Author: Steven Joseph

Sightholders at De Beers’ February sales cycle reported a reduced supply of rough diamonds over five carats, citing production declines and De Beers’ inventory management strategy. Prices remained stable across most categories as the company continued its approach of regulating supply.Market observers noted that this shortage contrasts with De Beers’ reported inventory levels, estimated at around $2 billion—its highest since 2008. However, much of this stock is believed to consist of smaller-sized goods rather than the larger diamonds currently in short supply.Production Declines and Supply ManagementDe Beers’ total rough diamond production fell by 22% in 2024 to 24.7 million carats. The…

Platinum Guild International Hong Kong Limited (PGI) has joined the Watch and Jewellery Initiative 2030 (WJI 2030) as an affiliate member. WJI 2030, based in Geneva, was founded in 2022 by luxury groups Kering and Cartier, with delegation from Richemont. The initiative aims to promote sustainability in the watch and jewellery industry through collaboration across the supply chain.PGI’s Chief Executive Officer, Tim Schlick, noted that the affiliation aligns with the organisation’s ongoing efforts in sustainability, stating:“WJI 2030 brings together businesses across the watch and jewellery supply chain to navigate evolving regulations. Their objectives align with those of PGI and its retail…

Sarine Technologies Ltd and De Beers Group subsidiary Tracr have signed a collaboration agreement to enhance technology-driven diamond traceability. The partnership will integrate Tracr’s blockchain-based tracking system with Sarine’s scanning and identification technology to provide an unbroken chain of verification from rough diamond registration to polished stone.Blockchain Integration for Verifiable ProvenanceSarine’s Diamond Journey traceability system will now incorporate rough diamond origin data recorded on Tracr, which logs stones at the source. The integration is intended to enhance supply chain transparency by using an automated verification process rather than relying solely on company declarations.A key aspect of this initiative is the availability…

De Beers Group and the Government of Botswana have signed formal agreements solidifying their long-term partnership in diamond mining and sales. The deal includes a 10-year rough diamond sales agreement, with the possibility of a five-year extension, and a 25-year renewal of Debswana’s mining licences, ensuring continued collaboration in one of the world’s most significant diamond-producing regions.Key Terms of the AgreementThe new agreements extend Debswana’s mining licences from August 2029 to July 2054, allowing for long-term resource management and the continuation of key mining projects such as Jwaneng Cut-9, Jwaneng Underground, and Orapa Cut-3.Under the revised sales framework, Botswana’s state-owned Okavango…

The Responsible Jewellery Council (RJC) has launched the Laboratory Grown Material Standard (LGMS), a framework setting out requirements for responsible business practices in the lab-grown diamond and coloured gemstone sector. The standard applies to RJC members working with lab-grown materials and covers areas including legal compliance, due diligence, labour rights, health and safety, environmental management, disclosure, and grading.Scope and Requirements of the LGMSThe LGMS outlines 28 key provisions that businesses handling lab-grown diamonds and coloured gemstones must follow. These include legal obligations, human rights protections, hazardous substance management, workplace conditions, and disclosure requirements.Companies will be required to document and implement management…

De Beers Group has introduced DiamondProof, a diamond verification device designed to distinguish natural diamonds from laboratory-grown diamonds (LGDs) and simulants. The device has been deployed in select retail stores in the United States, providing jewellers with a tool to verify a diamond’s origin in-store.DiamondProof’s CapabilitiesAccording to De Beers, research indicates that many consumers are unaware that LGDs can be detected. DiamondProof is designed to address this by identifying natural diamonds based on their distinct chemical composition, which differs from that of LGDs. The device delivers results within seconds and can be used for both loose and set diamonds.De Beers states…

A team of researchers from Jilin University and Sun Yat-sen University in China has successfully synthesised a lab-grown version of Lonsdaleite, a rare carbon allotrope. Their findings, published in Nature Materials, indicate that this artificial form of Lonsdaleite is at least 40% harder than natural diamond.What is Lonsdaleite?Lonsdaleite, named after the British crystallographer Professor Dame Kathleen Lonsdale, was first identified in 1967 within the Canyon Diablo meteorite in Arizona, USA. Unlike conventional diamonds, which have a cubic crystal lattice, Lonsdaleite has a hexagonal structure, contributing to its extreme hardness. Scientists believe that natural Lonsdaleite was formed due to the intense…

