Author: Steven Joseph

The United States’ recent decision to impose sweeping import tariff increases—part of a broader strategy dubbed “Make America Wealthy Again”—is poised to trigger substantial shifts across the global gem and jewelry supply chain. With new tariff rates varying by country, and India facing a 26% import duty on jewelry, industry leaders are warning of rising costs, disrupted trade flows, and potential relocation of manufacturing operations to mitigate the impact.Overview of the New Tariff PolicyAnnounced in April 2025, the new US tariff structure affects jewelry imports from a range of key suppliers. Rates differ by trading partner, with the European Union…

Jewelry dating from the medieval and early modern periods, discovered by metal detectorists, featured in the Jewelry, Watches, and Objects of Vertu auction held by Noonans Mayfair on 27 March in London. The sale included items of historical significance, such as a 17th-century memorial ring linked to a judge involved in England’s final witch trials, a medieval bishop’s sapphire ring, and a 13th–14th century gold posy ring.Memorial Ring Linked to Witch Trial Judge Fails to SellA late 17th-century memorial ring, found by detectorist Steve Pulley in January 2020, was among the more historically significant lots. The piece, crafted in gold and…

Anglo American has entered preliminary discussions with banks regarding a potential initial public offering (IPO) of its diamond unit, De Beers. The move forms part of a broader restructuring initiative announced last year by Anglo American CEO Duncan Wanblad, as the company seeks to divest from non-core assets and focus on higher-growth sectors. Alongside the IPO preparations, Anglo is simultaneously exploring the possibility of an outright sale of De Beers.De Beers: Final Step in Anglo’s Asset DivestmentDe Beers is the last major business unit in Anglo American’s planned exit from several commodity sectors. Since announcing its restructuring, the company has divested…

The International Colored Gemstone Association (ICA) has confirmed a lineup of speakers for its upcoming Congress, to be held in Brasília, Brazil, from 19–22 May 2025. Susan Jacques, President and CEO of the Gemological Institute of America (GIA), and Dr Gaetano Cavalieri, President of CIBJO, the World Jewelry Confederation, are confirmed speakers for the event. The Congress will be hosted by IBGM Brazil at the Royal Tulip Brasília Alvorada, a venue located in one of the world’s leading gemstone-producing regions.Seminar Focus: “Gems for Generations”The theme of the 2025 ICA Congress is “Gems for Generations”, reflecting a focus on long-term sustainability and…

India’s gem sector is preparing for potential US tariffs on exports of polished diamonds and jewelry, which could come into effect on 2 April 2025. The move forms part of wider reciprocal trade measures under consideration by the US government, with India’s Gem & Jewelry Export Promotion Council (GJEPC) currently in contact with industry stakeholders and government officials to assess the likely impact and seek possible solutions.Export Concerns Amid UncertaintyThe United States is India’s largest market for polished diamonds, with gross exports totalling $6.69 billion in 2024, according to data from the United States International Trade Commission. Currently, loose polished diamonds…

The Natural Diamond Council (NDC) has published a new report, Diamonds of Botswana, providing an overview of the diamond industry’s role in Botswana’s national development. The report follows previous NDC publications examining the role of natural diamonds in producing countries.It outlines developments in Botswana since the discovery of diamonds in the 1960s, focusing on how diamond revenues have contributed to infrastructure, education, healthcare and environmental programmes.Economic Impact and Revenue DistributionNatural diamonds represent a significant portion of Botswana’s economy, accounting for around 25% of the country’s GDP, 80% of its exports, and approximately one-third of its fiscal revenue. The report states…

The World Jewelry Confederation (CIBJO) has released a recommended definition of “recycled gold” for use in the jewelry and watch sectors – an initiative that seeks to bring greater consistency to terminology used in the industry and in the market more broadly.The new definition, which will be included in CIBJO’s guidance documents, distinguishes between pre-consumer and post-consumer recycled gold. It excludes gold in the form of investment products such as bullion bars and investment coins, unless that gold is entirely produced from qualifying recycled sources.Clarifying Terminology and CriteriaThe definition was developed through discussions with industry experts and with input from the…

Frédéric Arnault, son of LVMH chairman Bernard Arnault, has been appointed CEO of Italian luxury brand Loro Piana. His appointment is part of a series of leadership changes at LVMH as the company adjusts its management structure. Arnault previously served as CEO of TAG Heuer from 2020 before being promoted to head LVMH’s watch division in early 2024.His departure from the watches segment follows a 2% decline in revenue and a 28% drop in profit from recurring operations in 2024. While no successor has been announced for his previous role, Stéphane Bianchi remains CEO of LVMH Watches & Jewelry, overseeing brands…

