Author: Steven Joseph

Angola has replaced Russian diamond miner Alrosa with Maaden International, an Omani investment fund, in its diamond-mining operations. Alrosa, the Russian state-controlled diamond miner, previously held a 41% stake in the Catoca diamond mine, one of the largest globally. The company has faced sanctions from the United States, United Kingdom, and European Union since 2022, linked to Russia’s invasion of Ukraine.“Sanctions on the Russian diamond industry created difficulties for the Angolan diamond industry and for the credibility of our diamonds in the international market,” said Angola’s Mining Minister, Diamantino Azevedo. He explained that President João Lourenço directed the Ministry of Mineral…

The World Platinum Investment Council (WPIC) has forecasted a global platinum supply deficit for the third consecutive year in 2025, citing constrained mine output despite improvements in recycling. The deficit is projected to reach 539,000 troy ounces, down from the revised 682,000-ounce shortfall expected in 2024.The imbalance reflects a combination of increasing demand in key sectors such as automotive and jewellery and declining mined supply, particularly in South Africa, the largest producer of platinum globally.Automotive Demand Reaches Eight-Year HighThe automotive sector is projected to consume 3.2 million ounces of platinum in 2025, marking its highest demand since 2017, according to…

Botswana is set to establish an export certification system for rough diamonds in collaboration with the G7 diamond technical team. This move aims to bolster traceability measures, ensuring compliance with G7 restrictions on Russian-origin diamonds while supporting global efforts to enhance transparency in the diamond trade.The collaboration follows the G7’s introduction of an import ban on Russian diamonds, which came into effect on 1 January 2024. This ban was further extended on 1 March 2024 to cover Russian diamonds processed in third countries. To support these measures, the first certification node capable of verifying diamond origins became operational in the European Union…

The diamond industry is navigating a period of significant transformation, as highlighted in a recent report by McKinsey & Company. Natural diamond prices have fallen to multi-year lows, driven by shifting consumer preferences, the rise of lab-grown diamonds (LGDs), and increasing focus on environmental, social, and governance (ESG) concerns. McKinsey’s analysis underscores the need for industry players to adapt to these evolving market dynamics to remain competitive.Natural Diamond Prices Under PressureMcKinsey notes that natural diamond prices have declined sharply following a pandemic-driven surge. The reversal is attributed to several factors, including the rapid growth of LGDs, which offer affordability and…

Russia’s state-controlled diamond mining company Alrosa has announced plans to scale back production and reduce its workforce in 2025. This decision, according to CEO Pavel Marinychev, follows a period of declining diamond prices, weaker global demand and the impact of Western sanctions.Impact of Sanctions and Market DeclineAlrosa, the world’s largest producer of rough diamonds by volume, has described the global diamond market as being in a “deep crisis”, highlighting that prices have declined for the second consecutive year. Compounding these difficulties are G7 and EU sanctions – to manage these pressures, the company plans to suspend operations in areas with limited…

Luk Fook has reported a 27.2% decline in revenue for the six months ending 30 September 2024, amounting to HKD 5.45 billion, a decline mainly attributed to elevated gold prices affecting consumer demand. The gross profit margin increased by 4.9 percentage points to 32.7%, resulting in a gross profit of HKD 1.78 billion.Impact of Gold Hedging and Net ProfitGold hedging losses during the period reached HKD 230 million, marking a significant reversal from the HKD 55 million gain recorded in the same period last year. Operating profit dropped by 53% to HKD 536 million, with the operating profit margin decreasing to…

Digital marketplace Nivoda has announced the successful raising of $51 million in its latest funding round. The funding will support Nivoda’s plans to enhance its supply chain operations and expand its marketplace to include a broader range of jewellery products.Funding Details and Future PlansThe investment round was led by Northzone, a new investor, with participation from existing investors Avenir, Headline, Abstract Ventures, and Canaan Partners. This funding brings Nivoda’s total raised capital to $96 million.“Nivoda has quickly emerged as a category-defining company that powers small retailers around the world. Nivoda is building a truly pioneering technology platform that creates value…

De Beers Group has launched its ‘Forever Present’ marketing campaign in the United States to promote natural diamonds during the holiday gifting period. The campaign continues the use of the classic “A Diamond Is Forever” tagline, which was reintroduced to De Beers’ marketing last year.Focus on Emotional ValueThe ‘Forever Present’ campaign promotes natural diamonds as meaningful gifts for commemorating relationships and milestones. Its central message, “natural connections deserve natural diamonds,” positions them as suitable for marking special occasions.The campaign showcases jewellery designs such as studs, tennis bracelets, anniversary bands, three-stone rings, and solitaire pendants. Featuring real-life couples, it seeks to appeal…

