Author: Steven Joseph

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…

The Responsible Jewelry Council (RJC) has announced that Executive Director Melanie Grant is stepping down after two years in the role. John Hall, who has been involved with the organisation since its inception in 2005, will serve as interim executive director while a search for Grant’s successor is conducted. Grant will remain temporarily as a consultant to assist with the transition.Leadership Transition at RJCGrant took over as executive director in January 2023, following a ten-month period without a permanent leader after the resignation of Iris Van der Veken. During her tenure, RJC membership grew from just under 1,700 to 2,000.Hall, a…

The United States will require diamond importers to declare the country of mining origin for all shipments entering the country, according to a notice from US Customs and Border Protection (CBP). This measure, intended to strengthen enforcement of sanctions on Russian goods, will take effect in April 2025.CBP outlined the requirement in a Trade User Information Notice dated January 14, 2025, which was distributed on January 23. The rule builds on existing restrictions that prohibit the import of Russian nonindustrial diamonds weighing 0.50 carats or more, in effect since September 1, 2024.Details of the New Import Declaration RuleUnder the new…

De Beers Group and the Government of Botswana have concluded negotiations on a new 10-year sales agreement for rough diamonds from Debswana, their 50:50 joint venture. The deal, which also includes an extension of Debswana’s mining licences, follows a lengthy negotiation process that began in 2019 and saw multiple extensions of the previous agreement.Key Terms of the AgreementUnder the new agreement, the Botswana government’s state-owned diamond trader, Okavango Diamond Company (ODC), will initially receive 30% of Debswana’s rough diamond production. This share will gradually increase to 50% by the end of the contract in 2035.Debswana, which operates Botswana’s major diamond mines—Jwaneng,…

The prices of fancy-colour diamonds fell by 2.2% in 2024, reflecting a slowdown in the luxury sector and broader economic challenges, according to the Fancy Color Research Foundation (FCRF). Yellow Diamonds See the Largest Price DropYellow fancy-colour diamonds saw the steepest decline, with prices dropping by 5.6% over the year. This category also accounted for all of the top five price decreases in the fourth quarter, with an overall quarterly drop of 2.2%.Among yellow diamonds, 2-carat fancy-intense stones saw the biggest decline, down 3.6% in the final quarter. Other decreases included a 3% drop in 3-carat fancy-vivid-yellow diamonds and a 2.6%…

The World Federation of Diamond Bourses (WFDB) has announced the launch of “Moments,” a global social media campaign highlighting the connection between natural diamonds and significant life moments. The campaign, launched under the tagline “Crafted by Earth, Celebrated by You,” seeks to promote natural diamonds as enduring symbols of love, tradition, and important life events.Showcasing Diamonds Through Personal NarrativesThe “Moments” campaign highlights the emotional connection between natural diamonds and personal milestones. Its inaugural social media post portrays a mother passing her diamond ring to her daughter, accompanied by the message:“This diamond has seen me through life’s most precious moments, and now…

Jemora Gemhouse, a new auction house specialising in rare and high-value polished coloured gemstones, has been unveiled in Dubai. The platform is led by Dev Shetty, whose previous experience includes the sale of the 55.22-carat “Estrela de Fura Ruby” for $35 million, as well as leadership roles at Gemfields and Fura Gems. Upcoming AuctionThe inaugural auction is scheduled for 17–19 March 2025 at the Dubai Diamond Exchange (DDE), part of the Dubai Multi Commodities Centre (DMCC). The Dubai Diamond Exchange, which supports over 1,350 companies, has hosted significant gemstone tenders in recent years.The event will focus on sapphires from key origins, including Kashmir,…

Pandora has been named one of the 100 most sustainable companies in the world by Corporate Knights at the World Economic Forum in Davos, Switzerland. The annual Global 100 ranking evaluates companies with over USD 1 billion in revenue based on 25 performance indicators across sustainability, resource management, and corporate governance.Pandora, ranked 48th overall and 2nd in the “Textiles, Apparel and Luxury Goods” category, was recognised for its sustainable business practices, including its use of recycled silver, gold, and lab-grown diamonds.Environmental and Sustainability HighlightsCorporate Knights noted Pandora’s environmental efforts, including reductions in CO2 emissions and its use of renewable energy. Over…

India’s polished diamond export sector showed some signs of stabilisation in December 2024, according to data from the Gems and Jewelry Export Promotion Council (GJEPC). Gross polished diamond exports for the month totalled $773 million, a year-on-year decline of 10.4 per cent compared to December 2023. However, this marked an improvement from November 2024, which saw a sharp 40 per cent year-on-year drop to $660 million.Export Performance TrendsDecember’s figures indicated a partial recovery following months of volatility in 2024. In October, the sector experienced a year-on-year increase of 11.3 per cent, with export sales exceeding $1.4 billion. This was followed…

