The Disclosure Rules for Retailers: Diamond Reports

 

Aim to protect diamond consumers from misleading marketing 

Recently, Diamond Reports, Laboratory-Grown Diamond Facts; that published by Natural Diamond Council [NDC] suggested the Disclosure Rules for Retailers! One, Canadian diamonds have been the most tracked and traced diamonds in the world.  

There have been many different brands of Canadian diamonds backed by these have been different types of tracking systems that followed Canadian diamonds on their journey of discovery, to auction, manufacturing, and wholesalers/ retailers and ultimately to the consumers.  

It’s been a source of pride for the ones that own it and are aware of their journey of their diamond. Kevin Vantyghem, Canadian Jewellers Association.

At the Iconic Polar Bear Diamonds; the report said, the Polar Bear insignia is the oldest brand in NWT. It is owned by the GNWT and has been licensed for use by select companies over the years. Today, Diamonds de Canada is the only licensee that can produce Polar Bear diamonds.  

Any diamond laser inscribed with the logo and unique identification number must be mined, cut and polished in NWT. Diamonds de Canada has committed to producing no more than 20,000 of these exclusive diamonds match the number of polar bears in Canada. It will allocate a portion of its proceeds to government research into bear protection.  

Previous limit of 16,000 Polar Bear diamonds raised to 20,000 based on strong evidence from GWNT that the estimated number of polar bears is larger. Yes! Clear diamond terminology exists to guide audiences on how to refer to laboratory-grown diamonds. Across the world, there are now global standards and national legislative requirements which must be followed by anyone selling these products, with the aim to protect consumers from misleading marketing.  

The key points from the standards are; 1: The word 'diamond' used on its own must always refer to a natural diamond. 2: Just three terms can be used to describe synthetic diamonds- A: synthetic diamonds, B: laboratory-grown diamonds and C: laboratory-created diamonds. 3: Terms that include the manufacturer’s name, followed by the word, created; are also permitted in the US.  

4: The words real, natural, genuine and precious can only be used in conjunction with a natural diamond from the Earth – these descriptors cannot be used with a laboratory-grown diamond. 5: Man-made, cultured, and above-ground are not acceptable modifiers when used alone.