Gold prices have hit historic highs, recently surpassing US$2,700 per ounce, sparking industry-wide speculation about what’s driving this surge. While numerous factors influence gold’s value, one question stands out: is the rapid rise of Artificial Intelligence (AI) technologies playing a role? That’s the question that the World Gold Council recently answered, and it’s fascinating reading.Rising Gold Prices and AI DemandOver the past two decades, gold demand in electronics has fluctuated, peaking at 328 tonnes in 2010 before declining to 249 tonnes in 2023. However, a modest recovery is underway, with AI emerging as a significant driver. AI-powered systems, such as those…

A new campaign at London Luton Airport, in collaboration with jeweller Queensmith, aims to protect the element of surprise for those planning secret proposals. The initiative, called “Ask for Harry,” discreetly informs security staff about engagement rings during checks to help maintain the surprise.Addressing Security Challenges for Secret ProposersThe campaign was developed in response to challenges faced by travellers carrying engagement rings through airport security. When prompted with the phrase, “Does Harry still work here?” security staff are informed that the traveller is carrying a hidden engagement ring. While bags and their contents are still subject to standard screening procedures, the…

The European Union (EU) has issued a statement expressing further dissatisfaction with the Kimberley Process (KP) over its inability to address the role of Russian diamonds in the global market amidst the ongoing conflict in Ukraine. This year marks the third consecutive year the KP has failed to reach a consensus on addressing these issues.EU’s Position on the Kimberley ProcessOn 18th November, the EU issued a statement criticising the Kimberley Process, asserting that its inaction undermines both the organisation’s credibility and the reputation of the natural diamond industry. The EU highlighted that addressing Russia’s involvement is essential to uphold the KP’s…

Paris-based jewellery designer Marie Lichtenberg has launched the 2024 Raiz’in collection, a line of more affordable jewellery inspired by her signature designs. This initiative aims to counteract the proliferation of counterfeit versions of her high-end pieces by offering legitimate, budget-friendly alternatives made under her own brand.The Raiz’in collection, which initially debuted in 2023, was conceived to combat counterfeiting and expand accessibility to Lichtenberg’s distinctive style. The 2024 collection introduces six new designs, featuring symbolic motifs such as evil eyes and sunbursts, crafted in materials like 24-karat gold–plated brass, enamel, mother-of-pearl resin, and glitter resin.Affordable Craftsmanship with a CauseThe Raiz’in collection reflects…

A new report, Silence is Golden, jointly authored by The Rt. Hon Dominic Raab and the World Gold Council, reveals the extent to which artisanal and small-scale gold mining (ASGM) is exploited to fund conflict, terrorism, and organised crime. The findings outline significant challenges faced by the gold industry, urging global collaboration to address these issues.Key Findings of the ReportASGM accounts for around 20% of the global gold supply and 80% of gold mining employment. However, the report highlights vulnerabilities within the sector, making it a target for exploitation by criminal organisations, armed groups, and corrupt officials.The identified challenges include:The report…

Several global industry bodies are reportedly working on a new initiative to secure $65 million annually for category marketing, aiming to enhance the current budget of the Natural Diamond Council (NDC). This plan follows the withdrawal of Russian diamond miner Alrosa from the NDC in early 2022, with . discussions taking place during the Dubai Diamond Conference, according to NDC CEO David Kellie in a recent interview.The funding proposal, which remains under discussion, seeks to ensure broader financial support from across the industry, creating a more sustainable and representative marketing framework.Goals and Proposed MechanismsThe NDC’s current budget stands at $35 million,…

After several months of decline, India’s diamond exports showed growth in October 2024, driven by increasing demand for both natural and lab-grown diamonds. The Gem & Jewellery Export Promotion Council (GJEPC) reported that cut and polished diamond exports for the month totalled USD 1,403.59 million (Rs. 11,795.83 crores), marking an 11.32% increase in dollar terms and a 12.39% rise in rupee terms compared to October 2023.Cut and Polished Diamonds Lead RecoveryCut and polished diamonds accounted for the largest share of gem and jewellery exports, Shri Vipul Shah, Chairman of the GJEPC, stated:”This is a welcome relief for our industry, as we’ve…

