Author: Steven Joseph

The European Union (EU) has announced significant changes to its sanctions on Russian diamonds, extending the transition period and introducing key exemptions that will affect importers and the wider jewelry industry.Extension of the Sunrise PeriodThe EU has extended the “sunrise period” for its traceability requirements on Russian diamonds by six months. This means the mandatory traceability program for rough and polished natural diamonds will now commence on March 1, 2025, instead of the previously set date of September 1, 2024. This extension follows calls by major industry players, including De Beers, for more time to comply with the new rules.Traceability…

Gemfields has launched a new book, titled No Stone Unturned: The Hunt for African Gems, authored by Richa Goyal Sikri. This publication explores the journey of gemstone discoveries across Africa over the past six decades, capturing the essence of the coloured gemstone industry.A Collection of Real-Life AdventuresThe book, No Stone Unturned, comprises 24 true stories that depict the dynamic and often perilous world of the gemstone trade. Sikri’s narrative takes readers through the process of gemstone discovery, from the mines to the markets, providing insights into significant historical moments linked to Africa’s gem deposits.Voices from the IndustrySean Gilbertson, CEO of Gemfields, praised…

Signet Jewelers has identified fashion jewelry as the primary avenue for growth in the synthetic-diamond segment, according to CEO Gina Drosos.During an investor call following the release of Signet’s fiscal first-quarter earnings, Drosos highlighted that revenue from fashion jewelry featuring synthetic diamonds surged by 14% year on year. This growth occurred as the company expanded its offerings in this category. In contrast, total sales of fashion jewelry saw a 6% decline, totalling $552 million.Cost Efficiency and Consumer AppealThe production of synthetic diamonds has become more efficient over the past five years, significantly reducing costs. This efficiency has allowed Signet to…

JCK 2024 has concluded successfully, drawing approximately 30,000 industry professionals to The Venetian and The Venetian Expo in Las Vegas. Running from May 31 to June 3, with pre-show sessions starting on May 29, JCK featured over 1,900 exhibitors and 17,300 attendees, with various pavilions and educational tracks enhancing the experience.Educational ProgramsThe JCK Talks education program, which commenced a day before the main show, included new tracks such as Your Development, Business Management, and Sales. The “Social Stage” returned, focusing on content creation, data utilisation, and practical implementation. Notable keynotes featured Kyle Scheele, Henry Winkler, and Sugar Ray Leonard.Events and ActivationsThemed…

Diamonds Do Good (DDG) recently honoured key figures in the jewelry industry at their 2024 awards ceremony, held during the JCK show in Las Vegas from May 31 to June 3. Recipients were acknowledged for their significant contributions to the industry, particularly in demonstrating the interplay between business success and social responsibility.Award Recipients and Their ContributionsShiona Turini, Beyoncé’s stylist, received the Diamond Influence Award for her role in integrating diamonds into contemporary fashion. Turini’s influence in fashion has brought diamonds to the forefront of modern style, highlighting their relevance across different audiences.Other honourees included the Gemological Institute of America (GIA), luxury…

Sotheby’s has announced key leadership changes within its Watch Division, with Sam Hines and Geoff Hess appointed to new roles to guide the division’s future growth.Sam Hines Returns as ChairmanSam Hines is rejoining Sotheby’s as the chairman of the Watch Division. Hines, who began his career at Sotheby’s in 1997, has previously held positions at Phillips and Christie’s, and most recently served as managing director at Loupe This, an online watch auctioneer. His track record includes notable watch sales over the past 15 years, such as the sale of a stainless steel Patek Philippe Ref. 1518 for $11 million in…

De Beers Group has announced its support for the G7 sanctions on Russian diamonds, emphasizing the need for practical, industry-wide, and enforceable measures. The company has provided a detailed response to the requests from G7 governments, highlighting key areas for consideration.Timing and Adaptation PeriodThe proposed import restrictions on Russian diamonds, specifically those of 0.5 carats and above, are set to be implemented on 1 September 2024. However, De Beers advocates for a 12-month extension of the ‘sunrise period’ to September 2025. This extension is intended to give the diamond industry adequate time to adapt to the new certification and import requirements.Certification…

Pandora has announced the launch of its lab-grown diamonds collection in Denmark on June 6th, marking the first EU market to offer Pandora’s lab-grown diamonds after successful debuts in the Americas, Australia, and the UK. This launch aligns with the opening of Pandora’s first flagship store in Copenhagen.Commitment to SustainabilityThe company’s lab-grown diamonds are produced using 100% renewable energy, with a claimed carbon footprint approximately five percent of that of mined diamonds, with 100% recycled silver and gold settings.”Our lab-grown diamonds represent the future of luxury. They combine beauty and responsibility, and we are excited to bring them to Denmark. As…

