Latest news with #GIA
Malay Mail
7 hours ago
- Business
- Malay Mail
GIA Redefines Lab-grown Diamond Grading Standards Discontinuation of 4Cs Grading System Enhances Differentiation Between Natural and Lab-Grown Diamonds
Upper left to right: Asscher-cut and cushion-cut natural diamonds; clarity grading for natural diamonds/ Lower left to right : natural diamond rough, HPHT diamond (LGD) rough, CVD diamond (LGD) rough HONG KONG SAR - Media OutReach Newswire - 10 June 2025 - The Gemological Institute of America (GIA), the world's foremost authority in gemology announced a redefinition in diamond grading on June 2, 2025. Beginning at the end of 2025, GIA willInstead, GIA will implement a new descriptive grading system that lab-grown diamonds submitted to GIA will receive simplified descriptors—categorized broadly as either "premium" or "standard" or no grade at all if the quality is subpar. This transformative change marks a historic shift in the global diamond industry, not only redefining the value perception of lab-grown diamonds but also enhancing the differentiation between natural and lab-grown initiative is not merely a terminology adjustment; it represents a systematic effort to separate the grading systems for lab-grown and natural diamonds. As a non-profit organization, GIA emphasizes the fundamental differences between the two, including their formation processes, physical characteristics, and market values. According to Tom Moses, GIA Executive Vice President and Chief Laboratory and Research Officer, "More than 95% of lab-grown diamonds entering the market fall into a very narrow range of color and clarity. Because of that, it is no longer relevant for GIA to describe man-made diamonds using the nomenclature created for the continuum of color and clarity of natural diamonds."This revision of grading standards is another milestone following GIA's abandonment of the term "Synthetic" and its move to describe lab-grown diamonds in relation to natural diamond standards. GIA created the 4Cs—cut, colour, clarity, and carat weight—as a rigorous system to help consumers understand the unique and qualities of natural diamonds. With the new lab-grown diamond grading system, the core value of natural diamonds—rarity and emotional attributes are further two natural diamonds are exactly alike. Every natural diamond is unique, characterized by its distinct growth patterns, inclusions, and colour formed over billions of years. These nature's treasures, formed deep within the Earth, are considered valuable collectibles due to their beauty, rarity and non-renewability. They symbolize values associated with love, commitment, and eternity, while also contributing to the social and economy welfare of the diamond mining communities through responsible mining contrast, lab-grown diamonds are man-made and mass-produced using high-pressure high-temperature (HPHT) or Chemical Vapor Deposition (CVD) processes. Their industrial nature limits their ability to embody the multiple values associated with natural diamonds, including emotional attributes, rarity, investment potential, and heritage. GIA's reform not only reaffirms the irreplaceable status of natural diamonds but also clarifies that lab-grown diamonds should not be assessed using the same criteria as natural time, some lab-grown diamond sellers have been using ambiguous marketing terms such as "sustainability" and "equivalency" that may mislead consumers about the differences between lab-grown and natural diamonds. GIA's new approach ensures consumers can make informed choices without confusion, protecting their rights to knowledge, choice, and fair trade. By discontinuing the use of the 4Cs standard for lab-grown diamonds, GIA reaffirms its commitment to scientific integrity and public grading redefinition is poised to have a profound impact on the global jewellery industry. As this change takes effect by the end of 2025, it is anticipated that gemological institutes worldwide will follow suit. The boundaries between natural and lab-grown diamonds are clearly defined through GIA's new grading #GIA #NaturalDiamonds #LabGrownDiamonds #DiamondCertification #DiamondGrading The issuer is solely responsible for the content of this announcement.
