Author: Steven Joseph

A new report by Positive Luxury, titled The Future of Jewelry and Watches, provides  new analysis of sustainability practices and challenges within the luxury jewelry and watch sectors, outlining key environmental and social impacts and identifying areas where progress is needed.Key Challenges in Supply Chain TransparencyAccording to the report, the complexity and opacity of supply chains remain a major hurdle for the luxury jewelry and watch industries. Although products may be crafted from recyclable materials and are often designed to last for generations, ensuring transparency in sourcing and manufacturing processes is a persistent issue. The report categorises the industry’s pressing concerns…

Baunat has launched a new brand, Valquère, that integrates lab-grown and natural diamonds, produced in Belgium and using recycled 18Kt gold and lab-grown diamonds. Commenting on the dual use of diamond types, Stefaan Mouradian, CEO of the Baunat Group, stated, “Both natural and lab grown diamonds present unique advantages. Natural diamonds carry a rich history and offer long-term investment value, while lab grown diamonds deliver exceptional brilliance and quality at a more accessible price point. In the end, both options are indistinguishable in terms of sparkle, beauty, and texture. A diamond is a diamond, and the decision comes down to personal…

Sotheby’s has announced the auction of a rare 18th-century diamond necklace at its upcoming Royal and Noble Jewels sale in Geneva on 11 November 2024. The piece, which may include diamonds linked to the “Affair of the Diamond Necklace” scandal involving Marie Antoinette, has not been publicly displayed for 50 years. Weighing approximately 300 carats, the necklace is expected to sell for between CHF 1.6 million and CHF 2.4 million ($1.8 million – $2.8 million).Historical Background and ProvenanceThe necklace, likely created in the decade before the French Revolution, is a significant example of Georgian jewelry. While its exact origins are not recorded,…

The Gemological Institute of America (GIA) has launched a newly redesigned consumer website, 4Cs.GIA.edu, aimed at simplifying diamond education. The updated platform provides in-depth information on the 4Cs of Diamond Quality – Clarity, Cut, Colour, and Carat Weight – offering a user-friendly interface for consumers and retailers alike.Educational Tool for Retailers and Consumers“The GIA consumer site is as educational as it is engaging,” said GIA President and CEO Susan Jacques. “We aim to make the complex world of diamond buying approachable and understandable for everyone. The site provides detailed, expert-driven information in a format that’s easy to navigate. Whether looking for…

Pandora has announced that it now uses 100% recycled silver and gold in the production of all its jewelry. This move comes after a transformation of its precious metals supply chain, aimed at reducing the environmental impact of its operations. By transitioning to recycled materials, Pandora will avoid approximately 58,000 tonnes of CO2 emissions annually.“Silver and gold are our most important raw materials, and by moving to 100% recycled we reduce our climate impact significantly without compromising on quality or craftsmanship. This achievement is unparalleled in the industry and a major step towards a more circular business model,” said Alexander Lacik,…

The Okavango Diamond Company (ODC), the state-owned rough diamond trader in Botswana, has announced the cancellation of its December sale, following a similar decision for November. The cancellation was communicated to customers via email, indicating the cancellation of both the rough viewings scheduled for 3-13 December and the spot auction set for 16 December. The decision reflects ongoing challenges faced by the diamond industry due to weak demand.Market Adjustments and Industry ImpactODC’s decision follows a broader trend of reduced sales activities by diamond producers as they respond to an oversupply in the midstream sector. De Beers, a joint venture partner in…

The Jewelry World Awards (JWA) 2024 has honoured businesses in the fine jewelry, gemstone, and related sectors for their exceptional sustainability efforts. Hosted by Jewelry & Gem WORLD Hong Kong (JGW) and organised by Informa Markets Jewelry, the awards ceremony highlighted the achievements of companies committed to sustainable practices across five categories.Award Categories and RecipientsThis year’s JWA Sustainability Awards were presented in five distinct categories:Jury’s Special Recognition AwardTwo companies received special recognition from the jury for their notable contributions:Celebrating Diverse Contributions“Each of our Sustainability Award winners – not to mention our finalists – has a unique story to tell. However, they…

The Gemological Institute of America (GIA) has announced that its cultured pearl reports will now include traceability information, following the integration of radio frequency identification (RFID) technology. This development enables greater transparency in the pearl supply chain, allowing for traceability from origin to market.Integration of RFID TechnologyThe RFID technology, developed by Hong Kong-based Fukui Shell Nucleus Factory, embeds wireless RFID tags within the bead nuclei of cultured pearls. This allows for easier tracking of pearls through the supply chain. Each pearl’s RFID tag provides a unique reference number, which will now be included in GIA’s Cultured Pearl Classification Reports.Fukui Shell Nucleus…

