Author: Ruchi Singla

In the first quarter of 2024, Botswana’s economy contracted by 5.3%, largely due to the significant decline in global diamond demand. This marks a sharp reversal from the 5.3% growth recorded in the same period last year. Decline in Diamond Sector Diamonds are vital to Botswana’s economy, contributing approximately 80% of the country’s export revenue. The latest figures from Statistics Botswana reveal a steep 27.3% drop in diamond production during the first quarter. This has had a profound impact on the real value added by diamond traders, which plummeted by 46.8%, a stark contrast to the 3.7% growth observed in…

A recent study by Retail Systems Research (RSR), sponsored by Jumpmind, Inc., reveals that nearly 75% of consumers believe their shopping habits have changed significantly, but retail technology is not keeping pace.  The report, titled “Why the Retail Store Won’t Survive as a ‘Tech-Free Zone’,” surveyed over 100 U.S.-based retailers and more than 1,100 U.S. shoppers, highlighting the growing divide between consumer expectations and current retail capabilities. Consumer Expectations The survey found that 69% of consumers enjoy browsing in stores, yet almost three-quarters acknowledge a significant shift in their shopping methods over the past three years. Notably, 87% of shoppers…

Allied Gold Limited, the UK’s largest bridal jewellery manufacturer, has acquired bridal jewellery brand, Brown & Newirth Limited. This acquisition, effective immediately, ensures Brown & Newirth remains under British ownership and highlights both companies’ commitment to preserving and enhancing British craftsmanship in the jewellery industry. Commitment to British Craftsmanship Both companies have a long history of collaboration, with their directors working together for over a decade. Jerry Anderson, Managing Director of Allied Gold, stated: “We are delighted to welcome Brown & Newirth into the Allied Gold Group. This acquisition underscores our dedication to preserving the rich heritage and exceptional craftsmanship…

Goldsmiths’ Fair, scheduled to take place in two segments: from 24-29 September and from 1-6 October at Goldsmiths’ Hall in the City of London, has just announced that ‘early bird’ tickets are now available. Overview and Exhibitors Goldsmiths’ Fair is an annual event that showcases a curated selection of the UK’s finest jewellers and silversmiths. Since 1983, the fair has been hosted at the historic Goldsmiths’ Hall. This year, 136 exhibitors will present their work, each demonstrating unique techniques and styles in precious metals. The fair highlights both emerging and established makers, chosen through a rigorous selection process to ensure…

Queensmith has announced the launch of the Queensmith Jewellery Academy, set to open in September 2024 in Hatton Garden. Programme Overview The Academy is designed to nurture and develop the next generation of fine jewellery artisans through a three-year development programme, combining structured training modules, hands-on project work, and personalised coaching. Two main career pathways are opened up by the academy: Goldsmithing and Diamond Setting. Trainees will gain expertise in essential techniques and advanced methods, working with precious metals such as platinum and 18k gold. The goldsmith pathway includes skills such as polishing, ring sizing, and complex jewellery assembly, while…

A new report commissioned by De Beers Group and conducted by the Boston Consulting Group (BCG) sheds light on both the immediate and long-term prospects for the natural diamond industry. The report provides key insights for jewellers and industry stakeholders amidst a rapidly evolving global landscape. Short-Term Challenges In 2023, the natural diamond industry encountered several obstacles. The easing of COVID-19 restrictions led to a “bridal catch-up” effect, reducing the immediate demand for diamonds. Additionally, economic headwinds and a growing preference for lab-grown diamonds (LGDs), particularly in the United States, further impacted demand. Changes in stock levels throughout the midstream…

De Beers has announced a decline in rough diamond sales, citing economic difficulties in key markets and seasonal industry trends.  The company’s fifth sales cycle of the year generated $315 million, a significant decrease from the previous year’s figures and the preceding months of this year. Sales Figures and Market Conditions The June sales cycle saw a 31% decrease compared to the same period in 2023. This figure is also 18% lower than the $383 million reported in May and 29% lower than April’s total. Despite efforts to stabilize sales by reducing prices for smaller rough diamonds in the previous…

