Author: Steven Joseph

Lusix, a prominent producer of laboratory-grown diamonds based in Israel, has filed for a stay of proceedings under the country’s new Insolvency Law. The company, which was founded by Israeli entrepreneur Benny Landa, faces approximately $28 million in debts. This legal action is intended to protect the company from creditors while it works on finalising a merger with another Israeli company.Financial Struggles and Proposed MergerLusix, founded in 2016, is seeking a six-week extension from the courts to finalise a merger with an unnamed Israeli company. The merger would facilitate a capital injection of $22 million from existing shareholders. Without this funding,…

Social media influencer Gstaad Guy, known for his humorous takes on the ultra-wealthy, has launched a new jewellery line called Poubel, which officially debuted on 16 August. The collection features customisable modular chain-link bracelets and necklaces, designed to appeal to his affluent following. The line is made from recyclable sterling silver and features hand-painted enamel charms, aligning with Gstaad Guy’s distinct style.A Unique Take on CharmsThe Poubel collection embeds charms directly into modular links, avoiding the typical sound of traditional charms and providing a sleeker design. Speaking on the design, Gstaad Guy explained, “There are no [clinking] sounds – it’s more…

Botswana’s diamond manufacturing industry is facing concerns related to workers’ rights, with the Botswana Diamond Workers Union (BDWU) raising issues around the treatment of workers in the cutting and polishing sector and claiming incidents of non-compliance with labour standards. These include the dismissal of workers for joining unions, low wages, and health and safety concerns.Union Raises Concerns Over Labour PracticesThe BDWU, an affiliate of IndustriALL, has brought attention to several practices within Botswana’s diamond supply chain, particularly in the employment of migrant workers. The union asserts that certain companies are not fully adhering to labour laws, citing low wages and…

Russian diamond mining giant Alrosa has reported a significant drop in sales and profits for the first half of 2024, reflecting the impact of international sanctions and a weakening global diamond market. The state-controlled company, which has faced increasing restrictions due to the ongoing conflict between Russia and Ukraine, saw a 5% year-on-year revenue decline to RUB 179.47 billion ($2.01 billion). Net profit for the same period plunged 34% to RUB 36.63 billion ($411.4 million).Impact of Sanctions on AlrosaSince the Russian invasion of Ukraine in February 2022, Alrosa has been subjected to severe sanctions imposed by Western nations, including the United…

The government of Botswana is in negotiations to increase its ownership in Belgian diamond manufacturer HB Antwerp, aiming to nearly double its stake from 24% to 49.9% at no extra cost. This decision follows the weakened diamond market, which has lowered HB Antwerp’s valuation and allowed Botswana to renegotiate its investment terms.Leveraging Market Conditions for Greater ControlIn his address to parliament, Botswana’s Minister of Minerals and Energy, Lefoko Moagi, confirmed the government’s intention to renegotiate the deal, originally agreed upon in March 2023. The initial agreement involved Botswana acquiring a 24% stake in HB Antwerp for 890 million pula (approximately $65.95…

Pandora, the world’s largest jewellery maker, has raised its full-year organic growth forecast for 2024, following strong sales in the second quarter and positive performance in its lab-grown diamond category. The Danish jeweller now expects growth of between 9% and 12%, up from its previous guidance of 8% to 10%, as a result of its transformation strategy.Q2 Performance and Key MetricsFor the second quarter ending 30 June, Pandora reported a 15% year-on-year increase in sales on both an organic and reported basis, bringing in DKK 6.77 billion ($990.9 million). Operating profit rose to DKK 1.34 billion ($196.25 million), up from DKK…

The Responsible Jewellery Council (RJC) has issued a final call for contributions and feedback to the draft Laboratory Grown Materials Standard (LGMS), with the deadline set for 25th August 2024. The standard aims to establish guidelines for responsible business practices standard for laboratory-grown materials.Background on the LGMSFirst introduced in 2021, the development of the RJC’s LGMS has included two rounds of public consultation. The standard is being developed in accordance with ISEAL’s standard-setting code, ensuring transparency and inclusivity in the process. A multi-stakeholder Standards Committee has been engaged to provide diverse input and expertise, with the aim of setting best practices for…

Pandora, the world’s largest jewellery maker, has raised its full-year organic growth forecast for 2024, following strong sales in the second quarter and positive performance in its lab-grown diamond category. The Danish jeweller now expects growth of between 9% and 12%, up from its previous guidance of 8% to 10%, as a result of its transformation strategy.Q2 Performance and Key MetricsFor the second quarter ending 30 June, Pandora reported a 15% year-on-year increase in sales on both an organic and reported basis, bringing in DKK 6.77 billion ($990.9 million). Operating profit rose to DKK 1.34 billion ($196.25 million), up from DKK…

