Author: Steven Joseph

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…

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 HeistThe daring robbery took place on 28 June 2022, during the European Fine Art Fair (TEFAF) at the MECC in Maastricht, Netherlands. Four men dressed in business attire smashed…

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 InnovationThe 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. A key factor…

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 to help reimagine Tiffany &…

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 HistoryThe 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 for European royalty…

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 FormatsThe 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 of artistic skills and…

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 DiamondsA 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 Civil Society Coalition,…

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 SignificanceThe 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 subsequently by Harry Winston,…

A dispute over the ownership and value of the 70-carat “Idol’s Eye” diamond has brought two branches of Qatar’s royal family into a legal confrontation at London’s High Court. The conflict centres on the rights to purchase the historic gemstone, with Sheikh Hamad bin Abdullah Al Thani, cousin to Qatar’s Emir Sheikh Tamim bin Hamad Al Thani, and his company QIPCO on one side, and the family of the late Sheikh Saud bin Mohammed Al Thani on the other.The “Idol’s Eye” Diamond: Historical ContextThe “Idol’s Eye,” known for its storied history, has been in Sheikh Saud’s possession since the early 2000s.…

Vacheron Constantin, the Swiss watch manufacturer owned by Richemont, has launched a global certified pre-owned (CPO) programme in collaboration with secondary watch retailer Watchfinder. This initiative aligns Vacheron Constantin with other luxury watch brands that have ventured into the pre-owned market, aiming to offer collectors a secure, authenticated channel for purchasing pre-owned timepieces. The programme will expand to additional authorised vendors and be available alongside auction house sales.Rise of the Certified Pre-Owned MarketIn recent years, the luxury pre-owned watch market has grown significantly due to increased interest in watches as investment assets and heightened demand for limited models. A 2023 Boston…

The Natural Diamond Council (NDC) has published the latest edition of its Diamond Facts report, aiming to counteract perceived misinformation surrounding both natural and laboratory-grown diamonds. This second edition offers insight into a variety of aspects of the diamond industry, from environmental impacts to social conditions, with the intention of equipping consumers and stakeholders with accurate data to inform their choices. The NDC aims to provide a reliable resource to support industry stakeholders and consumers in making informed decisions regarding diamonds.Providing Clarity on Diamond Types and MisconceptionsIn the Diamond Facts report, the NDC underscores its commitment to correcting common misconceptions in…

HB Antwerp, a diamond producer start-up with a focus on traceability and sustainability, has earned the 12th spot on Fortune’s 2024 Change the World list. Since its founding in 2020, HB Antwerp has focused on returning value and economic benefits to Botswana, one of the world’s leading diamond-producing countries. Unlike established business models, HB Antwerp’s approach redefines transparency and shifts significant revenue to countries of origin through an innovative blockchain-backed structure.Commitment to Botswana’s Economic DevelopmentHB Antwerp’s model aims to ensure that diamond-producing countries receive a fair share of the industry’s profits. Rather than following conventional methods where foreign companies retain a…

The Gemological Institute of America (GIA) has announced it will close its laboratory in Ramat Gan, Israel by the end of 2024. This decision is in response to a sustained decline in local client submissions, attributed to shifts in the global diamond industry. Despite cost-cutting efforts and a reduction in staff, the Ramat Gan lab has become financially unsustainable. GIA President and CEO Susan Jacques stated, “Israel continues to be an important center for specialized diamond cutting and polishing. We will provide services for our clients through other GIA locations.”Since opening in 2012, the Ramat Gan lab has served as a regional…

Diamond prices continued to fall in October, though at a slower pace than in previous months, according to latest Rapnet Diamond Index figures.Consumer demand in the US ahead of the holiday season provided some stability, but manufacturers remained under pressure to reduce inventory, often at discounted prices.Diamond Price Index Reflects Slower Rate of DeclineThe RapNet Diamond Index (RAPI™) recorded a 1.5% decline for 1-carat round diamonds in October, reflecting a gentler drop than in September. Smaller diamonds were also affected, with 0.30-carat stones falling 0.6%, 0.50-carat stones by 2%, and 3-carat stones down by 0.5%. Pear and oval shapes saw…

