Author: Ruchi Singla

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

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 ControlIn 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 pula (approximately $65.95…

Diamonds Factory has expanded its European operations by opening a new store in Munich, Germany, following hot on the heels of its Berlin boutique opening.The Munich store is situated in the heart of the city’s old town and operates six days a week, from Monday to Saturday, between 10 am and 7 pm.Rapid GrowthThe Munich store adds to Diamonds Factory’s growing network in Ireland, France, Germany, and the UK, as part of its European expansionIn addition to its European growth, Diamonds Factory’s parent company, Neve Jewels Group, has also been expanding its UK presence. The group has recently opened its…

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 LGMSFirst 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 setting best practices for…

Pandora, the world’s largest jewellery 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 MetricsFor 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), up from DKK…

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 FeaturesBoth 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 contain graphite, are rare…

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 MarketGemstones, 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 broad supplier base allows…

The British Hallmarking Council (BHC) is continuing its efforts to enhance hallmarking awareness and enforcement across the UK jewellery sector through its initiatives, the HALO (Hallmarking Awareness and Learning Online) Award and the Touchstone Award.HALO Award: Encouraging Consumer EducationLaunched in 2021, the HALO Award is now in its third year and remains a significant initiative within the industry. The award encourages online jewellers to accurately describe their products and to highlight the importance of hallmarking to customers, especially when purchasing from unfamiliar sources. Hallmarks play a crucial role in ensuring the authenticity and quality of precious metal items, particularly as…

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 PurchasingThe 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 diamonds in case of…

This year’s Vicenzaoro September promises to provide fresh new insights into the future of jewellery 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 Jewellery + 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 Jewellery TrendsAs the jewellery industry prepares for the Autumn-Winter 2024-25 season, Trendvision Jewellery + Forecasting has identified four key trends to guide designers and manufacturers:Looking Ahead: Trendbook 2026+In addition to…

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 jewellery industry, highlighting vulnerabilities that can be exploited within the supply chain.Investigation Details and Key PlayersThe 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 quantities of suspected synthetic diamonds,…

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 DatesThe 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 6 December, both rescheduled…

The Royal Mint has launched a facility designed to extract gold from electronic waste, offering a more sustainable alternative to traditional mining. Located in south Wales, the 3,700 square metre factory utilises a patented chemical process developed by Canadian clean tech company Excir to recover gold from printed circuit boards (PCBs) found in everyday electronics.Technological InnovationExcir’s technology, which operates at room temperature, allows for a more energy-efficient and cost-effective method of gold recovery. This process, scaled from laboratory to industrial level for the first time, can process up to 4,000 tonnes of PCBs annually, producing high-quality 999.9 purity gold. The recovered gold…

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 ReductionsAccording 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 saw a more…

Independent jeweller David M Robinson (DMR) has opened its newly renovated showroom on Railway Street in Altrincham, Manchester. The expanded showroom, featuring an in-store workshop, offers bespoke services in a high-end setting.Enhanced Customer Experience with Bespoke ServicesThe showroom has added 640 square feet of space, allowing DMR to introduce an in-store workshop where master goldsmiths will demonstrate traditional and modern jewellery-making techniques. Customers can observe the hand forging of engagement and wedding rings, as well as micro stone setting methods.DMR Managing Director, John Robinson, highlighted the company’s vision: “We have created a best-in-class retail space in Altrincham. We have put our…

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 TraceabilityPreviously, 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 SourcingFounder 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 into where their gemstones have…

The National Association of Jewellers (NAJ) has announced a new qualification aimed at enhancing management and leadership skills within the jewellery industry. The JET Management and Leadership qualification, which will welcome its first cohort in Autumn 2024, is currently open for registration, with a £100 discount to early registrants.Course Structure and ObjectivesThe newly launched qualification is tailored to equip both new and existing assistant managers and managers with the necessary skills to excel in their roles. Building on the foundation of the existing JET programme, this course aims to provide a comprehensive professional development portfolio specifically designed for the jewellery sector.Transition from…

