Author: Steven Joseph

In an unprecedented shift within the diamond industry, Russia has surpassed Botswana as the leader in rough-diamond production value for the first time in 2023. Despite facing stringent sanctions and a challenging market, Russia’s rough-diamond production achieved a significant milestone, according to the latest Kimberley Process (KP) statistics released this week.Key Production FiguresRussia produced 37.3 million carats of rough diamonds in 2023, valued at $3.61 billion. This represents an average price of $97 per carat, marking a notable increase from the previous year’s output of 41.9 million carats, valued at $3.55 billion with an average price of $85 per carat. This rise…

Fabergé has again collaborated with Gemfields to create the unique Fabergé x Gemfields Malaika Egg. This $1.2 million egg, unveiled in July 2024, features Mozambique’s finest rubies, complemented by diamonds, sapphires, and amethysts. $100,000 from the sale will be donated to the Gemfields Foundation to support community projects in Mozambique.A Celebration of Mozambican RubiesThe Malaika Egg, named after the Swahili word for “angel,” features 308 rubies sourced from the Montepuez ruby mine in Mozambique, which is majority-owned by Gemfields. These rubies are set alongside 4,312 round brilliant-cut white diamonds, 252 round brilliant-cut brown diamonds, 421 round pink sapphires, and 61 amethysts.…

The Responsible Jewellery Council (RJC) has released its 2024 Annual Report, entitled “The Artisans of Change: Crafting Our Future Together.” The report highlights the council’s significant growth and outlines new standards and initiatives aimed at promoting responsible practices across the global jewellery and watchmaking industry.Key Growth and Leadership ChangesSince its inception in 2005, the RJC has expanded from 14 founding members to 1,828 members worldwide by the end of 2023, spanning 71 countries. This growth underscores the increasing commitment within the industry to uphold ethical standards and sustainable practices.Melanie Grant, who began her tenure as executive director in 2023, remarked, “It’s…

The Responsible Jewellery Council (RJC) has commenced the first public consultation on its proposed Laboratory Grown Materials Standard (LGMS). The consultation period, open from 26 June to 25 August 2024, invites industry stakeholders to provide feedback on the draft standard, marking a significant step towards establishing best practices for lab-grown materials in the jewellery sector.Development and Consultation ProcessThe decision to develop the LGMS was taken by the RJC in 2021. The process includes at least two rounds of public consultations and involves input from the RJC’s multi-stakeholder Standards Committee. This approach ensures the standard reflects a broad range of perspectives…

In the first quarter of 2024, Botswana’s economy contracted by 5.3%, largely due to the significant decline in global diamond demand. This marks a sharp reversal from the 5.3% growth recorded in the same period last year.Decline in Diamond SectorDiamonds are vital to Botswana’s economy, contributing approximately 80% of the country’s export revenue. The latest figures from Statistics Botswana reveal a steep 27.3% drop in diamond production during the first quarter. This has had a profound impact on the real value added by diamond traders, which plummeted by 46.8%, a stark contrast to the 3.7% growth observed in the previous…

A recent study by Retail Systems Research (RSR), sponsored by Jumpmind, Inc., reveals that nearly 75% of consumers believe their shopping habits have changed significantly, but retail technology is not keeping pace. The report, titled “Why the Retail Store Won’t Survive as a ‘Tech-Free Zone’,” surveyed over 100 U.S.-based retailers and more than 1,100 U.S. shoppers, highlighting the growing divide between consumer expectations and current retail capabilities.Consumer ExpectationsThe survey found that 69% of consumers enjoy browsing in stores, yet almost three-quarters acknowledge a significant shift in their shopping methods over the past three years. Notably, 87% of shoppers want the same…

A new report commissioned by De Beers Group and conducted by the Boston Consulting Group (BCG) sheds light on both the immediate and long-term prospects for the natural diamond industry. The report provides key insights for jewellers and industry stakeholders amidst a rapidly evolving global landscape.Short-Term ChallengesIn 2023, the natural diamond industry encountered several obstacles. The easing of COVID-19 restrictions led to a “bridal catch-up” effect, reducing the immediate demand for diamonds. Additionally, economic headwinds and a growing preference for lab-grown diamonds (LGDs), particularly in the United States, further impacted demand. Changes in stock levels throughout the midstream and downstream…

