The Kimberley Process has completely revolutionized the diamond industry over the past few years. The process, which allows trading only in diamonds which carry the Kimberley Process Certification – i.e. a certificate that verifies the stones were mined legally – has regulated diamond trade and improved the diamond industry's public image.  Israel, being a diamond industry leader, will assume chairmanship of Kimberley Process  in 2010, and will lead the fight against the use of conflict diamonds.

Israel proved its commitment to legal diamond trade    last week, when the Supreme Court affirmed a decision to confiscate a 14-carat, $71,500 diamond, seized by Israeli customs after it was found to be  lacking a Kimberley certification. All proceeds form the sale of the diamond will be donated to the International Kimberly Fund.

"Public interest calls for firm action in order to eradicate this phenomenon," Justice Edna Arbel wrote in the ruling. "Conflict diamonds have resulted in the gravest expressions of violence for the sake of mere profit, and by way of destroying the economical systems of the counties infected by it."

The 14.32-carat diamond was imported in February 2007 from Mali, a west Africa nation which is not a member of the Kimberley Process; hence the lack of certification. Israeli customs agents refused to allow the gem into Israel and it was deposited with the  Industry, Trade and Labor Ministry's Diamond Controller's Office.

In May of 2008, the Israeli company which order the diamond decided to cancel the deal, but claimed the diamond controller refused to release the stone for shipment back to sender; citing it would be a gross violation of Kimberley guidelines, to the extant that it may jeopardize the local diamond industry. The Diamond Controller's Office, however, claimed that it never ordered the diamond be returned to Mali and only gave the company the necessary additional time to try and acquire a Kimberley certificate – which it failed to do. 

The Supreme Court was eventually asked to rule on whether or not the controller's was given to wide a jurisdiction in the matter. It found that the decision was within reason, adding that in the future, should a company prove it was acting in good faith or that the certification failed to come through due to a technicality, it would be able to keep the gem. Should a significant factor be the cause for the lack of certification, the diamond controller would be within his rights to seize the diamond.

The Industry, Trade and Labor Ministry's customs guidelines note customs agents cannot release non-Kimberly certified diamonds. Customs agent can exercise their discretion and release the diamonds to the importer, who must provide sureties that a Kimberley certificate will be obtained. Should the importer fail to provide the certificate "within a time period determined by the comptroller," the latter may confiscate the gems.

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The Holiday Season is well underway, and during this time people often wonder what would make the best gift for their loved ones. With the world's financial markets declining, and the U.S. Dollar losing value every week, there is more incentive than ever to purchase gifts that will appreciate in value with time.

Historically, people have bought Gold, Diamonds and other precious metals to protect their assets in times of economic hardship. This may be why the Gold Spot market has seen a 100% increase in the past year and is still going strong. Citizens of all nations, as well as financial institutions, are buying Gold, precious stones, and jewels to hedge against depreciating world currencies.

Buying fine jewelry, including diamond engagement rings, like those sold by online jeweler DiamondEngagementRingsForYou.com, is a great way to give a gift that has traditionally increased in value over time. In this age of disposable items, buying fine diamond jewelry is one way to give a beautiful gift that will also be an investment for the future.

Jewelry manufacturers and wholesalers, like diamondengagementringsforyou.com, are a great resource when it comes to buying diamond jewelry. Whether it is Diamond Semi mounts, Diamond Bracelets, Diamond Studs, Diamond Earrings, Wedding bands or even Diamond cuff links, buying direct from a manufacturer is a great way to ensure you get the most value for your money. Designers and manufacturers tend to have fewer expenses than large department stores and brand name Jewelry lines, and they can pass on these savings to the customer.

Market investors today are investing in precious goods not only for their beauty and brilliance but for the power they have as an investment tool to hedge against inflation and weak currency. When you are making your purchase decisions this holiday season, remember that the best gifts are those that will last a lifetime while enriching the lives of your loved ones.

In other Christmas fairytale, socialite and heiress Paris Hilton has already opened her and Christmas presents to find that she has been gifted sparkling diamonds by beau Doug Reinhardt, much to her delight.

The 28-year-old star couldn't wait for the big day and unwrapped her gifts from 'The Hills' star on Thursday, which included diamond jewelery among other things, Contactmusic reported. Hilton took to her Twitter page to express her delight at the gifts she has received.

"At home opening Christmas presents from my man. So happy! He really spoiled me this year and gave me so many incredible presents!," she wrote on the micro-blogging website. "All the jewelery he bought me from 14 Karats Jewelery Store is so stunning! It's true diamonds are a girl's best friend. I am speechless," she added.

After sharing her joy at the presents, Hilton also wished everyone a merry Christmas in the third tweet in the series.

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NASA's space shuttle Atlantis carried two little stars of its own when it was launched into orbit in November – two laboratory-grown diamonds. The diamonds were cultivated by the Department of Chemistry in the Israel Institute of Technology – the Technion.

The International Space Station released the diamonds into space in December, and they now "roam" space freely. They are expected back on Earth in one year's time.

Once back, they will be tested for any possible effects caused by exposure to space's atomic oxygen atmosphere, which is erosive to carbon-based elements. Diamonds are traditionally indifferent to chemically erosive conditions, and their compatibility for future satellite applications will be based on those test results.

The interaction between diamonds – which are nature's toughest substance – and a laboratory-made space environment is being explored by a team lead by Prof. Alon Hoffman and Dr. Joan Adler of the Technion, and Dr. Irina Gouzman of the Soreq Nuclear Research Center.

Materials considered for use in satellites are subjected to rigorous testing, as they must withstand the years a satellite stays in orbit, some 125-500 miles above Earth. The laboratory diamonds are subjected to atomic oxygen conditions mimicking the interaction a satellite would have with them.

"The future use of diamonds in space could include heat-conducting clear optical coatings, radiation detectors and much more," Technion Doctoral candidate Ze'ev Shpilman explains. "We aim to work with Soreq scientists in developing a diamond coating suitable for use in space."

Diamonds are highly durable and have good heat conductibility, and diamond coatings are already in use on Earth, added Hoffman, "But before we send something into space we need to know what will happen to it. This is why we have created a space-like environment in a laboratory. We found that diamonds are, indeed, durable in space and now we're testing that theory in actual space."

The lab-grown diamonds were sent to fellow Prof. Tim Minton of Montana State University's Department of Chemistry and Biochemistry, who delivered them to NASA. Both gems are now roaming space alongside other futuristic materials. They will be reclaimed by the International Space Station within a year and sent back to Earth.

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