Author: Steven Joseph

The Botswana government-owned Okavango Diamond Company (ODC) has been announced as the latest member of the Natural Diamond Council (NDC). This marks a significant moment as ODC is recognised as the first non-mining entity to gain membership within the NDC.  The collaboration underscores ODC’s crucial role in the distribution of natural diamonds and reflects Botswana’s strategy to enhance consumer demand as a key to the future prosperity of the natural diamond market. Strategic Membership The inclusion of ODC in the NDC represents a key milestone, uniting two influential entities within the diamond sector. ODC’s annual contribution of over 6 million…

As the retail industry increasingly adopts generative AI into its operations, the jewelry sector finds itself at an important moment, with the technology looking likely to be incorporated into many aspects of customer service, personalisation, and operations. A recent survey conducted by Salesforce and the Retail AI Council unveils a comprehensive overview of the current state of generative AI adoption across the retail landscape, providing critical insights that are particularly relevant for jewellers. Generative AI Adoption in Retail: A Primer for Jewellers The survey reveals that 36% of retail employees are currently utilising generative AI, with projections indicating an increase…

The Gemological Institute of America (GIA) has recently published “William Ruser: The Jeweler Who Charmed Hollywood”, exploring the career of William Ruser, famed for his figural jewelry with freshwater pearls.  The book, by Judy Colbert and Peggy Tsiamis, aims to provide a thorough look at Ruser’s contribution to jewelry design and his enduring popularity in the market. From Humble Beginnings to Stardom Ruser’s journey from modest origins to the preferred jeweller of Hollywood’s elite in the mid-20th century is captured in the book. His clientele included names like Elizabeth Taylor and Frank Sinatra. On Ruser’s customer service, the book notes,…

The International Gemological Institute (IGI) has introduced a new technology aimed at accurately distinguishing between lab-grown and natural fancy-colored diamonds.  Traditional methods for differentiating diamonds, primarily focused on colorless stones, have relied on photoluminescence to detect the source of the diamond. However, these techniques prove ineffective for fancy-colored diamonds, which may undergo treatments like irradiation, heat, and pressure, altering their fluorescence and phosphorescence. To address this, IGI has conducted extensive research to establish a set of procedures specific to each color category of diamonds. Advanced Identification Techniques Utilizing Fourier-transform infrared spectroscopy (FTIR) and photoluminescence spectroscopy, combined with magnification, IGI’s new…

Tiffany & Co. has introduced a new campaign, “With Love, Since 1837,” aimed at celebrating the brand’s origins and the histories of its iconic collections.  The campaign draws inspiration from Gene Moore, a notable window designer for Tiffany, and seeks to reinterpret his creative vision for today’s audience. It focuses on the narratives that link each collection to the brand’s long-standing tradition of craftsmanship without the use of celebrity endorsements. Historical Context and Inspiration The initiative revisits the establishment of Tiffany & Co. in 1837 by Charles Lewis Tiffany in New York City and showcases several notable collections. These include…

The World Federation of Diamond Bourses (WFDB) recently hosted its annual Presidents’ Meeting in Shanghai, China, at the new Shangrila Hotel in Pudong. This event gathered leaders from the global diamond industry to deliberate on significant issues such as G7 restrictions, the emergence of synthetic diamonds, and the challenges within the Chinese market. The meeting, lasting over three days, aimed at fostering dialogue and strategies to navigate these challenges. Collaborative Efforts and Industry Unity A recurring theme of the meeting was the essential role of cooperation among organisations within the diamond industry. Under the guidance of WFDB President Yoram Dvash,…

Model Emily Ratajkowski has introduced her “divorce rings,” transforming her Toi et Moi engagement ring into two separate pieces. This step highlights a growing trend in jewelry customisation, where personal items are reimagined to reflect individual journeys and new beginnings. Trend Overview After separating from Sebastian Bear-McClard, Ratajkowski collaborated with Alison Lou, the original designer of her engagement ring, to create two new pieces from the original. These rings, one with a pear-shaped solitaire and another with a princess-cut diamond, demonstrate a creative approach to repurposing significant jewelry. This concept has gained traction, as more people look for ways to…

