Author: Megha Patel

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 Overview The 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…

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…

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 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…

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 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…

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 Transparency According 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…

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 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…

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 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 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 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…

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 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 Initiatives CIBJO’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) 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 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 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 jewellery 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…

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…

The Responsible Jewellery 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…

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…

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…