Author: Steven Joseph

Sanctions imposed by the G7 countries on Russian diamonds are proving largely ineffective, according to Pyotr Karakchiev, head of the international cooperation department at Alrosa, speaking at the Khozaktiv-2025 corporate forum. Karakchiev said the absence of a global tracing system for rough diamonds is a key factor limiting the sanctions’ impact. Tracing Deficiencies and Industry-Specific Challenges Karakchiev stated that although sanctions “force us to come up with new means of interaction,” they have not achieved the intended effect. “The sanctions that our adversaries dreamed up were supposed to affect us in a big way but they are not achieving the…

Swiss watch exports rose by 1.5% year-on-year in March 2025, reaching CHF 2.13 billion, following declines in the previous months. The growth was primarily driven by increased demand from the United States and the United Kingdom, while markets in Asia continued to show signs of contraction. Despite the monthly gain, export figures for the first quarter of 2025 remained slightly negative overall, down 1.1% to CHF 6.11 billion. Market Performance by Region The United States remained the leading market for Swiss watches, with exports rising 13.7% in March to CHF 405.2 million. Japan and the United Kingdom followed with growth…

Bulgari has expanded its production facility in Valenza, Italy, making it the largest single-brand jewellery manufacturing site globally. The site, operated under LVMH ownership, now covers more than 355,000 square feet and is expected to create 500 additional jobs by 2029. The development consolidates production and introduces expanded training capabilities. Increased Manufacturing Capacity and Workforce Growth Since opening in 2017, Bulgari’s Valenza site has grown from 14,000 square meters to more than 33,000 square meters following the addition of two new buildings. Employee numbers have increased from 370 to over 1,100, with a target of 1,600 to 1,700 workers by…

India’s gem and jewellery exports for the financial year April 2024 to March 2025 totalled US$28.50 billion (₹2,41,089.50 crore), reflecting an 11.72% decline year-on-year in US dollar terms, according to provisional figures released by the Gem & Jewellery Export Promotion Council (GJEPC). Imports over the same period fell by 11.96% to US$19.61 billion (₹1,65,819.35 crore). For March 2025, exports showed a slight increase of 1.02% year-on-year to US$2.58 billion, while imports decreased by 7.2% to US$1.94 billion. Cut and Polished Diamonds Exports of cut and polished diamonds totalled US$13.29 billion (₹1,12,410.58 crore) for FY 2024–25, representing a 16.75% year-on-year decline.…

The European Union has confirmed that polished diamonds will not be subject to retaliatory import tariffs in response to new US trade duties, following concerns raised by the Antwerp World Diamond Centre (AWDC) about the potential impact on Belgium’s diamond sector. Context of the Tariff Dispute The EU’s announcement comes amid broader trade tensions, as the United States moves forward with a revised tariff policy. As of 9 April, the US administration introduced a 90-day tariff pause for most countries, excluding China, while raising tariffs on Chinese goods to 125%. Although the EU had considered reciprocal measures, polished diamonds have…

Russia and Belarus have announced plans to launch a joint platform for jewellery exports, focusing on markets including China, the UAE, Vietnam, and Southeast Asia. The plan was confirmed after a meeting between Russia’s Deputy Finance Minister Alexei Moiseyev and Belarus’s Finance Minister Yuri Seliverstov in Minsk on 4 April. Marketplace Development and Scope The project, due to launch in test mode later in 2025, will offer a shared online platform for exporting jewellery from both countries. The Eurasian Development Bank, co-founded by Russia and Kazakhstan, is supporting the initiative. “A marketplace for the sale of Belarusian and Russian jewelry…

The Gemological Institute of America (GIA) has broadened the scope of services offered at its Hong Kong and Dubai laboratories in response to new U.S. tariffs and the associated logistical challenges. The changes affect where larger and fancy colour diamonds can be submitted for grading, in light of new U.S. import duties. Expanded Carat Limits in Hong Kong and Dubai Effective immediately, GIA’s Hong Kong and Dubai labs will accept D-Z colour, rough or polished diamonds weighing up to 9.99 carats. This is a significant increase from the previous maximum submission weight of 3.99 carats for both locations. In addition,…

