Author: Steven Joseph

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…

Diamonds Do Good (DDG) has allocated over $250,000 in grants for 2024 to support initiatives in education, empowerment, and economic development across diamond-producing and manufacturing regions. This funding stems from contributions raised at the 2024 DDG Awards and additional fundraising efforts, with a goal of promoting sustainable growth in these communities.Urban Transition Centres for Children of Migrant Diamond Workers in IndiaFor 2025, DDG has partnered with the American India Foundation (AIF) to establish the Diamonds Do Good Urban Transition Centres. These centres will provide educational and cultural support for children of migrant workers in India’s diamond-cutting industry, easing their transition between…

In the Fall edition of Gems & Gemology, the Gemological Institute of America (GIA) shared findings on three natural diamonds with unusual inclusions creating animal and mask-like visual forms. While inclusions may be common, the distinct shapes observed in these diamonds — a butterfly, a fish, and a theatre mask — are rarely seen. The GIA’s observations highlight how natural inclusions can become a point of interest, potentially appealing to jewellers and clients seeking nature-inspired or one-of-a-kind jewellery.Butterfly Kaleidoscope and Tiny FishOne of the diamonds graded by the GIA, a 1.55-carat, G-color, I1-clarity round stone, contained a feather inclusion that created…

Botswana’s newly elected president, Duma Boko, has announced his intention to expedite negotiations for a new diamond sales agreement with De Beers – a deal that will have significant implications for Botswana’s diamond industry.According to data from Botswana’s central bank, Debswana’s rough diamond sales dropped by around 52% in the first nine months of 2024. This decline highlights the need for a steady, beneficial agreement for Botswana’s economy, where diamonds remain a central revenue source.A Decade-long Diamond Pact Under NegotiationIn 2023, De Beers and Botswana’s government agreed in principle to a diamond sales framework that aims to gradually increase Botswana’s…

The 2024 CIBJO Congress gathered global jewellery industry leaders to address key issues around consumer confidence, sustainable practices, and standardised terminology.Hosted by the China Gem and Jade Exchange, Diamond and Gems Administration of China and the Donghao Lansheng Group, the congress explored the challenges facing the industry and the shared responsibility of jewellers worldwide.Protecting Consumer Confidence Amid UncertaintyThe opening addresses emphasised the industry’s collective duty to uphold consumer trust. CIBJO President Gaetano Cavalieri underscored that consumer confidence is central to the value of jewellery, built upon an “unwritten contract” with consumers that must be honoured through responsible business practices. As…

The diamond-cutting and polishing industry in Surat, India’s largest diamond hub, has announced an unprecedented month-long shutdown until November 30, a significant extension from its usual two-week Diwali closure. The decision comes in response to diminished demand for natural diamonds from the United States and China—historically the sector’s two most significant markets. The industry slowdown is impacting roughly 5,000 diamond processing units in the city and nearly 800,000 workers employed across these facilities. Weakening Global Demand and Geopolitical ChallengesSurat’s diamond sector, which processes nine out of every ten diamonds globally, has struggled with ongoing challenges in its key export markets. The United States…

India’s diamond export sector is facing ongoing declines, with recent data from the Gem and Jewellery Export Promotion Council (GJEPC) indicating a 22.9 per cent year-on-year drop in the export of polished diamonds for September. This downturn follows a similarly sharp decline in August, where exports decreased by 23.8 per cent compared to the previous year. The trend reflects persistent challenges in India’s diamond industry, primarily driven by fluctuations in global demand and ongoing supply chain pressures.Monthly Sales Reveal Uneven TrendsDespite the pronounced year-on-year drop, monthly sales figures suggest some fluctuation within the market. Total foreign sales of polished diamonds reached…

The World Federation of Diamond Bourses (WFDB), led by President Yoram Dvash, has called for a coordinated industry initiative to address falling demand for natural diamonds. Dvash directed his appeal to stakeholders across the diamond sector, emphasising the importance of substantial, collaborative investment, particularly from diamond-producing countries.Shifting Perceptions of Diamonds Among New GenerationsIn an open letter, Dvash noted that changing consumer perceptions may be linked to the absence of industry-wide marketing for natural diamonds over the last two decades. He noted that younger generations, unfamiliar with the once-iconic “A Diamond is Forever” campaign, have developed a different perspective, one that is…

Diamond sales from Debswana, the joint venture between De Beers and the Botswana government, dropped significantly in the first three quarters of 2024. According to the Bank of Botswana, Debswana’s diamond revenue fell by 52%, dropping from $3.19 billion in the same period last year to $1.53 billion. This decline highlights challenges in the global diamond market, which have impacted Botswana’s economy, heavily reliant on diamond exports for a substantial portion of its revenue.Impact on Botswana’s EconomyBotswana’s diamond industry is a central pillar of its economy, accounting for 30%-40% of government revenue, 75% of foreign exchange earnings, and about one-third of…

