Victoria's Secret unveils 2008 Fantasy Bra

Columbus, Ohio—With the holiday season approaching, Victoria's Secret unveiled its annual jewel-encrusted "Fantasy Bra" on Monday, with this year's lingerie creation totaling more than 1,000 carats and valued at $5 million.Jeweler Martin Katz crafted the 2008 Black Diamond Fantasy Miracle Bra using 3,575 black diamonds, 117 certified one-carat round diamonds and 34 rubies.The piece de resistance of the bra's design, however, is two black-diamond drops totaling 100 carats.

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Indian diamond firms queue up in Botswana

Anticipating an imminent supply crunch of rough diamonds, at least half a dozen Indian diamond-processing firms have lined up investment proposals worth over $30 million in Botswana, the African country that provides over 26 per cent of global roughs.Investments in Botswanian processing units would allow the firms to participate in the mining and beneficiation process, which will ultimately help them transport roughs to their cutting and polishing units back Diamond-mining countries have tightened norms for the supply of rough diamonds to processing units abroad. Instead, they have started encouraging processing companies to participate in mining and beneficiation through initial commitment in cutting and polishing there. Indian companies engaged in diamond processing import roughs through auctions in Antwerp. They also procure roughs from the spot market with a premium as high as 10-15 per cent.This is significant as the local processing units are facing a margin squeeze due to the high inventory, equivalent to nine months as against the usual 3-4 months of processing capacity, and huge spurt, about 15-20 per cent, in prices of roughs. India processes over 85 per cent of the global finished diamond.

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Druzy Agate Freeform Pendant Bead

Druzy Agate Freeform Pendant Bead
Originally uploaded by milminedesign

My imagination tells me to make a beautiful unique ring out of this by polishing the inside surface lol

Indo Argyle Diamond Council closes

Paso Robles, Calif.—The Indo Argyle Diamond Council (IADC), a by-invitation-only, paid-membership program for Indian diamond jewelry manufacturers, will close this December because it has "accomplished all of its goals," the organization has announced.According to the IADC, over its 15-year history, the program has raised the U.S. market's awareness of India's ability to manufacture high-quality, sellable diamond jewelry in price points from mass market to high end.One of the most significant signs of the program's success has been the tremendous increase of jewelry exports from India to North America. The amount of finished-jewelry exports has gone from approximately $300 million in 1994 to $2.3 billion in 2007, the IADC reports.Another successful aspect of the program was its ability to introduce and secure appointments between IADC members and major North American retail jewelers. This was accomplished more than 3,060 times leading to every major retailer now purchasing directly from Indian jewelry manufacturers, according to the IADC. Some of these appointments took place in India during IADC-sponsored buying trips with the IADC management team.

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Venus Jewel launches online diamond auction

Mumbai, India—Diamond Trading Co. sightholder Venus Jewel has announced it is now offering a service that allows its customers to bid for diamonds online.According to a release from the Mumbai, India-based manufacturer, the new Venus Exclusive Diamonds (VED) is the first time an auction service has been offered by a diamond manufacturer.VED will upload new diamonds every Wednesday at 7:30 p.m. IST (about 10:00 a.m. EST), displaying a minimum price for each of the diamonds.The auction will be open for seven days.

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Burmese ruby ban takes effect

Washington—A long-expected U.S. ban on gemstones from Myanmar took effect on Monday, 60 days from the date that President Bush signed the Tom Lantos Block Burmese JADE Act of 2008 into law.Gems from Myanmar (formerly known as Burma) that entered the country prior to the ban can still be bought and sold in the United States, at least as long as supplies last.The U.S. Customs and Border Protection agency has issued new, harmonized tariff system codes for all non-Burmese rubies and jadeite imported into the United States to distinguish those goods from the ones that have been banned, according to a press release issued on Monday by the Jewelers Vigilance Committee (JVC).The new codes, which encompass both rough and polished gemstones covered by the act, as well as jewelry containing ruby and jadeite, can be obtained by contacting the JVC."The Tom Lantos Block Burmese JADE Act of 2008 has a serious and long-term impact on U.S. jewelry manufacturers who import jadeite and rubies," said Cecilia Gardner, the JVC's president, chief executive officer and general counsel, in the release. "Use of the new Customs codes should begin immediately for all imports from non-Burmese countries of ruby and jadeite."

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