A man has been arrested in Florida for stealing and swallowing more than $700,000 worth of jewelry from Tiffany & Co. in Orlando. Jaythan Gilder, 32, allegedly posed as a representative for an NBA player to gain access to high-value pieces before attempting to escape with them.Incident DetailsOn 26 February, Gilder entered the store at a shopping mall in Orlando and was taken to a private room to view two pairs of diamond earrings and a diamond ring, with a combined value exceeding $1 million. He told store staff he was negotiating on behalf of a player from the Orlando Magic.During…

Sightholders at De Beers’ February sales cycle reported a reduced supply of rough diamonds over five carats, citing production declines and De Beers’ inventory management strategy. Prices remained stable across most categories as the company continued its approach of regulating supply.Market observers noted that this shortage contrasts with De Beers’ reported inventory levels, estimated at around $2 billion—its highest since 2008. However, much of this stock is believed to consist of smaller-sized goods rather than the larger diamonds currently in short supply.Production Declines and Supply ManagementDe Beers’ total rough diamond production fell by 22% in 2024 to 24.7 million carats. The…

Platinum Guild International Hong Kong Limited (PGI) has joined the Watch and Jewelry Initiative 2030 (WJI 2030) as an affiliate member. WJI 2030, based in Geneva, was founded in 2022 by luxury groups Kering and Cartier, with delegation from Richemont. The initiative aims to promote sustainability in the watch and jewelry industry through collaboration across the supply chain.PGI’s Chief Executive Officer, Tim Schlick, noted that the affiliation aligns with the organisation’s ongoing efforts in sustainability, stating:“WJI 2030 brings together businesses across the watch and jewelry supply chain to navigate evolving regulations. Their objectives align with those of PGI and its retail…

Sarine Technologies Ltd and De Beers Group subsidiary Tracr have signed a collaboration agreement to enhance technology-driven diamond traceability. The partnership will integrate Tracr’s blockchain-based tracking system with Sarine’s scanning and identification technology to provide an unbroken chain of verification from rough diamond registration to polished stone.Blockchain Integration for Verifiable ProvenanceSarine’s Diamond Journey traceability system will now incorporate rough diamond origin data recorded on Tracr, which logs stones at the source. The integration is intended to enhance supply chain transparency by using an automated verification process rather than relying solely on company declarations.A key aspect of this initiative is the availability…

De Beers Group and the Government of Botswana have signed formal agreements solidifying their long-term partnership in diamond mining and sales. The deal includes a 10-year rough diamond sales agreement, with the possibility of a five-year extension, and a 25-year renewal of Debswana’s mining licences, ensuring continued collaboration in one of the world’s most significant diamond-producing regions.Key Terms of the AgreementThe new agreements extend Debswana’s mining licences from August 2029 to July 2054, allowing for long-term resource management and the continuation of key mining projects such as Jwaneng Cut-9, Jwaneng Underground, and Orapa Cut-3.Under the revised sales framework, Botswana’s state-owned Okavango…

The Responsible Jewelry Council (RJC) has launched the Laboratory Grown Material Standard (LGMS), a framework setting out requirements for responsible business practices in the lab-grown diamond and coloured gemstone sector. The standard applies to RJC members working with lab-grown materials and covers areas including legal compliance, due diligence, labour rights, health and safety, environmental management, disclosure, and grading.Scope and Requirements of the LGMSThe LGMS outlines 28 key provisions that businesses handling lab-grown diamonds and coloured gemstones must follow. These include legal obligations, human rights protections, hazardous substance management, workplace conditions, and disclosure requirements.Companies will be required to document and implement management…

De Beers Group has introduced DiamondProof, a diamond verification device designed to distinguish natural diamonds from laboratory-grown diamonds (LGDs) and simulants. The device has been deployed in select retail stores in the United States, providing jewellers with a tool to verify a diamond’s origin in-store.DiamondProof’s CapabilitiesAccording to De Beers, research indicates that many consumers are unaware that LGDs can be detected. DiamondProof is designed to address this by identifying natural diamonds based on their distinct chemical composition, which differs from that of LGDs. The device delivers results within seconds and can be used for both loose and set diamonds.De Beers states…