Wealthy Russian investors are increasingly purchasing investment-grade diamonds, with demand for polished stones rising by 60% in 2023, according to VTB, Russia’s second-largest bank. This follows the Russian government’s decision to abolish VAT on diamond purchases, making gemstones a more accessible investment option for high-net-worth individuals.Rising Demand for Diamonds as Alternative InvestmentsOksana Semenenko, vice president at VTB and head of its private banking division, stated that diamonds are attracting investors due to their rarity and ability to hold value. “The uniqueness and rarity of diamonds make them particularly appealing amid rising financial market volatility and restrictions on traditional investments,” she said.…

Céline Assimon will leave her role as CEO of De Beers Jewellers at the end of the month, the company has confirmed. Assimon joined De Beers Jewellers in 2020 after leaving Swiss luxury jeweller De Grisogono. In 2021, she took on the additional role of CEO of Forevermark, a position she held until March 2024, when De Beers restructured the brand to focus on the Indian market.During her time with De Beers, the company focused on expanding its core collections and high jewellery range while increasing its presence in key markets.Future Direction for De Beers JewellersA De Beers spokesperson acknowledged Assimon’s…

Pomellato has announced French-Italian actress Philippine Leroy-Beaulieu as its new global ambassador.Best known for her role as Sylvie Grateau in Emily in Paris, Leroy-Beaulieu has portrayed independent and complex female characters throughout her four-decade career. Pomellato stated that her appointment reflects the brand’s emphasis on authenticity, independence, and creativity.Pomellato and Leroy-Beaulieu CollaborationLeroy-Beaulieu’s French-Italian background aligns with Pomellato’s Milanese roots. In a statement, she said, “Joining the Pomellato family feels like a natural extension of my own story. As a French-Italian actress, I’ve always admired how Pomellato combines Italian craftsmanship with contemporary design. Their jewellery speaks to women who aren’t afraid…

A recent study has revealed that Early Iron Age jewellery discovered in southern Poland contains iron sourced from a meteorite. The artefacts, uncovered at the Częstochowa-Raków and Częstochowa-Mirów cemeteries, date back to approximately 750–600 BCE and belong to the Lusatian Culture. The research, published in the Journal of Archaeological Science: Reports, found that four of the 26 examined artefacts—three bracelets and a pin—were made of meteoric iron.This discovery makes southern Poland one of the most concentrated sites for meteoric iron artefacts, comparable to some sites in Egypt.Meteoric Iron and Its Cultural UseThe analysis, conducted using portable X-ray fluorescence (p-XRF), Scanning Electron…

A London High Court ruling has dismissed a legal claim by Sheikh Hamad bin Abdullah Al Thani, the chief executive of Qatar Investment & Projects Development Holding (QIPCO), to enforce the purchase of the 70.21-carat Idol’s Eye diamond.The case was brought against Elanus Holdings, a company representing the heirs of the late Sheikh Saud bin Mohammed Al Thani, a former Qatari culture minister and art collector.Legal Dispute Over OwnershipThe Idol’s Eye diamond, thought to have come from the Golconda mines in India, was purchased by Sheikh Saud in the early 2000s. Before his death in 2014, he lent it to…

Lucara Diamond Corp has sold two diamonds recovered from its Karowe mine in Botswana for a total of $54 million. The 549-carat Sethunya and the 1,080-carat Eva Star were extracted from the South Lobe of the Karowe kimberlite, an area known for producing large, high-value diamonds.Karowe’s Ongoing Production of Large DiamondsThe sale highlights Karowe’s history of recovering sizeable stones. Lucara’s president and CEO, William Lamb, commented on the mine’s continued production of high-quality diamonds.”The sale of these two extraordinary diamonds further validates our investment in the Karowe underground project. The unique characteristics of Karowe’s kimberlite, particularly in the South Lobe, continue…

The diamond market saw subdued trading in January, with mixed reports on holiday sales, according to Rapaport. While demand remained weak, there were signs of stability in certain categories, including 0.30- to 0.50-carat, D to F, IF to VVS2 diamonds. Larger fancy-shape diamonds of 3 carats and above also performed relatively better.Market Performance and Price TrendsThe RapNet Diamond Index (RAPI™) for 1-carat diamonds, covering round, D to H, IF to VS2 stones, fell by 2.3% in January. Smaller diamonds saw more modest declines, with the index for 0.30-carat and 0.50-carat diamonds down 0.4% and 0.6%, respectively. Prices for 3-carat diamonds…

The Natural Diamond Council (NDC) has launched a series of reports on the natural diamond industry, covering market trends, origins, and sustainability. Consumer Trends in the U.S. MarketThe first report in the series, Natural Diamond Trends, A 2024 Overview, was developed in partnership with trend analytics firm Tenoris. It examines key trends in U.S. consumer preferences for natural diamonds.Key findings include:Diamond Facts Report Addresses Industry MisconceptionsThe NDC has also released an updated Diamond Facts report, which presents data from external sources to clarify common misconceptions about the diamond industry. It covers:Canada’s Role in the Natural Diamond MarketThe report includes data on…