Zawya
10 hours ago
- Business
- Zawya
GIA Redefines Lab-grown Diamond Grading Standards Discontinuation of 4Cs Grading System Enhances Differentiation Between Natural and Lab-Grown Diamonds
HONG KONG SAR - Media OutReach Newswire - 10 June 2025 - The Gemological Institute of America (GIA), the world's foremost authority in gemology announced a redefinition in diamond grading on June 2, 2025. Beginning at the end of 2025, GIA will cease using the internationally recognized 4Cs grading system (Cut, Colour, Clarity, Carat) for lab-grown diamonds. Instead, GIA will implement a new descriptive grading system that lab-grown diamonds submitted to GIA will receive simplified descriptors—categorized broadly as either "premium" or "standard" or no grade at all if the quality is subpar. This transformative change marks a historic shift in the global diamond industry, not only redefining the value perception of lab-grown diamonds but also enhancing the differentiation between natural and lab-grown diamonds. This initiative is not merely a terminology adjustment; it represents a systematic effort to separate the grading systems for lab-grown and natural diamonds. As a non-profit organization, GIA emphasizes the fundamental differences between the two, including their formation processes, physical characteristics, and market values. According to Tom Moses, GIA Executive Vice President and Chief Laboratory and Research Officer, "More than 95% of lab-grown diamonds entering the market fall into a very narrow range of color and clarity. Because of that, it is no longer relevant for GIA to describe man-made diamonds using the nomenclature created for the continuum of color and clarity of natural diamonds." Reaffirming the Unique Value of Natural Diamonds This revision of grading standards is another milestone following GIA's abandonment of the term "Synthetic" and its move to describe lab-grown diamonds in relation to natural diamond standards. GIA created the 4Cs—cut, colour, clarity, and carat weight—as a rigorous system to help consumers understand the unique and qualities of natural diamonds. With the new lab-grown diamond grading system, the core value of natural diamonds—rarity and emotional attributes are further emphasized. No two natural diamonds are exactly alike. Every natural diamond is unique, characterized by its distinct growth patterns, inclusions, and colour formed over billions of years. These nature's treasures, formed deep within the Earth, are considered valuable collectibles due to their beauty, rarity and non-renewability. They symbolize values associated with love, commitment, and eternity, while also contributing to the social and economy welfare of the diamond mining communities through responsible mining practices. In contrast, lab-grown diamonds are man-made and mass-produced using high-pressure high-temperature (HPHT) or Chemical Vapor Deposition (CVD) processes. Their industrial nature limits their ability to embody the multiple values associated with natural diamonds, including emotional attributes, rarity, investment potential, and heritage. GIA's reform not only reaffirms the irreplaceable status of natural diamonds but also clarifies that lab-grown diamonds should not be assessed using the same criteria as natural diamonds. Ensuring Consumer Awareness and Transparency Over time, some lab-grown diamond sellers have been using ambiguous marketing terms such as "sustainability" and "equivalency" that may mislead consumers about the differences between lab-grown and natural diamonds. GIA's new approach ensures consumers can make informed choices without confusion, protecting their rights to knowledge, choice, and fair trade. By discontinuing the use of the 4Cs standard for lab-grown diamonds, GIA reaffirms its commitment to scientific integrity and public transparency. GIA's grading redefinition is poised to have a profound impact on the global jewellery industry. As this change takes effect by the end of 2025, it is anticipated that gemological institutes worldwide will follow suit. The boundaries between natural and lab-grown diamonds are clearly defined through GIA's new grading standards. Hashtag: #GIA #NaturalDiamonds #LabGrownDiamonds #DiamondCertification #DiamondGrading The issuer is solely responsible for the content of this announcement. A Diamond is Forever
The Sun
10 hours ago
- Business
- The Sun
GIA Redefines Lab-grown Diamond Grading Standards Discontinuation of 4Cs Grading System Enhances Differentiation Between Natural and Lab-Grown Diamonds