The global luxury market is forecasted to reach nearly €1.5 trillion in 2024, according to the latest Bain & Company report in collaboration with Altagamma. While overall growth is expected to remain flat, professional jewelers can take note of the jewelry sector’s resilience compared to other luxury categories facing even greater challenges.Jewelry Outperforms in a Slowing Personal Luxury Goods MarketThe personal luxury goods market is experiencing its first slowdown since the Great Recession, excluding the pandemic years, with an expected 2% decline at current exchange rates compared to 2023. This contraction is attributed to ongoing economic uncertainty, price increases, and reduced…

The Central African Republic (CAR) has been reinstated as a full participant in the Kimberley Process (KP), ending an 11-year suspension initially imposed due to concerns over the use of diamond revenues to fund armed conflict. This reinstatement allows CAR to export rough diamonds from all regions within its borders, broadening the previous restriction to select “green zones” that met KP compliance requirements.Background of CAR’s Suspension and ReinstatementCAR’s suspension in 2013 stemmed from allegations that diamonds were financing rebel activities in the country. The Kimberley Process, a global initiative aimed at preventing the trade of conflict diamonds, imposes stringent regulations to…

Authorities investigating the high-profile 2022 TEFAF jewellery heist have intensified efforts with a new search operation in Verviers, Belgium. Using advanced detection equipment, police are scouring a local river for tools discarded during the dramatic robbery, which saw millions in jewellery stolen from the Symbolic & Chase stand in Maastricht.This search marks a critical phase in the ongoing investigation, which has made significant strides in recovering evidence and identifying suspects.Details of the TEFAF HeistThe daring robbery took place on 28 June 2022, during the European Fine Art Fair (TEFAF) at the MECC in Maastricht, Netherlands. Four men dressed in business attire smashed…

Fenix Diamonds and Dholakia Lab-Grown Diamond have jointly acquired Israeli diamond grower Lusix for $4 million. Founded in 2016 by Benny Landa, Lusix has received over $152 million in investment since its establishment, focusing on advanced technologies in lab-grown diamonds. The acquisition aims to expand production capacity and advance research and development (R&D) for both companies.Expanding Production and Preserving InnovationThe acquisition underscores the shared goal of Fenix and Dholakia to enhance production capacity and strengthen research and development (R&D) capabilities. Both companies offered similar terms during the bidding process and chose to divide Lusix’s production under confidential conditions. A key factor…

Alexandre Arnault, current executive vice president of product, communications, and industrial at Tiffany & Co., is set to leave his role to become deputy CEO of LVMH’s Wines and Spirits division, Moët Hennessy. This transition will take effect on 1 February 2025, as part of a larger executive reshuffle within the luxury conglomerate.A Legacy at Tiffany & Co.Arnault joined Tiffany & Co. in 2021 following LVMH’s acquisition and oversaw initiatives to modernise the brand’s offerings and global messaging.Reflecting on his tenure at Tiffany, Arnault stated in a social media post:“Four years ago, I had the privilege to help reimagine Tiffany &…

A rare 18th-century diamond necklace, previously part of the Marquess of Anglesey’s collection, achieved a remarkable sale price of CHF 4,260,000 (USD 4,837,060) during Sotheby’s Royal and Noble Jewels auction in Geneva on 13 November. The sale, which drew international attention, saw the necklace more than double its low estimate of CHF 1,600,000 following a seven-minute bidding war between seven interested parties.A Piece of HistoryThe necklace, featuring over 300 carats of diamonds likely sourced from India’s Golconda mines, is a notable example of Georgian-era craftsmanship. With its three rows of diamonds and tasselled design, it was likely created for European royalty…

The International Gemological Institute (IGI) has announced the return of its annual global jewellery design competition, IGI Expressions 2024-25. Now in its fourth year, the competition invites participants worldwide to explore the theme “A Journey to the Enchanted Forest”, drawing inspiration from classic fairy tales to merge fantasy and reality in their jewellery designs.Design Categories and Submission FormatsThe competition is open to student, amateur, and professional designers, allowing creativity across the following categories:Submissions can be presented in diverse formats, including CAD renderings, manual sketches, or digital tablet designs. The competition aims to cater to a wide range of artistic skills and…

Speaking at the 2024 KP Plenary in Dubai, World Diamond Council (WDC) President Feriel Zerouki urged stakeholders to work together to update the Kimberley Process (KP) framework for conflict diamonds to ensure the sector’s long-term sustainability.Broadening the Definition of Conflict DiamondsA key focus of the plenary was expanding the definition of conflict diamonds. Currently, the KP categorises these as rough diamonds used by rebel groups to finance efforts against legitimate governments. This definition excludes issues linked to state actors or broader concerns regarding human rights abuses and ethical sourcing.Zerouki noted that the WDC, in collaboration with the Civil Society Coalition,…

