Author: Steven Joseph

The United States and the United Kingdom have imposed sanctions on 28 individuals and entities linked to a global gold-smuggling and money-laundering network allegedly led by Kamlesh Pattni. The operation, centred in Zimbabwe, is accused of exploiting the country’s gold and diamond resources through bribery, fraudulent reporting, and a network of companies used to conceal these activities.Pattni, a Kenyan businessman and UK citizen, became known in the 1990s for his alleged involvement in Kenya’s Goldenberg scandal. Following accusations of fraudulent gold trading, Pattni moved to Zimbabwe, where he is said to have continued developing a network facilitating the smuggling and…

The Gemological Institute of America (GIA) has announced an enhancement to its emerald reports, offering optional filler identification from 15 December 2024 in  response to industry requests for more detailed information about fillers used in treated emeralds. Responding to Market NeedsThe optional service, initially offered at no additional cost, allows clients to receive specific information about filler types present in their emeralds. The service marks a return to a more detailed reporting method previously offered by GIA over 20 years ago but discontinued to focus on the degree of filling.“GIA is making this change in response to market needs,” said Tom…

Element Six, part of De Beers Group, has announced its investment in Lightsynq, a US-based startup focused on quantum computing. Lightsynq, founded by experts from Harvard University and AWS, is working on innovative solutions to improve how quantum computers communicate and scale. Synthetic diamonds, engineered by Element Six, play a crucial role in enabling this technology, which has applications in fields like cybersecurity and chemistry.Supporting Quantum Advancements with Synthetic DiamondsQuantum computing, while still in its early stages, has the potential to revolutionise industries with its ability to process complex calculations far faster than traditional computers. One major challenge in the field…

De Beers Group has announced the winners of its 2024 Shining Light Awards, a biennial jewelry design competition aimed at fostering talent from Botswana, Canada, Namibia, and South Africa.The awards are part of the company’s initiative to develop skills in jewelry design and manufacturing among young professionals.Competition OverviewLaunched in 1995, the Shining Light Awards provide a platform for designers aged 18 to 35 who are enrolled in or have completed jewelry design programmes. Participants are required to design a complete collection, including a ring, necklace, earrings, bangles, and bracelets.This year’s competition attracted 104 entries under the theme “Luxury Redefined,” which…

Scientists and engineers from the UK Atomic Energy Authority (UKAEA) and the University of Bristol have developed the world’s first carbon-14 diamond battery. This innovative technology utilises radioactive carbon-14, a by-product of nuclear reactors, to create an energy source capable of powering devices for thousands of years.How the Carbon-14 Diamond Battery WorksThe carbon-14 diamond battery generates power through the radioactive decay of carbon-14, which has a half-life of 5,700 years. This process is comparable to how solar panels convert light into electricity; however, instead of photons, the battery captures fast-moving electrons within the diamond structure.The carbon-14 used in the battery is…

The International Gemological Institute (IGI) has announced an initial public offering (IPO) valued at $499 million (Rs 4,225 crore). The IPO will open for subscription from 13 to 17 December, with shares scheduled to list on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on 20 December.Background on IGI and the IPOThe IPO comes following Blackstone Group’s acquisition of IGI for $570 million in May 2023 from Fosun International and former IGI CEO Roland Lorie. The offering values IGI at approximately $3.5 billion.Overview of IGI’s OperationsFounded in Antwerp in 1975 by Marcel Lorie, IGI is the world’s second-largest…

The Pantone Colour Institute has announced its Colour of the Year for 2025: Pantone 17-1230, also known as “Mocha Mousse.” The warm, rich brown hue has been described as embodying connections to the natural world, everyday comforts, and a refined sense of luxury. This selection marks the 26th year of Pantone’s annual Colour of the Year programme, which influences trends across fashion, interiors, and jewelry.Why ‘Mocha Mousse’?According to Leatrice Eiseman, executive director of the Pantone Colour Institute, Mocha Mousse resonates on multiple sensory levels, evoking the comfort and richness of chocolate, coffee, and cacao. This earthy tone was chosen for its ability…

Boodles has reported a pre-tax profit of £18.1m for the latest financial year, despite a 1.3% dip in sales to £104.9m. The company operates high-profile stores across the UK and Ireland, including locations in London, Manchester, Liverpool, Chester, and Dublin.Financial Performance and DividendsIn the accounts filed for Boodle & Dunthorne Ltd, the company noted a slight decline in pre-tax profit from £19.5m in 2023. During the same period, £6.4m in dividends were distributed to shareholders.Despite the minor sales contraction, trading for the current financial year is described as “encouragingly strong,” with significant growth in both revenue and net profit reported to…