A team of researchers from Jilin University and Sun Yat-sen University in China has successfully synthesised a lab-grown version of Lonsdaleite, a rare carbon allotrope. Their findings, published in Nature Materials, indicate that this artificial form of Lonsdaleite is at least 40% harder than natural diamond.What is Lonsdaleite?Lonsdaleite, named after the British crystallographer Professor Dame Kathleen Lonsdale, was first identified in 1967 within the Canyon Diablo meteorite in Arizona, USA. Unlike conventional diamonds, which have a cubic crystal lattice, Lonsdaleite has a hexagonal structure, contributing to its extreme hardness. Scientists believe that natural Lonsdaleite was formed due to the intense…

Wealthy Russian investors are increasingly purchasing investment-grade diamonds, with demand for polished stones rising by 60% in 2023, according to VTB, Russia’s second-largest bank. This follows the Russian government’s decision to abolish VAT on diamond purchases, making gemstones a more accessible investment option for high-net-worth individuals.Rising Demand for Diamonds as Alternative InvestmentsOksana Semenenko, vice president at VTB and head of its private banking division, stated that diamonds are attracting investors due to their rarity and ability to hold value. “The uniqueness and rarity of diamonds make them particularly appealing amid rising financial market volatility and restrictions on traditional investments,” she said.…

Céline Assimon will leave her role as CEO of De Beers Jewellers at the end of the month, the company has confirmed. Assimon joined De Beers Jewellers in 2020 after leaving Swiss luxury jeweller De Grisogono. In 2021, she took on the additional role of CEO of Forevermark, a position she held until March 2024, when De Beers restructured the brand to focus on the Indian market.During her time with De Beers, the company focused on expanding its core collections and high jewelry range while increasing its presence in key markets.Future Direction for De Beers JewellersA De Beers spokesperson acknowledged Assimon’s…

Pomellato has announced French-Italian actress Philippine Leroy-Beaulieu as its new global ambassador.Best known for her role as Sylvie Grateau in Emily in Paris, Leroy-Beaulieu has portrayed independent and complex female characters throughout her four-decade career. Pomellato stated that her appointment reflects the brand’s emphasis on authenticity, independence, and creativity.Pomellato and Leroy-Beaulieu CollaborationLeroy-Beaulieu’s French-Italian background aligns with Pomellato’s Milanese roots. In a statement, she said, “Joining the Pomellato family feels like a natural extension of my own story. As a French-Italian actress, I’ve always admired how Pomellato combines Italian craftsmanship with contemporary design. Their jewelry speaks to women who aren’t afraid…

A recent study has revealed that Early Iron Age jewelry discovered in southern Poland contains iron sourced from a meteorite. The artefacts, uncovered at the Częstochowa-Raków and Częstochowa-Mirów cemeteries, date back to approximately 750–600 BCE and belong to the Lusatian Culture. The research, published in the Journal of Archaeological Science: Reports, found that four of the 26 examined artefacts—three bracelets and a pin—were made of meteoric iron.This discovery makes southern Poland one of the most concentrated sites for meteoric iron artefacts, comparable to some sites in Egypt.Meteoric Iron and Its Cultural UseThe analysis, conducted using portable X-ray fluorescence (p-XRF), Scanning Electron…

A London High Court ruling has dismissed a legal claim by Sheikh Hamad bin Abdullah Al Thani, the chief executive of Qatar Investment & Projects Development Holding (QIPCO), to enforce the purchase of the 70.21-carat Idol’s Eye diamond.The case was brought against Elanus Holdings, a company representing the heirs of the late Sheikh Saud bin Mohammed Al Thani, a former Qatari culture minister and art collector.Legal Dispute Over OwnershipThe Idol’s Eye diamond, thought to have come from the Golconda mines in India, was purchased by Sheikh Saud in the early 2000s. Before his death in 2014, he lent it to…

Lucara Diamond Corp has sold two diamonds recovered from its Karowe mine in Botswana for a total of $54 million. The 549-carat Sethunya and the 1,080-carat Eva Star were extracted from the South Lobe of the Karowe kimberlite, an area known for producing large, high-value diamonds.Karowe’s Ongoing Production of Large DiamondsThe sale highlights Karowe’s history of recovering sizeable stones. Lucara’s president and CEO, William Lamb, commented on the mine’s continued production of high-quality diamonds.”The sale of these two extraordinary diamonds further validates our investment in the Karowe underground project. The unique characteristics of Karowe’s kimberlite, particularly in the South Lobe, continue…