The International Gemological Institute (IGI) USA has introduced GemPass, a new bundled certification package for coloured gemstones, at the AGTA GemFair, GJX, and Out of the Jewel Box (OJB Experience) trade shows in Tucson, Arizona. The initiative is designed to offer wholesalers a structured way to obtain gemstone reports in bulk at a reduced cost.Flexible Bundles for Coloured Gem CertificationGemPass allows clients to purchase 50 or 100 coloured gemstone reports at a set price per report, regardless of the stone’s carat weight or type. The pricing model provides savings compared to individual report purchases, and bundles remain valid for 12 months…

India has become the world’s largest consumer of gold jewellery, surpassing China with total consumption of 563.4 tonnes in 2024. In comparison, China recorded 511.4 tonnes during the same period.According to the World Gold Council (WGC), India’s total gold demand, including both jewellery and investment purchases, rose by 5% year-on-year to 802.8 tonnes in 2024, up from 761 tonnes in 2023. The WGC projects that gold consumption in India for 2025 will range between 700 and 800 tonnes.Gold Demand and Price TrendsThe total value of gold demand in India increased by 31% in 2024, reaching ₹5,15,390 crore, compared to ₹3,92,000…

Mastercard will remove the 16-digit card number from credit and debit cards by 2030, replacing it with tokenisation and biometric authentication to improve payment security.Tokenisation replaces a card number with a unique digital identifier stored on a user’s device, reducing the risk of sensitive data being exposed during transactions. Biometric authentication, such as fingerprint or facial recognition, will also be used to verify transactions.Addressing Payment FraudThe decision to eliminate card numbers follows rising fraud levels globally. Card-not-present fraud, where stolen card details are used for unauthorised online or phone transactions, accounts for a significant proportion of payment fraud. Cybercriminals frequently…

The Indian government has removed import duties on seeds used in lab-grown diamond production and lowered tariffs on certain precious metals in a move intended to support the domestic gem and jewellery industry.Impact on Lab-Grown Diamond ManufacturingImporters were previously required to pay customs duties on seeds used to create rough synthetic diamonds. The removal of this requirement will remain in effect until March 2026, a move expected to benefit India’s lab-grown diamond sector.Vipul Shah, chairman of the Gem & Jewellery Export Promotion Council (GJEPC), commented on the decision, stating, “The removal of this condition until March 2026 will provide a…

The Gemological Institute of America (GIA) has completed its 100th field gemmology expedition with the landmark trip taking GIA researchers to Kenya and Tanzania, where they collected tsavorite, spinel, and sapphire rough. The field gemmology programme contributes to GIA’s growing database on the chemical, geological, and gemmological properties of coloured stones.Expanding GIA’s Coloured Stone DatabaseDuring the expedition, GIA field gemmologists collected over 15 kilograms of gem rough, including more than 10,000 carats of individual sapphires from Garba Tula, Kenya. Each sample’s origin was verified and recorded.“Our extensive field gemmology programme is the foundation of our coloured stone research and identification and…

Swiss watch exports fell by 2.8% in 2024, with total shipments amounting to CHF 25.99 billion, primarily due to weaker demand in China and Hong Kong.According to the Federation of the Swiss Watch Industry, the downturn worsened in December, when exports dropped by 5% year-on-year to CHF 2.03 billionThe four largest markets for Swiss watches—the United States, Hong Kong, China, and Japan— all recorded lower demand in December. Exports to China saw the sharpest decline, falling 19% to CHF 151.2 million, while shipments to Hong Kong dropped 6% to CHF 159.1 million. The US, the top export destination, saw a…

The Responsible Jewellery Council (RJC) has announced that Executive Director Melanie Grant is stepping down after two years in the role. John Hall, who has been involved with the organisation since its inception in 2005, will serve as interim executive director while a search for Grant’s successor is conducted. Grant will remain temporarily as a consultant to assist with the transition.Leadership Transition at RJCGrant took over as executive director in January 2023, following a ten-month period without a permanent leader after the resignation of Iris Van der Veken. During her tenure, RJC membership grew from just under 1,700 to 2,000.Hall, a…

The United States will require diamond importers to declare the country of mining origin for all shipments entering the country, according to a notice from US Customs and Border Protection (CBP). This measure, intended to strengthen enforcement of sanctions on Russian goods, will take effect in April 2025.CBP outlined the requirement in a Trade User Information Notice dated January 14, 2025, which was distributed on January 23. The rule builds on existing restrictions that prohibit the import of Russian nonindustrial diamonds weighing 0.50 carats or more, in effect since September 1, 2024.Details of the New Import Declaration RuleUnder the new…

