Author: Ruchi Singla

On 1 October 2024, the INHORGENTA TRENDFACTORY will return to London with an invitation-only breakfast event at Goldsmiths’ Hall. Organised by INHORGENTA, this event will focus on the future of retail and developments in the jewellery industry. The London gathering follows a previous edition held in Paris and aims to provide attendees with key insights relevant to the trade. Event Highlights and Key Discussions The TRENDFACTORY event, hosted by INHORGENTA’s Event Director, Stefanie Maendlein, will feature a series of presentations and discussions. These include an overview of the German jewellery and watch retail market, offering a useful comparison for UK-based…

The UK government has imposed a travel ban on Lebanese art dealer and diamond trader, Nazem Ahmad, under its Domestic Counter Terrorism Sanctions Regime.  Ahmad, who has been linked to the Hezbollah militant group, is accused of using smuggled diamonds and valuable artworks to finance terrorism activities. This marks the first use of the UK’s new sanctions regime, which aims to restrict the movements of non-UK nationals involved in terrorism. Sanctions from the US and UK Nazem Ahmad was first sanctioned by the US in August 2022, with officials alleging that he had engaged in diamond smuggling and art dealing,…

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…

Cooksongold has confirmed its participation in The Jewellery Show 2024, scheduled for 1-2 September at Olympia, London.  Showcasing Products and Services At the event, Cooksongold will present a range of its products and services, including Precious Metal Casting, Laser Cutting, and Scrap services. Cooksongold’s stand, located at G40, will include demonstrations, giving visitors the chance to experience the latest tools and techniques. These demonstrations are designed to provide insights into current jewellery-making processes, potentially useful for jewellers looking to adopt new methods or improve existing practices. In addition, Cooksongold’s team will be available to offer advice and guidance. This could…

A significant restoration project has brought a rare set of Bronze Age jewellery back to life after more than 4,000 years. Discovered in 1870 at the former Balgay Estate near Dundee, the pieces—a matching necklace and bracelet set—are now on display at The McManus: Dundee’s Art Gallery & Museum. This marks the first time these ancient artefacts have been seen in their original form since their burial. Restoration and Discovery The jewellery, which consists of 42 jet beads and nine jet plates, was initially believed to be a single piece. However, recent research by Dr Allison Sheridan at National Museums…

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 Abernethy Pearl, one of Scotland’s largest and most renowned freshwater pearls, has set a new auction record, fetching £93,951 at Lyon & Turnbull Cairncross Collection sale in Edinburgh on 21 August. The pearl, which surpassed its pre-sale estimate of £60,000, was bought by a Scottish bidder and will remain in the country, according to the auction house. The Legacy of the Abernethy Pearl The Abernethy Pearl was discovered in 1967 by William “Bill” Abernethy, a Scottish pearl fisher who passed away in 2021 at the age of 96. Weighing 43.6 grains, it is one of the largest Scottish freshwater…

Ernest Jones has introduced its new Origin by Ernest Jones collection, which uses blockchain technology to provide customers with detailed information on the journey of their diamonds, enhancing transparency in the diamond industry. Fully Traceable Diamonds Jewellery featured in the collection allows customers can track the history of their diamonds, from their point of origin to the final product. Using blockchain technology, the collection provides a digital passport for each diamond, documenting every stage of its journey, including each transfer and border crossing. Each rough diamond in the collection is assigned a unique identification number that captures its specific characteristics.…

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…

Banff-based silversmithing and jewellery school, Vanilla Ink The Smiddy, has announced the completion of a bespoke quaich, commissioned as a commemorative gift to the Argentine Ambassador. The piece was created as part of the bicentennial celebrations of General José de San Martín’s visit to Banff in 1824. The commission came from the Friends of Duff House, an organisation dedicated to preserving the historic site. Historical Significance of General San Martín General San Martín is revered as a national hero in Argentina, celebrated for his role in the liberation of Argentina, Chile, and Peru. His visit to Banff in 1824, following…