The diamond market saw subdued trading in January, with mixed reports on holiday sales, according to Rapaport. While demand remained weak, there were signs of stability in certain categories, including 0.30- to 0.50-carat, D to F, IF to VVS2 diamonds. Larger fancy-shape diamonds of 3 carats and above also performed relatively better.Market Performance and Price TrendsThe RapNet Diamond Index (RAPI™) for 1-carat diamonds, covering round, D to H, IF to VS2 stones, fell by 2.3% in January. Smaller diamonds saw more modest declines, with the index for 0.30-carat and 0.50-carat diamonds down 0.4% and 0.6%, respectively. Prices for 3-carat diamonds…

The Natural Diamond Council (NDC) has launched a series of reports on the natural diamond industry, covering market trends, origins, and sustainability. Consumer Trends in the U.S. MarketThe first report in the series, Natural Diamond Trends, A 2024 Overview, was developed in partnership with trend analytics firm Tenoris. It examines key trends in U.S. consumer preferences for natural diamonds.Key findings include:Diamond Facts Report Addresses Industry MisconceptionsThe NDC has also released an updated Diamond Facts report, which presents data from external sources to clarify common misconceptions about the diamond industry. It covers:Canada’s Role in the Natural Diamond MarketThe report includes data on…

The International Gemological Institute (IGI) USA has introduced GemPass, a new bundled certification package for coloured gemstones, at the AGTA GemFair, GJX, and Out of the Jewel Box (OJB Experience) trade shows in Tucson, Arizona. The initiative is designed to offer wholesalers a structured way to obtain gemstone reports in bulk at a reduced cost.Flexible Bundles for Coloured Gem CertificationGemPass allows clients to purchase 50 or 100 coloured gemstone reports at a set price per report, regardless of the stone’s carat weight or type. The pricing model provides savings compared to individual report purchases, and bundles remain valid for 12 months…

India has become the world’s largest consumer of gold jewelry, surpassing China with total consumption of 563.4 tonnes in 2024. In comparison, China recorded 511.4 tonnes during the same period.According to the World Gold Council (WGC), India’s total gold demand, including both jewelry and investment purchases, rose by 5% year-on-year to 802.8 tonnes in 2024, up from 761 tonnes in 2023. The WGC projects that gold consumption in India for 2025 will range between 700 and 800 tonnes.Gold Demand and Price TrendsThe total value of gold demand in India increased by 31% in 2024, reaching ₹5,15,390 crore, compared to ₹3,92,000…

Mastercard will remove the 16-digit card number from credit and debit cards by 2030, replacing it with tokenisation and biometric authentication to improve payment security.Tokenisation replaces a card number with a unique digital identifier stored on a user’s device, reducing the risk of sensitive data being exposed during transactions. Biometric authentication, such as fingerprint or facial recognition, will also be used to verify transactions.Addressing Payment FraudThe decision to eliminate card numbers follows rising fraud levels globally. Card-not-present fraud, where stolen card details are used for unauthorised online or phone transactions, accounts for a significant proportion of payment fraud. Cybercriminals frequently…

The Indian government has removed import duties on seeds used in lab-grown diamond production and lowered tariffs on certain precious metals in a move intended to support the domestic gem and jewelry industry.Impact on Lab-Grown Diamond ManufacturingImporters were previously required to pay customs duties on seeds used to create rough synthetic diamonds. The removal of this requirement will remain in effect until March 2026, a move expected to benefit India’s lab-grown diamond sector.Vipul Shah, chairman of the Gem & Jewelry Export Promotion Council (GJEPC), commented on the decision, stating, “The removal of this condition until March 2026 will provide a…

The Gemological Institute of America (GIA) has completed its 100th field gemmology expedition with the landmark trip taking GIA researchers to Kenya and Tanzania, where they collected tsavorite, spinel, and sapphire rough. The field gemmology programme contributes to GIA’s growing database on the chemical, geological, and gemmological properties of coloured stones.Expanding GIA’s Coloured Stone DatabaseDuring the expedition, GIA field gemmologists collected over 15 kilograms of gem rough, including more than 10,000 carats of individual sapphires from Garba Tula, Kenya. Each sample’s origin was verified and recorded.“Our extensive field gemmology programme is the foundation of our coloured stone research and identification and…

Swiss watch exports fell by 2.8% in 2024, with total shipments amounting to CHF 25.99 billion, primarily due to weaker demand in China and Hong Kong.According to the Federation of the Swiss Watch Industry, the downturn worsened in December, when exports dropped by 5% year-on-year to CHF 2.03 billionThe four largest markets for Swiss watches—the United States, Hong Kong, China, and Japan— all recorded lower demand in December. Exports to China saw the sharpest decline, falling 19% to CHF 151.2 million, while shipments to Hong Kong dropped 6% to CHF 159.1 million. The US, the top export destination, saw a…