Author: Ruchi Singla

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%…

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 Jewellery Drosos 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…

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 Ceremony Tamberi, 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…

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 Oversupply The past two years have been particularly challenging for the diamond industry, with constant price drops devaluing existing…

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 Overview The 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…

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 Accuracy Despite 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 Collaboration In 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…

Indian diamond manufacturer Dimexon has announced a significant shift at its Coimbatore diamond manufacturing site in southern India, transitioning to solar power.  This change is expected to reduce the facility’s reliance on the national grid by 75%, equating to an annual saving of approximately 1,400 tCO2e, which is the equivalent of taking 333 cars off the road for a year. Environmental Impact and ESG Commitments The move to solar power is part of Dimexon’s broader environmental, social, and governance (ESG) commitments, which include a pledge to achieve carbon neutrality by 2030. The Coimbatore site, responsible for 85% of the company’s…

The Goldsmiths Centre has announced Shine 2024, this year’s new jewellery and silversmithing talent showcase in jewellery and silversmithing, currently scheduled to begin on 18th September 2024.  The event will feature sixteen emerging UK designer-makers at the Goldsmiths’ Centre near Farringdon, London. Event Highlights Shine 2024 will open with a pop-up celebration, offering attendees the opportunity to meet the makers, explore, and purchase their collections. The exhibition will run until 20th December 2024 and will also be available online at goldsmiths-shop-talent.org. Selected Participants This year’s participants were chosen by guest judges, journalist Rachael Taylor and The Jewellery Editor Maria Doulton,…

In an extraordinary turn of events, Indian labourer Raju Gound has unearthed a 19.22-carat diamond in a mine in the central state of Madhya Pradesh. The gem, found in the renowned diamond district of Panna, is anticipated to fetch approximately 8 million rupees ($95,000) at an upcoming government auction. Discovery in Panna’s Diamond Fields Panna is known for its diamond reserves, and locals frequently lease small, shallow mines from the government. The leases, costing around 200-250 rupees, are typically taken up by individuals, families, and co-operative groups using basic tools in their search for diamonds. For over a decade, Gound…

Botswana is set to debate significant amendments to its Mines and Minerals Act, which, if passed, will encourage new mining ventures to offer citizens the right to acquire up to 24% of projects in which the state has not exercised its option to purchase a stake. The proposed changes, driven by the ruling Botswana Democratic Party, are expected to pass given the party’s dominance in parliament. Key Amendments and Their Implications The proposed amendments to the Mines and Minerals Act seek to increase local participation in Botswana’s mining sector. Under the current legislation, the government is entitled to purchase up…

LVMH Moët Hennessy Louis Vuitton has announced revenue of €41.7 billion for the first half of 2024. The company achieved 2% organic growth during this period, despite facing economic and geopolitical uncertainties. Notably, Europe and the United States saw steady growth, with Japan experiencing double-digit revenue increases. The rest of Asia demonstrated strong growth driven by Chinese consumers’ spending in Europe and Japan. In the second quarter alone, organic revenue growth stood at 1%. Profit from recurring operations reached €10.7 billion, translating to an operating margin of 25.6%. This margin significantly surpasses pre-Covid levels. However, exchange rate fluctuations negatively impacted…

The German jewellery trade show, InterGem, will celebrate its 40th anniversary at its 2025 edition.  Scheduled for 11th to 13th April in Idar-Oberstein, the event will feature a range of gemstones, jewellery, innovative designs, and technological advancements. An Important Event for the Industry InterGem, known for bringing together the jewellery supply chain, will mark its 40th anniversary by reflecting on its history. Over the past four decades, the show has become a key event for industry professionals, offering a platform for networking, business development, and exposure to the latest trends and innovations. InterGem’s organisers emphasised the importance of this milestone…

Prime Minister Keir Starmer has introduced a reform in the UK’s skills training framework aimed at aligning domestic training more closely with industry needs, promoting a home-grown workforce, reducing the requirement for overseas hires. The key players in this plan include the newly established government body, Skills England, and the interim chair, Richard Pennycook CBE. Skills England to Bridge Training Gaps In a speech at the Farnborough International Airshow, Starmer announced the formation of Skills England, which will replace the Institute for Apprenticeships and Technical Education (IfATE). The new body is expected to collaborate with migration advisers to address skills…

Gaetano Cavalieri, President of the World Jewellery Confederation (CIBJO), addressed the United Nations Economic and Social Council’s (ECOSOC) High-Level Segment on 17th July, emphasising the positive societal role of the jewellery industry in the post-COVID era.  The session, attended by UN Secretary General António Guterres, is part of the ECOSOC’s 36th session, which runs from 10 to 19 July 2023. The theme of the session is “Accelerating the recovery from the coronavirus disease (COVID-19) and the full implementation of the 2030 Agenda for Sustainable Development at all levels.” CIBJO’s Role and Insights Since 2006, CIBJO has held special consultative status…

