Author: Ruchi Singla

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…

The National Association of Jewellers (NAJ) has announced the winners of the 2024 NAJ Awards, recognising professionals and businesses within the UK jewellery industry.Supported by headline sponsor Curteis, the event brought together 314 guests to celebrate winners across 14 categories.Claire Davies, Operations Director at Curteis, expressed the company’s pride in sponsoring the awards, stating, “We are delighted to continue our support for this year’s NAJ Awards and extend our heartfelt congratulations to all the remarkable winners honoured during the event. Their achievements truly reflect the exceptional talent within our industry. We also wish to express our gratitude to the NAJ…

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…

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 AdaptationAt the core of the report is the theme of shortening and streamlining jewellery supply chains. Hill & Co. challenges businesses to consider whether the traditional supply chain model is still…

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…

Virginia “Gina” C. Drosos, CEO of Signet Jewelers, the world’s largest diamond jewellery 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 GrowthDuring her time at Signet, Drosos spearheaded a strategic transformation that significantly strengthened the business. Helen McCluskey, Chair of Signet’s Board of Directors,…

The British Academy of Jewellery (BAJ) hosted its 2023/2024 London Final Show at its Camden campus, bringing together students, industry professionals, and family to celebrate the next generation of jewellers. The event showcased nearly 200 pieces of student work from both Further and Higher Education programmes, reflecting a high level of creativity, craftsmanship, and design innovation. Alongside these creations, design journals and process insights provided a deeper look into the journey behind each piece.Industry Engagement and CollaborationThe event attracted over 30 representatives from across the jewellery industry, reflecting the Academy’s ongoing efforts to bridge the gap between education and professional practice.…

Sotheby’s Paris will hold a significant auction on 10 October, featuring more than 70 pieces of jewellery from the personal collection of Dame Shirley Bassey. The British singer, known for her performances of three James Bond theme songs, is auctioning the pieces to benefit her chosen charities. This marks the first time Dame Shirley has offered her collection for sale, providing collectors and admirers a unique opportunity to acquire jewellery that has played a part in her storied life and career.Iconic Pieces from an Iconic CareerDame Shirley, who has sold over 140 million records and enjoyed a career spanning seven decades,…

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…

Beaverbrooks has reported record turnover for the financial year ending February 2024, accompanied by a decline in profit compared to the previous year.The company’s turnover rose to £228.6 million, up from £225 million the previous year. However, operating profit dropped to £10.5 million from £25.7 million, primarily due to increased operating costs and substantial long-term investments.Financial Performance and Investment StrategyThe decline in profit has been attributed to heightened operational costs and significant investments in the business’s growth and infrastructure. Beaverbrooks has continued to focus on expanding its store network and improving its service offerings. The company has invested over £15.3…

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 personal…

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 ProvenanceThe necklace, likely created in the decade before the French Revolution, is a significant example of Georgian jewellery. While its exact origins are not recorded,…

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. Whether looking for…

Pandora has announced that it now uses 100% recycled silver and gold in the production of all its jewellery. 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 Alexander Lacik,…

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 Jewellery World Awards (JWA) 2024 has honoured businesses in the fine jewellery, gemstone, and related sectors for their exceptional sustainability efforts. Hosted by Jewellery & Gem WORLD Hong Kong (JGW) and organised by Informa Markets Jewellery, the awards ceremony highlighted the achievements of companies committed to sustainable practices across five categories.Award Categories and RecipientsThis year’s JWA Sustainability Awards were presented in five distinct categories:Jury’s Special Recognition AwardTwo 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 a unique story to tell. However, they…

Beaverbrooks has renewed its long standing partnership with Blackpool Football Club, continuing its support for the local community and maintaining its presence in the region.Partnership OverviewBeaverbrooks, a family-owned jeweller established in 1919, has extended its sponsorship agreement with Blackpool FC, a club they have supported for several years. This partnership sees Beaverbrooks remain as the Official Partner of Blackpool FC, highlighting the jeweller’s ongoing support for local initiatives and involvement in the community.Support for Local CommunityMark Adlestone OBE, Chairman at Beaverbrooks and a lifelong supporter of Blackpool FC, expressed his enthusiasm about the renewed partnership. He stated, “Beaverbrooks is delighted to…

The Gemmological Association of Great Britain (Gem-A) has confirmed the line-up for its annual Gem-A Conference, scheduled for 2-3 November 2024 at etc.venues County Hall in London. Diverse Expertise Across Gemmological DisciplinesThe conference will feature ten speakers from different parts of the world, each offering a unique perspective on a wide range of gemmological topics. The first day will include discussions on Chitral emeralds, the geological characteristics of giant quartz crystals, and the historical significance of these gemstones. Dr. Michael S. Krzemnicki, director of the Swiss Gemmological Institute (SSEF), will present on the age-dating of gemstones, pearls, and corals, providing valuable…

The National Association of Jewellers (NAJ) has announced that ticket registration for the 2024 NAJ Awards will close on Monday, 23rd September. The awards ceremony, sponsored by Curteis, will take place on Thursday, 10th October, at the Burlington Hotel in Birmingham.Event DetailsThe NAJ Awards aim to acknowledge achievements across the UK jewellery industry, recognising initiatives and individuals that have made an impact over the past year.The evening will begin with a drinks reception at 18:30, followed by a three-course dinner and the awards presentation at 19:30. The event will conclude with music from 23:00, with carriages at midnight. The dress code…

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 Gemmological Association of Great Britain (Gem-A) has released the Autumn 2024 edition of The Journal of Gemmology (Vol. 39, No. 3), which was made available digitally on 12 September.Key Research HighlightsAmong the featured articles in this edition is an in-depth review of Bohemian garnet (chromium-bearing pyrope) from the Czech Republic. With a history dating back to the fifth century CE, Bohemian garnet has long held a place of significance in the jewellery world. The article delves into the gem’s historical context, as well as its gemmological characteristics.Also included is a study examining cobalt-blue spinel from Baffin Island, Canada. This…

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…

The Autumn Vicenzaoro September show has wrapped up, marking 70 years of gold fairs in Vicenza. Minister for Enterprise and Made in Italy, Adolfo Urso, noted in a statement that since the inaugural fair in 1954, Vicenza has showcased the creativity, innovation, and craftsmanship of the jewellery industry, reinforcing Italy’s position on the world stage.Running from 6th to 10th September, the show, organised by the Italian Exhibition Group (IEG), hosted 1,200 exhibiting brands, 40% of which were from 35 countries outside Italy. With support from the Italian Trade Agency and the Ministry of Foreign Affairs, 450 buyers from 60 countries, including…

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 RingJohn 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 for the Picts.…

If Jewels Could Talk by Carol Woolton examines the cultural and historical significance of jewellery across civilisationsJewellery historian Carol Woolton, former editor at British Vogue, has published If Jewels Could Talk: Seven Secret Histories, which explores the cultural and symbolic meanings of seven types of jewellery—hoops, rings, beads, charms, brooches, cuffs, and head ornaments—across various civilisations.Woolton explores the global origins, evolution, and cultural importance of jewellery in human history.A Global Perspective on JewelleryThe book examines jewellery traditions from various cultures, such as Viking silver torques, Imperial Chinese jade, and sixteenth-century Posy rings, showcasing their roles as both personal adornments and…

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 jewellery in a sleek, urban setting.Chopard’s Iconic ‘Ice Cube’ CollectionFirst 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 jewellery’s cubic structure and sharp…

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…