Author: Steven Joseph

The International Gemological Institute (IGI), owned by private equity firm Blackstone, has filed for an initial public offering (IPO) valued at approximately INR 40 billion (USD 477 million). IGI aims to capitalise on the rising demand for lab-grown diamonds, particularly in India. The IPO will consist of newly issued shares worth INR 12.5 billion, while Blackstone will sell shares worth INR 27.5 billion.Strategic Market Position and Growth OpportunitiesFounded in Belgium, IGI now generates a large portion of its revenue and profits from India, where it has established itself as a key player in the diamond certification industry. Data from IGI and…

The World Jewellery Confederation (CIBJO) has submitted its biennial report to the United Nations Global Compact, detailing its programmes and activities from September 2022 to September 2024. This submission is part of CIBJO’s ongoing commitment to the UN’s corporate sustainability initiative, which focuses on promoting responsible business practices globally.Key Programmes and InitiativesCIBJO’s recent efforts included educational events, development of business guidelines, and promoting collective action within the jewellery sector. Key initiatives were:Focus on Environmental, Social, and Governance (ESG) StandardsCIBJO’s Sustainable Commission released a report in August 2023 clarifying differences between CSR and ESG frameworks. The report noted the increasing relevance of…

Lucara Diamond Corp. has announced the recovery of an exceptional 2,492 carat rough diamond from its Karowe Diamond Mine in Botswana. The stone is believed to be the second-largest diamond ever found and the biggest discovered in more than a century.The discovery was made using Lucara’s Mega Diamond Recovery (MDR) X-ray Transmission (XRT) technology, which was introduced in 2017 to detect and preserve large, high-value diamonds.The newly discovered diamond, which remains unnamed, is the largest found since the famous 3,106-carat Cullinan diamond in 1905. Officials have not yet determined the value of the 2,492-carat stone, as its price will depend…

Danish jewellery giant Pandora is predicting a major transformation in the diamond market over the next decade. CEO Alexander Lacik has forecasted that lab-grown diamonds will surpass mined diamonds in popularity, marking a significant shift in consumer preferences. This prediction follows Pandora’s 2021 shift to lab-grown diamonds, which the company cited as a response to changing consumer preferences.Technological Advancements and Consumer DemandIn a recent interview with Bloomberg TV, Lacik explained how rapid technological advancements are making lab-grown diamonds more accessible and affordable. He noted, “Ten years on, my prediction is the vast majority of diamonds being sold are going to be lab-grown.…

Toyota has launched the C-HR Diamond Collection, a collaboration with Australian jewellery designer Millie Savage. The campaign, developed by marketing agency HERO, involves the creation of 13 lab-grown diamonds from components of Toyota’s new C-HR vehicle. The Concept: Transforming Car Parts into DiamondsThe C-HR Diamond Collection draws inspiration from the angular lines of a diamond, aiming to reflect the design of the Toyota C-HR. Car parts from the C-HR were subjected to a high-pressure, high-temperature (HPHT) process to create lab-grown diamonds.Shane Geffen, Executive Creative Director at HERO, noted that the process of turning vehicle components into diamonds was challenging, “but a testament…

UK diamond explorer Botswana Diamonds (BOD), has launched an artificial intelligence (AI) initiative to expedite its exploration efforts in Botswana. The company is using AI technology to analyse its mineral database, which is the second-largest diamond exploration database in the country. The first results are expected in four to six weeks.Collaboration with AI and Geoscience ExpertsBOD’s AI initiative involves the use of Xplore mineral prospectivity technology, developed in collaboration with International Geoscience Services Limited and Planetary AI Ltd. The AI system processes large datasets in a manner akin to a geologist but at a much faster rate and with enhanced accuracy.…

Botswana’s success at the Paris 2024 Olympics was recognised by Debswana, which hosted a ceremony to honour the athletes and coaches who represented the country. The event highlighted sprinter Letsile Tebogo, Botswana’s first-ever Olympic gold medallist, and was organised in partnership with De Beers Global Sightholder Sales (DBGSS) and Diamond Trading Company Botswana (DTCB).Diamond Rewards for Tebogo and Team BotswanaTebogo, who won gold in the men’s 200 metres with a time of 19.46 seconds, was presented with a polished diamond and a cash reward of P60,000 ($4,400) by Debswana. His fellow athletes and their technical team members were also recognised…

Ireland-based Karelian Diamond Resources has taken a significant step towards establishing the European Union’s first diamond mine in the Kuopio-Kaavi region of eastern Finland. The Lahtojoki diamond deposit, known for its percentage of pink and colourless gem diamonds, has been the subject of legal and procedural delays, but a recent Finnish Land Court decision brings the project closer to realisation.Court Ruling Resolves Land DisputeThe development of the Lahtojoki mine has been contingent on settling disputes with local landowners over compensation and boundary adjustments. Following appeals from two landowners, the Finnish Land Court upheld the original decision, which had been facilitated by…

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…

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…

This year’s Vicenzaoro September promises to provide fresh new insights into the future of jewellery design and luxury consumption.Organised by the Italian Exhibition Group (IEG), this year’s event runs from 6th to 10th September at the Vicenza Expo Centre. Two key presentations by Trendvision Jewellery + Forecasting, IEG’s independent observatory led by Paola De Luca, will focus on the trends expected to influence the industry in the coming years.Autumn-Winter 2024-25 Jewellery TrendsAs the jewellery industry prepares for the Autumn-Winter 2024-25 season, Trendvision Jewellery + Forecasting has identified four key trends to guide designers and manufacturers:Looking Ahead: Trendbook 2026+In addition to…

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…

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%,…

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…