The Responsible Jewellery Council (RJC) has made significant appointments to bolster its leadership team as part of its ongoing growth strategy. The latest additions include Elyssa Jenkins-Pérez as head of North American development and Effie Marinos as a specialist adviser for technical standards. Elyssa Jenkins-Pérez: Head of North American Development Elyssa Jenkins-Pérez joins the RJC from the Jewelers Vigilance Committee, where she served as director of membership and marketing. Jenkins-Pérez also holds leadership roles within the industry as president of the New York Metro chapter of the Women’s Jewelry Association and co-founder and vice president of the Black in Jewelry…

The National Association of Jewellers (NAJ) has revealed the eight industry experts who will comprise the judging panel for this year’s NAJ Awards. The awards aim to celebrate exceptional talent and recognise outstanding contributions within the UK jewellery industry. Judging Panel The 2024 NAJ Awards will be evaluated by: Award Categories This year’s awards feature 15 categories, organised into three thematic pillars: Great Ideas, Great People, and Great Businesses. Great Ideas: Great People: Great Businesses: Insights from NAJ Ben Massey, NAJ Chief Executive, commented on the announcement: “We are pleased that so many experienced jewellery professionals from across the trade…

LVMH has announced significant management changes within its watches division, impacting Hublot and TAG Heuer. The luxury conglomerate has promoted seasoned executives to top positions, ensuring a seamless transition and continued growth for both prestigious brands. New Leadership at Hublot and TAG Heuer Effective September 1, Julien Tornare will step in as the CEO of Hublot, succeeding Ricardo Guadalupe. Guadalupe, who has led Hublot since 2012, will now serve as the honorary president of the brand. His tenure saw Hublot achieve notable success through innovative design and strategic partnerships. Frédéric Arnault, CEO of LVMH’s watches division, expressed gratitude for Guadalupe’s…

The National Association of Jewellers (NAJ) has co-opted two seasoned professionals to its National Committee board.  During the latest board meeting in July, Kerry Saunders, Operations Director at Domino Jewellery, and Neil Ventura, CEO of Ventura Fine Jewellery, were welcomed as new members. Kerry Saunders’ Expertise Kerry Saunders brings over 25 years of experience in manufacturing to the board. She has focused on production and supply chain management, ensuring compliance with various standards. At Weston Beamor, she oversees manufacturing operations and ESG Reporting Standards. Her work in ethical and environmental supplier monitoring in Eastern Europe and Asia has helped develop…

De Beers has announced new measures to increase flexibility for sightholders in response to the current market downturn. These changes, intended to support clients without lowering prices, will be implemented during the July sight starting next Monday. This adjustment comes as a reaction to rising inventories and falling polished diamond prices, particularly in India. Enhanced Flexibility in Allocations Sightholders will now be able to refuse up to half of the lots in three boxes of medium- and higher-quality rough diamonds under 0.75 carats. Normally, refusing these allocations would lead to a reduction in future contract periods. However, this month, De…

The Science Based Targets initiative (SBTi) has validated Pandora’s target to become a net-zero business by 2040. This milestone underscores Pandora’s commitment to sustainability and aligns with global efforts to limit temperature rise as stipulated by the Paris Agreement. Validation Details The validation by SBTi confirms Pandora’s plan to decarbonise its full value chain, aiming for at least a 90% reduction in emissions, with the remaining emissions to be balanced out by permanent carbon removal. This follows SBTi’s earlier validation in 2021 of Pandora’s goal to halve greenhouse gas emissions by 2030. “Climate change is a major source of global…

The Türkiye Jewellery Exporters’ Association (JTR) has become a trade association member of the Responsible Jewellery Council (RJC), aligning JTR with RJC’s standards on human rights, labour rights, environmental impact, and responsible sourcing. Commitment to Ethical Practices Burak Yakın, president of JTR, stated, “Joining the RJC marks a pivotal moment for JTR, affirming our dedication to ethical practices globally. The membership facilitates enhanced collaboration with global industry leaders, ensuring that Turkish jewellery meets the highest standards of consumer and environmental expectations.” Supporting the Jewellery Industry Founded in July 2003 by the Council of Ministers of the Republic of Türkiye and…

