Diamond trading lingo

Diamond trading lingo:

Mazal u’bracha

A ‘mazal u’bracha’, which means ‘luck and blessing’ is a traditional Jewish expression used at the conclusion of an agreement of buying and selling of diamonds. Usually, the expression is accompanied by a handshake. It is a way in which the seller wishes the buyer good luck and it further preserves a sense of continuity and commitment to the business ethics.

The term “Mazal” is used across the international diamond trading community to indicate the completion of a deal and agreement on price. The breaking of a “Mazal” is seen as extremely serious as it is construed as a breakdown of trust, the bedrock of the diamond industry.

Memo (Appro)

The term Appro refers to a process whereby a client is permitted to take goods to his or her offices/premises for further inspection. Some diamond trading centres allow this process on the basis of trust. Others go to the extent of issuing a receipt or commission slip.

 

Holding

Holding in the diamond industry applies when a client has inspected the goods but has not yet made a decision to purchase. The goods are kept under seal at the trading premises and cannot be shown to any other client.

Broker’s Note

A Broker’s Note is a statutory document which indicates the passing of ownership from one party to the other. Failure to produce a valid Broker’s Note, when transporting rough diamonds, can result in a penalty being imposed by the SADPMR

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