Recycled diamonds are another aspect of the diamond supply, which Ehud believed could benefit from greater transparency of the true value of diamonds. Recycled diamonds refers to diamonds that had been bought by consumers previously and are now back on the market for sale.
Ehud agreed that the term "recycled" does not do them justice. "When discussing recycled diamonds in the past, some people in the diamond industry have shied away from the term 'recycled' because it cheapens diamonds. They make a good point… Unlike cars or electronics, the wear and tear on diamonds is minimal and can be repaired to perfection. This is one of a number of important aspects of these diamonds and therefore the term recycled simply does not do them justice. They are in fact reclaimed. Reclaimed for their beauty, reclaimed as a gift, reclaimed because their value is not lost, but maintained."
Ehud also helped explain some of the drivers behind the recent increase in the number of consumers selling their diamond.
"If you wanted to sell your jewellery prior to the advent of the Internet, you had only a few options…the situation today is very different; the Internet has spawned myriad new options for consumers who are looking to sell diamond jewellery, as well as just about anything else. Online classified sites allow sellers and buyers to connect in local markets, or even across the planet.Auction sites like eBay gives sellers a more effective tool for maximizing price through wider exposure. As a result, a search of ebay.com for "diamond ring" returns almost 1.7 million individual listings."
Ehud saw this trend as a sign that consumers appreciate the value of diamonds.
"The reclaiming process we have witnessed in recent years has another important aspect. It establishes the understanding that diamonds do not have to come straight from the mine to have a value. The consumer market is establishing that diamonds previously owned by consumers are also valuable. It is perfectly okay to buy a reclaimed diamond."
Now that recycled - or reclaimed - diamonds have established their place in the diamond pipeline, Ehud saw it as essential to ensure that this source of supply benefits too from a clear pricing system.
"Although recycling has not reached a level which would fundamentally change the industry, and will probably never do so, it is clear that more and more consumers conceive recycling as a possible exit for a valuable asset, which means that recycled diamonds are here to stay. The market thus needs a crystal clear system that will make it possible for those recycling their diamonds to be able to define and receive the correct price for their diamonds."
Recycling diamonds: A trend that is here to stay
Opinion: The crystal-clear value of reclaimed diamonds
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