De Beers Group and the Government of Botswana have concluded negotiations on a new 10-year sales agreement for rough diamonds from Debswana, their 50:50 joint venture. The deal, which also includes an extension of Debswana’s mining licences, follows a lengthy negotiation process that began in 2019 and saw multiple extensions of the previous agreement.Key Terms of the AgreementUnder the new agreement, the Botswana government’s state-owned diamond trader, Okavango Diamond Company (ODC), will initially receive 30% of Debswana’s rough diamond production. This share will gradually increase to 50% by the end of the contract in 2035.Debswana, which operates Botswana’s major diamond mines—Jwaneng,…

The prices of fancy-colour diamonds fell by 2.2% in 2024, reflecting a slowdown in the luxury sector and broader economic challenges, according to the Fancy Color Research Foundation (FCRF). Yellow Diamonds See the Largest Price DropYellow fancy-colour diamonds saw the steepest decline, with prices dropping by 5.6% over the year. This category also accounted for all of the top five price decreases in the fourth quarter, with an overall quarterly drop of 2.2%.Among yellow diamonds, 2-carat fancy-intense stones saw the biggest decline, down 3.6% in the final quarter. Other decreases included a 3% drop in 3-carat fancy-vivid-yellow diamonds and a 2.6%…

The World Federation of Diamond Bourses (WFDB) has announced the launch of “Moments,” a global social media campaign highlighting the connection between natural diamonds and significant life moments. The campaign, launched under the tagline “Crafted by Earth, Celebrated by You,” seeks to promote natural diamonds as enduring symbols of love, tradition, and important life events.Showcasing Diamonds Through Personal NarrativesThe “Moments” campaign highlights the emotional connection between natural diamonds and personal milestones. Its inaugural social media post portrays a mother passing her diamond ring to her daughter, accompanied by the message:“This diamond has seen me through life’s most precious moments, and now…

Jemora Gemhouse, a new auction house specialising in rare and high-value polished coloured gemstones, has been unveiled in Dubai. The platform is led by Dev Shetty, whose previous experience includes the sale of the 55.22-carat “Estrela de Fura Ruby” for $35 million, as well as leadership roles at Gemfields and Fura Gems. Upcoming AuctionThe inaugural auction is scheduled for 17–19 March 2025 at the Dubai Diamond Exchange (DDE), part of the Dubai Multi Commodities Centre (DMCC). The Dubai Diamond Exchange, which supports over 1,350 companies, has hosted significant gemstone tenders in recent years.The event will focus on sapphires from key origins, including Kashmir,…

Pandora has been named one of the 100 most sustainable companies in the world by Corporate Knights at the World Economic Forum in Davos, Switzerland. The annual Global 100 ranking evaluates companies with over USD 1 billion in revenue based on 25 performance indicators across sustainability, resource management, and corporate governance.Pandora, ranked 48th overall and 2nd in the “Textiles, Apparel and Luxury Goods” category, was recognised for its sustainable business practices, including its use of recycled silver, gold, and lab-grown diamonds.Environmental and Sustainability HighlightsCorporate Knights noted Pandora’s environmental efforts, including reductions in CO2 emissions and its use of renewable energy. Over…

India’s polished diamond export sector showed some signs of stabilisation in December 2024, according to data from the Gems and Jewellery Export Promotion Council (GJEPC). Gross polished diamond exports for the month totalled $773 million, a year-on-year decline of 10.4 per cent compared to December 2023. However, this marked an improvement from November 2024, which saw a sharp 40 per cent year-on-year drop to $660 million.Export Performance TrendsDecember’s figures indicated a partial recovery following months of volatility in 2024. In October, the sector experienced a year-on-year increase of 11.3 per cent, with export sales exceeding $1.4 billion. This was followed…

Richemont, owner of brands such as Cartier, Van Cleef & Arpels, Buccellati and Vhernier, achieved record sales in the third quarter of the financial year ending 31 December 2024. Total revenue increased by 10% year-on-year to €6.15 billion (£5.23 billion), with its jewellery division driving much of the growth. Jewellery sales rose 14% to €4.5 billion, accounting for 71% of Richemont’s total revenue.Regional Sales BreakdownWhile global performance was positive, regional trends varied. Sales in the Americas grew by 22% to €1.6 billion, supported by improved consumer confidence and luxury market performance. In Europe, revenues increased by 19% to €1.5 billion, partly driven…