HONG KONG SAR - Media OutReach Newswire - 10 June 2025 - The Gemological Institute of America (GIA), the world's foremost authority in gemology announced a redefinition in diamond grading on June 2, 2025. Beginning at the end of 2025, GIA will cease using the internationally recognized 4Cs grading system (Cut, Colour, Clarity, Carat) for lab-grown diamonds. Instead, GIA will implement a new descriptive grading system that lab-grown diamonds submitted to GIA will receive simplified descriptors—categorized broadly as either 'premium' or 'standard' or no grade at all if the quality is subpar. This transformative change marks a historic shift in the global diamond industry, not only redefining the value perception of lab-grown diamonds but also enhancing the differentiation between natural and lab-grown diamonds. This initiative is not merely a terminology adjustment; it represents a systematic effort to separate the grading systems for lab-grown and natural diamonds. As a non-profit organization, GIA emphasizes the fundamental differences between the two, including their formation processes, physical characteristics, and market values. According to Tom Moses, GIA Executive Vice President and Chief Laboratory and Research Officer, 'More than 95% of lab-grown diamonds entering the market fall into a very narrow range of color and clarity. Because of that, it is no longer relevant for GIA to describe man-made diamonds using the nomenclature created for the continuum of color and clarity of natural diamonds.' Reaffirming the Unique Value of Natural Diamonds This revision of grading standards is another milestone following GIA's abandonment of the term 'Synthetic' and its move to describe lab-grown diamonds in relation to natural diamond standards. GIA created the 4Cs—cut, colour, clarity, and carat weight—as a rigorous system to help consumers understand the unique and qualities of natural diamonds. With the new lab-grown diamond grading system, the core value of natural diamonds—rarity and emotional attributes are further emphasized. No two natural diamonds are exactly alike. Every natural diamond is unique, characterized by its distinct growth patterns, inclusions, and colour formed over billions of years. These nature's treasures, formed deep within the Earth, are considered valuable collectibles due to their beauty, rarity and non-renewability. They symbolize values associated with love, commitment, and eternity, while also contributing to the social and economy welfare of the diamond mining communities through responsible mining practices. In contrast, lab-grown diamonds are man-made and mass-produced using high-pressure high-temperature (HPHT) or Chemical Vapor Deposition (CVD) processes. Their industrial nature limits their ability to embody the multiple values associated with natural diamonds, including emotional attributes, rarity, investment potential, and heritage. GIA's reform not only reaffirms the irreplaceable status of natural diamonds but also clarifies that lab-grown diamonds should not be assessed using the same criteria as natural diamonds. Ensuring Consumer Awareness and Transparency Over time, some lab-grown diamond sellers have been using ambiguous marketing terms such as 'sustainability' and 'equivalency' that may mislead consumers about the differences between lab-grown and natural diamonds. GIA's new approach ensures consumers can make informed choices without confusion, protecting their rights to knowledge, choice, and fair trade. By discontinuing the use of the 4Cs standard for lab-grown diamonds, GIA reaffirms its commitment to scientific integrity and public transparency. GIA's grading redefinition is poised to have a profound impact on the global jewellery industry. As this change takes effect by the end of 2025, it is anticipated that gemological institutes worldwide will follow suit. The boundaries between natural and lab-grown diamonds are clearly defined through GIA's new grading standards.
Forbes
21 hours ago
- Business
- Forbes
Investors Called Her Business A 'Hobby.' She Built It To $100 Million
Olivia Landau started The Clear Cut as a blog to educate her friends and family. 'My mom always told me I would be a terrible entrepreneur," laughs The Clear Cut founder Olivia Landau. In our conversation on The Failure Factor podcast, she explained how she was told she'd be 'an amazing employee' and deterred from following in her parents' footsteps in the diamond industry. Today, with the support of neither of her parents—nor a single investor in Silicon Valley—the fourth-generation diamond expert has built The Clear Cut's revenue to $100 million. However, as is the case with most entrepreneurial triumphs, success didn't come without its share of doubt and struggles. Landau wasn't trying to become an entrepreneur. Her parents, seasoned veterans in the diamond industry, advised her against it entirely. "My parents had always told me to never get into the diamond and jewelry industry because it was dying and antiquated." She recalled during our conversation. Still, Landau was compelled to learn more about the precious stones. She enrolled at the GIA (Gemological Institute of America) to become a certified gemologist until she "figured out what she'd do afterwards.' Then, in 2016, Landau started The Clear Cut—initially an educational blog meant solely to help friends with their engagement ring purchase decisions. "This was just something fun that I did on the side to entertain myself." Something unexpected followed: strangers began contacting her, asking for custom designs. "It turned into this accidental side hustle where I looked up, and—after a year—I'd sold a million dollars of engagement rings through Instagram DMs." That's when Kyle Simon, Landau's then boyfriend, now husband and cofounder, entered the picture: Fresh out of Columbia Business School, he saw her million-dollar Instagram business and convinced her to think bigger. So the pair did what almost anyone with a capital-intensive business idea would do: they attempted to raise outside capital. The diamond company that blew up without venture capital Despite real traction and a clear demand, Landau and Simon were told their startup was not fundable. It was too niche, too personal, and too dependent on Landau herself. 