Author: Steven Joseph

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 Trends Despite the pronounced year-on-year drop, monthly sales figures suggest some fluctuation within the market. Total foreign sales of…

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 Generations In 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,…

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 Economy Botswana’s diamond industry is a central pillar of its economy, accounting for 30%-40% of government revenue, 75% of foreign exchange earnings, and…

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 Sale The 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,…

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 Carats From 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…

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 Support Alrosa, one of…

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 Locket The Goldfinger Egg Safe Locket is the first piece in the new Goldfinger capsule collection. Crafted…

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 Availability The 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…

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…

Diamond manufacturer Dimexon has achieved the Zero Waste to Landfill (ZWL) certification for its manufacturing facility in Coimbatore, India.  The certification, a voluntary sustainability standard, recognises Dimexon’s responsible waste management. During the first year of ZWL auditing, the company diverted over 133,000kg of waste from landfills as part of its Environmental, Social, and Governance (ESG) efforts. Achieving Gold and Platinum Standards The ZWL certification, awarded in January following an independent audit by TUV India, covers two distinct types of waste: hazardous and non-hazardous. Dimexon attained a gold standard for hazardous waste, with 93.91% of waste avoiding landfill. This category includes…

The International Colored Gemstone Association (ICA) has announced that its 20th Congress will be held in Brasilia, Brazil, from 19 to 22 May 2025. The event, co-hosted by the Brazilian Gems and Jewelry Trade Association (IBGM), will centre around the theme “Gems for Generations.”  This theme will focus on sustainability within the coloured gemstone supply chain and aim to build consumer confidence, ensuring the industry’s long-term viability. A Platform for Global Exchange The ICA Congress, a biennial event, is a key fixture in the coloured gemstone industry’s calendar, bringing together professionals from across the globe. The 2025 edition follows the…

Moses Madondo, CEO of De Beers Group Managed Operations, recently shared his opinion that the global supply of natural diamonds has peaked. Speaking at the Joburg Indaba, a resources and mining conference in South Africa, Madondo outlined the ongoing reduction in diamond production and warned that no major new deposits are expected. “We must recognise that we are already past the peak for diamond supply. Despite extensive exploration, only one commercial discovery – the Luele mine in Angola – has been made in the twenty-first century,” he said on the second day of the conference on 4 October. Production Decline…

Diamond prices continued to decline in September as an oversupply in the market pressured prices downward, according to the latest RapNet Diamond Index (RAPI™) data. The month saw significant price reductions across various diamond categories, with the overall market yet to stabilise. RAPI Declines in All Categories The RAPI for 1-carat diamonds, reflecting round, D to H, IF to VS2 stones, fell by 4.1% in September. Similar trends were observed across other diamond sizes, with prices of 0.30-carat and 0.50-carat diamonds dropping by 4.0% and 4.2%, respectively. Meanwhile, 3-carat diamonds experienced a more modest decline of 2.5%. Year-to-date, the RAPI…

The World Federation of Diamond Bourses (WFDB) has announced the relaunch of the global B2B diamond marketplace, GET-Diamonds.com. The platform is now under the management of YourDiamonds.com (YD), a Sydney-based company, led by industry veteran Tim Goodman. This transition is positioned as a move to modernise and streamline the marketplace through advanced technology and a focus on transparency. New Leadership and Vision Tim Goodman, the founder of YourDiamonds.com, brings extensive experience to the platform, having worked as a fifth-generation diamantaire and former Executive Chair of Sotheby’s Australia. GET-Diamonds.com is set to implement features that aim to simplify inventory uploads for…

Rio Tinto has launched its 2024 Beyond Rare Tender – collection of 48 diamonds including seven historical diamonds, referred to as the “Old Masters”. This collection, part of the second instalment of the company’s Art Series, is titled Colour Awakened and includes a range of pink, red, violet, and yellow diamonds from Rio Tinto’s inventory. The “Old Masters” are round brilliant cut stones from the Argyle Diamond Mine, which ceased operations in 2020, ranging in size from 0.60 to 2.63 carats, with some discovered as early as 1987. Sinead Kaufman, Chief Executive of Rio Tinto Minerals, remarked: “No other mining…

Hill & Co has released its first instalment in a new series of reports titled The Business of Jewelry Report. This comprehensive publication, titled “Breaking the Chain”, is designed to offer insights and strategies to help jewellers navigate the evolving landscape of supply chains and consumer behaviour. The report aims to address key challenges such as supply chain consolidation, technological advancements, and shifting consumer demands. Supply Chain Disruption and Strategic Adaptation At the core of the report is the theme of shortening and streamlining jewelry supply chains. Hill & Co. challenges businesses to consider whether the traditional supply chain model…

The Responsible Jewelry Council (RJC) Board has approved a revised definition for recycled materials at its most recent board meeting in Paris.  The updated definition, along with corresponding implementation guidance, is set to be officially introduced in the December 2024 edition of the RJC Chain of Custody (COC) standard. This development is part of the organisation’s ongoing efforts to reinforce responsible practices across the jewelry supply chain. Standards Committee Meeting in London The RJC will hold its second in-person Standards Committee meeting for 2024 in London from 16-18 October. This gathering will focus on finalising revisions to the Code of…

Virginia “Gina” C. Drosos, CEO of Signet Jewelers, the world’s largest diamond jewelry retailer, has announced her intention to retire on 4 November 2024. Drosos has served as CEO for seven years and as a member of the Board of Directors for twelve. The Board of Directors has appointed J.K. Symancyk succeeded Drosos, effective upon her retirement. Drosos will remain an advisor through the end of the fiscal year to support a smooth transition. Strategic Leadership and Business Growth During her time at Signet, Drosos spearheaded a strategic transformation that significantly strengthened the business. Helen McCluskey, Chair of Signet’s Board…

According to a new report by CRISIL ratings, India’s natural diamond polishing industry is projected to see revenues fall by 25-27% this fiscal year, reaching approximately $12 billion, a low not seen in the past decade. This drop is primarily driven by weaker demand in key export markets such as the United States and China, a 10-15% reduction in diamond prices due to oversupply, and a growing consumer preference for lab-grown diamonds (LGDs), which are seen as a lower-cost alternative to natural diamonds. This fiscal year marks the third consecutive year of revenue contraction for the industry, following a 29%…

On 26 September 2024, Gaetano Cavalieri, President of CIBJO (The World Jewelry Confederation), addressed the 79th session of the United Nations General Assembly (UNGA) in New York.  Speaking on behalf of the global jewelry, gemstone, and precious metals industries, Cavalieri spoke on the jewelry industry’s efforts towards supporting the UN’s Sustainable Development Goals (SDGs), stating that “our world faces unprecedented challenges, but together we still have the opportunity to construct a better future for all, building resilience and leaving no one behind.” CIBJO, which has held Special Consultative Status with the UN’s Economic and Social Council (ECOSOC) since 2006, was…

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 Transparency According 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…

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…

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 Provenance The necklace, likely created in the decade before the French Revolution, is a significant example of Georgian jewelry. While its exact…

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.…

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…

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 Impact ODC’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…

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 Recipients This year’s JWA Sustainability Awards were presented in five distinct categories: Jury’s Special Recognition Award Two 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…

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 Technology The 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…

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…

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 Ring John 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…