Author: Steven Joseph

De Beers Group has announced its intention to close Lightbox, its lab-grown diamond (LGD) jewellery brand, as part of a broader strategy to refocus its operations around natural diamonds. The decision is described as a step in executing the group’s “Origins Strategy”, which was unveiled in May 2024, aimed at simplifying operations and redirecting investment towards core segments.As part of the wind-down, De Beers is in discussions with potential buyers regarding certain Lightbox assets, including inventory. The group confirmed that it will continue to support customers through warranties and after-sales service during the closure process.Declining Lab-Grown Prices Prompt ExitLaunched in…

The World Federation of Diamond Bourses (WFDB) has formally expressed support for an industry-wide request to the U.S. Government, urging the exemption of natural diamonds from proposed import tariffs. The appeal centres around the economic impact that such duties could have on the U.S. jewellery sector and was initiated by the World Diamond Council (WDC).The WDC statement, released earlier this week, calls for natural diamonds (HS Codes 7102.10 and 7102.31) to be included on Annex II, exempting them from the proposed tariffs. The WDC has received backing from multiple trade bodies, including the Antwerp World Diamond Centre (AWDC), the International…

The Jewelers Vigilance Committee (JVC) has introduced an online tool to help track U.S. tariff changes relevant to the jewellery industry. The Tariff Tracker is now live and provides information on import duties for jewellery, gemstones, and precious metals.Purpose and ScopeAccording to the JVC, the tool outlines how these tariffs may affect import costs, customs compliance, and supply chain planning. It will be updated when changes are announced and serves as a reference point for industry members. The resource is not a substitute for legal advice, and users are encouraged to consult legal professionals for compliance issues.Development and SupportThe tool…

De Beers Group has recommenced its diamond auction operations in Botswana following the relocation of its Auctions business from Singapore to Gaborone. The move consolidates the Group’s global diamond trading activities in Botswana, completing the transfer of its auction operations.The Auctions business is now operating alongside the Group’s Sightholder sales activities already based in Gaborone, which distribute rough diamonds through term contracts and auctions.Pilot Auction Conducted During Cycle 3Sales resumed with a small-scale trial auction during Sales Cycle 3, directed at Sightholder customers. De Beers reported a high level of participation from Sightholder customers during the trial event. The majority of…

The Gemological Institute of America (GIA) has confirmed the reinstatement of its global laboratory operations, including the acceptance of goods requiring shipment to the United States. The update follows a recent suspension of international shipments linked to changes in US import tariffs.International Shipping to the US ReinstatedGIA laboratories outside the United States, including those in Hong Kong and Dubai, have resumed standard service procedures. The organisation is once again accepting items that need to be sent to the US for analysis or certification.“All GIA laboratories have resumed accepting goods according to their local service criteria,” the organisation confirmed in a…

Diamonds Do Good has completed its first “Diamonds Do Good in Action” trip to Botswana. The initiative was designed to provide jewellery industry participants with on-site exposure to natural diamond mining operations and related community projects.The itinerary included visits to the Jwaneng diamond mine and a local diamond cutting and polishing facility. Attendees observed various stages of the supply chain and met employees, including individuals with disabilities, working within the sector.The delegation also met with government representatives to learn how diamond revenues have contributed to infrastructure development, including roads, schools, and hospitals. The visit also included time in the Okavango…

Tiffany & Co. has launched Blue Book 2025: Sea of Wonder, its latest high jewellery collection. Designed by Chief Artistic Officer Nathalie Verdeille, the collection is divided into six chapters, each inspired by marine forms and environments, and draws on the house’s historic connection to oceanic motifs, particularly those developed by Jean Schlumberger.Design Themes and InspirationThe collection explores themes ranging from ocean flora to aquatic creatures and wave formations, combining natural references with detailed craftsmanship and transformable designs. Verdeille stated:“Each piece in our latest Blue Book collection, Sea of Wonder, captivates and invites us to lose ourselves in the rich…