The Gübelin Gem Lab with its three lab locations in Hong Kong, Switzerland and New York has launched its new Gem Passport service, aimed at providing essential information for emeralds, rubies, and blue sapphires up to 3 carats. This service is designed to offer a reliable, cost-effective solution for gemstone verification. Service Details The Gem Passport includes critical identification features such as species and variety, country of origin, and a simplified treatment disclosure. Utilizing Gemtelligence, an AI-powered tool, the service streamlines the testing process, particularly the labor-intensive microscopic assessment, thus reducing costs. Each Gem Passport is priced at CHF 200…

The National Association of Jewellers (NAJ) recently hosted its annual conference, the NAJ Summit, from June 22nd to 24th. This event attracted jewellery professionals from across the UK and beyond for a weekend of learning and networking. Comprehensive Programme for All Trade Segments The summit featured a range of presentations, masterclasses, and workshops for various segments of the jewellery trade. Participants included jewellery valuers, retailers, sales professionals, students, and designers. Valuers’ Conference Highlights Saturday marked the 35th Valuers’ Conference, sponsored by John Pye Auctions. Experts such as Branko Deljanin, Joanna Whalley, Sarah Fergusson, Charles Bexfield, Dr. Maria McLennan, Dr. Thomas…

The Company of Master Jewellers (CMJ) has announced its official support for Independents’ Day UK, an annual campaign aimed at promoting small, independent retail businesses whjich is scheduled to take place over the weekend of 6 and 7 July 2024. Local Engagement and Promotions Independents’ Day UK encourages shoppers across the country to support local independent retailers by spending money in their shops. This year, the campaign has expanded to a full weekend, with organisers suggesting that if every adult in the UK spent £3 at an independent retailer, it could inject approximately £153 million into the sector. Thousands of…

The European Union (EU) has announced significant changes to its sanctions on Russian diamonds, extending the transition period and introducing key exemptions that will affect importers and the wider jewellery industry. Extension of the Sunrise Period The EU has extended the “sunrise period” for its traceability requirements on Russian diamonds by six months. This means the mandatory traceability program for rough and polished natural diamonds will now commence on March 1, 2025, instead of the previously set date of September 1, 2024. This extension follows calls by major industry players, including De Beers, for more time to comply with the…

The Bank of England has maintained its interest rates at 5.25% for the seventh consecutive time, describing the decision as “finely balanced.” This decision comes as inflation recently hit the Bank’s 2% target for the first time in three years. Decision Details Seven out of nine members of the Monetary Policy Committee (MPC) voted to keep the rates unchanged. Governor Andrew Bailey stated, “It’s good news that inflation has returned to our 2% target. We need to be sure that inflation will stay low and that’s why we’ve decided to hold rates at 5.25% for now.” Deputy Governor Dave Ramsden…

Austrian jewellery brand Swarovski has opened a new store in London’s Canary Wharf, supported by Newmark Retail UK & EMEA. The store is situated at Unit 40, Jubilee Place and  offers 1,569 sq ft of space for Swarovski’s jewellery and accessories. Location Significance Canary Wharf, with over 120 stores across five shopping malls, is one of London’s prominent retail destinations. Jubilee Place, known for its full-height glazed shop frontages, hosts various high-end brands, making it a strategic location for Swarovski’s newest store. Swarovski’s Global Presence Founded in 1895, Swarovski designs, manufactures, and sells crystals and luxury products. The company operates…

Sierra Consultancy, in partnership with Jewellery Academy Wales, has announced an extension of the registration deadline for its Beginners Summer CAD Course. The new deadline is now set for 4 July, allowing more participants to join the seven-week program designed to equip jewellers with essential CAD design skills using the 3DESIGN software. Course Structure and Content The course, scheduled to run from 10 July to 21 August, offers training in computer-aided design (CAD). It aims to meet the growing demand from clients who expect to see CAD models or renders before committing to bespoke jewellery designs. The evening sessions cover…

Hancocks London has officially opened its new premises at 62 St James’s Street. This move marks a significant milestone in the company’s history, signifying a return to its roots while embracing modernity. A Return to Origins Guy Burton, Managing Director of Hancocks London, commented on the significance of this expansion: “Throughout our history, Hancocks has served as a distinguished jeweller and manufacturer. In 1849, we were originally the House of Hancocks, known for manufacturing jewellery, important silverware and the like for clients including royalty, heads of state, and the great and the good. In 1916, we went on to become…