Signet Jewelers Ltd. faced a challenging first fiscal quarter, reflecting ongoing market conditions in the US. Despite this, the company remains resilient, with plans for future growth and strategic adjustments. The company, which owns major brands including Zales, Jared, and Kay Jewelers, released detailed financial results and future expectations in its recent press announcements.First Quarter Financial ResultsFor the 13 weeks ending May 4, Signet reported a 9% year-on-year decrease in revenue, totalling $1.51 billion. Same-store sales, measuring performance at locations open for at least a year, also fell by 9%. Net profit for the quarter dropped significantly by 47%, amounting to…

The Natural Diamond Council (NDC) has unveiled its latest campaign, “Real. Rare. Responsible,” featuring Emmy-nominated actress Lily James as the global ambassador, aiming to highlight sustainable practices within the natural diamond industry. The campaign is set to launch in late summer and will include a series of films, videos, and images showcasing the journey of natural diamonds.“Formed deep within the Earth billions of years ago, it was important that we capture natural diamonds in their natural element for our new campaign,” said David Kellie, NDC’s CEO. “Canada plays an integral role within the natural diamond industry. While people tend to more…

De Beers has announced it will stop producing synthetic diamonds for its Lightbox consumer brand as part of a strategic reorientation. Instead, the company will focus on manufacturing and selling natural polished diamonds.“We believe the value of lab-grown diamonds lies in technology rather than in jewelry,” stated Al Cook, De Beers CEO, during the company’s JCK Las Vegas breakfast event on Friday.Element Six ReorganisationThe company’s Element Six division will consolidate its three chemical vapour deposition (CVD) plants into a single $94 million facility in Portland, Oregon. This facility will become a technology hub dedicated to producing diamonds for industrial applications.“This starts…

Indian Lab Grown specialist Ethereal Green Diamond LLP  has announced the display of two significant lab-grown diamonds at the upcoming JCK Show in Las Vegas.The “Celebration of India,” a 75.33 carat square-emerald cut diamond, and the “Infinity Ring,” a unique 30.69 carat ring-shaped diamond, are both certified by the International Gemological Institute (IGI).Largest Lab-Grown Diamond to DateThe “Celebration of India” diamond, weighing 75.33 carats, has been identified as the world’s largest lab-grown diamond to date. The IGI graded the diamond as type IIa, noting its excellent polish and symmetry. The diamond’s creation process involved approximately 270 days of growth to…

The Natural Diamond Council (NDC) has announced a strategic partnership with Aurostar, a globally recognised diamond manufacturer. This collaboration is part of NDC’s Industry Partnership Program (IPP), which aims to promote responsible sourcing and community empowerment within the diamond industry.About AurostarAurostar, founded in 1966 and led by third-generation diamantaires, operates in multiple global locations including Dubai, Botswana, the USA, and Hong Kong. The company aims to integrate high social, ethical, and environmental standards into its operations to ensure the responsible sourcing of diamonds, including implementing initiatives in Botswana to support local talent and entrepreneurs, ensuring that the benefits of the diamond supply…

The Antwerp World Diamond Centre (AWDC) has issued a statement supporting the G7’s decision to ban Russian diamonds from entering the G7 and EU markets. In line with this, AWDC is advocating for a robust and traceable verification system to ensure ethical standards in the diamond industry. However, the organisation emphasises the need for additional verification points outside the G7 to ensure the smooth trade of non-sanctioned goods. Advocacy for African ProducersAWDC is actively participating in discussions with G7 and EU representatives to implement these measures. They propose the establishment of one or more rough diamond verification points outside the G7. This…

A new trade body aimed at promoting lab-grown diamonds has been launched: The Grown Diamond Trade Organization (GDTO).With a purview of supporting and transforming the lab-grown diamond sector, GTFO aims to address key industry concerns and offer new resources for stakeholders.“It’s time for lab-grown diamonds to have its own ecosystem,” stated Marty Hurwitz, GDTO’s executive director. “The consumer’s voice is loud and clear; we must organize to meet the growing demand and proudly differentiate from the traditional mined diamond institutions.”Addressing Certification CostsThe GDTO is responding to industry-wide concerns about the high costs associated with traditional diamond reports, which are particularly…