Richemont, owner of brands such as Cartier, Van Cleef & Arpels, Buccellati and Vhernier, achieved record sales in the third quarter of the financial year ending 31 December 2024. Total revenue increased by 10% year-on-year to €6.15 billion (£5.23 billion), with its jewelry division driving much of the growth. Jewelry sales rose 14% to €4.5 billion, accounting for 71% of Richemont’s total revenue.Regional Sales BreakdownWhile global performance was positive, regional trends varied. Sales in the Americas grew by 22% to €1.6 billion, supported by improved consumer confidence and luxury market performance. In Europe, revenues increased by 19% to €1.5 billion, partly driven…

The Gemological Institute of America (GIA) has announced that Susan Jacques will retire as president and CEO at the end of 2025. A global search for her successor is now underway, led by the executive search firm Korn Ferry.A Decade of LeadershipJacques has served as GIA’s president and CEO since January 2014, following six months as interim CEO. Her association with the organisation dates back to 1996, when she joined the GIA Board of Governors. She held the role of chair of the board from 2008 until she became CEO.Reflecting on her tenure, Jacques stated, “At GIA, I have been…

Diamond producers across Africa are reported to be supporting the adoption of the Authentia traceability platform, a technology-driven initiative designed to promote transparency and accountability in the diamond trade.The African Diamond Council (ADC), representing 18 member states, has called on G7 nations and the Kimberley Process to consider implementing the platform.Three Years in DevelopmentThe ADC has been working alongside Authentia’s developers over the past three-and-a-half years to integrate traceability into diamond trading. Authentia, introduced to miners 14 months ago, uses blockchain technology and tools such as certificates of origin, tracking systems, nano-tagging, and ownership titles to support transparency in the…

Informa Markets Jewelry has announced the return of the Sustainability Awards by Jewelry World Awards (JWA), a programme designed to spotlight sustainability leaders in the fine jewelry, gemstone, and related industries. Applications for the 2025 awards are open from 6 January to 7 April 2025, with submissions accepted through an online portal.The awards aim to highlight organisations across the jewelry industry that have achieved measurable progress in environmental, social, and governance (ESG) efforts, regardless of their size, focus, or location.“Previously known as the JNA Awards, JWA was launched by Informa Markets Jewelry in 2012 to celebrate pioneers, change-makers and exceptional business…

The Zambian government has reinstated a 15% export duty on emeralds, effective 1 January 2025, following a suspension that had been in place since 2020.The 15% export duty was initially introduced in 2019 but was suspended later that year after lobbying by the Zambian emerald sector. The suspension remained in place until its recent revocation. Gemfields stated that the duty was reintroduced without prior notice or consultation.Industry ImplicationsThe new export duty aligns with Zambia’s efforts to increase government revenue in 2025, with reports of similar measures in other sectors. This may influence the gemstone sector’s operating conditions and its appeal…

De Beers Group and the Gem & Jewelry Export Promotion Council (GJEPC), India’s leading jewelry trade body, have launched a strategic collaboration named INDRA – Indian Natural Diamond Retailer Alliance. The initiative aims to support independent retailers in India by offering advanced tools and resources including incorporating technologies such as Artificial Intelligence to help create customised retailer campaigns. It also offers retailers multi-lingual marketing materials and training resources, including detailed information on natural diamonds in local languages, to better equip them to engage with consumers.Interactive roadshows introducing the INDRA programme are set to begin in January 2025, allowing GJEPC members to enrol…

TAG Heuer has been announced as the Official Timekeeper of Formula 1, marking a return to a role it last held decades ago. The partnership coincides with Formula 1’s 75th anniversary celebrations and its ongoing collaboration with LVMH, which began in 2023.TAG Heuer’s involvement with Formula 1 dates back to 1969, when it became the first luxury brand to display its logo on a Formula 1 car. Over the years, the brand has been linked to pivotal moments in the sport’s history, including partnerships with Ferrari in the 1970s, McLaren in the 1980s and beyond, and Red Bull Racing more recently.Antoine…

Russian diamond producer Alrosa has forecasted a rebalancing of supply and demand for both rough and polished diamonds in the coming months, driven by falling midstream inventory levels. The projection, shared during a meeting with journalists, highlights potential pricing dynamics in the diamond sector.Supply Constraints and Structural Changes Drive Market TrendsSergey Takhiev, Alrosa’s head of corporate finance, stated that reduced global diamond production levels—now up to 20% lower than those recorded in 2018-2019—are influencing market dynamics. He pointed to the growth of online jewelry trade as a significant factor, enabling jewellers and retailers to lower their inventory requirements.“The growth of online…