Designer Freya Rose is set to introduce her new Zodiac collection on 21st June 2024, featuring intricately handcrafted star sign pendants. This latest collection aims to offer a fresh perspective on zodiac jewellery, combining astrological symbols with elegant design elements. Intricately Handcrafted Designs The Zodiac collection showcases Freya Rose’s use of Mother of Pearl and 18ct gold-plated Sterling Silver. These materials are crafted to create pendants that embody both artistic expression and personal connection. Freya Rose explains, “I’ve always been drawn to the stars and had a fascination with astrology. I wanted to create a collection that’s inspired by the…

Jewellers and valuers in the UK and other European markets can now access Instappraise’s jewellery valuation solution, aimed at streamlining business operations. Official UK Market Entry Instappraise, a leading digital solution for jewellery valuations and appraisals, has announced its official entry into the UK market, marking the occasion by sponsoring the National Association of Jewellers (NAJ) Summit, which will take place from June 22-24 at the Park Regis Hotel in Birmingham. Sponsorship and Event Details The NAJ Summit is a significant event that gathers professionals from across the jewellery industry. It includes the Valuers’ Conference, hosted by the Institute of…

Gemfields has launched a new book, titled No Stone Unturned: The Hunt for African Gems, authored by Richa Goyal Sikri.  This publication explores the journey of gemstone discoveries across Africa over the past six decades, capturing the essence of the coloured gemstone industry. A Collection of Real-Life Adventures The book, No Stone Unturned, comprises 24 true stories that depict the dynamic and often perilous world of the gemstone trade. Sikri’s narrative takes readers through the process of gemstone discovery, from the mines to the markets, providing insights into significant historical moments linked to Africa’s gem deposits. Voices from the Industry…

The Goldsmiths’ Centre in London has announced the first round of recipients for its 2024 Business Catalyst (Small) Grants.  Five emerging jewellery and silversmithing businesses have each been awarded £1,000. The recipients are Scarlett Cohen French, Ozlem Gunes, Megan Brown, Emma Wilson, and Alice Fry. Selection and Purpose The grants were awarded by the Goldsmiths’ Centre team in collaboration with guest judges Bettina Boerner, Head of Manufacturing at DeBeers Jewellers, and Darren Sherwood of Sherwood Jewellery. All recipients have completed or participated in formal mentoring programmes, business consultancy, or business diagnostic programmes, including those offered by the Goldsmiths’ Centre. The…

Signet Jewelers has identified fashion jewellery as the primary avenue for growth in the synthetic-diamond segment, according to CEO Gina Drosos. During an investor call following the release of Signet’s fiscal first-quarter earnings, Drosos highlighted that revenue from fashion jewellery featuring synthetic diamonds surged by 14% year on year. This growth occurred as the company expanded its offerings in this category. In contrast, total sales of fashion jewellery saw a 6% decline, totalling $552 million. Cost Efficiency and Consumer Appeal The production of synthetic diamonds has become more efficient over the past five years, significantly reducing costs. This efficiency has…

The National Association of Jewellers (NAJ) has launched a new educational course, JET Management and Leadership, aimed at equipping assistant managers and managers in the jewellery industry with essential leadership and management skills.  This new qualification is part of the JET programme, known for its professional development courses within the sector. Expanding the JET Programme Building on the JET Essentials, JET1, and JET2 courses, the JET Management and Leadership qualification advances career development for jewellery professionals. It integrates training from the existing JET Management and JET Business Development courses, providing a comprehensive approach to management education. Marie Garnett, Head of…

Petra Diamonds and South Africa’s National Union of Mineworkers (NUM) have finalised a five-year wage agreement, effective from 1 July 2024 until 30 June 2029, applicable to Petra’s South African operations, including the Cullinan and Finsch mines. Details of the Agreement The wage deal ensures annual salary increases for employees in the A and B Paterson bands. Specifically, the agreement stipulates: Petra CEO Richard Duffy commented, “We thank our partners in the NUM for their positive and constructive engagement in concluding this agreement against the backdrop of a challenging period for the industry. This allows for continued certainty on fixed…

The Goldsmiths’ Centre in London has announced the selection of eight emerging jewellers and silversmiths for its free training programme, Spotlighting Getting Started.  Now in its fourth year, the programme features Huimin Zhang, Sarah Louise McQuarrie, Alice Biolo, Rachael Plassard, Sarah Wilmott, Wenyin Jiang, Niamh Wright, and Aril Jewels (Chloë Woodmansterne and Kayla Rimmon), each of whom will receive training designed to help them apply fundamental business skills in their practices. Programme Overview Spotlighting Getting Started is a follow-on training programme from Getting Started Online, aimed at early career makers in the UK’s jewellery and silversmithing industry. The programme provides…