Boston-based RR Auction recently concluded its “Space Auction,” with lots including multiple watches with historic ties to space missions, such as a Rolex GMT-Master worn during the Apollo 14 mission by astronaut Edgar Mitchell. Apollo-Flown Rolex GMT-Master Achieves Record-Breaking $2.2 Million SaleThe centrepiece of the auction was astronaut Edgar Mitchell’s Rolex GMT-Master “Pepsi” watch, which sold for $2.2 million, far surpassing its estimated sale price of over $400,000. This rare piece of space memorabilia is only the second Rolex worn on an Apollo mission to be sold publicly. The first was astronaut Ron Evans’ Rolex GMT-Master from Apollo 17, which went…

De Beers Group has announced an expansion of its diamond traceability initiatives, revealing plans to provide specific country of origin data for all newly registered diamonds over 0.5 carats in polished size, starting from 2025. This development, supported by Tracr, De Beers’ blockchain-based platform, represents a step forward in transparency and ethical sourcing within the diamond industry.New Tracing Capabilities for Diamonds Above 0.5 CaratsFrom 2025, De Beers will register the country of origin for rough diamonds above 1 carat in size (equivalent to 0.5 carats polished) on the Tracr platform. This initiative aligns with the size thresholds for new diamond import…

Russia’s Finance Ministry is reportedly evaluating the potential acquisition of additional rough diamonds from state-controlled Alrosa in 2025, with the purchases made through Gokhran, Russia’s State Precious Metals and Gemstones Repository and with the intention of supporting Alrosa’s liquidity given current market challenges.Russia’s Deputy Finance Minister Alexei Moiseyev confirmed that discussions are underway, stating, “We are considering this possibility… In order to allow Alrosa the opportunity to be calm and not feel obliged to sell on the market in order to maintain its liquidity position. Because the market looks alarming.”Alrosa’s Financial Stability and Government SupportAlrosa, one of the world’s largest…

Fabergé has introduced two new items as part of its collaboration with the James Bond franchise, marking the 60th anniversary of Goldfinger (1964). The new creations include a Goldfinger Egg Safe Locket with a ruby heart surprise, and a statement Octopussy ring, each designed with Fabergé’s distinctive craftsmanship.These pieces are part of the Fabergé x 007 collection, created in partnership with EON Productions. The designs incorporate elements from the James Bond films alongside Fabergé’s signature craftsmanship.Fabergé x 007 Goldfinger Egg Safe LocketThe Goldfinger Egg Safe Locket is the first piece in the new Goldfinger capsule collection. Crafted in 18k yellow gold,…

De Beers has announced plans to reduce the number of sightholders in its next supply agreement, which will take effect from January 2026, citing a decline in available rough diamonds as the primary reason.The changes were communicated in a letter dated 20 September, following a sightholder event at the Hong Kong Jewellery & Gem Fair, according to industry analyst Avi Krawitz.Strategic Realignment Amid Declining Rough AvailabilityThe forthcoming reduction in sightholder numbers will be determined by a new selection and allocation process, with De Beers stating that the objective process aims to adapt to anticipated lower availability of rough diamonds under…

The Gem and Jewellery Export Promotion Council (GJEPC), India’s trade body for the gem and jewellery industry, has announced new standards that redefine what constitutes a “diamond.” The updated guidelines specify that a diamond must be a natural stone, mined from the earth, in line with the Federal Trade Commission’s (FTC) standards in the United States. This move aims to prevent the misrepresentation of laboratory-grown diamonds (LGDs) as natural diamonds and provide clarity within the diamond market.The GJEPC is also advocating for updates to the Consumer Protection Act in India to reflect this definition, as current legislation does not explicitly differentiate…

Diamond manufacturer Dimexon has achieved the Zero Waste to Landfill (ZWL) certification for its manufacturing facility in Coimbatore, India. The certification, a voluntary sustainability standard, recognises Dimexon’s responsible waste management. During the first year of ZWL auditing, the company diverted over 133,000kg of waste from landfills as part of its Environmental, Social, and Governance (ESG) efforts.Achieving Gold and Platinum StandardsThe ZWL certification, awarded in January following an independent audit by TUV India, covers two distinct types of waste: hazardous and non-hazardous. Dimexon attained a gold standard for hazardous waste, with 93.91% of waste avoiding landfill. This category includes materials such as…

The International Colored Gemstone Association (ICA) has announced that its 20th Congress will be held in Brasilia, Brazil, from 19 to 22 May 2025. The event, co-hosted by the Brazilian Gems and Jewellery Trade Association (IBGM), will centre around the theme “Gems for Generations.” This theme will focus on sustainability within the coloured gemstone supply chain and aim to build consumer confidence, ensuring the industry’s long-term viability.A Platform for Global ExchangeThe ICA Congress, a biennial event, is a key fixture in the coloured gemstone industry’s calendar, bringing together professionals from across the globe. The 2025 edition follows the success of the…

