Author: Steven Joseph

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…

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’ Collection First 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…

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 Demand The diamond market has been experiencing notable turbulence in recent years, driven by several…

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 Exports The sharp increase in exports comes after the imposition of strict sanctions by the G7 and EU nations. Since January 2024,…

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 Sanctions The 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…

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 Synthetics In 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%…

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 Assurance To 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…

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 Opportunity India’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…

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 Opportunities Founded 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…

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 Initiatives CIBJO’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) Standards CIBJO’s Sustainable Commission released a report in August 2023 clarifying differences between CSR and ESG frameworks. The report…

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…

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 Demand In 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…