Martin Prinsloo, known for his expertise as a Master Gemstone Cutter, is set to introduce his new fine jewellery range, Martin’s Gems, in Mayfair, London. The collection launch is scheduled for Friday, 30 August at the Chesterfield Hotel.Focus on GemstonesThe new collection is driven by Prinsloo’s philosophy that “The Gem makes the Jewel.” Each piece in the 21-item collection is crafted from 18ct gold, featuring natural diamonds and precision-cut gemstones. The designs aim to highlight the unique characteristics and quality of the gemstones.Design DiversityThe collection includes 21 pieces, each designed to showcase the beauty of custom-cut gemstones. Prinsloo’s approach merges…

Georg Jensen has announced the expansion of its Moonlight Grapes jewellery collection with the introduction of new styles rooted in designs from the 1910sHistorical Context and Design InspirationThe Moonlight Grapes collection draws its inspiration from the grape motif featured in Georg Jensen’s early works. Originally crafted in the 1910s, the grape-shaped design has been a recurring element in the brand’s archive. The new styles seek to balance tradition with modernity, presenting pieces suitable for various occasions.New Campaign LaunchThe latest campaign for the Moonlight Grapes collection will debut on 1 August 2024. The campaign is art directed by Kevin Pfaff, based in…

The Abernethy Pearl, a significant piece of Scottish jewellery history, is set to be the highlight of the upcoming Cairncross Collection auction at Edinburgh’s Lyon & Turnbull on August 21.The collection from Cairncross of Perth features a variety of items expected to draw interest from collectors and jewellery enthusiasts. The Abernethy Pearl: A Historic TreasureDiscovered nearly 60 years ago by Bill Abernethy, the Abernethy Pearl is noted as the largest Scottish freshwater pearl found in living memory. The pearl, weighing 43.6 grains, is known for its size and quality. Named “Little Willie” after it’s finder, the pearl is a significant piece…

Rio Tinto’s diamond division has reported a loss for the first half of 2024, driven by decreased production and a global downturn in diamond demand. Financial PerformanceRio Tinto’s diamond revenue fell by 40% year-on-year, totalling $149 million for the six months ending June 30. This decline led to an underlying loss of $65 million for the diamond unit, compared to the $44 million profit recorded in the same period the previous year. The overall profit for Rio Tinto, however, saw a 15% increase, reaching $5.8 billion, highlighting the contrast between its diamond operations and other sectors.Production and Market ImpactThe Diavik mine,…

Citizen is marking its centenary with a traveling exhibition showcasing 100 of its most iconic timepieces. This milestone event began in Tokyo, has now arrived in New York City, and is set to tour Europe next.A Century of Watchmaking ExcellenceFounded in 1918 as Shokosha Watch Research Institute, Citizen has maintained a commitment to accessible and reliable timepieces. Chief Operating Officer Yoshihisa Yajima reflected on the brand’s inclusive mission, stating, “He wanted to express that the watches would be loved by the people. Ever since, we’ve continuously made watches that all people will love and that will help them with everyday life.”Exhibition…

The National Association of Jewellers (NAJ) has announced an extension for the submission deadline for the 2024 NAJ Awards. This decision allows more members and participants from the wider trade to showcase their contributions to the jewellery industry. The new deadline for entries is now set for the end of Monday, 12th August.Encouraging ParticipationThe NAJ aims to increase participation across various sectors of the industry, providing additional time for entrants to refine their submissions. The awards, sponsored by Curteis, offer an opportunity to highlight stories, companies, and individuals within the industry.Ben Massey, NAJ Chief Executive, stated, “To ensure we find…