De Beers Group has announced plans to allocate its highest level of category marketing spend in 10 years to support natural diamond promotion. The company has stated it will match financial contributions from national marketing initiatives during 2025 and is inviting proposals from stakeholders across the industry. Joint Efforts with Industry Organisations De Beers is working with a number of trade bodies, including the Antwerp World Diamond Centre (AWDC), the Gem and Jewellery Export Promotion Council (GJEPC), and the Dubai Multi Commodities Centre (DMCC), to support marketing campaigns for natural diamonds in various regions. The company has confirmed that strategic…

The United States’ recent decision to impose sweeping import tariff increases—part of a broader strategy dubbed “Make America Wealthy Again”—is poised to trigger substantial shifts across the global gem and jewellery supply chain. With new tariff rates varying by country, and India facing a 26% import duty on jewellery, industry leaders are warning of rising costs, disrupted trade flows, and potential relocation of manufacturing operations to mitigate the impact. Overview of the New Tariff Policy Announced in April 2025, the new US tariff structure affects jewellery imports from a range of key suppliers. Rates differ by trading partner, with the…

Jewellery dating from the medieval and early modern periods, discovered by metal detectorists, featured in the Jewellery, Watches, and Objects of Vertu auction held by Noonans Mayfair on 27 March in London. The sale included items of historical significance, such as a 17th-century memorial ring linked to a judge involved in England’s final witch trials, a medieval bishop’s sapphire ring, and a 13th–14th century gold posy ring. Memorial Ring Linked to Witch Trial Judge Fails to Sell A late 17th-century memorial ring, found by detectorist Steve Pulley in January 2020, was among the more historically significant lots. The piece, crafted…

Anglo American has entered preliminary discussions with banks regarding a potential initial public offering (IPO) of its diamond unit, De Beers. The move forms part of a broader restructuring initiative announced last year by Anglo American CEO Duncan Wanblad, as the company seeks to divest from non-core assets and focus on higher-growth sectors. Alongside the IPO preparations, Anglo is simultaneously exploring the possibility of an outright sale of De Beers. De Beers: Final Step in Anglo’s Asset Divestment De Beers is the last major business unit in Anglo American’s planned exit from several commodity sectors. Since announcing its restructuring, the…

The International Colored Gemstone Association (ICA) has confirmed a lineup of speakers for its upcoming Congress, to be held in Brasília, Brazil, from 19–22 May 2025. Susan Jacques, President and CEO of the Gemological Institute of America (GIA), and Dr Gaetano Cavalieri, President of CIBJO, the World Jewellery Confederation, are confirmed speakers for the event. The Congress will be hosted by IBGM Brazil at the Royal Tulip Brasília Alvorada, a venue located in one of the world’s leading gemstone-producing regions. Seminar Focus: “Gems for Generations” The theme of the 2025 ICA Congress is “Gems for Generations”, reflecting a focus on…

India’s gem sector is preparing for potential US tariffs on exports of polished diamonds and jewellery, which could come into effect on 2 April 2025. The move forms part of wider reciprocal trade measures under consideration by the US government, with India’s Gem & Jewellery Export Promotion Council (GJEPC) currently in contact with industry stakeholders and government officials to assess the likely impact and seek possible solutions. Export Concerns Amid Uncertainty The United States is India’s largest market for polished diamonds, with gross exports totalling $6.69 billion in 2024, according to data from the United States International Trade Commission. Currently,…

The Natural Diamond Council (NDC) has published a new report, Diamonds of Botswana, providing an overview of the diamond industry’s role in Botswana’s national development. The report follows previous NDC publications examining the role of natural diamonds in producing countries. It outlines developments in Botswana since the discovery of diamonds in the 1960s, focusing on how diamond revenues have contributed to infrastructure, education, healthcare and environmental programmes. Economic Impact and Revenue Distribution Natural diamonds represent a significant portion of Botswana’s economy, accounting for around 25% of the country’s GDP, 80% of its exports, and approximately one-third of its fiscal revenue.…

The World Jewellery Confederation (CIBJO) has released a recommended definition of “recycled gold” for use in the jewellery and watch sectors – an initiative that seeks to bring greater consistency to terminology used in the industry and in the market more broadly. The new definition, which will be included in CIBJO’s guidance documents, distinguishes between pre-consumer and post-consumer recycled gold. It excludes gold in the form of investment products such as bullion bars and investment coins, unless that gold is entirely produced from qualifying recycled sources. Clarifying Terminology and Criteria The definition was developed through discussions with industry experts and…