Pandora reported an 11% year-over-year organic growth for the third quarter of 2024, raising revenue to 6.1 billion Danish kroner (DKK). This growth includes a 7% increase in like-for-like (LFL) sales, 5% from network expansion, and a -1% impact due to adjustments in inventory management with retail partners.Year-to-date revenue for the first nine months reached DKK 19.71 billion, marking a 15% organic growth compared to the previous year.Growth Driven by “Phoenix” Strategy and New CollectionsPandora’s investments under its Phoenix strategy focus on brand development, design, markets, and personalisation. This quarter saw a 2% LFL growth in Pandora’s “Core” segment, which…

Diamonds Do Good (DDG) has allocated over $250,000 in grants for 2024 to support initiatives in education, empowerment, and economic development across diamond-producing and manufacturing regions. This funding stems from contributions raised at the 2024 DDG Awards and additional fundraising efforts, with a goal of promoting sustainable growth in these communities.Urban Transition Centres for Children of Migrant Diamond Workers in IndiaFor 2025, DDG has partnered with the American India Foundation (AIF) to establish the Diamonds Do Good Urban Transition Centres. These centres will provide educational and cultural support for children of migrant workers in India’s diamond-cutting industry, easing their transition between…

In the Fall edition of Gems & Gemology, the Gemological Institute of America (GIA) shared findings on three natural diamonds with unusual inclusions creating animal and mask-like visual forms. While inclusions may be common, the distinct shapes observed in these diamonds — a butterfly, a fish, and a theatre mask — are rarely seen. The GIA’s observations highlight how natural inclusions can become a point of interest, potentially appealing to jewellers and clients seeking nature-inspired or one-of-a-kind jewelry.Butterfly Kaleidoscope and Tiny FishOne of the diamonds graded by the GIA, a 1.55-carat, G-color, I1-clarity round stone, contained a feather inclusion that created…

Botswana’s newly elected president, Duma Boko, has announced his intention to expedite negotiations for a new diamond sales agreement with De Beers – a deal that will have significant implications for Botswana’s diamond industry.According to data from Botswana’s central bank, Debswana’s rough diamond sales dropped by around 52% in the first nine months of 2024. This decline highlights the need for a steady, beneficial agreement for Botswana’s economy, where diamonds remain a central revenue source.A Decade-long Diamond Pact Under NegotiationIn 2023, De Beers and Botswana’s government agreed in principle to a diamond sales framework that aims to gradually increase Botswana’s…

The 2024 CIBJO Congress gathered global jewelry industry leaders to address key issues around consumer confidence, sustainable practices, and standardised terminology.Hosted by the China Gem and Jade Exchange, Diamond and Gems Administration of China and the Donghao Lansheng Group, the congress explored the challenges facing the industry and the shared responsibility of jewellers worldwide.Protecting Consumer Confidence Amid UncertaintyThe opening addresses emphasised the industry’s collective duty to uphold consumer trust. CIBJO President Gaetano Cavalieri underscored that consumer confidence is central to the value of jewelry, built upon an “unwritten contract” with consumers that must be honoured through responsible business practices. As…

The diamond-cutting and polishing industry in Surat, India’s largest diamond hub, has announced an unprecedented month-long shutdown until November 30, a significant extension from its usual two-week Diwali closure. The decision comes in response to diminished demand for natural diamonds from the United States and China—historically the sector’s two most significant markets. The industry slowdown is impacting roughly 5,000 diamond processing units in the city and nearly 800,000 workers employed across these facilities. Weakening Global Demand and Geopolitical ChallengesSurat’s diamond sector, which processes nine out of every ten diamonds globally, has struggled with ongoing challenges in its key export markets. The United States…

India’s diamond export sector is facing ongoing declines, with recent data from the Gem and Jewelry Export Promotion Council (GJEPC) indicating a 22.9 per cent year-on-year drop in the export of polished diamonds for September. This downturn follows a similarly sharp decline in August, where exports decreased by 23.8 per cent compared to the previous year. The trend reflects persistent challenges in India’s diamond industry, primarily driven by fluctuations in global demand and ongoing supply chain pressures.Monthly Sales Reveal Uneven TrendsDespite the pronounced year-on-year drop, monthly sales figures suggest some fluctuation within the market. Total foreign sales of polished diamonds reached…

The World Federation of Diamond Bourses (WFDB), led by President Yoram Dvash, has called for a coordinated industry initiative to address falling demand for natural diamonds. Dvash directed his appeal to stakeholders across the diamond sector, emphasising the importance of substantial, collaborative investment, particularly from diamond-producing countries.Shifting Perceptions of Diamonds Among New GenerationsIn an open letter, Dvash noted that changing consumer perceptions may be linked to the absence of industry-wide marketing for natural diamonds over the last two decades. He noted that younger generations, unfamiliar with the once-iconic “A Diamond is Forever” campaign, have developed a different perspective, one that is…