Latest research from the Fancy Color Research Foundation sees overall colored diamond prices dipping by 0.7%, with individual colors delivering a varied performance.Pink diamonds had gains, with 1-carat Fancy Intense Pinks increasing by 1.5%, and both 1-carat and 10-carat Fancy Vivid Pinks rising by 1.3% and 1.2%, respectively.The yellow diamond segment experienced an overall decrease of 1.7%, with significant variance across different weights and intensities. 3-carat Fancy Intense Yellow diamonds saw a slight increase of 0.5%, recovering from a 0.3% decline in the previous quarter. However, broader categories like Fancy and Intense yellow diamonds registered declines of 1.5% and 1.3%,…

Signet Jewelers is adjusting its strategy towards lower-priced fashion jewellery and increasing its online presence. This move, as outlined by CEO Gina Drosos, aims to tap into the growing trend of self-purchases and the demand for more affordable jewellery options.Expanding Market Share in Affordable Fashion JewelleryDrosos noted that the company sees growth opportunities in the lower-priced fashion jewellery segment. “We have the biggest opportunity to grow our market share in lower-priced fashion jewelry and self-purchases in and out of malls,” Drosos stated. This category focuses on women purchasing jewellery priced under $500 for themselves. To achieve this, Signet is considering…

Italian high jumper Gianmarco Tamberi made headlines during the Paris Olympics opening ceremony when he lost his wedding ring in the River Seine. As a flag bearer for Italy, Tamberi was overcome by the moment’s grandeur when the ring slipped off his finger and disappeared into the river.Incident During the Opening CeremonyTamberi, along with 393 Italian athletes, participated in the ceremony’s unique parade along the Seine, marking a departure from the traditional stadium procession. The athlete, sharing flag-bearing duties with fencer Arianna Errigo, was trying to raise the Italian Tricolore as high as possible when his wedding ring flew off,…

The diamond industry in India is experiencing significant turmoil, marked by a dramatic fall in the prices of both lab-grown and natural diamonds. The value of lab-grown diamonds has plummeted from $300 per carat in July 2022 to just $78 per carat, with natural diamonds also seeing a 25-30% price correction. This downturn has raised concerns about the sustainability of the diamond manufacturing market in India, impacting everyone from diamantaires to small and medium businesses across the sector.Declining Prices and OversupplyThe past two years have been particularly challenging for the diamond industry, with constant price drops devaluing existing stock. The industry has…

Switzerland-based Gübelin Academy is bringing its gemstone education programs to New York City this autumn. This expansion will provide both enthusiasts and industry professionals in the United States with detailed knowledge of colored gemstones through its structured courses.Modular Program OverviewThe Gübelin Academy has been offering gemstone education for over a decade, providing courses that lead to the Coloured Gem Professional diploma. The academy’s curriculum is modular, ranging from introductory to advanced levels.Level 1, the foundational course, offers a two-day program introducing participants to the essential gemmological and historical aspects of rubies, sapphires, and emeralds. The course covers key assessment criteria, including…

The Birmingham Assay Office has introduced a new 10 working day lead time for its jewellery and watch valuations service, aiming to address the industry’s need for quicker valuations.Commitment to AccuracyDespite the reduced lead time, the Birmingham Assay Office states that the accuracy and expertise of its valuations will remain consistent. Maintaining high standards of precision is a priority.For professional jewellers, the new 10 working day lead time offers a faster turnaround for client valuations, which can improve customer satisfaction and operational efficiency.

The UK Jewellery, Silverware and Allied Crafts industry has welcomed the appointment of Lisa Nandy MP as the new Secretary of State for Culture, Media and Sport and Sir Chris Bryant MP as the new Minister of State for the Department for Digital, Culture, Media and Sport (DCMS).Industry Engagement and Government CollaborationIn letters addressed to both ministers, the industry group expressed its intention to maintain open communication with the government to advance the jewellery, silverware, and allied trades. This development follows a previous engagement in February when Sir Chris Bryant, then shadow minister, initiated a roundtable discussion with the National…