Frédéric Arnault, son of LVMH chairman Bernard Arnault, has been appointed CEO of Italian luxury brand Loro Piana. His appointment is part of a series of leadership changes at LVMH as the company adjusts its management structure. Arnault previously served as CEO of TAG Heuer from 2020 before being promoted to head LVMH’s watch division in early 2024. His departure from the watches segment follows a 2% decline in revenue and a 28% drop in profit from recurring operations in 2024. While no successor has been announced for his previous role, Stéphane Bianchi remains CEO of LVMH Watches & Jewellery,…

A man has been arrested in Florida for stealing and swallowing more than $700,000 worth of jewellery from Tiffany & Co. in Orlando. Jaythan Gilder, 32, allegedly posed as a representative for an NBA player to gain access to high-value pieces before attempting to escape with them. Incident Details On 26 February, Gilder entered the store at a shopping mall in Orlando and was taken to a private room to view two pairs of diamond earrings and a diamond ring, with a combined value exceeding $1 million. He told store staff he was negotiating on behalf of a player from…

Sightholders at De Beers’ February sales cycle reported a reduced supply of rough diamonds over five carats, citing production declines and De Beers’ inventory management strategy. Prices remained stable across most categories as the company continued its approach of regulating supply. Market observers noted that this shortage contrasts with De Beers’ reported inventory levels, estimated at around $2 billion—its highest since 2008. However, much of this stock is believed to consist of smaller-sized goods rather than the larger diamonds currently in short supply. Production Declines and Supply Management De Beers’ total rough diamond production fell by 22% in 2024 to…

Sarine Technologies Ltd and De Beers Group subsidiary Tracr have signed a collaboration agreement to enhance technology-driven diamond traceability. The partnership will integrate Tracr’s blockchain-based tracking system with Sarine’s scanning and identification technology to provide an unbroken chain of verification from rough diamond registration to polished stone. Blockchain Integration for Verifiable Provenance Sarine’s Diamond Journey traceability system will now incorporate rough diamond origin data recorded on Tracr, which logs stones at the source. The integration is intended to enhance supply chain transparency by using an automated verification process rather than relying solely on company declarations. A key aspect of this…

De Beers Group and the Government of Botswana have signed formal agreements solidifying their long-term partnership in diamond mining and sales. The deal includes a 10-year rough diamond sales agreement, with the possibility of a five-year extension, and a 25-year renewal of Debswana’s mining licences, ensuring continued collaboration in one of the world’s most significant diamond-producing regions. Key Terms of the Agreement The new agreements extend Debswana’s mining licences from August 2029 to July 2054, allowing for long-term resource management and the continuation of key mining projects such as Jwaneng Cut-9, Jwaneng Underground, and Orapa Cut-3. Under the revised sales…

The Responsible Jewellery Council (RJC) has launched the Laboratory Grown Material Standard (LGMS), a framework setting out requirements for responsible business practices in the lab-grown diamond and coloured gemstone sector. The standard applies to RJC members working with lab-grown materials and covers areas including legal compliance, due diligence, labour rights, health and safety, environmental management, disclosure, and grading. Scope and Requirements of the LGMS The LGMS outlines 28 key provisions that businesses handling lab-grown diamonds and coloured gemstones must follow. These include legal obligations, human rights protections, hazardous substance management, workplace conditions, and disclosure requirements. Companies will be required to…

De Beers Group has introduced DiamondProof, a diamond verification device designed to distinguish natural diamonds from laboratory-grown diamonds (LGDs) and simulants. The device has been deployed in select retail stores in the United States, providing jewellers with a tool to verify a diamond’s origin in-store. DiamondProof’s Capabilities According to De Beers, research indicates that many consumers are unaware that LGDs can be detected. DiamondProof is designed to address this by identifying natural diamonds based on their distinct chemical composition, which differs from that of LGDs. The device delivers results within seconds and can be used for both loose and set…

A team of researchers from Jilin University and Sun Yat-sen University in China has successfully synthesised a lab-grown version of Lonsdaleite, a rare carbon allotrope. Their findings, published in Nature Materials, indicate that this artificial form of Lonsdaleite is at least 40% harder than natural diamond. What is Lonsdaleite? Lonsdaleite, named after the British crystallographer Professor Dame Kathleen Lonsdale, was first identified in 1967 within the Canyon Diablo meteorite in Arizona, USA. Unlike conventional diamonds, which have a cubic crystal lattice, Lonsdaleite has a hexagonal structure, contributing to its extreme hardness. Scientists believe that natural Lonsdaleite was formed due to…