Moses Madondo, CEO of De Beers Group Managed Operations, recently shared his opinion that the global supply of natural diamonds has peaked.Speaking at the Joburg Indaba, a resources and mining conference in South Africa, Madondo outlined the ongoing reduction in diamond production and warned that no major new deposits are expected. “We must recognise that we are already past the peak for diamond supply. Despite extensive exploration, only one commercial discovery – the Luele mine in Angola – has been made in the twenty-first century,” he said on the second day of the conference on 4 October.Production Decline and Market…

Diamond prices continued to decline in September as an oversupply in the market pressured prices downward, according to the latest RapNet Diamond Index (RAPI™) data. The month saw significant price reductions across various diamond categories, with the overall market yet to stabilise.RAPI Declines in All CategoriesThe RAPI for 1-carat diamonds, reflecting round, D to H, IF to VS2 stones, fell by 4.1% in September. Similar trends were observed across other diamond sizes, with prices of 0.30-carat and 0.50-carat diamonds dropping by 4.0% and 4.2%, respectively. Meanwhile, 3-carat diamonds experienced a more modest decline of 2.5%. Year-to-date, the RAPI for 1-carat…

The World Federation of Diamond Bourses (WFDB) has announced the relaunch of the global B2B diamond marketplace, GET-Diamonds.com. The platform is now under the management of YourDiamonds.com (YD), a Sydney-based company, led by industry veteran Tim Goodman. This transition is positioned as a move to modernise and streamline the marketplace through advanced technology and a focus on transparency.New Leadership and VisionTim Goodman, the founder of YourDiamonds.com, brings extensive experience to the platform, having worked as a fifth-generation diamantaire and former Executive Chair of Sotheby’s Australia. GET-Diamonds.com is set to implement features that aim to simplify inventory uploads for suppliers and…

Rio Tinto has launched its 2024 Beyond Rare Tender – collection of 48 diamonds including seven historical diamonds, referred to as the “Old Masters”. This collection, part of the second instalment of the company’s Art Series, is titled Colour Awakened and includes a range of pink, red, violet, and yellow diamonds from Rio Tinto’s inventory.The “Old Masters” are round brilliant cut stones from the Argyle Diamond Mine, which ceased operations in 2020, ranging in size from 0.60 to 2.63 carats, with some discovered as early as 1987.Sinead Kaufman, Chief Executive of Rio Tinto Minerals, remarked: “No other mining company in…

Hill & Co has released its first instalment in a new series of reports titled The Business of Jewelry Report. This comprehensive publication, titled “Breaking the Chain”, is designed to offer insights and strategies to help jewellers navigate the evolving landscape of supply chains and consumer behaviour. The report aims to address key challenges such as supply chain consolidation, technological advancements, and shifting consumer demands.Supply Chain Disruption and Strategic AdaptationAt the core of the report is the theme of shortening and streamlining jewellery supply chains. Hill & Co. challenges businesses to consider whether the traditional supply chain model is still…

The Responsible Jewellery Council (RJC) Board has approved a revised definition for recycled materials at its most recent board meeting in Paris. The updated definition, along with corresponding implementation guidance, is set to be officially introduced in the December 2024 edition of the RJC Chain of Custody (COC) standard. This development is part of the organisation’s ongoing efforts to reinforce responsible practices across the jewellery supply chain.Standards Committee Meeting in LondonThe RJC will hold its second in-person Standards Committee meeting for 2024 in London from 16-18 October. This gathering will focus on finalising revisions to the Code of Practices (COP) standard…

According to a new report by CRISIL ratings, India’s natural diamond polishing industry is projected to see revenues fall by 25-27% this fiscal year, reaching approximately $12 billion, a low not seen in the past decade. This drop is primarily driven by weaker demand in key export markets such as the United States and China, a 10-15% reduction in diamond prices due to oversupply, and a growing consumer preference for lab-grown diamonds (LGDs), which are seen as a lower-cost alternative to natural diamonds.This fiscal year marks the third consecutive year of revenue contraction for the industry, following a 29% decline in…

On 26 September 2024, Gaetano Cavalieri, President of CIBJO (The World Jewellery Confederation), addressed the 79th session of the United Nations General Assembly (UNGA) in New York. Speaking on behalf of the global jewellery, gemstone, and precious metals industries, Cavalieri spoke on the jewellery industry’s efforts towards supporting the UN’s Sustainable Development Goals (SDGs), stating that “our world faces unprecedented challenges, but together we still have the opportunity to construct a better future for all, building resilience and leaving no one behind.”CIBJO, which has held Special Consultative Status with the UN’s Economic and Social Council (ECOSOC) since 2006, was one of…