India, the world’s largest hub for diamond polishing, is intensifying its call for a domestic diamond export certification centre following the recent establishment of a certification facility in Botswana.The global diamond trade has been navigating significant regulatory changes since the G7’s January 2024 ban on Russian-origin diamonds, extending this restriction to diamonds processed in intermediary countries such as India. By March 2024, Antwerp, emerged as the sole global export certification centre, further complicating the supply chain for India’s diamond exporters.While Botswana’s certification facility has provided relief to African diamond manufacturers and traders by reducing costs and streamlining compliance, Indian exporters must…

De Beers has released the dates for its 2025 rough diamond sales, confirming 10 sights across the year.At its final sight of 2024, De Beers reduced rough diamond prices by 10% to 15% as part of efforts to address market imbalances. The company has also adjusted its supply flexibility, reflecting a strategy shift to better align with current demand. Additionally, in 2025, the December sight will be shortened to four days, compared to the traditional five.Full Schedule of De Beers’ 2025 SightsThe schedule for De Beers’ 2025 sights is as follows:

De Beers has reduced prices for its rough diamonds by 10% to 15% at its final sight of 2024, according to industry sources. The adjustment, applicable to most diamond categories, seeks to address weak demand and better reflect open market pricing.Addressing Price DisparitiesThe price cuts aim to narrow the gap between De Beers’ rough diamond prices and goods sold at tenders and auctions, which were reportedly 20% to 25% cheaper in some categories. Sightholders had expressed concerns about De Beers maintaining price levels despite declining demand.A De Beers spokesperson declined to comment on the price changes but mentioned stabilisation in polished…

Angola has replaced Russian diamond miner Alrosa with Maaden International, an Omani investment fund, in its diamond-mining operations. Alrosa, the Russian state-controlled diamond miner, previously held a 41% stake in the Catoca diamond mine, one of the largest globally. The company has faced sanctions from the United States, United Kingdom, and European Union since 2022, linked to Russia’s invasion of Ukraine.“Sanctions on the Russian diamond industry created difficulties for the Angolan diamond industry and for the credibility of our diamonds in the international market,” said Angola’s Mining Minister, Diamantino Azevedo. He explained that President João Lourenço directed the Ministry of Mineral…

The World Platinum Investment Council (WPIC) has forecasted a global platinum supply deficit for the third consecutive year in 2025, citing constrained mine output despite improvements in recycling. The deficit is projected to reach 539,000 troy ounces, down from the revised 682,000-ounce shortfall expected in 2024.The imbalance reflects a combination of increasing demand in key sectors such as automotive and jewelry and declining mined supply, particularly in South Africa, the largest producer of platinum globally.Automotive Demand Reaches Eight-Year HighThe automotive sector is projected to consume 3.2 million ounces of platinum in 2025, marking its highest demand since 2017, according to…

Botswana is set to establish an export certification system for rough diamonds in collaboration with the G7 diamond technical team. This move aims to bolster traceability measures, ensuring compliance with G7 restrictions on Russian-origin diamonds while supporting global efforts to enhance transparency in the diamond trade.The collaboration follows the G7’s introduction of an import ban on Russian diamonds, which came into effect on 1 January 2024. This ban was further extended on 1 March 2024 to cover Russian diamonds processed in third countries. To support these measures, the first certification node capable of verifying diamond origins became operational in the European Union…

The diamond industry is navigating a period of significant transformation, as highlighted in a recent report by McKinsey & Company. Natural diamond prices have fallen to multi-year lows, driven by shifting consumer preferences, the rise of lab-grown diamonds (LGDs), and increasing focus on environmental, social, and governance (ESG) concerns. McKinsey’s analysis underscores the need for industry players to adapt to these evolving market dynamics to remain competitive.Natural Diamond Prices Under PressureMcKinsey notes that natural diamond prices have declined sharply following a pandemic-driven surge. The reversal is attributed to several factors, including the rapid growth of LGDs, which offer affordability and…

