“A Diamond is Forever” so much in fact, that we can’t outlive them. These mighty stunning stones have now created an investment opportunity for companies to introduce them back into the jewellery market.
Let’s take a look at the process behind buying a recycled diamond.
What are recycled diamonds?
Diamond recycling has been happening more often lately, but what does it actually mean? As a mined diamond will last forever why not introduce it back into the market? This is exactly what diamond recycling is. Recycling a diamond is becoming more popular as it can drive down the overall cost of the jewellery item. The diamond has already been cut, polished and ready for setting.
What is the Process?
1. Old jewellery is sold to jewellers on the high street, used as Pawn Loans, sold at Auction or to Pawnbrokers. 2. The jewellery is then inspected and the diamond is carefully certified and valued. 3. Some diamonds are removed from the jewellery. 4. The diamond is then professionally cleaned. 5. Some diamonds are given a new modern cut. 6. The diamond is then re-entered into the diamond supply chain. 7. A diamond laboratory, such as GIA, AGS, EGL USA or IGI, certifies diamonds, and these diamonds are sold individually, directly to the public or to jewellery retailers and diamond dealers. 8. Diamonds are typically bought by jewellery manufacturers, diamond manufacturers and dealers. 9. The diamond is reset into a new jewellery product including engagement rings, bracelets, pendants and much more.
Diamond market share.
The value of a diamond has stayed quite static in the last thirty years, however it has seen a spike in price now and again. Historically a company called Debeers has maintained the market monopoly in the diamond industry and set prices. In the 1980s, DeBeers had 80% of the market share, in 2000 it had 65%, and in 2005 it had a mere 43%. De Beers does not have a stronghold in Russia, Australia and Canada which has affected their overall market share.
Recycled diamond market share.
An estimated five percent of the market share for recycled diamonds stands for 2014-15 but overall shares in this market is continuing to grow despite the recovery of the American and European economy. It has been speculated that the value of the market could be as high as $1 Trillion US dollars. (source)
Demand & Extraction
The price of diamond jewellery is increasing due to the expensive manufacturing processes. While technology makes it easier to find resources, demand makes extraction on resources become more expensive. Overall a higher demands on products will force a price increase to the purchaser.
Choosing a company that specialises in diamond recycling.
Finding an accredited company that sells or buys diamonds can be difficult to recommend. Our researchers at JM discovered an accredited company called WP Diamonds who specialise in the process of buying and selling diamonds.
WP Diamonds was founded in 2010 with the belief that everyone should be able to sell their diamonds and jewellery quickly and safely online. Having bought thousands of diamonds and using some of the best experts in the industry, they have made their mark within the jewellery industry. Boasting full accreditation from the Better Business Bureau of the US, WP Diamonds comes with assurance in offering customers the best possible value in diamond trading.
BBB Code of Business Practices represents standards for business accreditation by BBB. Businesses based in the United States and Canada that meet these standards and complete all application procedures will be accredited by BBB. The Code is built on the BBB Standards for Trust, eight principles that summarize important elements of creating and maintaining trust in business.
WP Diamonds is also a member of the British Jewellers Association, An organisation which promotes and protects the growth and prosperity of UK jewellery and silverware suppliers.
With an insight into the world of buying a recycled diamond, it might be wise to understand where the diamond came from and to look over the certificate that comes with it. A diamond can now come with a whole life story behind it that will be really interesting to the purchaser. There only seems one thought that remains,