The Aga Khan Emerald, a rare 37.41-carat square-cut green gemstone, has become the most expensive emerald ever sold at auction, achieving nearly $9 million at Christie’s Geneva. This sale highlights the strong demand for high-value coloured gemstones, particularly emeralds, in the jewellery market.A Piece with Historical SignificanceThe emerald, set in a Cartier brooch surrounded by 20 marquise-cut diamonds, was commissioned in 1960 by Prince Sadruddin Aga Khan for British socialite Nina Dyer. After their brief marriage, Dyer auctioned the piece in 1969 to support animal welfare initiatives.The brooch was later acquired by Van Cleef & Arpels and subsequently by Harry Winston,…

A dispute over the ownership and value of the 70-carat “Idol’s Eye” diamond has brought two branches of Qatar’s royal family into a legal confrontation at London’s High Court. The conflict centres on the rights to purchase the historic gemstone, with Sheikh Hamad bin Abdullah Al Thani, cousin to Qatar’s Emir Sheikh Tamim bin Hamad Al Thani, and his company QIPCO on one side, and the family of the late Sheikh Saud bin Mohammed Al Thani on the other.The “Idol’s Eye” Diamond: Historical ContextThe “Idol’s Eye,” known for its storied history, has been in Sheikh Saud’s possession since the early 2000s.…

Vacheron Constantin, the Swiss watch manufacturer owned by Richemont, has launched a global certified pre-owned (CPO) programme in collaboration with secondary watch retailer Watchfinder. This initiative aligns Vacheron Constantin with other luxury watch brands that have ventured into the pre-owned market, aiming to offer collectors a secure, authenticated channel for purchasing pre-owned timepieces. The programme will expand to additional authorised vendors and be available alongside auction house sales.Rise of the Certified Pre-Owned MarketIn recent years, the luxury pre-owned watch market has grown significantly due to increased interest in watches as investment assets and heightened demand for limited models. A 2023 Boston…

The Natural Diamond Council (NDC) has published the latest edition of its Diamond Facts report, aiming to counteract perceived misinformation surrounding both natural and laboratory-grown diamonds. This second edition offers insight into a variety of aspects of the diamond industry, from environmental impacts to social conditions, with the intention of equipping consumers and stakeholders with accurate data to inform their choices. The NDC aims to provide a reliable resource to support industry stakeholders and consumers in making informed decisions regarding diamonds.Providing Clarity on Diamond Types and MisconceptionsIn the Diamond Facts report, the NDC underscores its commitment to correcting common misconceptions in…

HB Antwerp, a diamond producer start-up with a focus on traceability and sustainability, has earned the 12th spot on Fortune’s 2024 Change the World list. Since its founding in 2020, HB Antwerp has focused on returning value and economic benefits to Botswana, one of the world’s leading diamond-producing countries. Unlike established business models, HB Antwerp’s approach redefines transparency and shifts significant revenue to countries of origin through an innovative blockchain-backed structure.Commitment to Botswana’s Economic DevelopmentHB Antwerp’s model aims to ensure that diamond-producing countries receive a fair share of the industry’s profits. Rather than following conventional methods where foreign companies retain a…

The Gemological Institute of America (GIA) has announced it will close its laboratory in Ramat Gan, Israel by the end of 2024. This decision is in response to a sustained decline in local client submissions, attributed to shifts in the global diamond industry. Despite cost-cutting efforts and a reduction in staff, the Ramat Gan lab has become financially unsustainable. GIA President and CEO Susan Jacques stated, “Israel continues to be an important center for specialized diamond cutting and polishing. We will provide services for our clients through other GIA locations.”Since opening in 2012, the Ramat Gan lab has served as a regional…

Diamond prices continued to fall in October, though at a slower pace than in previous months, according to latest Rapnet Diamond Index figures.Consumer demand in the US ahead of the holiday season provided some stability, but manufacturers remained under pressure to reduce inventory, often at discounted prices.Diamond Price Index Reflects Slower Rate of DeclineThe RapNet Diamond Index (RAPI™) recorded a 1.5% decline for 1-carat round diamonds in October, reflecting a gentler drop than in September. Smaller diamonds were also affected, with 0.30-carat stones falling 0.6%, 0.50-carat stones by 2%, and 3-carat stones down by 0.5%. Pear and oval shapes saw…