Phillips has announced highlights for its upcoming Geneva Jewels Auction: IV, scheduled for 12 May 2025 at Hotel President Wilson. The auction will include a range of diamonds, coloured gemstones, Art Deco pieces, and jewels from private collections, some with historical provenance. It will take place alongside the GemGenève fair and forms part of a global highlights tour.Significant Diamonds and Top LotsThe leading lot of the sale is a 53.14-carat Fancy Vivid Yellow diamond pendant. Another notable lot is a pair of D Colour, Flawless diamond earrings, weighing 10.92 and 10.58 carats respectively. Also included in the sale is a…

A recent study by Diamonds Factory has identified a shift in consumer behaviour around engagement ring purchases, with over half (53%) of shoppers in 2025 accompanied by their partner. The findings suggest a decline in traditional surprise proposals, with more couples opting to make the decision together.The insights were gathered from Diamonds Factory store staff, who reported that partners were the most common companions during ring shopping appointments. Parents and solo shoppers each accounted for 18% of cases, followed by siblings or friends at 11%.Retail Environment ConsiderationsElla Citron-Thompkins of Diamonds Factory commented:“We have certainly seen a shift in how couples…

De Beers has reported a 44 per cent fall in rough diamond sales revenue for the first quarter of 2025, according to figures released by its parent company, Anglo American. The miner sold 4.7 million carats across its first two sights of the year, generating $520 million, compared to $925 million from 4.6 million carats in the same period of 2024. The average price per carat declined by 38 per cent to $124.Sales and Pricing TrendsThe decline in average price reflects a combination of a 15 per cent drop in De Beers’ rough diamond price index, a shift in the…

A diamond cutter in Israel is facing legal proceedings that could see him personally liable for the full value of a $270,000 (approximately 1 million shekels) diamond that was destroyed during the cutting process. The case involves the Israel Diamond Exchange (IDE) Arbitration Tribunal, two supplier companies, and legal proceedings initiated in the Tel Aviv District Court.Background to the IncidentThe diamond cutter, identified only as Y, was employed by a company owned by his brother when the incident occurred. While processing the stone — a recognised high-risk aspect of diamond processing — the diamond shattered, rendering it worthless. Such breakages…

Sanctions imposed by the G7 countries on Russian diamonds are proving largely ineffective, according to Pyotr Karakchiev, head of the international cooperation department at Alrosa, speaking at the Khozaktiv-2025 corporate forum. Karakchiev said the absence of a global tracing system for rough diamonds is a key factor limiting the sanctions’ impact.Tracing Deficiencies and Industry-Specific ChallengesKarakchiev stated that although sanctions “force us to come up with new means of interaction,” they have not achieved the intended effect. “The sanctions that our adversaries dreamed up were supposed to affect us in a big way but they are not achieving the necessary effect,…

Swiss watch exports rose by 1.5% year-on-year in March 2025, reaching CHF 2.13 billion, following declines in the previous months. The growth was primarily driven by increased demand from the United States and the United Kingdom, while markets in Asia continued to show signs of contraction. Despite the monthly gain, export figures for the first quarter of 2025 remained slightly negative overall, down 1.1% to CHF 6.11 billion.Market Performance by RegionThe United States remained the leading market for Swiss watches, with exports rising 13.7% in March to CHF 405.2 million. Japan and the United Kingdom followed with growth of 1.1%…

Bulgari has expanded its production facility in Valenza, Italy, making it the largest single-brand jewellery manufacturing site globally. The site, operated under LVMH ownership, now covers more than 355,000 square feet and is expected to create 500 additional jobs by 2029. The development consolidates production and introduces expanded training capabilities.Increased Manufacturing Capacity and Workforce GrowthSince opening in 2017, Bulgari’s Valenza site has grown from 14,000 square meters to more than 33,000 square meters following the addition of two new buildings. Employee numbers have increased from 370 to over 1,100, with a target of 1,600 to 1,700 workers by the end…