De Beers has accumulated its largest diamond stockpile since the 2008 financial crisis, with an inventory valued at approximately $2 billion, according to a report by the Financial Times. This development reflects broader challenges in the diamond industry, including shifting market dynamics and evolving consumer preferences.Market Pressures and Declining SalesDe Beers’ chief executive, Al Cook, described 2024 as “a tough year for rough diamond sales,” citing a combination of factors contributing to decreased demand. A slowdown in China’s economy—historically a key driver of diamond consumption—has significantly impacted global sales. Additionally, the rise of lab-grown diamonds, which offer a more affordable alternative,…

Surat, India’s diamond processing hub, is experiencing a significant shift as global demand for natural diamonds slows. Renowned for processing approximately 90% of the world’s rough diamonds, the city is adapting to changing market conditions by expanding into jewelry manufacturing. This diversification reflects efforts to counteract declining diamond export figures while leveraging growing domestic and international jewelry demand.Jewelry Manufacturing Gaining TractionAccording to India’s Gem and Jewelry Export Promotion Council (GJEPC), a number of Surat’s diamond cutting and polishing units are now engaging in jewelry manufacturing. Vipul Shah, chairman of GJEPC, noted: “The units have gradually started doing job work in jewelry manufacturing.…

Angola has achieved a significant milestone in its diamond industry, producing approximately 12 million carats of diamonds in 2024 – the first time the country has surpassed the 10 million carat threshold, a target outlined in the National Development Plan (NDP) 2023–2027. Reforms Drive GrowthThe achievement is attributed to legal and tax reforms introduced in recent years, which improved the business environment and increased transparency within the diamond sector. These reforms have encouraged investment and facilitated the return of companies to Angola’s diamond market.Minister Azevedo highlighted these advancements, stating, “We begin to see some trees flourish and harvest some fruits from…

Gemfields, a London-listed mining company and significant producer of coloured gemstones, has temporarily suspended operations at its Montepuez Ruby Mining (MRM) site in northern Mozambique.The suspension follows violent unrest linked to the country’s disputed national election, during which over 200 individuals associated with illegal ruby mining attempted to invade the site.Violent Incidents and Operational ImpactOn Christmas Eve, groups set fire to community buildings near Gemfields’ MRM operation. Security forces, including Mozambican police and military, responded, resulting in two fatalities, according to the company.In a related incident, a vocational training centre in the nearby village of Wikupuri, built in partnership with…

India’s jewelry market, the second-largest consumer of gold globally, is undergoing significant changes as escalating gold prices influence buyer preferences. With prices surging 22% in 2024 following a 15% increase in 2023, many consumers are now opting for lightweight and lower-carat gold jewelry to accommodate their budgets.Lightweight Jewelry in High DemandTraditional jewelry remains popular in India, especially during significant occasions such as weddings. However, jewellers report a rising preference for lightweight designs that preserve traditional aesthetics while being more cost-effective.”Most Indian buyers prefer traditional jewelry, but now they want it crafted in lightweight designs to fit their budgets,” said Bachhraj Bamalwa,…

Gemfields, a prominent coloured gemstone miner, has raised concerns about the safety of its employees and operations at the Montepuez ruby mine in Mozambique. The unrest follows a contentious October election, upheld by the Mozambican Constitutional Council earlier this week, which has heightened instability in the region. The mine, located in Cabo Delgado province, is one of Gemfields’ main assets in the country, alongside its Megaruma, Campos De Joia, and Eastern Ruby Mining deposits.Security Concerns and Impact on Local CommunitiesGemfields has reported that groups exploiting the political instability have targeted nearby areas with arson, vandalism, and other disruptive activities. These actions…

The Antwerp World Diamond Centre (AWDC) has responded firmly to allegations published by the Belgian newspaper De Tijd, which questioned the diamond industry’s commitment to anti-money laundering (AML) measures. The claims stem from an investigation involving a Ukrainian-French jewelry business owner connected to Antwerp’s Diamond Club.Criminal Investigation Sparks ControversyThe investigation focuses on a 43-year-old Ukrainian-French woman, named as Iryna G, who faces allegations of money laundering in connection with supplying food to Ukraine’s military. Authorities in Ukraine reportedly uncovered over €4.7 million in suspicious cash as part of the inquiry.While the case primarily concerns Iryna G and her company, IKG,…