Swarovski has announced its new partnership with pop star Ariana Grande, naming her as the brand’s latest ambassador. This collaboration is set to launch with a Holiday Campaign in 2024. Grande stated, “I am thrilled to be Swarovski’s Brand Ambassador. It’s an honour to represent a House that shares my passion for creativity, pushes the boundaries beyond the world of jewellery and promotes values of unapologetic self-expression. I cannot wait to embark on this journey and to inspire others to embrace their own unique sparkle.” Statements from Swarovski Leadership Giovanna Engelbert, Swarovski’s Global Creative Director, commented on the collaboration, noting,…

The British Hallmarking Council (BHC) and the National Association of Jewellers (NAJ) have officially launched the 2024 HALO Award, aiming to promote and reward efforts in raising consumer awareness about hallmarking in fine jewellery and silverware.  Encouraging Hallmark Promotion Online The HALO Award (Hallmarking Awareness and Learning Online) is designed to encourage UK-based online jewellery retailers to educate consumers on the importance and reassurance of hallmarking. The initiative aims to address the necessity for consumer education, given the increases in online sales, global competition, and high precious metal prices. Hallmarks are crucial in ensuring the authenticity of precious metal content,…

Smiling Rocks’ Dream Necklace, a piece adorned with 54 lab-grown diamonds totalling 74.65 carats set in 18K white gold, was auctioned for £95,000 at The Ormeley Gala Dinner in London. The event, held at Lindley Hall, The Royal Horticultural Halls, raised £1.6 million for Space for Giants and The Aspinall Foundation, organisations dedicated to the protection of African habitats and wildlife. The gala, attended by renowned musicians, royalty, and influential figures from entertainment, fashion, politics, and media, highlighted the importance of sustainable luxury in today’s market. The Dream Necklace: A Milestone in Sustainable Luxury Smiling Rocks’ Dream Necklace, which has…

C W Sellors has completed the £6.15 million National Gemstone Centre at Carsington Reservoir, uniting their jewellery design and manufacturing operations. This facility, named ‘Waters View,’ includes a retail jewellery boutique, exhibition spaces, and training areas. Visitors can also enjoy tours and a dining facility overlooking the reservoir. Professional Development The centre offers valuable resources for continuous learning and professional development, attracting talent and industry leaders, and reinforcing the UK’s status as a hub for jewellery excellence. Sustainability and Community Impact Built with sustainability in mind, the centre features efficient energy systems and uses local materials. The project also generated…

Pomellato, owned by Kering, has acquired Valenza Setting Lab (VSL) to enhance its manufacturing capabilities in diamond and precious stone settings.  Both companies are Italian-based, with Pomellato headquartered in Milan and VSL in Valenza. Background of Valenza Setting Lab Valenza Setting Lab was established by Marcello Monti and Gilberto Dentelli. The lab employs 24 skilled setters, who previously operated under MG Incassatura, a long-time collaborator of Pomellato. This acquisition continues a strong partnership and steps up Pomellato’s in-house capabilities. Kering’s Continued Investment in Pomellato Kering’s 2013 majority stake acquisition in Pomellato started strategic investments to expand Pomellato’s capabilities. This move…

Platinum Guild International (PGI USA) has published its latest trend report on platinum engagement rings, detailing six trending styles expected to dominate the holiday proposal season and extend into 2025. Trending Engagement Ring Styles The report identifies six key trends for platinum engagement rings: Designer Contributions The report is illustrated with imagery from a diverse group of designers, including established names in bridal jewelry such as Tacori, Kirk Kara, Stuller, and Rahaminov. It also features contemporary designers like Jade Ruzzo, Sorellina, Harwell Godfrey, and Jade Trau, highlighting a wide array of design talent. Industry Embrace of Platinum “We are excited…

In an unprecedented shift within the diamond industry, Russia has surpassed Botswana as the leader in rough-diamond production value for the first time in 2023. Despite facing stringent sanctions and a challenging market, Russia’s rough-diamond production achieved a significant milestone, according to the latest Kimberley Process (KP) statistics released this week. Key Production Figures Russia produced 37.3 million carats of rough diamonds in 2023, valued at $3.61 billion. This represents an average price of $97 per carat, marking a notable increase from the previous year’s output of 41.9 million carats, valued at $3.55 billion with an average price of $85…

Fabergé has again collaborated with Gemfields to create the unique Fabergé x Gemfields Malaika Egg.  This $1.2 million egg, unveiled in July 2024, features Mozambique’s finest rubies, complemented by diamonds, sapphires, and amethysts. $100,000 from the sale will be donated to the Gemfields Foundation to support community projects in Mozambique. A Celebration of Mozambican Rubies The Malaika Egg, named after the Swahili word for “angel,” features 308 rubies sourced from the Montepuez ruby mine in Mozambique, which is majority-owned by Gemfields. These rubies are set alongside 4,312 round brilliant-cut white diamonds, 252 round brilliant-cut brown diamonds, 421 round pink sapphires,…