Diamond sales from Debswana, the joint venture between De Beers and the Botswana government, dropped significantly in the first three quarters of 2024. According to the Bank of Botswana, Debswana’s diamond revenue fell by 52%, dropping from $3.19 billion in the same period last year to $1.53 billion. This decline highlights challenges in the global diamond market, which have impacted Botswana’s economy, heavily reliant on diamond exports for a substantial portion of its revenue.Impact on Botswana’s EconomyBotswana’s diamond industry is a central pillar of its economy, accounting for 30%-40% of government revenue, 75% of foreign exchange earnings, and about one-third of…

Boston-based RR Auction recently concluded its “Space Auction,” with lots including multiple watches with historic ties to space missions, such as a Rolex GMT-Master worn during the Apollo 14 mission by astronaut Edgar Mitchell. Apollo-Flown Rolex GMT-Master Achieves Record-Breaking $2.2 Million SaleThe centrepiece of the auction was astronaut Edgar Mitchell’s Rolex GMT-Master “Pepsi” watch, which sold for $2.2 million, far surpassing its estimated sale price of over $400,000. This rare piece of space memorabilia is only the second Rolex worn on an Apollo mission to be sold publicly. The first was astronaut Ron Evans’ Rolex GMT-Master from Apollo 17, which went…

De Beers Group has announced an expansion of its diamond traceability initiatives, revealing plans to provide specific country of origin data for all newly registered diamonds over 0.5 carats in polished size, starting from 2025. This development, supported by Tracr, De Beers’ blockchain-based platform, represents a step forward in transparency and ethical sourcing within the diamond industry.New Tracing Capabilities for Diamonds Above 0.5 CaratsFrom 2025, De Beers will register the country of origin for rough diamonds above 1 carat in size (equivalent to 0.5 carats polished) on the Tracr platform. This initiative aligns with the size thresholds for new diamond import…

Russia’s Finance Ministry is reportedly evaluating the potential acquisition of additional rough diamonds from state-controlled Alrosa in 2025, with the purchases made through Gokhran, Russia’s State Precious Metals and Gemstones Repository and with the intention of supporting Alrosa’s liquidity given current market challenges.Russia’s Deputy Finance Minister Alexei Moiseyev confirmed that discussions are underway, stating, “We are considering this possibility… In order to allow Alrosa the opportunity to be calm and not feel obliged to sell on the market in order to maintain its liquidity position. Because the market looks alarming.”Alrosa’s Financial Stability and Government SupportAlrosa, one of the world’s largest…

Fabergé has introduced two new items as part of its collaboration with the James Bond franchise, marking the 60th anniversary of Goldfinger (1964). The new creations include a Goldfinger Egg Safe Locket with a ruby heart surprise, and a statement Octopussy ring, each designed with Fabergé’s distinctive craftsmanship.These pieces are part of the Fabergé x 007 collection, created in partnership with EON Productions. The designs incorporate elements from the James Bond films alongside Fabergé’s signature craftsmanship.Fabergé x 007 Goldfinger Egg Safe LocketThe Goldfinger Egg Safe Locket is the first piece in the new Goldfinger capsule collection. Crafted in 18k yellow gold,…

De Beers has announced plans to reduce the number of sightholders in its next supply agreement, which will take effect from January 2026, citing a decline in available rough diamonds as the primary reason.The changes were communicated in a letter dated 20 September, following a sightholder event at the Hong Kong Jewelry & Gem Fair, according to industry analyst Avi Krawitz.Strategic Realignment Amid Declining Rough AvailabilityThe forthcoming reduction in sightholder numbers will be determined by a new selection and allocation process, with De Beers stating that the objective process aims to adapt to anticipated lower availability of rough diamonds under…

The Gem and Jewelry Export Promotion Council (GJEPC), India’s trade body for the gem and jewelry industry, has announced new standards that redefine what constitutes a “diamond.” The updated guidelines specify that a diamond must be a natural stone, mined from the earth, in line with the Federal Trade Commission’s (FTC) standards in the United States. This move aims to prevent the misrepresentation of laboratory-grown diamonds (LGDs) as natural diamonds and provide clarity within the diamond market.The GJEPC is also advocating for updates to the Consumer Protection Act in India to reflect this definition, as current legislation does not explicitly differentiate…