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Market NewsCommentThanks to the GIA, Boney and Accra?.

Thanks to the GIA, Boney and Accra?.

By Charles Wyndham.

I am beginning to really be grateful for the GIA for the first time in my life, never having been in a position to want or, shamefully, actually buy a diamond that would need one of their certificates.

Also I have never applied for some charitable uplift in my education from the GIA which, that is education, is at the basis of its charitable status.

The last set of accounts that the GIA were able to pass onto PolishedPrices.com showed, if I read the numbers right, which is questionable given the fact that it is even longer than one of Chaim’s (Even Zohar) articles, they managed to spend just about $50,000 on a turnover of $80 plus million.

The best bit of course is last week’s GIA press release that has unleashed my friend Chaim’s diatribe about a cover up.

I don’t know about a cover up with its presumption of some managerial competence. I don’t think you need to contemplate such complications when all you have to do is read the GIA’s press release.

What struck me is that it has only taken someone ‘of unquestioned integrity and professionalism, as he has demonstrated over his 23 years of outstanding service to the institute’, to be offered the job which ‘will be essential in bringing in a serious and systematic approach to our efforts.’

I suppose that it comes with the patch when the guy leaving under what one must assume is a bit of a cloud is thanked ‘for his many years of service to the GIA and entire diamond industry’. 

I thought that he should be being thanked for only helping a small community of lab clients and not the entire industry? Sounds a touch over generous to me?

As Chaim points out Yonelunas, the guy who was thanked, ‘has dismally failed in imposing proper management procedures…’, it begs the question what would be his valedictory salutation if he had, which clearly he had not, been caught with his hand in the toffee jar?

Still I just hope for the GIA, the entire industry and the community that Yonelunas did not have to wait for 23 years for such a splendid send off.

Chaim also raised the issue of my chum Boney.

This is another reason why I am so grateful for the GIA. It is the only subject that I have known, apart from PolishedPrices, that has kept Boney silent, except, of course, from when he is practicising his French about PolishedPrices.

You will recall that Boney was less than shy in accusing, at one of the Antwerp conferences, Diamdel, the stand alone but wholly owned trading subsidiary of DTC of being an ‘evil’ organisation.

I thought at the time, and as is usual for me, if I think, I bored you with it, that such a comment was going a bit too far, even when the accusation was made by someone who is so important and knows he is so important.

Whilst I have suggested that for the GIA to accept ‘charitable donations’ from the very companies that provide it with the most significant stones to be certified leaves it open to a less than sympathetic hearing when accusations of wrongdoing go flying around. Boney, as I have said to my knowledge and now confirmed by Chaim, has not made any such comments.

Sometimes silence is golden.

But then Boney I am told by many within the industry is one of the largest suppliers of stones to the GIA, acting as a clearing house for smaller companies. 

It is odd to me that the GIA should need such a clearing house. Presumably, there have to be advantages for all parties concerned.

Boney must make money. Clients of Boney presumably get a ‘better’ service, or should I say community service.

It is not immediately apparent to me what benefit that the GIA as an organisation gets?

However the best news I have kept for last.

Boney in his never ending desire to support charitable organizations, especially those that are particularly charitable to him, is I am told due to go to a meeting of the Diamond Development Initiative, in Accra of all places.

Also planned to be at the meeting are Global Witness, De Beers and wait for it…..Chaim.

At least someone has got a sense of humour.

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