Russia’s state-controlled diamond mining company Alrosa has announced plans to scale back production and reduce its workforce in 2025. This decision, according to CEO Pavel Marinychev, follows a period of declining diamond prices, weaker global demand and the impact of Western sanctions.Impact of Sanctions and Market DeclineAlrosa, the world’s largest producer of rough diamonds by volume, has described the global diamond market as being in a “deep crisis”, highlighting that prices have declined for the second consecutive year. Compounding these difficulties are G7 and EU sanctions – to manage these pressures, the company plans to suspend operations in areas with limited…

Luk Fook has reported a 27.2% decline in revenue for the six months ending 30 September 2024, amounting to HKD 5.45 billion, a decline mainly attributed to elevated gold prices affecting consumer demand. The gross profit margin increased by 4.9 percentage points to 32.7%, resulting in a gross profit of HKD 1.78 billion.Impact of Gold Hedging and Net ProfitGold hedging losses during the period reached HKD 230 million, marking a significant reversal from the HKD 55 million gain recorded in the same period last year. Operating profit dropped by 53% to HKD 536 million, with the operating profit margin decreasing to…

Digital marketplace Nivoda has announced the successful raising of $51 million in its latest funding round. The funding will support Nivoda’s plans to enhance its supply chain operations and expand its marketplace to include a broader range of jewelry products.Funding Details and Future PlansThe investment round was led by Northzone, a new investor, with participation from existing investors Avenir, Headline, Abstract Ventures, and Canaan Partners. This funding brings Nivoda’s total raised capital to $96 million.“Nivoda has quickly emerged as a category-defining company that powers small retailers around the world. Nivoda is building a truly pioneering technology platform that creates value…

The Gemological Institute of America (GIA) has expanded its Board of Governors with the addition of two new members: Lisa Bridge, President and CEO of Ben Bridge Jeweler, and Dr Wendy Bohrson, Professor of Geology at the Colorado School of Mines. New Members Bring Industry and Academic ExpertiseLisa Bridge is the fifth-generation leader of Ben Bridge Jeweler, a Berkshire Hathaway subsidiary. Her qualifications include a GIA Graduate Gemologist diploma and a Certified Gemologist title from the American Gem Society (AGS). Bridge has held leadership roles in industry organisations, including serving as the immediate past president of the AGS board and as…

De Beers Group has launched its ‘Forever Present’ marketing campaign in the United States to promote natural diamonds during the holiday gifting period. The campaign continues the use of the classic “A Diamond Is Forever” tagline, which was reintroduced to De Beers’ marketing last year.Focus on Emotional ValueThe ‘Forever Present’ campaign promotes natural diamonds as meaningful gifts for commemorating relationships and milestones. Its central message, “natural connections deserve natural diamonds,” positions them as suitable for marking special occasions.The campaign showcases jewelry designs such as studs, tennis bracelets, anniversary bands, three-stone rings, and solitaire pendants. Featuring real-life couples, it seeks to appeal…

Gold prices have hit historic highs, recently surpassing US$2,700 per ounce, sparking industry-wide speculation about what’s driving this surge. While numerous factors influence gold’s value, one question stands out: is the rapid rise of Artificial Intelligence (AI) technologies playing a role? That’s the question that the World Gold Council recently answered, and it’s fascinating reading.Rising Gold Prices and AI DemandOver the past two decades, gold demand in electronics has fluctuated, peaking at 328 tonnes in 2010 before declining to 249 tonnes in 2023. However, a modest recovery is underway, with AI emerging as a significant driver. AI-powered systems, such as those…

A new campaign at London Luton Airport, in collaboration with jeweller Queensmith, aims to protect the element of surprise for those planning secret proposals. The initiative, called “Ask for Harry,” discreetly informs security staff about engagement rings during checks to help maintain the surprise.Addressing Security Challenges for Secret ProposersThe campaign was developed in response to challenges faced by travellers carrying engagement rings through airport security. When prompted with the phrase, “Does Harry still work here?” security staff are informed that the traveller is carrying a hidden engagement ring. While bags and their contents are still subject to standard screening procedures, the…

The European Union (EU) has issued a statement expressing further dissatisfaction with the Kimberley Process (KP) over its inability to address the role of Russian diamonds in the global market amidst the ongoing conflict in Ukraine. This year marks the third consecutive year the KP has failed to reach a consensus on addressing these issues.EU’s Position on the Kimberley ProcessOn 18th November, the EU issued a statement criticising the Kimberley Process, asserting that its inaction undermines both the organisation’s credibility and the reputation of the natural diamond industry. The EU highlighted that addressing Russia’s involvement is essential to uphold the KP’s…

