Along with newly mined gemstones, goods reentering the market represent an important source of gemstone supply. For large diamonds, such goods far outnumber newly mined gemstones. A few years ago, I heard from Nicky Oppenheimer, chairman of De Beers, that only one or two newly mined rough diamonds each year can be polished into five-carat rounds of D color and flawless clarity. I have also heard that four or five such diamonds come through New York over the course of a year, these are apparently stones from the reentry market. The process of reentry into the market for larger diamonds and colored stones alike involves the repolishing of the surface to make them look like new. Smaller gemstones will reenter the market in jewelry. Along with the quality of workmanship and design, the condition of the piece will affect its final price.

The involvement of persons who can accurately evaluate gems and jewelry is critical. Although the expertise of such appraisers allows the auction house to establish an estimated price, the market forces of supply and demand will determine the actual sale price. A person who evaluates pieces is called an appraiser, and such a person is qualified for this job only after years of hands-on experience in buying and selling in the marketplace.  Whether appraisal skills will develop into a separate branch of the jewelry business or if these skills will be left to the specialized retailer, and how the import/ export whole-sale market that leads to the international market will be involved with this, are important issues for the future.