India’s gem and jewellery exports for the financial year April 2024 to March 2025 totalled US$28.50 billion (₹2,41,089.50 crore), reflecting an 11.72% decline year-on-year in US dollar terms, according to provisional figures released by the Gem & Jewellery Export Promotion Council (GJEPC). Imports over the same period fell by 11.96% to US$19.61 billion (₹1,65,819.35 crore).For March 2025, exports showed a slight increase of 1.02% year-on-year to US$2.58 billion, while imports decreased by 7.2% to US$1.94 billion.Cut and Polished DiamondsExports of cut and polished diamonds totalled US$13.29 billion (₹1,12,410.58 crore) for FY 2024–25, representing a 16.75% year-on-year decline. Imports decreased by…

The European Union has confirmed that polished diamonds will not be subject to retaliatory import tariffs in response to new US trade duties, following concerns raised by the Antwerp World Diamond Centre (AWDC) about the potential impact on Belgium’s diamond sector.Context of the Tariff DisputeThe EU’s announcement comes amid broader trade tensions, as the United States moves forward with a revised tariff policy. As of 9 April, the US administration introduced a 90-day tariff pause for most countries, excluding China, while raising tariffs on Chinese goods to 125%. Although the EU had considered reciprocal measures, polished diamonds have been excluded…

Russia and Belarus have announced plans to launch a joint platform for jewellery exports, focusing on markets including China, the UAE, Vietnam, and Southeast Asia. The plan was confirmed after a meeting between Russia’s Deputy Finance Minister Alexei Moiseyev and Belarus’s Finance Minister Yuri Seliverstov in Minsk on 4 April.Marketplace Development and ScopeThe project, due to launch in test mode later in 2025, will offer a shared online platform for exporting jewellery from both countries. The Eurasian Development Bank, co-founded by Russia and Kazakhstan, is supporting the initiative.”A marketplace for the sale of Belarusian and Russian jewelry on foreign markets…

The Gemological Institute of America (GIA) has broadened the scope of services offered at its Hong Kong and Dubai laboratories in response to new U.S. tariffs and the associated logistical challenges. The changes affect where larger and fancy colour diamonds can be submitted for grading, in light of new U.S. import duties.Expanded Carat Limits in Hong Kong and DubaiEffective immediately, GIA’s Hong Kong and Dubai labs will accept D-Z colour, rough or polished diamonds weighing up to 9.99 carats. This is a significant increase from the previous maximum submission weight of 3.99 carats for both locations. In addition, Hong Kong…

De Beers Group has announced plans to allocate its highest level of category marketing spend in 10 years to support natural diamond promotion. The company has stated it will match financial contributions from national marketing initiatives during 2025 and is inviting proposals from stakeholders across the industry.Joint Efforts with Industry OrganisationsDe Beers is working with a number of trade bodies, including the Antwerp World Diamond Centre (AWDC), the Gem and Jewellery Export Promotion Council (GJEPC), and the Dubai Multi Commodities Centre (DMCC), to support marketing campaigns for natural diamonds in various regions.The company has confirmed that strategic campaigns have already…

The United States’ recent decision to impose sweeping import tariff increases—part of a broader strategy dubbed “Make America Wealthy Again”—is poised to trigger substantial shifts across the global gem and jewellery supply chain. With new tariff rates varying by country, and India facing a 26% import duty on jewellery, industry leaders are warning of rising costs, disrupted trade flows, and potential relocation of manufacturing operations to mitigate the impact.Overview of the New Tariff PolicyAnnounced in April 2025, the new US tariff structure affects jewellery imports from a range of key suppliers. Rates differ by trading partner, with the European Union…

