What are recycled diamonds?
Diamond recycling has been happening more often lately, but what does it actually mean? As a mined diamond will last forever why not introduce it back into the market? This is exactly what diamond recycling is. Recycling a diamond is becoming more popular as it can drive down the overall cost of the jewelry item. The diamond has already been cut, polished and ready for setting.
What is the Process?
1. Old jewelry is sold to jewelers on the high street, used as Pawn Loans, sold at Auction or to Pawnbrokers.
2. The jewelry is then inspected and the diamond is carefully certified and valued.
3. Some diamonds are removed from the jewelry.
4. The diamond is then professionally cleaned.
5. Some diamonds are given a new modern cut.
6. The diamond is then re-entered into the diamond supply chain.
7. A diamond laboratory, such as GIA, certifies diamonds, and these diamonds are sold individually, directly to the public or to jewelry retailers and diamond dealers.
8. Diamonds are typically bought by jewelry manufacturers, diamond manufacturers and dealers.
9. The diamond is reset into a new jewelry product including engagement rings, bracelets, pendants and much more.
Recycled diamond market share.
An estimated five percent of the market share for recycled diamonds stands for 2014-15 but overall shares in this market is continuing to grow despite the recovery of the American and European economy. It has been speculated that the value of the market could be as high as $1 Trillion US dollars.
Demand & Extraction
The price of diamond jewelry is increasing due to the expensive manufacturing processes. While technology makes it easier to find resources, demand makes extraction on resources become more expensive. Overall a higher demands on products will force a price increase to the purchaser.