The Dubai Multi Commodities Centre (DMCC) has published a special edition of its Future of Trade report, titled Provenance, Traceability and Technology. This report focuses on enhancing the traceability of diamonds and highlights the importance of advanced technological solutions in maintaining the integrity and sustainability of the global diamond supply chain.The report highlights technologies like blockchain, artificial intelligence (AI), synthetic DNA, laser microjets, QR codes, and physical tracers as tools being explored to address challenges related to changing consumer preferences, the growth of lab-grown diamonds, and new regulatory requirements, including the G7’s recent import restrictions.Impact of G7 Sanctions on Russian…

A 1,000-year-old Pictish ring has been discovered at Burghead Fort in Moray, Scotland, during an archaeological dig led by the University of Aberdeen. The ring, which features a red centre believed to be garnet or red glass, was uncovered by John Ralph, a retired engineer, on the final day of the excavation. This find offers valuable insight into the Picts, a people whose history is largely understood through archaeological discoveries.Discovery of the RingJohn Ralph, an amateur volunteer with previous archaeological experience, made the discovery while excavating at Burghead Fort, a site thought to have been a key location for the Picts.…

Luxury Swiss jeweller Chopard has unveiled its latest campaign for the iconic ‘Ice Cube’ collection, featuring model Bella Hadid. The campaign, shot by British photographer Charlotte Wales, aims to emphasise the clean, geometric lines of the jewelry in a sleek, urban setting.Chopard’s Iconic ‘Ice Cube’ CollectionFirst launched in 1999, the ‘Ice Cube’ collection is recognised for its geometric design and minimalist elegance. Each piece in the collection is characterised by sharp cubic forms that reflect light in a unique way, creating a subtle yet sophisticated look. The “Sculpted by Light” theme runs throughout the campaign, with the jewelry’s cubic structure and sharp…

Anglo American, the parent company of De Beers, is apparently weighing a variety of strategic options for the diamond giant, including a possible initial public offering (IPO). This comes as De Beers faces prolonged weak demand for natural diamonds, with Anglo American looking to focus on more profitable sectors, such as copper. A spokesperson for De Beers has confirmed that both a sale and a potential stock market flotation remain “very much on the table” according to the UK’s Mail on Sunday.Decline in Diamond DemandThe diamond market has been experiencing notable turbulence in recent years, driven by several factors including economic…

The first half of 2024 has seen a notable rise in Russian rough diamond exports to India, despite global market challenges and ongoing sanctions. According to data from the Indian Ministry of Commerce and Industry, Russian diamond exports to India increased by over 22%, reaching 4.1 million carats during the period. However, the rise in volume has been accompanied by a significant decline in value, reflecting the continued drop in diamond prices. Impact of Sanctions on Russian Diamond ExportsThe sharp increase in exports comes after the imposition of strict sanctions by the G7 and EU nations. Since January 2024, these sanctions have…

Angola and Russia are in discussions to allow Russian diamond company Alrosa to maintain its 41% stake in the Catoca mine, despite ongoing G7 sanctions targeting Russian entities.This development follows earlier reports that suggested Alrosa might sell its stake in the mine, which produces over 75% of Angola’s diamonds. Both governments are reportedly working to “remove obstacles” caused by the sanctions, potentially shifting the direction of previous negotiations.Background on Catoca Mine and SanctionsThe Catoca mine, one of the world’s largest diamond mines, plays a significant role in the diamond production of both Angola and Alrosa. However, G7 sanctions against Russia…

Latest reports from Rappaport shows that the diamond market experienced subdued trading in August due to seasonal trends and uncertainties surrounding consumer demand. Prices of polished diamonds continued to decline, following a similar trend seen in previous months.Price Declines and Competition from SyntheticsIn the United States, retail sales presented a mixed picture, with competition from synthetic diamonds and economic challenges affecting demand. Retailers and dealers were selective in their purchasing decisions, while demand in China remained weak. According to the RapNet Diamond Index (RAPI™), prices for 1-carat round, D to H, IF to VS2 diamonds fell by 1.1% in August. Other sizes also…