De Beers has announced a decline in rough diamond sales, citing economic difficulties in key markets and seasonal industry trends. The company’s fifth sales cycle of the year generated $315 million, a significant decrease from the previous year’s figures and the preceding months of this year.Sales Figures and Market ConditionsThe June sales cycle saw a 31% decrease compared to the same period in 2023. This figure is also 18% lower than the $383 million reported in May and 29% lower than April’s total. Despite efforts to stabilize sales by reducing prices for smaller rough diamonds in the previous cycle, no such…

The Gübelin Gem Lab with its three lab locations in Hong Kong, Switzerland and New York has launched its new Gem Passport service, aimed at providing essential information for emeralds, rubies, and blue sapphires up to 3 carats. This service is designed to offer a reliable, cost-effective solution for gemstone verification.Service DetailsThe Gem Passport includes critical identification features such as species and variety, country of origin, and a simplified treatment disclosure. Utilizing Gemtelligence, an AI-powered tool, the service streamlines the testing process, particularly the labor-intensive microscopic assessment, thus reducing costs. Each Gem Passport is priced at CHF 200 (USD 215).Scope…

The European Union (EU) has announced significant changes to its sanctions on Russian diamonds, extending the transition period and introducing key exemptions that will affect importers and the wider jewellery industry.Extension of the Sunrise PeriodThe EU has extended the “sunrise period” for its traceability requirements on Russian diamonds by six months. This means the mandatory traceability program for rough and polished natural diamonds will now commence on March 1, 2025, instead of the previously set date of September 1, 2024. This extension follows calls by major industry players, including De Beers, for more time to comply with the new rules.Traceability…

Gemfields has launched a new book, titled No Stone Unturned: The Hunt for African Gems, authored by Richa Goyal Sikri. This publication explores the journey of gemstone discoveries across Africa over the past six decades, capturing the essence of the coloured gemstone industry.A Collection of Real-Life AdventuresThe book, No Stone Unturned, comprises 24 true stories that depict the dynamic and often perilous world of the gemstone trade. Sikri’s narrative takes readers through the process of gemstone discovery, from the mines to the markets, providing insights into significant historical moments linked to Africa’s gem deposits.Voices from the IndustrySean Gilbertson, CEO of Gemfields, praised…

Signet Jewelers has identified fashion jewellery as the primary avenue for growth in the synthetic-diamond segment, according to CEO Gina Drosos.During an investor call following the release of Signet’s fiscal first-quarter earnings, Drosos highlighted that revenue from fashion jewellery featuring synthetic diamonds surged by 14% year on year. This growth occurred as the company expanded its offerings in this category. In contrast, total sales of fashion jewellery saw a 6% decline, totalling $552 million.Cost Efficiency and Consumer AppealThe production of synthetic diamonds has become more efficient over the past five years, significantly reducing costs. This efficiency has allowed Signet to…

JCK 2024 has concluded successfully, drawing approximately 30,000 industry professionals to The Venetian and The Venetian Expo in Las Vegas. Running from May 31 to June 3, with pre-show sessions starting on May 29, JCK featured over 1,900 exhibitors and 17,300 attendees, with various pavilions and educational tracks enhancing the experience.Educational ProgramsThe JCK Talks education program, which commenced a day before the main show, included new tracks such as Your Development, Business Management, and Sales. The “Social Stage” returned, focusing on content creation, data utilisation, and practical implementation. Notable keynotes featured Kyle Scheele, Henry Winkler, and Sugar Ray Leonard.Events and ActivationsThemed…

Sotheby’s has announced key leadership changes within its Watch Division, with Sam Hines and Geoff Hess appointed to new roles to guide the division’s future growth.Sam Hines Returns as ChairmanSam Hines is rejoining Sotheby’s as the chairman of the Watch Division. Hines, who began his career at Sotheby’s in 1997, has previously held positions at Phillips and Christie’s, and most recently served as managing director at Loupe This, an online watch auctioneer. His track record includes notable watch sales over the past 15 years, such as the sale of a stainless steel Patek Philippe Ref. 1518 for $11 million in…

De Beers Group has announced its support for the G7 sanctions on Russian diamonds, emphasizing the need for practical, industry-wide, and enforceable measures. The company has provided a detailed response to the requests from G7 governments, highlighting key areas for consideration.Timing and Adaptation PeriodThe proposed import restrictions on Russian diamonds, specifically those of 0.5 carats and above, are set to be implemented on 1 September 2024. However, De Beers advocates for a 12-month extension of the ‘sunrise period’ to September 2025. This extension is intended to give the diamond industry adequate time to adapt to the new certification and import requirements.Certification…