Cooksongold has launched a new Laser Cutting service aimed at providing jewellers with improved precision and design customisation options.  Officially available from 27 August 2024, the service allows users to create detailed and personalised pieces from a selection of eight precious metals, including gold, silver, and platinum. Precision and Customisation The laser cutting technology employed by Cooksongold aims to provides jeweller with a higher level of accuracy and detail that can be challenging with traditional methods, supporting a variety of designs including personalised names, words, and shapes and allowing jewellers to produce detailed pieces such as name tags or design…

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…

Stirling-based jeweller, Lily Blanche, has been shortlisted for the Growth Business of the Year Award at the upcoming Women’s Enterprise Scotland (WES) Awards 2024. Managing Director Gillian Crawford commented on the nomination, stating: “We are thrilled to be nominated as Growth Business of the Year in the WES Awards – it’s a tremendous honour for our team.” Crawford noted that the company has achieved a 40% year-on-year growth, attributing this to their scaling efforts. “The award is testament to the incredible work they have done,” she added, referencing the contributions of the entire team and the support from the Scottish…

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…

The Great Northern Contemporary Craft Fair (GNCCF), a key event in the UK’s contemporary craft calendar, is set to take place once again at Manchester’s iconic Victoria Baths from 18-20 October 2024.  The fair, now in its 17th year, will feature over 200 designers, artists, and makers from across the country, showcasing handcrafted items ranging from ceramics to jewellery. A Platform for Established and Emerging Makers The GNCCF is recognised as an important event for contemporary crafts, showcasing both established and emerging talent. Jewellers such as Lois Lo and Hiumin Zhang will be part of the new graduates’ lineup, presenting…

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…

Lusix, a prominent producer of laboratory-grown diamonds based in Israel, has filed for a stay of proceedings under the country’s new Insolvency Law.  The company, which was founded by Israeli entrepreneur Benny Landa, faces approximately $28 million in debts. This legal action is intended to protect the company from creditors while it works on finalising a merger with another Israeli company. Financial Struggles and Proposed Merger Lusix, founded in 2016, is seeking a six-week extension from the courts to finalise a merger with an unnamed Israeli company. The merger would facilitate a capital injection of $22 million from existing shareholders.…

Missoma has expanded its physical retail presence with the opening of a new flagship store in Leeds, its first permanent location outside of London. This follows the brand’s brick-and-mortar debut in Covent Garden in 2023 and is part of its broader strategy to grow beyond the capital. Located in the Victoria Leeds shopping district, the new store reflects Missoma’s continued regional expansion. Store Features and Design The 2,250-square-foot Leeds store spans two floors and is located in the County Arcade within Victoria Quarter. Designed under the direction of founder and creative director Marisa Hordern, the space incorporates earthy tones, a…

The collapse of diamond brand Vashi, which left over £170 million in unpaid debts and missing assets, has led to increasing calls for a formal investigation. Investors and creditors are urging the Serious Fraud Office (SFO) to probe the company’s financial mismanagement, as questions remain about the whereabouts of its founder, Vashi Domínguez, and the missing stock of diamonds. Despite the SFO being provided with evidence, no official inquiry has been confirmed, adding to the frustration of those affected by the collapse. Investors Demand Answers Vashi, once seen as a rising star in the industry, attracted considerable investment from prominent…

Social media influencer Gstaad Guy, known for his humorous takes on the ultra-wealthy, has launched a new jewellery line called Poubel, which officially debuted on 16 August.  The collection features customisable modular chain-link bracelets and necklaces, designed to appeal to his affluent following. The line is made from recyclable sterling silver and features hand-painted enamel charms, aligning with Gstaad Guy’s distinct style. A Unique Take on Charms The Poubel collection embeds charms directly into modular links, avoiding the typical sound of traditional charms and providing a sleeker design. Speaking on the design, Gstaad Guy explained, “There are no [clinking] sounds…

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…

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 Growth The Munich store adds to Diamonds Factory’s growing network in Ireland, France, Germany, and the UK, as part of its European expansion In addition to its European growth, Diamonds Factory’s parent company, Neve Jewels Group, has also been expanding its UK presence. The group…