The Natural Diamond Council (NDC) has expanded its Education Program to include a new series of roleplay videos and a monthly subscription option, alongside the existing annual subscription.  This initiative aims to equip sales advisors and jewellers with practical tools for engaging with consumers, addressing common queries and misconceptions about natural diamonds through realistic scenarios. Educational Expansion The newly unveiled component consists of 19 roleplay videos, each created to address common questions and misconceptions about diamonds. These educational materials are intended to aid sales advisors and jewelry professionals in navigating conversations with consumers, ranging from self-purchasers and gift shoppers to…

Signet Jewelers Limited has released its financial outcomes for both the fourth quarter and the full fiscal year of 2024, reflecting a challenging period across many of its brands and territories. Overview of Financial Results For the fourth quarter of fiscal year 2024, ending on February 3, 2024, Signet reported total sales amounting to $2.5 billion, representing a decrease of $168.6 million or 6.3% compared to the corresponding quarter of the previous fiscal year. When adjusted for constant currency, this decline stands at 6.6%. A noteworthy component of this quarter’s sales includes $103.2 million attributed to an additional 53rd week.…

BriteCo, a prominent provider of jewelry and watch insurance, has integrated International Gemological Institute (IGI) grading reports into its Appraisal Management System. This integration aims to allow retail jewelers to offer quicker, more precise appraisals, improving the assessment for insurance coverage. “There are over 200,000 appraisals in the BriteCo Appraisal Management System from thousands of independent retail jewelers across the United States,” states Dustin Lemick, founder and CEO of BriteCo. “The integration of IGI grading results to our system continues our commitment to provide the very best, tech-powered innovation to our retail jeweler partners.” The Impact of IGI Grading Integration…

The Indian diamond industry, recognised as a global leader in cutting and polishing diamonds, is poised to experience a downturn in cut and polished diamond (CPD) exports, projected to fall to around $15-16 billion in the fiscal year 2023-24. This represents a significant decrease, marking a five-year low. The reduced demand from the primary markets, the United States and China, which collectively account for approximately 65% of India’s diamond exports, underpins this trend. Facing various challenges, including shifts in consumer spending, the rise of lab-grown diamonds, geopolitical unrest, and sanctions on Russian-origin diamonds, the sector’s outlook appears cautious. Demand Fluctuations…

The Gemological Institute of America (GIA) has taken a significant step towards sustainable gold mining practices by awarding a $93,000 grant for the deployment of the Goldrop technology across three Colombian artisanal and small-scale mining (ASM) communities. This collaboration between the Alliance for Responsible Mining (ARM) and Mercury Free Mining (MFM), aims to eliminate the need for mercury in gold extraction, presenting a major advancement in efforts to develop a more sustainable and ethical gold mining industry. Enhancing Miner Welfare and Environmental Protection The introduction of Goldrop technology is set to transform the working conditions of arASM miners, significantly reducing…

Natural Diamond Council (NDC) has introduced a new platform named “Real. Rare. Responsible.” which aim to highlight the inherent beauty, scarcity, and ethical sourcing of natural diamonds and shine a light on the moral obligations of the diamond industry worldwide. “Our mission is to inspire and educate consumers on the unique values of natural diamonds and the positive impact and commitments of the industry,” said Kristina Buckley Kayel, Managing Director & CMO, North America at NDC. “The new framework of Real. Rare. Responsible cohesively ties in our mission throughout NDC’s editorial destination (naturaldiamonds.com), celebrity ambassador and sustainability global advertising campaigns,…

In an industry that marries the lustre of luxury with the ethos of ethical practice, the Diamonds Do Good Awards stand as a testament to the symbiotic relationship between successful business operations, social purpose, and community care.  This year, the spotlight falls on The Gemological Institute of America (GIA), London Jewelers, and Lisa Bridge, President and CEO of Ben Bridge Jeweler, as they are heralded for their contributions at the annual gala slated for May 30 in Las Vegas. A Celebration of Excellence Hosted in the San Polo Ballroom at the Venetian Hotel, the event exemplifies the diamond industry’s dedication…

Nivoda has recently expanded its offerings by introducing both natural and lab-grown melee diamonds. This latest addition to Nivoda’s extensive selection of stones marks a great development, further enhancing the platform’s reputation as a leader in the jewelry marketplace. Melee Diamonds: A New Frontier for Nivoda The introduction of melee diamonds on Nivoda’s platform commenced with a pilot phase targeting a select group of UK customers in August 2023. Following the initial success of this rollout, the company has extended the availability of melee diamonds to customers worldwide, signalling a significant step in its growth trajectory. Nivoda reports a “remarkable”…