Pandora has announced the launch of its lab-grown diamonds collection in Denmark on June 6th, marking the first EU market to offer Pandora’s lab-grown diamonds after successful debuts in the Americas, Australia, and the UK. This launch aligns with the opening of Pandora’s first flagship store in Copenhagen.Commitment to SustainabilityThe company’s lab-grown diamonds are produced using 100% renewable energy, with a claimed carbon footprint approximately five percent of that of mined diamonds, with 100% recycled silver and gold settings.”Our lab-grown diamonds represent the future of luxury. They combine beauty and responsibility, and we are excited to bring them to Denmark. As…

The Natural Diamond Council (NDC) has unveiled its latest campaign, “Real. Rare. Responsible,” featuring Emmy-nominated actress Lily James as the global ambassador, aiming to highlight sustainable practices within the natural diamond industry. The campaign is set to launch in late summer and will include a series of films, videos, and images showcasing the journey of natural diamonds.“Formed deep within the Earth billions of years ago, it was important that we capture natural diamonds in their natural element for our new campaign,” said David Kellie, NDC’s CEO. “Canada plays an integral role within the natural diamond industry. While people tend to more…

Indian Lab Grown specialist Ethereal Green Diamond LLP  has announced the display of two significant lab-grown diamonds at the upcoming JCK Show in Las Vegas.The “Celebration of India,” a 75.33 carat square-emerald cut diamond, and the “Infinity Ring,” a unique 30.69 carat ring-shaped diamond, are both certified by the International Gemological Institute (IGI).Largest Lab-Grown Diamond to DateThe “Celebration of India” diamond, weighing 75.33 carats, has been identified as the world’s largest lab-grown diamond to date. The IGI graded the diamond as type IIa, noting its excellent polish and symmetry. The diamond’s creation process involved approximately 270 days of growth to…

The Antwerp World Diamond Centre (AWDC) has issued a statement supporting the G7’s decision to ban Russian diamonds from entering the G7 and EU markets. In line with this, AWDC is advocating for a robust and traceable verification system to ensure ethical standards in the diamond industry. However, the organisation emphasises the need for additional verification points outside the G7 to ensure the smooth trade of non-sanctioned goods. Advocacy for African ProducersAWDC is actively participating in discussions with G7 and EU representatives to implement these measures. They propose the establishment of one or more rough diamond verification points outside the G7. This…

According to a report from Reuters, The United States is currently re-evaluating the stringent aspects of a Group of Seven (G7) ban on Russian diamonds, following significant resistance from African countries, Indian gem polishers, and jewelers in New York.This reconsideration comes after the December sanctions package aimed at reducing a revenue stream for Russia amidst its ongoing conflict with Ukraine.Background and Industry Impact Since March, diamond importers to G7 countries have been required to self-certify that their diamonds do not originate from Russia, the world’s largest producer of rough diamonds. Direct imports of Russian gems were banned earlier in January.A critical…

Richemont has announced the appointment of Nicolas Bos as the new Chief Executive Officer, effective 1 June 2024. Mr Bos, who is currently the CEO of Van Cleef & Arpels, will assume a re-established role, reporting to Johann Rupert, Chairman of Richemont. In his new position, Mr Bos will oversee all Maisons, functions, and regions within the group, including key areas such as Jewellery Maisons, Finance, and Human Resources.Johann Rupert, Chairman of Richemont, commented on the appointment: “I am truly delighted that Nicolas has accepted to assume the re-established role of Chief Executive Officer of Richemont. His vision and ability to uphold…

The World Federation of Diamond Bourses (WFDB) and the Shanghai Diamond Exchange (SDE) have signed a Memorandum of Understanding (MoU) aimed at promoting the natural diamond market in China. This agreement follows meetings held during the WFDB Presidents’ Meeting in Shanghai in March, where WFDB leaders and Chinese government officials discussed initiatives to invigorate the Chinese diamond marketObjectives of the MoUThe MoU aims to enhance collaboration through joint events, marketing campaigns, and bilateral visits. The WFDB will open a representative office within the China Diamond Center, while the SDE will work on advancing the local diamond industry.WFDB President Yoram Dvash highlighted…

Anglo American, the UK-based mining giant, has outlined plans to divest significant parts of its business, including business De Beers and its platinum arm, Anglo American Platinum (Amplats). This decision follows the rejection of a £34 billion takeover bid from BHP and aims to streamline the company’s operations to focus on core assets such as copper, iron ore, and crop nutrients.Comprehensive Breakdown of the Divestiture PlanThe restructuring plan includes the divestiture of De Beers and Amplats, alongside Anglo American’s steelmaking coal assets. These sales are part of a broader strategy to concentrate on commodities with strong growth prospects and higher profit…