Jewellery dating from the medieval and early modern periods, discovered by metal detectorists, featured in the Jewellery, Watches, and Objects of Vertu auction held by Noonans Mayfair on 27 March in London. The sale included items of historical significance, such as a 17th-century memorial ring linked to a judge involved in England’s final witch trials, a medieval bishop’s sapphire ring, and a 13th–14th century gold posy ring.Memorial Ring Linked to Witch Trial Judge Fails to SellA late 17th-century memorial ring, found by detectorist Steve Pulley in January 2020, was among the more historically significant lots. The piece, crafted in gold and…

Anglo American has entered preliminary discussions with banks regarding a potential initial public offering (IPO) of its diamond unit, De Beers. The move forms part of a broader restructuring initiative announced last year by Anglo American CEO Duncan Wanblad, as the company seeks to divest from non-core assets and focus on higher-growth sectors. Alongside the IPO preparations, Anglo is simultaneously exploring the possibility of an outright sale of De Beers.De Beers: Final Step in Anglo’s Asset DivestmentDe Beers is the last major business unit in Anglo American’s planned exit from several commodity sectors. Since announcing its restructuring, the company has divested…

The International Colored Gemstone Association (ICA) has confirmed a lineup of speakers for its upcoming Congress, to be held in Brasília, Brazil, from 19–22 May 2025. Susan Jacques, President and CEO of the Gemological Institute of America (GIA), and Dr Gaetano Cavalieri, President of CIBJO, the World Jewellery Confederation, are confirmed speakers for the event. The Congress will be hosted by IBGM Brazil at the Royal Tulip Brasília Alvorada, a venue located in one of the world’s leading gemstone-producing regions.Seminar Focus: “Gems for Generations”The theme of the 2025 ICA Congress is “Gems for Generations”, reflecting a focus on long-term sustainability and…

India’s gem sector is preparing for potential US tariffs on exports of polished diamonds and jewellery, which could come into effect on 2 April 2025. The move forms part of wider reciprocal trade measures under consideration by the US government, with India’s Gem & Jewellery Export Promotion Council (GJEPC) currently in contact with industry stakeholders and government officials to assess the likely impact and seek possible solutions.Export Concerns Amid UncertaintyThe United States is India’s largest market for polished diamonds, with gross exports totalling $6.69 billion in 2024, according to data from the United States International Trade Commission. Currently, loose polished diamonds…

The Natural Diamond Council (NDC) has published a new report, Diamonds of Botswana, providing an overview of the diamond industry’s role in Botswana’s national development. The report follows previous NDC publications examining the role of natural diamonds in producing countries.It outlines developments in Botswana since the discovery of diamonds in the 1960s, focusing on how diamond revenues have contributed to infrastructure, education, healthcare and environmental programmes.Economic Impact and Revenue DistributionNatural diamonds represent a significant portion of Botswana’s economy, accounting for around 25% of the country’s GDP, 80% of its exports, and approximately one-third of its fiscal revenue. The report states…

The World Jewellery Confederation (CIBJO) has released a recommended definition of “recycled gold” for use in the jewellery and watch sectors – an initiative that seeks to bring greater consistency to terminology used in the industry and in the market more broadly.The new definition, which will be included in CIBJO’s guidance documents, distinguishes between pre-consumer and post-consumer recycled gold. It excludes gold in the form of investment products such as bullion bars and investment coins, unless that gold is entirely produced from qualifying recycled sources.Clarifying Terminology and CriteriaThe definition was developed through discussions with industry experts and with input from the…

Frédéric Arnault, son of LVMH chairman Bernard Arnault, has been appointed CEO of Italian luxury brand Loro Piana. His appointment is part of a series of leadership changes at LVMH as the company adjusts its management structure. Arnault previously served as CEO of TAG Heuer from 2020 before being promoted to head LVMH’s watch division in early 2024.His departure from the watches segment follows a 2% decline in revenue and a 28% drop in profit from recurring operations in 2024. While no successor has been announced for his previous role, Stéphane Bianchi remains CEO of LVMH Watches & Jewellery, overseeing brands…

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…

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…