The World Federation of Diamond Bourses (WFDB), along with key industry leaders, has initiated a concerted campaign to address the challenges posed by the proposed G7 restrictions on diamonds of Russian origin. A comprehensive letter, undersigned by Yoram Dvash, President of the WFDB; Feriel Zerouki, President of the World Diamond Council; Vipul Shah, Chairman of the Gem & Jewelry Export Promotion Council of India; and Ronnie Vanderlinden, President of the International Diamond Manufacturers Association, has been dispatched to G7 and EU representatives. This letter articulates the diamond and jewelry industry’s apprehensions regarding the “one import node” solution and its potential…

IGI has recently introduced a comprehensive set of procedures designed to distinguish between fancy-colored lab-grown diamonds and their natural counterparts. This development comes as a response to the growing challenge in the jewelry industry to identify synthetic stones, which are often treated to emulate the appearance of natural diamonds. IGI’s innovative approach involves the use of Fourier transform infrared spectroscopy (FTIR) and photoluminescence spectroscopy, supplemented by traditional magnification techniques. These methods aim to overcome the limitations faced by conventional screening devices that rely on photoluminescence for analyzing a diamond’s fluorescence and phosphorescence under ultraviolet light. According to IGI, such traditional…

IDEX Online disclosed a substantial enhancement to its diamond trading platform. This upgrade, characterised by improved functionalities and a more user-friendly interface, marks a significant leap towards optimising trade efficiency for its customers. With the integration of modernised features, including a revamped homepage, streamlined diamond search processes, and an updated purchase flow, the platform now facilitates more efficient operations for trading both natural and lab-grown diamonds. Furthermore, the platform boasts access to over 75% of the global polished diamond market, ensuring secure transactions, end-to-end logistics, and a reliable market data database, reinforcing its position as a trusted partner in the…

De Beers has initiated a significant pricing strategy shift for its lab-grown diamonds sold through the Lightbox jewelry brand. This move comes in response to the falling wholesale prices of lab-grown diamonds, which have posed financial challenges for producers within this sector. “These price declines are expected to lead to further substantial reductions in retail prices, with De Beers’ Lightbox brand testing significantly lower prices for its products.” Economic and Market Dynamics The decision to lower prices reflects broader economic pressures and evolving market dynamics. The diamond industry, particularly in the U.S., has been navigating through macro-economic challenges, which have…

Signet Jewellers has announced the appointment of Sandra Cochran to its Board of Directors, effective February 27, 2024. This strategic addition temporarily enlarges the Board to 13 members, with 12 serving independently, aligning with the company’s initiative towards Board tenure limitations as outlined in its Director Tenure Policy. Sandra Cochran’s impressive retail and leadership experience positions her as a significant asset to Signet’s Board. H. Todd Stitzer, the Board Chairman, praised Cochran’s appointment, stating, “Sandy’s rich background in retail, coupled with her strong executive leadership skills and deep financial expertise, will make her an incredibly valuable member of the Signet…

The French Ministry of Economy and Finance has taken a step to standardize the terminology for lab-grown diamonds by introducing “synthetic” as the official term. This change seeks to unify the various terms previously in use, like “lab-grown” or “cultivated,” for diamonds created through artificial processes. WFDB’s Reaction The World Federation of Diamond Bourses (WFDB) supports this decision, seeing it as an essential step in differentiating the value of natural diamonds. Yoram Dvash, President of the WFDB, stated, “By endorsing the use of ‘synthetic,’ the French government aims to eliminate ambiguity and ensure consumers can make informed choices based on…

Pandora, widely accepted as the world’s largest jewelry brand, has announced a significant shift in its supply chain strategy by exclusively sourcing recycled silver and gold for its jewelry production. This change reflects the company’s initiative to reduce its environmental footprint and aligns with broader industry trends towards sustainability. Environmental Impact Reduction By choosing recycled over newly mined metals, Pandora aims to decrease its CO2 emissions by approximately 58,000 tons per year. This effort contributes to the reduction of the environmental impact associated with metal mining, which is known for its high energy and resource requirements. Pandora’s CEO, Alexander Lacik,…

