I think Moti Ganz, President, International Diamond Manufacturers Association (IDMA) has opened a Pandora’s Box. It's about diamond weighing practices. Diamond traders pay diamond grading laboratories some $250 million a year for certification. To this one must add shipping costs, administrative costs, insurance and interest payments on the time that is lost as the stone is taken out of the normal selling cycle. Now according to Moti why should the industry lose an additional $100-$135 million because of the how-many-decimals-after-the-point issue. Maybe he is right on this point. Many in the industry may not have thought about it. Thanks Chaim for highlighting the issue.
Useful links:
www.idma.net
www.cibjo.org
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