Author: Steven Joseph

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 Dividends In 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…

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,…

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 Sights The 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 Disparities The 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…

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…

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 High The automotive sector is projected to consume 3.2 million ounces of platinum in 2025, marking its highest demand since…

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 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 Pressure McKinsey 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…

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 Decline Alrosa, 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…

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 Profit Gold 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…

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 Plans The 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…

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 Expertise Lisa 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…

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 Value The ‘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,…

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 Demand Over 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,…

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 Proposers The 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…

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 Process On 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…

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 Cause…

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 Report ASGM 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…

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 Mechanisms The NDC’s current budget…

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 Efficiency The investment includes new machinery and equipment to improve diamond processing capabilities.…

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 Recovery Cut 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…

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 Market The 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…

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 Reinstatement CAR’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…

Authorities investigating the high-profile 2022 TEFAF jewelry heist have intensified efforts with a new search operation in Verviers, Belgium. Using advanced detection equipment, police are scouring a local river for tools discarded during the dramatic robbery, which saw millions in jewelry stolen from the Symbolic & Chase stand in Maastricht. This search marks a critical phase in the ongoing investigation, which has made significant strides in recovering evidence and identifying suspects. Details of the TEFAF Heist The daring robbery took place on 28 June 2022, during the European Fine Art Fair (TEFAF) at the MECC in Maastricht, Netherlands. Four men…

Fenix Diamonds and Dholakia Lab-Grown Diamond have jointly acquired Israeli diamond grower Lusix for $4 million.  Founded in 2016 by Benny Landa, Lusix has received over $152 million in investment since its establishment, focusing on advanced technologies in lab-grown diamonds. The acquisition aims to expand production capacity and advance research and development (R&D) for both companies. Expanding Production and Preserving Innovation The acquisition underscores the shared goal of Fenix and Dholakia to enhance production capacity and strengthen research and development (R&D) capabilities. Both companies offered similar terms during the bidding process and chose to divide Lusix’s production under confidential conditions.…

Alexandre Arnault, current executive vice president of product, communications, and industrial at Tiffany & Co., is set to leave his role to become deputy CEO of LVMH’s Wines and Spirits division, Moët Hennessy. This transition will take effect on 1 February 2025, as part of a larger executive reshuffle within the luxury conglomerate. A Legacy at Tiffany & Co. Arnault joined Tiffany & Co. in 2021 following LVMH’s acquisition and oversaw initiatives to modernise the brand’s offerings and global messaging. Reflecting on his tenure at Tiffany, Arnault stated in a social media post: “Four years ago, I had the privilege…

A rare 18th-century diamond necklace, previously part of the Marquess of Anglesey’s collection, achieved a remarkable sale price of CHF 4,260,000 (USD 4,837,060) during Sotheby’s Royal and Noble Jewels auction in Geneva on 13 November. The sale, which drew international attention, saw the necklace more than double its low estimate of CHF 1,600,000 following a seven-minute bidding war between seven interested parties. A Piece of History The necklace, featuring over 300 carats of diamonds likely sourced from India’s Golconda mines, is a notable example of Georgian-era craftsmanship. With its three rows of diamonds and tasselled design, it was likely created…

The International Gemological Institute (IGI) has announced the return of its annual global jewelry design competition, IGI Expressions 2024-25.  Now in its fourth year, the competition invites participants worldwide to explore the theme “A Journey to the Enchanted Forest”, drawing inspiration from classic fairy tales to merge fantasy and reality in their jewelry designs. Design Categories and Submission Formats The competition is open to student, amateur, and professional designers, allowing creativity across the following categories: Submissions can be presented in diverse formats, including CAD renderings, manual sketches, or digital tablet designs. The competition aims to cater to a wide range…

Speaking at the 2024 KP Plenary in Dubai, World Diamond Council (WDC) President Feriel Zerouki urged stakeholders to work together to update the Kimberley Process (KP) framework for conflict diamonds to ensure the sector’s long-term sustainability. Broadening the Definition of Conflict Diamonds A key focus of the plenary was expanding the definition of conflict diamonds. Currently, the KP categorises these as rough diamonds used by rebel groups to finance efforts against legitimate governments. This definition excludes issues linked to state actors or broader concerns regarding human rights abuses and ethical sourcing. Zerouki noted that the WDC, in collaboration with the…

The Aga Khan Emerald, a rare 37.41-carat square-cut green gemstone, has become the most expensive emerald ever sold at auction, achieving nearly $9 million at Christie’s Geneva. This sale highlights the strong demand for high-value coloured gemstones, particularly emeralds, in the jewelry market. A Piece with Historical Significance The emerald, set in a Cartier brooch surrounded by 20 marquise-cut diamonds, was commissioned in 1960 by Prince Sadruddin Aga Khan for British socialite Nina Dyer. After their brief marriage, Dyer auctioned the piece in 1969 to support animal welfare initiatives. The brooch was later acquired by Van Cleef & Arpels and…