'They said I couldn't be the face of the business,' she explained. 'We had to do more generic content and marketing," she said. Her personal brand wasn't the only element investors and mentors believed she had wrong. They all had the same prescription: personality quizzes, viral gimmicks, tech features. None of them had asked what her customers actually wanted. The most devastating feedback came from a founder Landau idolized. Over coffee, this successful entrepreneur likened The Clear Cut to her sister's travel agency. 'I don't think anyone will invest in this business,' they said. Landau left that meeting feeling crushed. She had actually talked to her customers. She knew they didn't want gimmicks—they wanted guidance. Landau and Simon were trying to make sense of a very real demand: smart, informed, modern couples wanted custom engagement rings without the absurd markup, gatekeeping, or outdated diamond industry antics. It was a real problem they could solve, but no one wanted to fund them. "We met with every single venture capital firm in New York and California. Every single person said that this is not scalable." Landau and Simon gave themselves a deadline to try to raise money, build something, and 'see what happens.' Well, what happened was months of gut-wrenching rejection. 'It was like a full-time job,' Landau recounts. "Most of the time, no one would get back to us." The breaking point came in an Italian town square. While on vacation with Simon's family, Landau finally exploded. "We had a blowout fight right there in public," she tells me. "I was like, when are you gonna realize this is a stupid idea? Let's just move on!" But Simon refused. "Give me a few more months," he pleaded. 'I promise it's gonna work out.' The Clear Cut started as an educational blog about diamonds. Instead of continuing with their strategy to raise capital from VCs, they entered Techstars, a tech accelerator that gave them $120,000. Together with $700,000 from angel investors and customers—many of whom had bought rings from them—they scraped together enough to move forward. 'It wasn't ideal, but I was like, Great, I'll get to own more equity in the business, and I'll have more control. And, I won't have a board of people that don't know what they're talking about telling me what to do. So it worked," she declared, smiling. Despite being underfunded, they were able to maintain the freedom to do things their way. 'We were intentionally doing everything extremely unscalably in the beginning,' she explained. This meant personally handling every customer interaction, manually sourcing each diamond, and managing orders one by one. Why do things the hard way? 'I don't believe in building technology to solve a problem [before fully understanding the problem],' said Landau. 'You have to 'do' the problem to build the proper solution.' By experiencing every pain point firsthand, they knew exactly what technology to build later—unlike competitors who built expensive features customers ultimately never wanted. Their instincts were right. The Clear Cut thrived because of its personalized service; it doubled revenue annually for four straight years, and when COVID-19 hit, traditional jewelry stores shuttered, while Landau's online positioning and high-touch model exploded. 'Now it's really funny, because we're seeing a lot of businesses try to put a face to their brand,' she shared with a grin. Today, The Clear Cut continues to grow profitably, staying true to the educational mission that sparked it all while expanding beyond engagement rings into fine jewelry. Their latest leap is Eunice, a proprietary AI engine launched in May. Unlike the personality quizzes and viral features investors once pushed them to build, Eunice solves real problems they discovered through years of manual work—predicting trends, tracking regional preferences, responding to cultural moments, and bringing pricing transparency to an opaque industry. The result? The Clear Cut achieved its strongest Q1 since 2022, despite industry-wide declines. When I asked if she had any regrets about her unconventional path, Landau didn't hesitate: "I don't think I regret anything." The takeaway? If you're building something that people don't 'get,' it could just mean you're early. Let them call it a hobby and go build it anyway. As Landau said in our interview, "What's the worst that can happen? It doesn't work out, and then you just do something else." Megan Bruneau, M.A. Psych is a therapist, executive coach, and the founder of Off The Field Executive & Personal Coaching. She hosts The Failure Factor podcast featuring conversations with entrepreneurs about the setbacks that led to their success. Listen to her episode with The Clear Cut cofounder Olivia Landau on Apple and Spotify.
