Diamond Body Closes

Published on 03/03/09

A major gemstone body has announced it is withdrawing from the market.

Collectors Universe revealed it is ceasing its diamond grading operations.

The firm, which is also putting an end to its authentication services, currently works with coloured gemstones and other jewels, lovers of gold diamond rings may be interested to hear.

Michael Haynes, chief executive officer for the company, commented the recession is [the] driving factor behind the decision.

He stated the firm incurred impairment charges on its jewellery businesses last year.

Mr Haynes went on to say the continuing economic downturn led the group to conclude that it is unlikely that these gemstone firms will be able to meet the goals Collectors Universe had set for them.

In other industry news, Canada is set to launch its first diamond exchange, it has been revealed.

Gem Star’s Bhushan Vora has been given the role of president for the body, which is expected to open later this week.