Signet Jewelers and De Beers Group have announced a strategic collaboration aimed at introducing natural diamonds to a new generation of U.S. and Canadian couples. The partnership targets the emerging “Zillennials” demographic, capitalising on a projected 25% increase in engagements over the next three years.The initiative includes a comprehensive campaign set to launch in the third quarter, featuring online content, in-store experiences, and targeted marketing.Research-Driven StrategySignet’s research indicates a significant rise in engagements among U.S. Zillennials in the coming years, spurred by the aftermath of the pandemic. This growth is expected to include a diverse array of couples, encompassing various…

According to a report from Reuters, The United States is currently re-evaluating the stringent aspects of a Group of Seven (G7) ban on Russian diamonds, following significant resistance from African countries, Indian gem polishers, and jewelers in New York.This reconsideration comes after the December sanctions package aimed at reducing a revenue stream for Russia amidst its ongoing conflict with Ukraine.Background and Industry Impact Since March, diamond importers to G7 countries have been required to self-certify that their diamonds do not originate from Russia, the world’s largest producer of rough diamonds. Direct imports of Russian gems were banned earlier in January.A critical…

Richemont has announced the appointment of Nicolas Bos as the new Chief Executive Officer, effective 1 June 2024. Mr Bos, who is currently the CEO of Van Cleef & Arpels, will assume a re-established role, reporting to Johann Rupert, Chairman of Richemont. In his new position, Mr Bos will oversee all Maisons, functions, and regions within the group, including key areas such as Jewelry Maisons, Finance, and Human Resources.Johann Rupert, Chairman of Richemont, commented on the appointment: “I am truly delighted that Nicolas has accepted to assume the re-established role of Chief Executive Officer of Richemont. His vision and ability to uphold…

The World Federation of Diamond Bourses (WFDB) and the Shanghai Diamond Exchange (SDE) have signed a Memorandum of Understanding (MoU) aimed at promoting the natural diamond market in China. This agreement follows meetings held during the WFDB Presidents’ Meeting in Shanghai in March, where WFDB leaders and Chinese government officials discussed initiatives to invigorate the Chinese diamond marketObjectives of the MoUThe MoU aims to enhance collaboration through joint events, marketing campaigns, and bilateral visits. The WFDB will open a representative office within the China Diamond Center, while the SDE will work on advancing the local diamond industry.WFDB President Yoram Dvash highlighted…

Anglo American, the UK-based mining giant, has outlined plans to divest significant parts of its business, including business De Beers and its platinum arm, Anglo American Platinum (Amplats). This decision follows the rejection of a £34 billion takeover bid from BHP and aims to streamline the company’s operations to focus on core assets such as copper, iron ore, and crop nutrients.Comprehensive Breakdown of the Divestiture PlanThe restructuring plan includes the divestiture of De Beers and Amplats, alongside Anglo American’s steelmaking coal assets. These sales are part of a broader strategy to concentrate on commodities with strong growth prospects and higher profit…

The Kimberley Process (KP) Intersessional meeting has commenced in Dubai, UAE, gathering global representatives from the diamond industry, civil society, and governments to address critical issues in the diamond trade. Focus on Consensus and ActionThe UAE, operating under the theme “Year of Delivery,” aims to drive progress in the diamond trade’s regulation by overcoming political impasses and implementing concrete actions. This includes establishing a permanent secretariat in Botswana, completing the KP review and reform cycle, and advancing the digitalisation of the KP.Calls to Address Ongoing ConflictsThe KP is facing renewed calls to act over the ongoing wars in Ukraine and the…

De Beers’ Lightbox lab-grown jewelry brand has announced a reduction in the retail prices of its lab-grown diamonds by up to 40%. This adjustment sees the cost of colorless DEF stones now set at $900 per carat, reduced from $1,500, IJ color stones have decreased in price from $800 to $500 per carat, and GH color stones are now priced at $600 per carat. This new pricing reflects reductions in manufacturing and wholesale costs and aligns with Lightbox’s competitive pricing strategy.Enhanced Verification ProcessIn addition to adjusting prices, Lightbox is implementing an independent verification process for its diamonds through the Gemological Institute of…

