Diamonds International, a subsidiary of Almod Diamonds Limited, has secured a new, enviable international certification that could translate into the company offering even lower prices than the industry standard as a result of its newfound direct dealings with diamond mines.
The parent company was recently recognized as one of the eleven new sight holders worldwide for the 2005-2008 ‘supplier of choice’ contract period. Sight holders are an exclusive group selected for their expertise, who receive a portion of the output from diamond mines.
The designation could even enable them to create their own jewelry line.
The Diamond Trading Company awards the special licenses, as part of the De Beers Group which is responsible for sorting through rough cut diamonds from all over the world into 16,000 categories based on shape, size, quality, and color. The sales and marketing division then sells those diamonds to sight holder clients.
“This new license would bring the price of diamonds down, allowing there to be more of an abundance of diamonds, when there is usually a shortage of diamonds throughout the world,” said Toni Gad, managing director of Diamonds International Bahamas.
She also drew a direct link between the company’s new status and the potential to enhance tourism to the country.
“There would essentially be more of an abundance of diamond sizes. This would bring more sales, which I think is very important to the tourism industry. People do come to The Bahamas to buy jewelry; they always have and always will. Once the word gets out, they would come in search of better prices and greater value,” she said.
With the company now being able to buy their diamonds directly from the mines, it would significantly decrease wholesale costs and eventually affect consumer prices, executives said.
Ms Gad said the company also plans to train Bahamians in the proper handling of diamonds.
“There are a lot of people interested in being in the jewelry business on the whole. There is no training for them here in The Bahamas, and we see ourselves opening a school in the near future. This would help Bahamians to make a career in the jewelry industry,” she explained. “We can be the people to train them and bring them into the future. They can work anywhere in the jewelry industry and do not have to work for us.”
Diamonds International is one of the largest jewelry retailers in the world with an impressive history. The first Diamonds International store opened in 1988 in St. Thomas, U.S. Virgin Islands. It has grown rapidly to more than 120 stores with locations in all major Caribbean Islands, Las Vegas, Mexico, and Alaska.
The popular franchise was introduced to The Bahamas in 2003. Currently, there are four stores in the downtown area; Diamonds International Watch and Design, Diamonds International, Tanzanite International, and Diamonds International Clearance Centre.
By: Perez Clarke, The Bahama Journal