The Gemological Institute of America (GIA) has played a pivotal role in assisting the Boulder County Sheriff’s Office (BCSO) in recovering two diamonds, part of a larger theft of six jewelry pieces from a home in Colorado in June 2023. The total value of the stolen items was reported to exceed $475,000. The recovery led to an arrest, facilitated by the GIA’s identification of the two diamonds, which were submitted for grading by a wholesale diamond dealer who was not involved in the theft. GIA’s Consumer Protection Efforts Christina Yates, GIA’s associate general counsel, highlighted the institute’s commitment to aiding…

LVMH’s Chaumet has been selected to design the official medals for the Paris 2024 Olympic and Paralympic Games, introducing a novel approach by incorporating material from the Eiffel Tower into the medals’ design. Utilizing the Eiffel Tower’s Iron For the first time, original iron from the Eiffel Tower is being used in the creation of Olympic and Paralympic medals. This material choice links each medal directly to a key symbol of Paris. The iron, originally brown, has been returned to its natural color and shaped into a hexagon that reflects the tower’s structure. This element is central to the design…

In a significant move, De Beers announced a notable reduction in rough diamond prices during their recent sightholders meeting. This strategic adjustment involves cuts ranging from 10% to as much as 25% for certain diamond categories, signaling one of the most substantial pricing shifts in the company’s recent history. Breakdown of Price Adjustments The scale of the reductions varies across different segments of the diamond inventory. Diamonds under 0.75 carats are now priced 5% to 10% lower. The 0.75 to 2 carat diamonds have seen average reductions of 10% to 15%, while those over 2 carats are subject to a…

The Gem & Jewelry Export Promotion Council (GJEPC) recently acknowledged Mr. Tehmasp Printer, CEO of the International Gemological Institute (IGI), for his impactful contributions to the industry. With over 24 years at IGI, including his tenure as CEO since last year, Printer has been instrumental in advancing the institute’s global influence. IGI’s Global Influence and Services IGI, with its 30 laboratories and 19 educational facilities, has played a pivotal role in the global gem and jewelry landscape for over 45 years. The institute offers a range of services, including diamond grading, coloured stone grading, jewelry identification, and appraisal, catering to…

The International Gemological Institute (IGI) has recently revealed a significant case of diamond fraud. A 6.01 carat pear-cut diamond, initially believed to be natural due to its inscription, was identified as a lab-grown stone. This discovery highlights a growing concern in the jewelry industry regarding the differentiation and accurate representation of lab-grown and natural diamonds. The Discovery Process IGI’s analysis unveiled that the gemstone, inscribed with a grading report number matching a natural diamond, was in fact lab-created. The examination involved advanced techniques like photoluminescence spectroscopy, which exposed Silicone Vacancy (SiV) defects indicative of the Chemical Vapor Deposition (CVD) process…

The Gemological Institute of America (GIA) hosted its 16th annual research meeting at its global headquarters in Carlsbad, California, bringing together over 100 participants. This assembly included GIA researchers, esteemed academics, independent industry experts, and GIA Governors and executives. The three-day event, held from 1-3 November, focused on the latest gemological research and technological advancements Pioneering Research for Consumer Protection Tom Moses, GIA’s Executive Vice President and Chief Laboratory and Research Officer, emphasized the centrality of rigorous independent research to GIA’s mission. He stated, “Rigorous independent research is at the centre of GIA’s activities and is vital to our consumer…

Angola has officially commenced diamond mining at the Luele project, which represents a significant milestone for the country and adds to the world’s most substantial diamond resources​​. This mine is expected to be the largest diamond mining project to come online this decade, with an estimated resource of 628 million carats and a projected operational lifespan of 60 years​​​​. Located adjacent to the Catoca mine in northeastern Angola, Luele, previously known as Luaxe, is poised to enhance Angola’s status as a key player in the global diamond industry​​. Production Goals With an initial processing capacity of 4 million metric tons…

After prolonged discussions, the European Commission appears to be moving closer to implementing a significant ban on the import of diamonds from Russia. This measure, part of a wider series of sanctions that include an oil price cap, marks the 12th sanctions package aimed at Moscow. With discussions underway, this proposal seeks unanimous approval from all 27 EU member states and could be finalised in the coming weeks. Set to be effective from January 1, 2024, the ban specifically targets direct imports of Russian diamonds. A critical component of the sanctions includes the establishment of a traceability mechanism from March.…