CLEANING UP DIAMONDS: Congress on Friday sent President Bush a bill, favored by the jewelry industry, designed to stem the flow of diamonds from African countries using gem profits to finance brutal civil wars. The Clean Diamond Trade Act gives U.S. endorsement of a global standard called the Kimberly Process, which involves 50 countries and creates certification guidelines for batches of rough diamonds. It’s up to importing nations to reject suspect shipments, considered to equal about 3 percent of last year’s $8 billion global diamond trade.
This story first appeared in the April 14, 2003 issue of WWD. Subscribe Today.
RENOVATION TIME: Watch and jewelry firm Piaget has closed its Manhattan boutique at 730 Fifth Avenue for extensive renovations. It is slated to reopen in August and will be modeled after the Geneva flagship, which features modern, gray fixtures and carpeting, rather than the company’s traditional blue tones. “It’s part of our new store concept,” said a Piaget spokeswoman at the Salon International de la Haute Horlogerie in Geneva. For the interim period, Piaget, a division of Compagnie Financière Richemont AG, has taken a temporary space at Trump Tower, 725 Fifth Avenue, which was formerly occupied by Asprey, with an entrance on East 56th Street.