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,…
Author: Steven Joseph
Steven aims to be first to bring the news on industry updates, while his finance background informs his insights on how broader economic trends affect the jewellery trade
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…
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…
The German jewellery trade show, InterGem, will celebrate its 40th anniversary at its 2025 edition. Scheduled for 11th to 13th April in Idar-Oberstein, the event will feature a range of gemstones, jewellery, innovative designs, and technological advancements.An Important Event for the IndustryInterGem, known for bringing together the jewellery supply chain, will mark its 40th anniversary by reflecting on its history. Over the past four decades, the show has become a key event for industry professionals, offering a platform for networking, business development, and exposure to the latest trends and innovations.InterGem’s organisers emphasised the importance of this milestone event. “We are honoured…
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…
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…
The Türkiye Jewellery Exporters’ Association (JTR) has become a trade association member of the Responsible Jewellery Council (RJC), aligning JTR with RJC’s standards on human rights, labour rights, environmental impact, and responsible sourcing.Commitment to Ethical PracticesBurak Yakın, president of JTR, stated, “Joining the RJC marks a pivotal moment for JTR, affirming our dedication to ethical practices globally. The membership facilitates enhanced collaboration with global industry leaders, ensuring that Turkish jewellery meets the highest standards of consumer and environmental expectations.”Supporting the Jewellery IndustryFounded in July 2003 by the Council of Ministers of the Republic of Türkiye and affiliated with the Ministry…
Swarovski has announced its new partnership with pop star Ariana Grande, naming her as the brand’s latest ambassador. This collaboration is set to launch with a Holiday Campaign in 2024.Grande stated, “I am thrilled to be Swarovski’s Brand Ambassador. It’s an honour to represent a House that shares my passion for creativity, pushes the boundaries beyond the world of jewellery and promotes values of unapologetic self-expression. I cannot wait to embark on this journey and to inspire others to embrace their own unique sparkle.”Statements from Swarovski LeadershipGiovanna Engelbert, Swarovski’s Global Creative Director, commented on the collaboration, noting, “Ariana’s charisma and…
Pomellato, owned by Kering, has acquired Valenza Setting Lab (VSL) to enhance its manufacturing capabilities in diamond and precious stone settings. Both companies are Italian-based, with Pomellato headquartered in Milan and VSL in Valenza.Background of Valenza Setting LabValenza Setting Lab was established by Marcello Monti and Gilberto Dentelli. The lab employs 24 skilled setters, who previously operated under MG Incassatura, a long-time collaborator of Pomellato. This acquisition continues a strong partnership and steps up Pomellato’s in-house capabilities.Kering’s Continued Investment in PomellatoKering’s 2013 majority stake acquisition in Pomellato started strategic investments to expand Pomellato’s capabilities. This move reinforces Kering’s commitment to its…
In the jewellery industry, online reviews are incredibly important. Positive feedback builds trust and attracts clients, while negative reviews can damage your reputation. As a jewellery store owner, managing your online presence effectively is essential – it’s the first point of contact that many potential customers will have with your business.But sometimes things don’t quite go to plan and you receive a bad review. This may be a legitimate complaint, a mistake or even a malicious action by a disgruntled employee or a competitor. However it happens, it’s likely that you want to minimise i’s impact on your brand’s reputation.This guide…
Platinum Guild International (PGI USA) has published its latest trend report on platinum engagement rings, detailing six trending styles expected to dominate the holiday proposal season and extend into 2025.Trending Engagement Ring StylesThe report identifies six key trends for platinum engagement rings:Designer ContributionsThe report is illustrated with imagery from a diverse group of designers, including established names in bridal jewelry such as Tacori, Kirk Kara, Stuller, and Rahaminov. It also features contemporary designers like Jade Ruzzo, Sorellina, Harwell Godfrey, and Jade Trau, highlighting a wide array of design talent.Industry Embrace of Platinum“We are excited to present Platinum Guild’s latest engagement…
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…