De Beers Group has confirmed its readiness to comply with the latest phase of G7 diamond import restrictions, which came into effect on 1 September. The updated regulations extend the restrictions to include diamonds of 0.5 carats and above, reducing the previous threshold from 1 carat.Provenance AssuranceTo meet the new requirements, De Beers is using its Best Practice Principles and Pipeline Integrity standards, which have provided provenance assurances for its diamonds for several years. With the expanded G7 restrictions, De Beers’ rough diamond customers can continue to provide evidence of diamond origin for stones now falling under the 0.5-carat threshold.Support for…

De Beers has announced a significant long-term strategic collaboration with Tanishq, India’s largest jewelry retail brand under the Tata Group.The partnership aims to connect more Indian consumers with natural diamonds, capitalising on India’s recent rise as the second-largest market for natural diamond jewelry.Market Context and OpportunityIndia’s growing economy, a burgeoning middle class, and an increasing number of discerning consumers have contributed to a significant rise in demand for natural diamond jewelry. Currently, Indian consumers account for 11 per cent of global demand, positioning the country as a critical market for the diamond industry. Despite this growth, diamond acquisition rates in…

The International Gemological Institute (IGI), owned by private equity firm Blackstone, has filed for an initial public offering (IPO) valued at approximately INR 40 billion (USD 477 million). IGI aims to capitalise on the rising demand for lab-grown diamonds, particularly in India. The IPO will consist of newly issued shares worth INR 12.5 billion, while Blackstone will sell shares worth INR 27.5 billion.Strategic Market Position and Growth OpportunitiesFounded in Belgium, IGI now generates a large portion of its revenue and profits from India, where it has established itself as a key player in the diamond certification industry. Data from IGI and…

The World Jewelry Confederation (CIBJO) has submitted its biennial report to the United Nations Global Compact, detailing its programmes and activities from September 2022 to September 2024. This submission is part of CIBJO’s ongoing commitment to the UN’s corporate sustainability initiative, which focuses on promoting responsible business practices globally.Key Programmes and InitiativesCIBJO’s recent efforts included educational events, development of business guidelines, and promoting collective action within the jewelry sector. Key initiatives were:Focus on Environmental, Social, and Governance (ESG) StandardsCIBJO’s Sustainable Commission released a report in August 2023 clarifying differences between CSR and ESG frameworks. The report noted the increasing relevance of…

Lucara Diamond Corp. has announced the recovery of an exceptional 2,492 carat rough diamond from its Karowe Diamond Mine in Botswana. The stone is believed to be the second-largest diamond ever found and the biggest discovered in more than a century.The discovery was made using Lucara’s Mega Diamond Recovery (MDR) X-ray Transmission (XRT) technology, which was introduced in 2017 to detect and preserve large, high-value diamonds.The newly discovered diamond, which remains unnamed, is the largest found since the famous 3,106-carat Cullinan diamond in 1905. Officials have not yet determined the value of the 2,492-carat stone, as its price will depend…

Danish jewelry giant Pandora is predicting a major transformation in the diamond market over the next decade. CEO Alexander Lacik has forecasted that lab-grown diamonds will surpass mined diamonds in popularity, marking a significant shift in consumer preferences. This prediction follows Pandora’s 2021 shift to lab-grown diamonds, which the company cited as a response to changing consumer preferences.Technological Advancements and Consumer DemandIn a recent interview with Bloomberg TV, Lacik explained how rapid technological advancements are making lab-grown diamonds more accessible and affordable. He noted, “Ten years on, my prediction is the vast majority of diamonds being sold are going to be lab-grown.…

Toyota has launched the C-HR Diamond Collection, a collaboration with Australian jewelry designer Millie Savage. The campaign, developed by marketing agency HERO, involves the creation of 13 lab-grown diamonds from components of Toyota’s new C-HR vehicle. The Concept: Transforming Car Parts into DiamondsThe C-HR Diamond Collection draws inspiration from the angular lines of a diamond, aiming to reflect the design of the Toyota C-HR. Car parts from the C-HR were subjected to a high-pressure, high-temperature (HPHT) process to create lab-grown diamonds.Shane Geffen, Executive Creative Director at HERO, noted that the process of turning vehicle components into diamonds was challenging, “but a testament…

UK diamond explorer Botswana Diamonds (BOD), has launched an artificial intelligence (AI) initiative to expedite its exploration efforts in Botswana. The company is using AI technology to analyse its mineral database, which is the second-largest diamond exploration database in the country. The first results are expected in four to six weeks.Collaboration with AI and Geoscience ExpertsBOD’s AI initiative involves the use of Xplore mineral prospectivity technology, developed in collaboration with International Geoscience Services Limited and Planetary AI Ltd. The AI system processes large datasets in a manner akin to a geologist but at a much faster rate and with enhanced accuracy.…