The Gemological Institute of America (GIA) has recently examined two diamonds featuring rare star-shaped inclusions. Weighing 8.14 and 8.57 carats respectively, these diamonds, referred to as asteriated or “star” diamonds, were highlighted in the summer 2024 edition of Gems & Gemology. The discovery is notable for both the size of the stones and their preserved natural forms, providing insights into the geological history of diamond formation.Asteriated Diamonds: Composition and FeaturesBoth diamonds displayed light brown cloud inclusions, a phenomenon caused by high concentrations of hydrogen and nickel during the diamond growth process. Inclusions of this type, which may also contain graphite, are rare…

Nivoda has announced a major expansion of its gemstone inventory, now featuring more than 80,000 gemstones across 25 varieties. The available gemstones include rubies, emeralds, sapphires, aquamarines, tourmalines, and tanzanites sourced from global suppliers.Ensuring Quality in a Non-Standardised MarketGemstones, unlike diamonds, often lack a standard certification system, which can make quality assurance challenging. Nivoda has implemented processes to control quality. Certified gemstones are available on its platform, while non-certified stones undergo supplier vetting to ensure authenticity.The company’s network of suppliers spans multiple regions, including India, Europe, the UK, the US, Australia, and Thailand. According to Nivoda, this broad supplier base allows…

UK-headquartered diamond certification and authentication laboratory Solitaire Gemmological Laboratories (SGL) has launched an online platform designed for retailers to purchase pre-certified diamonds. This new marketplace, accessible through the dedicated website www.SGLcertified.com, aims to reshape the diamond purchasing landscape by offering guaranteed grade diamonds and a streamlined buying process.A New Model in Diamond PurchasingThe SGL-certified platform offers diamonds ranging from 0.08 carats to 0.39 carats, each accompanied by a laser inscription and a dossier report. The key selling point of this marketplace is the grade guarantee provided by SGL, with a 14-day claim window that allows retailers to return diamonds in case of…

India’s Enforcement Directorate (ED) is currently investigating a widespread money laundering scheme that exploits the trade of lab-created diamonds. This complex operation, involving several Indian and Hong Kong-based entities, centres around the overvaluation of synthetic diamonds, which are then used as a cover for illicit financial transactions. The investigation has significant implications for the diamond and jewellery industry, highlighting vulnerabilities that can be exploited within the supply chain.Investigation Details and Key PlayersThe ED’s investigation was triggered by intelligence shared by Hong Kong Customs following a significant operation in December 2023. During this operation, Hong Kong authorities seized large quantities of suspected synthetic diamonds,…

De Beers has announced the cancellation of its scheduled August sight, opting instead to merge this trading session with the October sight. The decision comes as the diamond industry grapples with an oversupply and significant production cuts, particularly in India.Consolidated Sight DatesThe merged sight, now scheduled to take place from 23 to 27 September, combines the previously planned Sight 7 and Sight 8, which were originally slated for 26 to 30 August and 7 to 11 October, respectively. Additionally, Sight 9 has been moved up to 4 to 8 November, with Sight 10 now set for 2 to 6 December, both rescheduled…

Diamond prices dropped in July, driven by slow retail sales and an oversupply in the Indian market. The seasonal summer slowdown also contributed to reduced sales figures.Significant Price ReductionsAccording to Rapaport’s RapNet Diamond Index (RAPI™), the index for 1-carat round, D to H, IF to VS2 diamonds fell by 7.3% in July, the steepest monthly decline for this size category since December 2008. The RAPI for 0.30-carat diamonds dropped by 8.9%, while the index for 0.50-carat diamonds decreased by 7.9%. Prices for 3-carat stones saw a reduction of 5.8%. In contrast, 1-carat round, D to H, SI diamonds saw a more…

Rio Tinto’s diamond division has reported a loss for the first half of 2024, driven by decreased production and a global downturn in diamond demand. Financial PerformanceRio Tinto’s diamond revenue fell by 40% year-on-year, totalling $149 million for the six months ending June 30. This decline led to an underlying loss of $65 million for the diamond unit, compared to the $44 million profit recorded in the same period the previous year. The overall profit for Rio Tinto, however, saw a 15% increase, reaching $5.8 billion, highlighting the contrast between its diamond operations and other sectors.Production and Market ImpactThe Diavik mine,…

