Author: Ruchi Singla

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…

De Beers has announced it will stop producing synthetic diamonds for its Lightbox consumer brand as part of a strategic reorientation.  Instead, the company will focus on manufacturing and selling natural polished diamonds. “We believe the value of lab-grown diamonds lies in technology rather than in jewellery,” stated Al Cook, De Beers CEO, during the company’s JCK Las Vegas breakfast event on Friday. Element Six Reorganisation The company’s Element Six division will consolidate its three chemical vapour deposition (CVD) plants into a single $94 million facility in Portland, Oregon. This facility will become a technology hub dedicated to producing diamonds…

Indian Lab Grown specialist Ethereal Green Diamond LLP  has announced the display of two significant lab-grown diamonds at the upcoming JCK Show in Las Vegas. The “Celebration of India,” a 75.33 carat square-emerald cut diamond, and the “Infinity Ring,” a unique 30.69 carat ring-shaped diamond, are both certified by the International Gemological Institute (IGI). Largest Lab-Grown Diamond to Date The “Celebration of India” diamond, weighing 75.33 carats, has been identified as the world’s largest lab-grown diamond to date. The IGI graded the diamond as type IIa, noting its excellent polish and symmetry. The diamond’s creation process involved approximately 270 days…

The London Diamond Bourse (LDB) held its Annual General Meeting (AGM) on May 23rd, which marked a significant reshuffle within its leadership structure.  The AGM saw the election of two new members to the Council of Management, alongside the departure of three long-serving members of the Executive Committee. Leadership Changes After multiple terms as President, Alan Cohen has stepped down. David Troostwyk, who has served as co-president with Cohen for the past six months, will assume the presidency. Additionally, long-time Treasurer David Joffe, who dedicated thirty years to the role, and Trevor Sigsworth, a decade-long committee member, also stepped down.…

The Natural Diamond Council (NDC) has announced a strategic partnership with Aurostar, a globally recognised diamond manufacturer.  This collaboration is part of NDC’s Industry Partnership Program (IPP), which aims to promote responsible sourcing and community empowerment within the diamond industry. About Aurostar Aurostar, founded in 1966 and led by third-generation diamantaires, operates in multiple global locations including Dubai, Botswana, the USA, and Hong Kong. The company aims to integrate high social, ethical, and environmental standards into its operations to ensure the responsible sourcing of diamonds, including implementing initiatives in Botswana to support local talent and entrepreneurs, ensuring that the benefits…

The Antwerp World Diamond Centre (AWDC) has issued a statement supporting the G7’s decision to ban Russian diamonds from entering the G7 and EU markets.  In line with this, AWDC is advocating for a robust and traceable verification system to ensure ethical standards in the diamond industry. However, the organisation emphasises the need for additional verification points outside the G7 to ensure the smooth trade of non-sanctioned goods. Advocacy for African Producers AWDC is actively participating in discussions with G7 and EU representatives to implement these measures. They propose the establishment of one or more rough diamond verification points outside…

A new trade body aimed at promoting lab-grown diamonds has been launched: The Grown Diamond Trade Organization (GDTO). With a purview of supporting and transforming the lab-grown diamond sector, GTFO aims to address key industry concerns and offer new resources for stakeholders. “It’s time for lab-grown diamonds to have its own ecosystem,” stated Marty Hurwitz, GDTO’s executive director. “The consumer’s voice is loud and clear; we must organize to meet the growing demand and proudly differentiate from the traditional mined diamond institutions.” Addressing Certification Costs The GDTO is responding to industry-wide concerns about the high costs associated with traditional diamond…

The Gemmological Association of Great Britain (Gem-A) has announced the resignation of Alan Hart as Chief Executive Officer. The Board of Directors has accepted Hart’s decision to step down after eight years in the role. Leadership Transition The Board and Trustees of Gem-A expressed gratitude for Hart’s contributions to the organisation. During his tenure, Hart provided leadership and expanded the organisation’s network. The Board extended their best wishes to Hart for his future endeavours. Continuing the Mission Gem-A has reassured its members and students that its mission remains unchanged. The association will continue to focus on providing education and publications…

The National Association of Jewellers (NAJ) has announced the opening of nominations for the 2024 NAJ Awards, aiming to honour talent within the UK jewellery industry by recognising individuals, teams, and businesses that show commitment to their trade and customers. Expanded Categories for 2024 The NAJ has introduced five new categories for the 2024 awards: Community Engagement of the Year, Innovation of the Year, Collection of the Year, Unsung Hero of the Year, and Bespoke Retailer of the Year. Additionally, the Supplier of the Year category has been divided into two separate awards for product and service suppliers. Thematic Pillars…