The Kimberley Process (KP) Intersessional meeting has commenced in Dubai, UAE, gathering global representatives from the diamond industry, civil society, and governments to address critical issues in the diamond trade. Focus on Consensus and ActionThe UAE, operating under the theme “Year of Delivery,” aims to drive progress in the diamond trade’s regulation by overcoming political impasses and implementing concrete actions. This includes establishing a permanent secretariat in Botswana, completing the KP review and reform cycle, and advancing the digitalisation of the KP.Calls to Address Ongoing ConflictsThe KP is facing renewed calls to act over the ongoing wars in Ukraine and the…

Richemont has announced its acquisition of the Italian jeweller Vhernier S.p.A., adding the company to its substantial portfolio of luxury brands. The acquisition, encompassing a full 100% stake, aligns with Richemont’s strategy to enhance its luxury jewellery segment. Pending customary regulatory approvals, the transaction is not expected to have a material financial impact on Richemont’s consolidated net assets or operating results for the fiscal year ending 31 March 2025.Strategic Expansion in the Luxury SectorRichemont’s acquisition introduces Vhernier as the 29th brand within its portfolio, aligning it with other prestigious brands under the Jewellery Maisons business unit including Cartier, Van Cleef…

The latest pricing information from Rappaport showed that April 2024 saw a downturn in the diamond market, influenced by seasonal trends and reduced demand from the US and China. Prices for diamonds with a clarity rating of Very Slightly Included (VS) and above declined, while those for Slightly Included (SI) categories saw minor increases, continuing a pattern seen since the year’s start.BHP’s Acquisition Moves and Impacts on De BeersAmidst these market fluctuations, BHP’s substantial $38.9 billion offer for Anglo American has sparked speculation regarding the future of De Beers. Anglo American’s potential sale of De Beers is underway, potentially reshaping the…

The International Gemological Institute (IGI) has introduced a new grading report for round brilliant cut diamonds, the Light Performance Grading Report. This report focuses on the optical performance of diamonds, providing detailed insights into their visual properties.Grading System and MetricsThe IGI Light Performance grading system employs a methodology that assigns an overall Light Performance score to each diamond. This primary score is supplemented by additional metrics assessing Brightness, Fire, and Contrast. These parameters are essential for assessing how diamonds interact with light, which affects their visual appeal and potentially their market value.The system employs advanced ray-tracing software and slope proportions logic…

Tiffany & Co. has announced the launch of the Tiffany Titan by Pharrell Williams collection, which draws inspiration from the mythological trident of Poseidon. According to Tiffany, the collection aims to embody a blend of energy, power, and individuality, using a motif that contrasts sharply pointed elements with softer, curved links. The design approach seeks to challenge conventional aesthetics and engage those who appreciate a distinctive, bold style. We are excited to unveil Pharrell’s inaugural collection for Tiffany. The Tiffany Titan by Pharrell Williams collection defies the conventions of fine jewelry design. It represents a balance of Pharrell’s creative vision with Tiffany…

Russian diamond giant Alrosa is set to sell its 41% stake in the Catoca diamond mine in Angola, a move driven by operational challenges and intensified by global sanctions. Sanctions and Operational ChallengesAlrosa’s position as a key stakeholder in the Catoca mine has become problematic due to sanctions and the reluctance of Western companies to engage with entities connected to Russian businesses. Russian Deputy Finance Minister Alexei Moiseyev detailed the issues and progress of the negotiations, “The Angolans believe that the presence of Alrosa as a key shareholder is preventing them from developing their business. In general, they have fair reasons for…

The World Gold Council’s ‘Gold Demand Trends Q1 2024 report presents a complex landscape for gold demand. When including over-the-counter (OTC) transactions, total demand saw a year-on-year increase of 3% to 1,238 tonnes, bolstered by significant purchases by central banks and OTC investments. This was against a backdrop of a 5% drop in demand excluding OTC transactions, which fell to 1,102 tonnes due to continued outflows from exchange-traded funds (ETFs).Central Bank and OTC InfluencesCentral banks significantly increased their gold holdings, with a net addition of 290 tonnes, although not all additions are currently shown in International Monetary Fund (IMF) data. Investor…