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Jan. 2003

It Was the Year In Which …De Beers received clearance from the European Union for its retail stores and “Supplier of Choice” … But De Beers has not received E.U. clearance for its contract with Russia, and still cannot legally come into the United States.

It Was The Year In Which … the world finally agreed to implement the Kimberley Process, the new rough diamond control system meant to solve the problem of conflict diamonds … But some consumers still want Canadian diamonds because of the issue.

It Was the Year In Which … “Branding fever” hit the wholesale industry … But consumers were not willing to pay the extra money for brands and retailers worry they will hurt their in-house brand.

It Was the Year In Which … Sales were relatively good, especially in the first part of the year … But Christmas seems to have been somewhat disappointing, with consumers still going for high quality, but not buying bigger stones.

It Was the Year In Which … Undisclosed HPHT stones began showing up the market … But GIA says it can detect the “vast majority” of the stones and they don’t appear to be a major factor in the business and haven’t hurt trade or consumer confidence.

It Was the Year in Which … We said goodbye to a trade giant, Richard Liddicoat of GIA … But he will live in our memories always.

It Was the Year In Which … the Asian market remained mostly dormant, particularly Japan … But China made up part of the difference, and is certain to be a major market for diamonds in years to come.

It Was the Year In Which … the American economy remained in recession and our country lived with the continuing threat of terrorism … But the American spirit remained resilient and determined to face any challenge that comes its way.

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