Citizen is marking its centenary with a traveling exhibition showcasing 100 of its most iconic timepieces. This milestone event began in Tokyo, has now arrived in New York City, and is set to tour Europe next.A Century of Watchmaking ExcellenceFounded in 1918 as Shokosha Watch Research Institute, Citizen has maintained a commitment to accessible and reliable timepieces. Chief Operating Officer Yoshihisa Yajima reflected on the brand’s inclusive mission, stating, “He wanted to express that the watches would be loved by the people. Ever since, we’ve continuously made watches that all people will love and that will help them with everyday life.”Exhibition…

Latest research from the Fancy Color Research Foundation sees overall colored diamond prices dipping by 0.7%, with individual colors delivering a varied performance.Pink diamonds had gains, with 1-carat Fancy Intense Pinks increasing by 1.5%, and both 1-carat and 10-carat Fancy Vivid Pinks rising by 1.3% and 1.2%, respectively.The yellow diamond segment experienced an overall decrease of 1.7%, with significant variance across different weights and intensities. 3-carat Fancy Intense Yellow diamonds saw a slight increase of 0.5%, recovering from a 0.3% decline in the previous quarter. However, broader categories like Fancy and Intense yellow diamonds registered declines of 1.5% and 1.3%,…

Signet Jewelers is adjusting its strategy towards lower-priced fashion jewellery and increasing its online presence. This move, as outlined by CEO Gina Drosos, aims to tap into the growing trend of self-purchases and the demand for more affordable jewellery options.Expanding Market Share in Affordable Fashion JewelleryDrosos noted that the company sees growth opportunities in the lower-priced fashion jewellery segment. “We have the biggest opportunity to grow our market share in lower-priced fashion jewelry and self-purchases in and out of malls,” Drosos stated. This category focuses on women purchasing jewellery priced under $500 for themselves. To achieve this, Signet is considering…

Italian high jumper Gianmarco Tamberi made headlines during the Paris Olympics opening ceremony when he lost his wedding ring in the River Seine. As a flag bearer for Italy, Tamberi was overcome by the moment’s grandeur when the ring slipped off his finger and disappeared into the river.Incident During the Opening CeremonyTamberi, along with 393 Italian athletes, participated in the ceremony’s unique parade along the Seine, marking a departure from the traditional stadium procession. The athlete, sharing flag-bearing duties with fencer Arianna Errigo, was trying to raise the Italian Tricolore as high as possible when his wedding ring flew off,…

The diamond industry in India is experiencing significant turmoil, marked by a dramatic fall in the prices of both lab-grown and natural diamonds. The value of lab-grown diamonds has plummeted from $300 per carat in July 2022 to just $78 per carat, with natural diamonds also seeing a 25-30% price correction. This downturn has raised concerns about the sustainability of the diamond manufacturing market in India, impacting everyone from diamantaires to small and medium businesses across the sector.Declining Prices and OversupplyThe past two years have been particularly challenging for the diamond industry, with constant price drops devaluing existing stock. The industry has…

There’s an Icelandic proverb that says “mediocrity is the enemy of greatness”, and in these days of increased competition, a very difficult past couple of years and a potential recession, settling for mediocrity is likely to mean that many businesses don’t survive.In this article, were going to look at how we can use a classic mathematical model to understand where our business sits, and then take steps that will help us stand out in the eyes of customers, drive more sales and improve your bottom line.The Bell Curve: A Simple Way To Understand How We’re PerformingCast your mind back to…

Indian diamond manufacturer Dimexon has announced a significant shift at its Coimbatore diamond manufacturing site in southern India, transitioning to solar power. This change is expected to reduce the facility’s reliance on the national grid by 75%, equating to an annual saving of approximately 1,400 tCO2e, which is the equivalent of taking 333 cars off the road for a year. Environmental Impact and ESG CommitmentsThe move to solar power is part of Dimexon’s broader environmental, social, and governance (ESG) commitments, which include a pledge to achieve carbon neutrality by 2030. The Coimbatore site, responsible for 85% of the company’s total carbon emissions, represents…

In an extraordinary turn of events, Indian labourer Raju Gound has unearthed a 19.22-carat diamond in a mine in the central state of Madhya Pradesh. The gem, found in the renowned diamond district of Panna, is anticipated to fetch approximately 8 million rupees ($95,000) at an upcoming government auction.Discovery in Panna’s Diamond FieldsPanna is known for its diamond reserves, and locals frequently lease small, shallow mines from the government. The leases, costing around 200-250 rupees, are typically taken up by individuals, families, and co-operative groups using basic tools in their search for diamonds.For over a decade, Gound and his family…