Botswana’s success at the Paris 2024 Olympics was recognised by Debswana, which hosted a ceremony to honour the athletes and coaches who represented the country. The event highlighted sprinter Letsile Tebogo, Botswana’s first-ever Olympic gold medallist, and was organised in partnership with De Beers Global Sightholder Sales (DBGSS) and Diamond Trading Company Botswana (DTCB).Diamond Rewards for Tebogo and Team BotswanaTebogo, who won gold in the men’s 200 metres with a time of 19.46 seconds, was presented with a polished diamond and a cash reward of P60,000 ($4,400) by Debswana. His fellow athletes and their technical team members were also recognised…

Ireland-based Karelian Diamond Resources has taken a significant step towards establishing the European Union’s first diamond mine in the Kuopio-Kaavi region of eastern Finland. The Lahtojoki diamond deposit, known for its percentage of pink and colourless gem diamonds, has been the subject of legal and procedural delays, but a recent Finnish Land Court decision brings the project closer to realisation.Court Ruling Resolves Land DisputeThe development of the Lahtojoki mine has been contingent on settling disputes with local landowners over compensation and boundary adjustments. Following appeals from two landowners, the Finnish Land Court upheld the original decision, which had been facilitated by…

Lusix, a prominent producer of laboratory-grown diamonds based in Israel, has filed for a stay of proceedings under the country’s new Insolvency Law. The company, which was founded by Israeli entrepreneur Benny Landa, faces approximately $28 million in debts. This legal action is intended to protect the company from creditors while it works on finalising a merger with another Israeli company.Financial Struggles and Proposed MergerLusix, founded in 2016, is seeking a six-week extension from the courts to finalise a merger with an unnamed Israeli company. The merger would facilitate a capital injection of $22 million from existing shareholders. Without this funding,…

Social media influencer Gstaad Guy, known for his humorous takes on the ultra-wealthy, has launched a new jewelry line called Poubel, which officially debuted on 16 August. The collection features customisable modular chain-link bracelets and necklaces, designed to appeal to his affluent following. The line is made from recyclable sterling silver and features hand-painted enamel charms, aligning with Gstaad Guy’s distinct style.A Unique Take on CharmsThe Poubel collection embeds charms directly into modular links, avoiding the typical sound of traditional charms and providing a sleeker design. Speaking on the design, Gstaad Guy explained, “There are no [clinking] sounds – it’s more…

Botswana’s diamond manufacturing industry is facing concerns related to workers’ rights, with the Botswana Diamond Workers Union (BDWU) raising issues around the treatment of workers in the cutting and polishing sector and claiming incidents of non-compliance with labour standards. These include the dismissal of workers for joining unions, low wages, and health and safety concerns.Union Raises Concerns Over Labour PracticesThe BDWU, an affiliate of IndustriALL, has brought attention to several practices within Botswana’s diamond supply chain, particularly in the employment of migrant workers. The union asserts that certain companies are not fully adhering to labour laws, citing low wages and…

Russian diamond mining giant Alrosa has reported a significant drop in sales and profits for the first half of 2024, reflecting the impact of international sanctions and a weakening global diamond market. The state-controlled company, which has faced increasing restrictions due to the ongoing conflict between Russia and Ukraine, saw a 5% year-on-year revenue decline to RUB 179.47 billion ($2.01 billion). Net profit for the same period plunged 34% to RUB 36.63 billion ($411.4 million).Impact of Sanctions on AlrosaSince the Russian invasion of Ukraine in February 2022, Alrosa has been subjected to severe sanctions imposed by Western nations, including the United…

The government of Botswana is in negotiations to increase its ownership in Belgian diamond manufacturer HB Antwerp, aiming to nearly double its stake from 24% to 49.9% at no extra cost. This decision follows the weakened diamond market, which has lowered HB Antwerp’s valuation and allowed Botswana to renegotiate its investment terms.Leveraging Market Conditions for Greater ControlIn his address to parliament, Botswana’s Minister of Minerals and Energy, Lefoko Moagi, confirmed the government’s intention to renegotiate the deal, originally agreed upon in March 2023. The initial agreement involved Botswana acquiring a 24% stake in HB Antwerp for 890 million pula (approximately $65.95…