Wealthy Russian investors are increasingly purchasing investment-grade diamonds, with demand for polished stones rising by 60% in 2023, according to VTB, Russia’s second-largest bank. This follows the Russian government’s decision to abolish VAT on diamond purchases, making gemstones a more accessible investment option for high-net-worth individuals. Rising Demand for Diamonds as Alternative Investments Oksana Semenenko, vice president at VTB and head of its private banking division, stated that diamonds are attracting investors due to their rarity and ability to hold value. “The uniqueness and rarity of diamonds make them particularly appealing amid rising financial market volatility and restrictions on traditional…

Céline Assimon will leave her role as CEO of De Beers Jewellers at the end of the month, the company has confirmed. Assimon joined De Beers Jewellers in 2020 after leaving Swiss luxury jeweller De Grisogono. In 2021, she took on the additional role of CEO of Forevermark, a position she held until March 2024, when De Beers restructured the brand to focus on the Indian market. During her time with De Beers, the company focused on expanding its core collections and high jewellery range while increasing its presence in key markets. Future Direction for De Beers Jewellers A De…

Pomellato has announced French-Italian actress Philippine Leroy-Beaulieu as its new global ambassador. Best known for her role as Sylvie Grateau in Emily in Paris, Leroy-Beaulieu has portrayed independent and complex female characters throughout her four-decade career. Pomellato stated that her appointment reflects the brand’s emphasis on authenticity, independence, and creativity. Pomellato and Leroy-Beaulieu Collaboration Leroy-Beaulieu’s French-Italian background aligns with Pomellato’s Milanese roots. In a statement, she said, “Joining the Pomellato family feels like a natural extension of my own story. As a French-Italian actress, I’ve always admired how Pomellato combines Italian craftsmanship with contemporary design. Their jewellery speaks to women…

A recent study has revealed that Early Iron Age jewellery discovered in southern Poland contains iron sourced from a meteorite. The artefacts, uncovered at the Częstochowa-Raków and Częstochowa-Mirów cemeteries, date back to approximately 750–600 BCE and belong to the Lusatian Culture. The research, published in the Journal of Archaeological Science: Reports, found that four of the 26 examined artefacts—three bracelets and a pin—were made of meteoric iron. This discovery makes southern Poland one of the most concentrated sites for meteoric iron artefacts, comparable to some sites in Egypt. Meteoric Iron and Its Cultural Use The analysis, conducted using portable X-ray…

A London High Court ruling has dismissed a legal claim by Sheikh Hamad bin Abdullah Al Thani, the chief executive of Qatar Investment & Projects Development Holding (QIPCO), to enforce the purchase of the 70.21-carat Idol’s Eye diamond. The case was brought against Elanus Holdings, a company representing the heirs of the late Sheikh Saud bin Mohammed Al Thani, a former Qatari culture minister and art collector. Legal Dispute Over Ownership The Idol’s Eye diamond, thought to have come from the Golconda mines in India, was purchased by Sheikh Saud in the early 2000s. Before his death in 2014, he…

Lucara Diamond Corp has sold two diamonds recovered from its Karowe mine in Botswana for a total of $54 million. The 549-carat Sethunya and the 1,080-carat Eva Star were extracted from the South Lobe of the Karowe kimberlite, an area known for producing large, high-value diamonds. Karowe’s Ongoing Production of Large Diamonds The sale highlights Karowe’s history of recovering sizeable stones. Lucara’s president and CEO, William Lamb, commented on the mine’s continued production of high-quality diamonds. “The sale of these two extraordinary diamonds further validates our investment in the Karowe underground project. The unique characteristics of Karowe’s kimberlite, particularly in…

The diamond market saw subdued trading in January, with mixed reports on holiday sales, according to Rapaport. While demand remained weak, there were signs of stability in certain categories, including 0.30- to 0.50-carat, D to F, IF to VVS2 diamonds. Larger fancy-shape diamonds of 3 carats and above also performed relatively better. Market Performance and Price Trends The RapNet Diamond Index (RAPI™) for 1-carat diamonds, covering round, D to H, IF to VS2 stones, fell by 2.3% in January. Smaller diamonds saw more modest declines, with the index for 0.30-carat and 0.50-carat diamonds down 0.4% and 0.6%, respectively. Prices for…