Author: Megha Patel

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 Jewellery & 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 Jewellery Export Promotion Council (GJEPC), India’s trade body for the gem and jewellery 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…

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 StandardsThe 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 materials such as…

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 and Market…

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 CategoriesThe 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 for 1-carat…

The Uttar Pradesh Government has approved the construction of a new multi-storey jewellery factory complex in Ved Vyas Puri, Meerut. The factory, spanning 32,000 square metres, will be located along the Meerut-Haridwar highway, with proximity to the Delhi-Meerut highway, signalling an important infrastructure development for the jewellery industry in the region.Project OverviewThe project will be managed by the Meerut Development Authority, which has already begun work on the detailed project report. According to officials in Ved Vyas Puri, the construction phase is expected to commence by the end of November, with a completion timeline of 24 months. The initiative aims…

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 VisionTim 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 suppliers and…

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 company in…

The Responsible Jewellery 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 jewellery supply chain.Standards Committee Meeting in LondonThe 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 Practices (COP) standard…

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% decline in…

On 26 September 2024, Gaetano Cavalieri, President of CIBJO (The World Jewellery Confederation), addressed the 79th session of the United Nations General Assembly (UNGA) in New York. Speaking on behalf of the global jewellery, gemstone, and precious metals industries, Cavalieri spoke on the jewellery 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 one of…

A new report by Positive Luxury, titled The Future of Jewellery and Watches, provides  new analysis of sustainability practices and challenges within the luxury jewellery and watch sectors, outlining key environmental and social impacts and identifying areas where progress is needed.Key Challenges in Supply Chain TransparencyAccording to the report, the complexity and opacity of supply chains remain a major hurdle for the luxury jewellery 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 industry’s pressing concerns…

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 ImpactODC’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 venture partner in…

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 TechnologyThe 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 Reports.Fukui Shell Nucleus…

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 on Russian…

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 DemandThe diamond market has been experiencing notable turbulence in recent years, driven by several factors including economic…

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

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 SanctionsThe 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 sanctions against Russia…

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 SyntheticsIn 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% in August. Other sizes also…

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 AssuranceTo 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 0.5-carat threshold.Support for…

De Beers has announced a significant long-term strategic collaboration with Tanishq, India’s largest jewellery 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 jewellery.Market Context and OpportunityIndia’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 jewellery. 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 acquisition rates in…

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 OpportunitiesFounded 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 from IGI and…

The World Jewellery 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 InitiativesCIBJO’s recent efforts included educational events, development of business guidelines, and promoting collective action within the jewellery sector. Key initiatives were:Focus on Environmental, Social, and Governance (ESG) StandardsCIBJO’s Sustainable Commission released a report in August 2023 clarifying differences between CSR and ESG frameworks. The report noted the increasing relevance of…

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 will depend…

Danish jewellery 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 DemandIn 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 going to be lab-grown.…