Author: Steven Joseph

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…

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 Diamonds The 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…

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 Experts BOD’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…

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 Botswana Tebogo, 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…

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 Dispute The 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…

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 Merger Lusix, 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.…

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 Charms The 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…

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 Practices The 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…

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 Alrosa Since the Russian invasion of Ukraine in February 2022, Alrosa has been subjected to severe sanctions imposed by Western nations,…

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 Control In 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…

Pandora, the world’s largest jewelry maker, has raised its full-year organic growth forecast for 2024, following strong sales in the second quarter and positive performance in its lab-grown diamond category.  The Danish jeweller now expects growth of between 9% and 12%, up from its previous guidance of 8% to 10%, as a result of its transformation strategy. Q2 Performance and Key Metrics For the second quarter ending 30 June, Pandora reported a 15% year-on-year increase in sales on both an organic and reported basis, bringing in DKK 6.77 billion ($990.9 million). Operating profit rose to DKK 1.34 billion ($196.25 million),…

The Responsible Jewelry Council (RJC) has issued a final call for contributions and feedback to the draft Laboratory Grown Materials Standard (LGMS), with the deadline set for 25th August 2024.  The standard aims to establish guidelines for responsible business practices standard for laboratory-grown materials. Background on the LGMS First introduced in 2021, the development of the RJC’s LGMS has included two rounds of public consultation.  The standard is being developed in accordance with ISEAL’s standard-setting code, ensuring transparency and inclusivity in the process. A multi-stakeholder Standards Committee has been engaged to provide diverse input and expertise, with the aim of…

Pandora, the world’s largest jewelry maker, has raised its full-year organic growth forecast for 2024, following strong sales in the second quarter and positive performance in its lab-grown diamond category.  The Danish jeweller now expects growth of between 9% and 12%, up from its previous guidance of 8% to 10%, as a result of its transformation strategy. Q2 Performance and Key Metrics For the second quarter ending 30 June, Pandora reported a 15% year-on-year increase in sales on both an organic and reported basis, bringing in DKK 6.77 billion ($990.9 million). Operating profit rose to DKK 1.34 billion ($196.25 million),…

The Gemological Institute of America (GIA) has recently examined two diamonds featuring rare star-shaped inclusions.  Weighing 8.14 and 8.57 carats respectively, these diamonds, referred to as asteriated or “star” diamonds, were highlighted in the summer 2024 edition of Gems & Gemology. The discovery is notable for both the size of the stones and their preserved natural forms, providing insights into the geological history of diamond formation. Asteriated Diamonds: Composition and Features Both diamonds displayed light brown cloud inclusions, a phenomenon caused by high concentrations of hydrogen and nickel during the diamond growth process. Inclusions of this type, which may also…

Nivoda has announced a major expansion of its gemstone inventory, now featuring more than 80,000 gemstones across 25 varieties.  The available gemstones include rubies, emeralds, sapphires, aquamarines, tourmalines, and tanzanites sourced from global suppliers. Ensuring Quality in a Non-Standardised Market Gemstones, unlike diamonds, often lack a standard certification system, which can make quality assurance challenging. Nivoda has implemented processes to control quality. Certified gemstones are available on its platform, while non-certified stones undergo supplier vetting to ensure authenticity. The company’s network of suppliers spans multiple regions, including India, Europe, the UK, the US, Australia, and Thailand. According to Nivoda, this…

UK-headquartered diamond certification and authentication laboratory Solitaire Gemmological Laboratories (SGL) has launched an online platform designed for retailers to purchase pre-certified diamonds. This new marketplace, accessible through the dedicated website www.SGLcertified.com, aims to reshape the diamond purchasing landscape by offering guaranteed grade diamonds and a streamlined buying process. A New Model in Diamond Purchasing The SGL-certified platform offers diamonds ranging from 0.08 carats to 0.39 carats, each accompanied by a laser inscription and a dossier report. The key selling point of this marketplace is the grade guarantee provided by SGL, with a 14-day claim window that allows retailers to return…

This year’s Vicenzaoro September promises to provide fresh new insights into the future of jewelry design and luxury consumption. Organised by the Italian Exhibition Group (IEG), this year’s event runs from 6th to 10th September at the Vicenza Expo Centre. Two key presentations by Trendvision Jewelry + Forecasting, IEG’s independent observatory led by Paola De Luca, will focus on the trends expected to influence the industry in the coming years. Autumn-Winter 2024-25 Jewelry Trends As the jewelry industry prepares for the Autumn-Winter 2024-25 season, Trendvision Jewelry + Forecasting has identified four key trends to guide designers and manufacturers: Looking Ahead:…

India’s Enforcement Directorate (ED) is currently investigating a widespread money laundering scheme that exploits the trade of lab-created diamonds.  This complex operation, involving several Indian and Hong Kong-based entities, centres around the overvaluation of synthetic diamonds, which are then used as a cover for illicit financial transactions. The investigation has significant implications for the diamond and jewelry industry, highlighting vulnerabilities that can be exploited within the supply chain. Investigation Details and Key Players The ED’s investigation was triggered by intelligence shared by Hong Kong Customs following a significant operation in December 2023. During this operation, Hong Kong authorities seized large…

De Beers has announced the cancellation of its scheduled August sight, opting instead to merge this trading session with the October sight.  The decision comes as the diamond industry grapples with an oversupply and significant production cuts, particularly in India. Consolidated Sight Dates The merged sight, now scheduled to take place from 23 to 27 September, combines the previously planned Sight 7 and Sight 8, which were originally slated for 26 to 30 August and 7 to 11 October, respectively. Additionally, Sight 9 has been moved up to 4 to 8 November, with Sight 10 now set for 2 to…

Diamond prices dropped in July, driven by slow retail sales and an oversupply in the Indian market. The seasonal summer slowdown also contributed to reduced sales figures. Significant Price Reductions According to Rapaport’s RapNet Diamond Index (RAPI™), the index for 1-carat round, D to H, IF to VS2 diamonds fell by 7.3% in July, the steepest monthly decline for this size category since December 2008. The RAPI for 0.30-carat diamonds dropped by 8.9%, while the index for 0.50-carat diamonds decreased by 7.9%. Prices for 3-carat stones saw a reduction of 5.8%. In contrast, 1-carat round, D to H, SI diamonds…

Monica Vinade has introduced its first fully traceable aquamarine collection, Odyssey, in collaboration with Zimbaqua, Africa’s first gemstone mine managed exclusively by a women-only team. Advancements in Gemstone Traceability Previously, Monica Vinader’s traceability efforts focused on metals such as gold, silver, and laboratory-grown diamonds. With gemstones making up around 77% of the company’s carbon footprint, this new partnership with Zimbaqua is a significant step towards full supply chain transparency. Commitment to Ethical Sourcing Founder Monica Vinader emphasised the brand’s commitment to traceability, stating: “Our ultimate goal is to make traceability the norm, not the exception. By giving our customers insights…

Simone Biles, the most decorated gymnast in history, has recently captivated the world not only with her athletic prowess but also with a unique piece of jewelry. During her Paris Olympics campaign, Biles frequently wore a custom-made white gold goat necklace, encrusted with 546 diamonds, designed by Calabasas-based jeweller Janet Heller. The Making of the GOAT Necklace The goat necklace, symbolising “The Greatest of All Time,” was conceptualised by Biles and brought to life by Janet Heller Fine Jewelry. Biles, having previously collaborated with Heller for a diamond Olympic rings necklace, approached her again for a piece befitting her legendary…