carat "Star of the Season" pear-shaped colorless diamond at Sotheby's, Geneva in May 1995, according to Sotheby's.

"When stock markets go down, it's always good for us," said Hardy of Sotheby's. "People with a lot of surplus cash turn to something more tangible." Sotheby's was selling diamonds to buyers from a record number of countries, Hardy said.

"We've got a lot of customers from the Middle East, Russia and the Ukraine. And there are more buyers from Europe than America at the moment," she said.

Hardy does not expect prices for large-scale colored and colorless stones to fall within the next six months.

"It's not as if there are suddenly going to be more of them," she said.

Through the ages, crystal is one of the most pure things in the world. It is often compared with by the people to the teardrops of the chaste young; the heaven stars of summer night; the crystallization of sage wisdom, the essence of earth myriad things. If you gaze deep into a crystal ball, you will see a versatile gemstone, one of the most popular gems on the earth.

The 'rock crystal' used in ancient times to make crystal balls and bowls, is today more often seen set in gold jewelry. Throughout history, quartz has been the common chameleon of gemstones, standing in for more expensive gemstones ranging from diamond to jade. But the incredible variety of quartz is now beginning to be appreciated in its own right,sucn like amethyst, citrine, ametrine, rose quartz, rutilated quartz and other varieties. Let me see. From Purple to violet amethyst and yellow to orange citrine are jewelry staples that continue to increase in popularity. Ametrine combines the appeal of both amethyst and citrine, purple and yellow in one gemstone.

Different colors and types of crystal have grown in popularity with the growing appreciation for carved gemstones and artistic cutting and carving. And unusual specialties like drusy quartz, with its surface covered by tiny sparking crystals, and rutilated quartz, which has a landscape of shining gold needles inside it, are adding variety and nature's artistry to unusual one-of-a-kind jewelry.

The Dubai Multi Commodities Center ( DMCC) and the Thai Gem and Jewelry Traders Association have signed a jewelry trade deal with the aim of boosting Dubai's Dh70 million annual trades in gems and colored stones as well as Thailand's colored stones exports.

Thailand's annual gems and jewelry exports exceed $2 billion, making it the second largest exporter of gems and jewelry in the world.

The Dubai Multi Commodities Center's affiliation with the Thai Gem and Jewelry Traders Association will provide Thailand's colored stones industry with a suitable platform to boost the country's trade, and is expected to impact on the value of colored stones in the global industry.

BREVARD - The U.S. Forest Service is temporarily closing off the Grimshaw Mine area in Transylvania County. Located off N.C. 281, the area is used by visitors for roadside camping as well as gathering of minerals and gemstones, also known as rockhounding.

Recent digging and excavating have severely damaged the site, the forest service said. Numerous pits now exist directly adjacent to a tributary of the Thompson River, designated by the North Carolina Wildlife Commission as Class C trout water. The digging has resulted in erosion and sedimentation that has harmed the brook trout habitat. These pits have also created a public safety hazard where visitors may fall and injure themselves.

The closure will let resource specialists assess the damage and to develop a rehabilitation plan for the area. In 2003, the Grimshaw Mine area was rehabilitated as a result of previous damage from similar ground disturbances. The Forest Service completed a stream and riparian habitat restoration at that time.

London--Gem exploration and mining company Gemfields has raised $60 million to fund its future expansion plans and simultaneously completed the acquisition of Zambia's largest emerald mine, Kagem.

Pallinghurst Resources, a company run by former BHP Billiton Chief Executive Officer Brian Gilbertson and specializing in strategic investment in the natural resources sector, has invested in Gemfields to acquire a majority stake, the company said in a media release issued on Friday.

The acquisition will combine the operational expertise of Gemfields with the Kagem emerald mine and allow the company to increase production at the mine.

Zambia is considered one of the major emerald producers in the world, providing high-quality stones noted for their transparency, clarity and deep green color.

According to Rajiv Gupta, founder and executive vice chairman of Gemfields, the company also plans to set up processing facilities in Jaipur, India, and develop a promotional campaign for the stones.

"Gemfields would also focus on marketing and branding by developing appropriate marketing campaigns to promote colored gemstones," Gupta said in the release.

Gemfields has also acquired an exclusive license with Fabergé Ltd. to use the Fabergé name in branding, marketing and selling colored gemstones.

The company aims to become a supplier of choice by offering natural, organic and CIBJO-approved gemstones, direct from the mine with high ethical standards that guarantee the gemstones are conflict-free.