Yahoo
a day ago
- Automotive
- Yahoo
Motor insurance premiums likely to continue to rise as claims and costs surge
SINGAPORE – Motor insurance premiums are expected to continue rising as insurers grapple with mounting losses and rising claims, said industry experts. Latest industry statistics from the General Insurance Association (GIA) seen by The Straits Times show that in the first three months of 2025, gross written premiums for motor insurance rose by 9.4 per cent to $368.2 million, compared with the same period in 2024. Underwriting losses were up by about 14 per cent from $11.6 million to $13.3 million. For the full year of 2024, underwriting losses widened significantly to $33.8 million, from $7.7 million in 2023 and $21.6 million in 2022. This marked a sharp reversal from the underwriting profits of $49.7 million in 2021 and $104.5 million in 2020. Meanwhile, gross written premiums rose 11.3 per cent to $1.21 billion in 2024. Several factors are driving this trend. Insurers grappling with more accident claims and rising repair costs in a competitive market is one reason, said Ms Judy Ng, partner of financial services consulting at KPMG in Singapore. Global inflation, which has pushed up the cost of vehicle parts, and the growing presence of electric vehicles (EVs) which are more expensive to repair are also contributing to mounting expenses. 'Insurers have incurred higher costs of motor claims due to their efforts to fulfil a rising number and cost of motor accidents amid market competition,' said Ms Ng. 'An increase in the number of electric vehicles is another factor, as it can be costlier to repair EVs.' Even leading insurers are not immune to the pressures. GIA's industry rankings for the first quarter of 2025 showed that Income Insurance retained its top spot with a 25 per cent market share. Its gross written premiums rose by $6 million, but its underwriting profit nearly halved, dropping from $9.4 million in the first three months of 2024 to $4.5 million in the same period in 2025. Liberty Insurance stood out for posting the largest improvement in underwriting results, bouncing back from a $567,000 loss in the first quarter of 2024 to a $2.1 million profit in 2025. Allianz Insurance Singapore, on the other hand, saw the sharpest contraction in gross written premiums, falling 18.6 per cent from $26.4 million to $21.5 million. Mr Timothy Jude Fu-Tien Wimala, chief executive of insurance broker Anika, noted that among the six major motor insurers which collectively hold about 65 per cent of the market, AIG and Liberty stood out for achieving strong organic growth from strategic increases of premiums for existing policies being renewed. He said: 'AIG impresses with strong organic growth, leading to a gross written premium increase of more than 17 per cent, while keeping its market share flat. Essentially, AIG has found a way to increase its pricing while persuading its customers to stick around. 'Liberty, however, has beaten everyone in the Big Six by increasing its gross written premiums by more than 21 per cent and still keeping its customer base with market share essentially unchanged.' The Big Six motor insurers in Singapore – ranked by gross written premiums, from highest to lowest for January to March 2025 – are Income, MS First Capital, AIG, India International Insurance, Allianz and Liberty. Generally, insurers that failed to raise premiums lost ground, and even those with meaningful increases saw only marginal share gains. 'This illustrates how the costs of claims and operations are escalating premium growth and customers will carry the load of these increases,' said Mr Wimala. 'Unless insurers can better control claims and manage operating expenses, the only direction for motor premiums is up.' On the consumer end, car owners are already feeling the pinch. Car dealer Fed Wu said one of his customers, a luxury sedan driver with a clean claims record, experienced a 25 per cent hike in his insurance premium after four years with the same insurer – from $1,200 to $1,500. He eventually switched to another insurer, buying a new policy online for $1,101. 'With prices so high, many customers just pick the insurer that offers the lowest premium,' said Mr Wu. While the current pricing pain may eventually ease, some volatility remains. 'Premiums could stabilise over time as insurers adjust to higher claims costs, and more accurately estimate and reflect these rising costs in their prices,' said Ms Ng of KPMG. 'However, some level of increase can still be anticipated in the future to cater for general claims inflation and other emerging factors.' In the meantime, the message is clear: As long as claims stay high and repair costs keep climbing, insurers are likely to say they have little choice but to pass those costs on to consumers. Source: The Straits Times © SPH Media Limited. Permission required for reproduction Discover how to enjoy other premium articles here
