Given all the negative news that seems to be characterizing the industry as we head into what should be the busiest and most profitable time of the year for the diamond and jewelry trade – to wit, mines being put on care and maintenance, job cuts at projects across the world and the thread of looming job losses in India if the situation doesn’t improve asap – it’s worth taking a step back and taking a look at some of the positive news filtering out of late.

 

After all, how much bad news can we all take?

 

Proving that it is the season for giving, an anonymous donor gave a ring valued at $3,500 to the Salvation Army in Billerica, Massachusetts. The ring will be auctioned off and the proceeds raised from the sale will go towards helping 600 needy families.

 

Speaking of generosity, the diamond industry in India is doing its bit to help couples get married. Recently, the Hindustantimes.com reported about Mahesh Savani, a diamond trader in Surat, who paid for a mass wedding for 151 women who have lost their fathers. Continuing in this admirable vein, earlier this week, Hari Krishna Exports Pvt. Ltd. organized a wedding for 66 lucky couples, following a tradition established by the company a few years ago. More than 7,500 guests participated in the event. The 66 couples who got married each received a gift including diamond jewelry and household items.

 

While diamond demand might be down overall, the auction market seems to be continuing strong with record prices being set, broken and exceeded. The latest good news from the auction world comes from London where Bonhams’ Fine Jewelry sale set not one, but three world auction records.

 

A ring, designed by Andrew Grima, featuring a fancy greyish-blue, 2.97-carat step-cut diamond, achieved £1,482,500 ($2,240,000), smashing its pre-sale estimate of £500,000-£700,000 ($759,000-$1.06 million) and set a new world record price per carat for a fancy greyish-blue diamond and a new world record for a Grima piece. A pair of late 19^th century earrings, set with two 7.9+ carat cushion-cut diamonds sized 7.92 carats and 7.96 carats andKashmir sapphires, achieved £1,538,500 ($2,324,000), against its pre-sale estimate of £500,000-£800,000 ($759,000-$1.2 million). In addition, a ring featuring a 10.28 carat Madagascan ruby sold for £236,500 ($357,000), setting a new world record price per carat.

 

Finally, ethical trading practices gold got a boost this week with the announcement that the Nobel Peace Prize medal would be struck from Fairmined-certified gold. The Norwegian Mint teamed up with the Alliance for Responsible Mining (ARM) in a bid to show that the problems faced by artisanal and small-scale gold miners in the world can be transformed into positive stories. The prize is being presented to the Tunisian National Dialogue Quartet in Oslo today (December 10).    

 

While the bad news and depressed feeling in the market can threaten to overwhelm us, there is always some good news to be had.

 

Have a fabulous – and cheerful – weekend.