Gold Art Promotion Council(GAPC)- Pakistan's gems and jewelry delegation visited JCK New Delhi 2008 on Monday with a hope to initiate some trade relations between India and Pakistan in the gems and jewelry segment.

"We are visiting this exhibition with a hope to develop a healthy trade relation between India and Pakistan," said a delegate member and chief executive of BM Jewelry, Sh Abdul Basit.

From the last year, the Pakistani team has been trying hard to sort out with the governmental policies of India as well as Pakistan in a hope to be able to put up a stall in the JCK New Delhi exhibition.

"We would like to request the Indian government to ease some policies for Pakistan so that it is feasible for us to develop a trade relation between the two countries," Basit said.

The team also mentioned that apart from the policies, the duties on the jewelry are very high hence making it difficult for them to build a profitable trade relation with India.

The team was very excited to visit the various jewelry booths and was very excited to witness some exclusive designs which are also unavailable in Pakistan.

"We have seen through the booths and we witnessed many beautiful designs like the Kolkata and the South Indian jewelry art which are unavailable in Pakistan, but we also noticed that there is some exclusive craftsmanship in Pakistan too, like our bangle work, which is not available in India. We hope that some day we are able to exchange our unique products to each other" said the team of Pakistani delegates.

Post JCK New Delhi 2008, the team also plans to visit IIJS which is to be held next month in Mumbai. The delegates had visited several other Indian jewelry exhibitions even in 2007.

IRKUTSK, Police have seized emeralds and diamonds, the largest haul in a decade, from an unlicensed dealer in the East Siberian city of Irkutsk, a law enforcement source said on Wednesday.

The precious stones, over 25,000 carats of rough emeralds and cut diamonds with a total weight of 50 carats, were seized from a local jeweler. The haul also included four diamonds each weighing 0.5 carats and worth 250,000 rubles ($11,000).

Along with the gems, police also found 0.5 kg (1.1 lbs) of gold and some silver powder.

A criminal case has been opened into the illegal trade of precious metals and stones, which carries a prison sentence of up to seven years.

All that glitters may not be gold. Sometimes, they might turn out to be diamonds.

Customs officers discovered this yesterday when they raided a ship which arrived at Chennai Port from Port Klang, Malaysia and found synthetic American diamonds worth RM1 million, hidden among household products.

About 270,000 pieces of white and coloured, cut and polished zirconia stones were found concealed in foreign brand biscuit tins on board the M. V. Tiger Bridge.

Chennai's Commissioner of Customs (Seaport-Imports) C. Rajan told Bernama that the seizure of the diamonds was the biggest over the past decade.

He said officers from the Docks Intelligence (DI) unit, acting on intelligence, intercepted a consignment from Malaysia which was declared as household items.

Rajan said that DI officers discovered cartons stuffed in a container and carried by ship M. V. Tiger Bridge from Port Klang.

Upon opening the cartons, they found foreign consumer goods comprising shampoos, soaps, food items, milk tins and biscuit tins, apart from used household items.

"These goods were booked under the name of Kader Nainar Jumma Khan of Ilyangudi town, about 500km from Chennai, and declared as personal and household items.

"Suspecting something amiss, the officers opened some foreign branded biscuit tins which appeared unusually heavy, and discovered tiny gemstones hidden in five of the tins.

"When they removed the biscuit layers, black-colored packets containing zirconia stones (synthetic American diamonds) in cubic forms were found underneath them," he said, adding that it took the officers two days to count the stones.

While the zirconia gemstones were of signity and durofurg brands, the seized foreign consumer goods were estimated at RM60,000.

Rajan said that based on the forwarding address found on the seized items, customs officers zeroed in on Khader Nainar and upon interrogation, found that the man returned to Chennai after a four-year stay in Malaysia.

"Before departing, he said he sent the household goods to India through a shipping agent, but denied some of the goods belonged to him," he added.

DI officials suspect the involvement of agents who had sent the consignment to Chennai through M. V. Tiger Bridge.

Source :-  BERNAMA

The Gemstone and Lapidary Training Centre has predicted an increase in the price of Zambian Gemstones on the international Market.

Gemstone and Lapidary Training Centre Director, Francis Banda said this is because most Small Scale Miners have realised the need to sell polished stones.

Pro. Banda said the sale of polished minerals will bring more revenue to the country.

He was speaking in Mansa.