Diamond marketplace Nivoda has successfully secured $30 million USD in a Series B funding round, led by Avenir Growth Capital with participation from existing investors Headline and Abstract Ventures, and new investor Canaan Ventures. This funding marks an important step in Nivoda’s strategic plan to expand their influence and operational capacity within the global jewelry market.Investor InsightsTaylor Brandt, Principal at Headline, reflected on the company’s journey since their initial investment in Series A, acknowledging Nivoda’s significant growth and impact on the jewelry supply chain. Brandt noted, “We were lucky to partner with the Nivoda team since the series A. Since then,…

Watches of Switzerland Group has completed the acquisition of the Italian jewelry brand Roberto Coin for £104 million (approximately $130 million). This transaction bolsters Watches of Switzerland’s presence in the luxury branded jewelry market, particularly in North America.Strategic Expansion and Financial DetailsThe acquisition, which includes exclusive distribution rights and ownership of Roberto Coin’s business in the U.S., Canada, Central America, and the Caribbean, is financed by a £92.2 million ($115 million) term loan facility. The acquisition not only expands Watches of Switzerland’s portfolio but also capitalizes on its existing network of 222 retail outlets in the U.K., U.S., and Europe. In 2022,…

Richemont has announced its acquisition of the Italian jeweller Vhernier S.p.A., adding the company to its substantial portfolio of luxury brands. The acquisition, encompassing a full 100% stake, aligns with Richemont’s strategy to enhance its luxury jewelry segment. Pending customary regulatory approvals, the transaction is not expected to have a material financial impact on Richemont’s consolidated net assets or operating results for the fiscal year ending 31 March 2025.Strategic Expansion in the Luxury SectorRichemont’s acquisition introduces Vhernier as the 29th brand within its portfolio, aligning it with other prestigious brands under the Jewelry Maisons business unit including Cartier, Van Cleef…

The latest pricing information from Rappaport showed that April 2024 saw a downturn in the diamond market, influenced by seasonal trends and reduced demand from the US and China. Prices for diamonds with a clarity rating of Very Slightly Included (VS) and above declined, while those for Slightly Included (SI) categories saw minor increases, continuing a pattern seen since the year’s start.BHP’s Acquisition Moves and Impacts on De BeersAmidst these market fluctuations, BHP’s substantial $38.9 billion offer for Anglo American has sparked speculation regarding the future of De Beers. Anglo American’s potential sale of De Beers is underway, potentially reshaping the…

The International Gemological Institute (IGI) has introduced a new grading report for round brilliant cut diamonds, the Light Performance Grading Report. This report focuses on the optical performance of diamonds, providing detailed insights into their visual properties.Grading System and MetricsThe IGI Light Performance grading system employs a methodology that assigns an overall Light Performance score to each diamond. This primary score is supplemented by additional metrics assessing Brightness, Fire, and Contrast. These parameters are essential for assessing how diamonds interact with light, which affects their visual appeal and potentially their market value.The system employs advanced ray-tracing software and slope proportions logic…

Tiffany & Co. has announced the launch of the Tiffany Titan by Pharrell Williams collection, which draws inspiration from the mythological trident of Poseidon. According to Tiffany, the collection aims to embody a blend of energy, power, and individuality, using a motif that contrasts sharply pointed elements with softer, curved links. The design approach seeks to challenge conventional aesthetics and engage those who appreciate a distinctive, bold style. We are excited to unveil Pharrell’s inaugural collection for Tiffany. The Tiffany Titan by Pharrell Williams collection defies the conventions of fine jewelry design. It represents a balance of Pharrell’s creative vision with Tiffany…

Russian diamond giant Alrosa is set to sell its 41% stake in the Catoca diamond mine in Angola, a move driven by operational challenges and intensified by global sanctions. Sanctions and Operational ChallengesAlrosa’s position as a key stakeholder in the Catoca mine has become problematic due to sanctions and the reluctance of Western companies to engage with entities connected to Russian businesses. Russian Deputy Finance Minister Alexei Moiseyev detailed the issues and progress of the negotiations, “The Angolans believe that the presence of Alrosa as a key shareholder is preventing them from developing their business. In general, they have fair reasons for…

Pandora A/S has recently updated its revenue forecasts, indicating a strong first quarter driven primarily by its lab-grown diamond sales. The company has revised its expected organic sales growth to 8-10% for this year, up from the earlier estimate of 6-9%.Financial Performance and Market ReactionThe announcement of the updated guidance and strong quarterly results led to a notable surge in Pandora’s share price. The stock saw its largest intraday rise since November last year, climbing as much as 6.6% in Copenhagen. Over the past year, shares have escalated by over 80%, reflecting investor confidence in the brand’s strategic direction and…