UK jewelry segment NEEDS to brush its skill
Blemishes in the reporting system of the Diamond grading shows the shortcomings of the UK jewelry sector. IIDGR (International Institute of Diamond Grading & Research) survey’s divulges the chasm in the attitudes in the ‘Uk’s market diamond grading reports’ that clearly indicates the polarity between the clients’ need and the reality of the UK diamond market.
On the 4th of December, 2006 the UN General Assembly has passed the declaration, resolution of supporting the Kimberley Process and taken it as a global initiative to prevent the "conflict diamonds" from the civil unrest and the funding conflicts. The topic would be highlighted by the imminent release of the actor and producer, Leonardo Di Caprio’s film "Blood Diamonds." It has asserted that around 95% of UK purchasers would wish to get an independent grading report while purchasing a diamond, but up till now only 42%, in reality, receive one. International Institute of Diamond Grading & Research in its survey proclaimed the disrupted approach of the UK market towards diamond grading reports, as the document clearly portrays the distinction between the consumers wants and the reality of the UK diamond (jewelry) market. The officials of the De Beers stated that the findings would provide clarity to the commonness in addition to the demand for ‘Diamond grading reports’ in the UK market by uncovering the extent to which buyers are not receiving the desired reports. More than 80% retailers believe that an ‘independent diamond grading report’ enhances the confidence in their customers as well as in them while 56% states that this report would increase their faith in the worth of the diamond. Further, around 91% of respondents says they would boost up their confidence in buying the diamond.