Botswana is set to debate significant amendments to its Mines and Minerals Act, which, if passed, will encourage new mining ventures to offer citizens the right to acquire up to 24% of projects in which the state has not exercised its option to purchase a stake. The proposed changes, driven by the ruling Botswana Democratic Party, are expected to pass given the party’s dominance in parliament.Key Amendments and Their ImplicationsThe proposed amendments to the Mines and Minerals Act seek to increase local participation in Botswana’s mining sector. Under the current legislation, the government is entitled to purchase up to 15% equity…

LVMH Moët Hennessy Louis Vuitton has announced revenue of €41.7 billion for the first half of 2024. The company achieved 2% organic growth during this period, despite facing economic and geopolitical uncertainties. Notably, Europe and the United States saw steady growth, with Japan experiencing double-digit revenue increases. The rest of Asia demonstrated strong growth driven by Chinese consumers’ spending in Europe and Japan. In the second quarter alone, organic revenue growth stood at 1%.Profit from recurring operations reached €10.7 billion, translating to an operating margin of 25.6%. This margin significantly surpasses pre-Covid levels. However, exchange rate fluctuations negatively impacted the…

Gaetano Cavalieri, President of the World Jewellery Confederation (CIBJO), addressed the United Nations Economic and Social Council’s (ECOSOC) High-Level Segment on 17th July, emphasising the positive societal role of the jewellery industry in the post-COVID era. The session, attended by UN Secretary General António Guterres, is part of the ECOSOC’s 36th session, which runs from 10 to 19 July 2023. The theme of the session is “Accelerating the recovery from the coronavirus disease (COVID-19) and the full implementation of the 2030 Agenda for Sustainable Development at all levels.”CIBJO’s Role and InsightsSince 2006, CIBJO has held special consultative status in ECOSOC, representing…

The Responsible Jewellery Council (RJC) has made significant appointments to bolster its leadership team as part of its ongoing growth strategy. The latest additions include Elyssa Jenkins-Pérez as head of North American development and Effie Marinos as a specialist adviser for technical standards.Elyssa Jenkins-Pérez: Head of North American DevelopmentElyssa Jenkins-Pérez joins the RJC from the Jewelers Vigilance Committee, where she served as director of membership and marketing. Jenkins-Pérez also holds leadership roles within the industry as president of the New York Metro chapter of the Women’s Jewelry Association and co-founder and vice president of the Black in Jewelry Coalition. Her experience…

LVMH has announced significant management changes within its watches division, impacting Hublot and TAG Heuer. The luxury conglomerate has promoted seasoned executives to top positions, ensuring a seamless transition and continued growth for both prestigious brands.New Leadership at Hublot and TAG HeuerEffective September 1, Julien Tornare will step in as the CEO of Hublot, succeeding Ricardo Guadalupe. Guadalupe, who has led Hublot since 2012, will now serve as the honorary president of the brand. His tenure saw Hublot achieve notable success through innovative design and strategic partnerships.Frédéric Arnault, CEO of LVMH’s watches division, expressed gratitude for Guadalupe’s contributions, stating, “Hublot…

De Beers has announced new measures to increase flexibility for sightholders in response to the current market downturn. These changes, intended to support clients without lowering prices, will be implemented during the July sight starting next Monday. This adjustment comes as a reaction to rising inventories and falling polished diamond prices, particularly in India.Enhanced Flexibility in AllocationsSightholders will now be able to refuse up to half of the lots in three boxes of medium- and higher-quality rough diamonds under 0.75 carats. Normally, refusing these allocations would lead to a reduction in future contract periods. However, this month, De Beers is…

The Science Based Targets initiative (SBTi) has validated Pandora’s target to become a net-zero business by 2040. This milestone underscores Pandora’s commitment to sustainability and aligns with global efforts to limit temperature rise as stipulated by the Paris Agreement.Validation DetailsThe validation by SBTi confirms Pandora’s plan to decarbonise its full value chain, aiming for at least a 90% reduction in emissions, with the remaining emissions to be balanced out by permanent carbon removal. This follows SBTi’s earlier validation in 2021 of Pandora’s goal to halve greenhouse gas emissions by 2030.“Climate change is a major source of global instability and there…