Paris-based jewelry designer Marie Lichtenberg has launched the 2024 Raiz’in collection, a line of more affordable jewelry inspired by her signature designs. This initiative aims to counteract the proliferation of counterfeit versions of her high-end pieces by offering legitimate, budget-friendly alternatives made under her own brand.The Raiz’in collection, which initially debuted in 2023, was conceived to combat counterfeiting and expand accessibility to Lichtenberg’s distinctive style. The 2024 collection introduces six new designs, featuring symbolic motifs such as evil eyes and sunbursts, crafted in materials like 24-karat gold–plated brass, enamel, mother-of-pearl resin, and glitter resin.Affordable Craftsmanship with a CauseThe Raiz’in collection reflects…

A new report, Silence is Golden, jointly authored by The Rt. Hon Dominic Raab and the World Gold Council, reveals the extent to which artisanal and small-scale gold mining (ASGM) is exploited to fund conflict, terrorism, and organised crime. The findings outline significant challenges faced by the gold industry, urging global collaboration to address these issues.Key Findings of the ReportASGM accounts for around 20% of the global gold supply and 80% of gold mining employment. However, the report highlights vulnerabilities within the sector, making it a target for exploitation by criminal organisations, armed groups, and corrupt officials.The identified challenges include:The report…

Several global industry bodies are reportedly working on a new initiative to secure $65 million annually for category marketing, aiming to enhance the current budget of the Natural Diamond Council (NDC). This plan follows the withdrawal of Russian diamond miner Alrosa from the NDC in early 2022, with . discussions taking place during the Dubai Diamond Conference, according to NDC CEO David Kellie in a recent interview.The funding proposal, which remains under discussion, seeks to ensure broader financial support from across the industry, creating a more sustainable and representative marketing framework.Goals and Proposed MechanismsThe NDC’s current budget stands at $35 million,…

HB Botswana has announced a 137 million Pula investment (approx USD10million) in its diamond processing operations, aimed at increasing the facility’s technological capacity and creating hundreds of skilled jobs within the local diamond industry.The company’s Communication Manager, Omogolo Mathumo, stated:“At HB, we believe that Botswana’s diamond industry should be powered by its people, using the best technology available. This investment not only generates jobs but also invests in local talent, providing valuable skills that will have a lasting impact on Botswana’s economy.”Technology Upgrades to Drive EfficiencyThe investment includes new machinery and equipment to improve diamond processing capabilities. The additions include:HB…

After several months of decline, India’s diamond exports showed growth in October 2024, driven by increasing demand for both natural and lab-grown diamonds. The Gem & Jewelry Export Promotion Council (GJEPC) reported that cut and polished diamond exports for the month totalled USD 1,403.59 million (Rs. 11,795.83 crores), marking an 11.32% increase in dollar terms and a 12.39% rise in rupee terms compared to October 2023.Cut and Polished Diamonds Lead RecoveryCut and polished diamonds accounted for the largest share of gem and jewelry exports, Shri Vipul Shah, Chairman of the GJEPC, stated:”This is a welcome relief for our industry, as we’ve…

The global luxury market is forecasted to reach nearly €1.5 trillion in 2024, according to the latest Bain & Company report in collaboration with Altagamma. While overall growth is expected to remain flat, professional jewelers can take note of the jewelry sector’s resilience compared to other luxury categories facing even greater challenges.Jewelry Outperforms in a Slowing Personal Luxury Goods MarketThe personal luxury goods market is experiencing its first slowdown since the Great Recession, excluding the pandemic years, with an expected 2% decline at current exchange rates compared to 2023. This contraction is attributed to ongoing economic uncertainty, price increases, and reduced…

The Central African Republic (CAR) has been reinstated as a full participant in the Kimberley Process (KP), ending an 11-year suspension initially imposed due to concerns over the use of diamond revenues to fund armed conflict. This reinstatement allows CAR to export rough diamonds from all regions within its borders, broadening the previous restriction to select “green zones” that met KP compliance requirements.Background of CAR’s Suspension and ReinstatementCAR’s suspension in 2013 stemmed from allegations that diamonds were financing rebel activities in the country. The Kimberley Process, a global initiative aimed at preventing the trade of conflict diamonds, imposes stringent regulations to…