JCK 2024 has concluded successfully, drawing approximately 30,000 industry professionals to The Venetian and The Venetian Expo in Las Vegas. Running from May 31 to June 3, with pre-show sessions starting on May 29, JCK featured over 1,900 exhibitors and 17,300 attendees, with various pavilions and educational tracks enhancing the experience. Educational Programs The JCK Talks education program, which commenced a day before the main show, included new tracks such as Your Development, Business Management, and Sales. The “Social Stage” returned, focusing on content creation, data utilisation, and practical implementation. Notable keynotes featured Kyle Scheele, Henry Winkler, and Sugar Ray…

Diamonds Do Good (DDG) recently honoured key figures in the jewellery industry at their 2024 awards ceremony, held during the JCK show in Las Vegas from May 31 to June 3.  Recipients were acknowledged for their significant contributions to the industry, particularly in demonstrating the interplay between business success and social responsibility. Award Recipients and Their Contributions Shiona Turini, Beyoncé’s stylist, received the Diamond Influence Award for her role in integrating diamonds into contemporary fashion. Turini’s influence in fashion has brought diamonds to the forefront of modern style, highlighting their relevance across different audiences. Other honourees included the Gemological Institute…

Sotheby’s has announced key leadership changes within its Watch Division, with Sam Hines and Geoff Hess appointed to new roles to guide the division’s future growth. Sam Hines Returns as Chairman Sam Hines is rejoining Sotheby’s as the chairman of the Watch Division. Hines, who began his career at Sotheby’s in 1997, has previously held positions at Phillips and Christie’s, and most recently served as managing director at Loupe This, an online watch auctioneer. His track record includes notable watch sales over the past 15 years, such as the sale of a stainless steel Patek Philippe Ref. 1518 for $11…

De Beers Group has announced its support for the G7 sanctions on Russian diamonds, emphasizing the need for practical, industry-wide, and enforceable measures.  The company has provided a detailed response to the requests from G7 governments, highlighting key areas for consideration. Timing and Adaptation Period The proposed import restrictions on Russian diamonds, specifically those of 0.5 carats and above, are set to be implemented on 1 September 2024. However, De Beers advocates for a 12-month extension of the ‘sunrise period’ to September 2025. This extension is intended to give the diamond industry adequate time to adapt to the new certification…

Innovative jeweller Shaun Leane has entered administration and is currently seeking buyers for its business and assets.  Insolvency practitioners from Begbies Traynor have taken charge of the company’s affairs, with specialist auction house PDS Auctioneers & Valuers managing the sale process. Interested trade buyers have until 5 pm on Wednesday, 19th June to submit their offers. Business and Assets for Sale The assets up for sale include approximately £800,000 worth of jewellery, a trademarked portfolio, a website and domain, a workshop and office facility, and showroom fixtures and fittings. The company, known for its innovative pieces and contemporary classic designs,…

Signet Jewelers Ltd. faced a challenging first fiscal quarter, reflecting ongoing market conditions in the US. Despite this, the company remains resilient, with plans for future growth and strategic adjustments.  The company, which owns major brands including Zales, Jared, and Kay Jewelers, released detailed financial results and future expectations in its recent press announcements. First Quarter Financial Results For the 13 weeks ending May 4, Signet reported a 9% year-on-year decrease in revenue, totalling $1.51 billion. Same-store sales, measuring performance at locations open for at least a year, also fell by 9%. Net profit for the quarter dropped significantly by…

The Natural Diamond Council (NDC) has unveiled its latest campaign, “Real. Rare. Responsible,” featuring Emmy-nominated actress Lily James as the global ambassador, aiming to highlight sustainable practices within the natural diamond industry.  The campaign is set to launch in late summer and will include a series of films, videos, and images showcasing the journey of natural diamonds. “Formed deep within the Earth billions of years ago, it was important that we capture natural diamonds in their natural element for our new campaign,” said David Kellie, NDC’s CEO. “Canada plays an integral role within the natural diamond industry. While people tend…