The British Academy of Jewellery (BAJ) has announced the launch of a new Pearl Threading and Hanging Short Course, set to commence in June 2024.  This one-day course aims to equip students with essential skills in pearl jewellery making, covering both theoretical and practical aspects. Course Overview The Pearl Threading and Hanging Short Course is designed to provide students with a comprehensive understanding of pearls, including the various types and their characteristics.  Participants will learn to select suitable pearls for different designs and gain hands-on experience with the tools and materials used in pearl jewellery making. Skills Development Under the…

According to a report from Reuters, The United States is currently re-evaluating the stringent aspects of a Group of Seven (G7) ban on Russian diamonds, following significant resistance from African countries, Indian gem polishers, and jewelers in New York. This reconsideration comes after the December sanctions package aimed at reducing a revenue stream for Russia amidst its ongoing conflict with Ukraine. Background and Industry Impact Since March, diamond importers to G7 countries have been required to self-certify that their diamonds do not originate from Russia, the world’s largest producer of rough diamonds. Direct imports of Russian gems were banned earlier…

Richemont has announced the appointment of Nicolas Bos as the new Chief Executive Officer, effective 1 June 2024.  Mr Bos, who is currently the CEO of Van Cleef & Arpels, will assume a re-established role, reporting to Johann Rupert, Chairman of Richemont.  In his new position, Mr Bos will oversee all Maisons, functions, and regions within the group, including key areas such as Jewellery Maisons, Finance, and Human Resources. Johann Rupert, Chairman of Richemont, commented on the appointment: “I am truly delighted that Nicolas has accepted to assume the re-established role of Chief Executive Officer of Richemont. His vision and…

The World Federation of Diamond Bourses (WFDB) and the Shanghai Diamond Exchange (SDE) have signed a Memorandum of Understanding (MoU) aimed at promoting the natural diamond market in China.  This agreement follows meetings held during the WFDB Presidents’ Meeting in Shanghai in March, where WFDB leaders and Chinese government officials discussed initiatives to invigorate the Chinese diamond market Objectives of the MoU The MoU aims to enhance collaboration through joint events, marketing campaigns, and bilateral visits. The WFDB will open a representative office within the China Diamond Center, while the SDE will work on advancing the local diamond industry. WFDB…

The Goldsmiths’ Company has announced the appointment of Richard Reid as its 697th Prime Warden, succeeding Charles Mackworth-Young CVO.  Reid, a seasoned professional with a strong background in finance and community engagement, brings extensive experience to his new role. Professional Background Reid’s career began with vocational training in accountancy at Dixon Wilson, later moving to Peat Marwick in 1980 before its merger with KPMG. Rising to the position of partner in 1991, he eventually became Chairman of KPMG London, a role he held from 2007 until his retirement in 2015. Throughout his tenure, Reid was involved in various community-focused initiatives,…

Michael Donaldson, JET Business Network Facilitator and host of the upcoming Retail Jewellers’ Congress, emphasises the urgent need for jewellery retailers to adopt new strategies in order to thrive in an evolving retail environment. The Congress will be held on June 24, 2024, during the NAJ Summit in Birmingham. Adapting to a Changing Retail Landscape Ahead of the conference, Donaldson highlights the stark realities facing the jewellery retail sector. He notes that traditional business models and strategies are increasingly ineffective in the current market. “Our thinking must change if we are to survive and thrive in the changing world of…

The British Academy of Jewellery (BAJ) is partnering with JewelleryMaker to organise what could become the world’s largest jewellery making session via Zoom. The event is scheduled for Friday, 31st May at 10:00 AM and aims to connect jewellery makers of varying experience levels from around the globe. Event Details and Participation Participants are required to register in advance, selecting their preferred location for crafting. Prior to the event, a Zoom link will be sent to all registered attendees. BAJ is also offering on-site participation at its London workshops, where attendees can enhance their craft under professional guidance. “Jewellery Making…

Anglo American, the UK-based mining giant, has outlined plans to divest significant parts of its business, including business De Beers and its platinum arm, Anglo American Platinum (Amplats).  This decision follows the rejection of a £34 billion takeover bid from BHP and aims to streamline the company’s operations to focus on core assets such as copper, iron ore, and crop nutrients. Comprehensive Breakdown of the Divestiture Plan The restructuring plan includes the divestiture of De Beers and Amplats, alongside Anglo American’s steelmaking coal assets. These sales are part of a broader strategy to concentrate on commodities with strong growth prospects…

The Kimberley Process (KP) Intersessional meeting has commenced in Dubai, UAE, gathering global representatives from the diamond industry, civil society, and governments to address critical issues in the diamond trade. Focus on Consensus and Action The UAE, operating under the theme “Year of Delivery,” aims to drive progress in the diamond trade’s regulation by overcoming political impasses and implementing concrete actions. This includes establishing a permanent secretariat in Botswana, completing the KP review and reform cycle, and advancing the digitalisation of the KP. Calls to Address Ongoing Conflicts The KP is facing renewed calls to act over the ongoing wars…

De Beers’ Lightbox lab-grown jewelry brand has announced a reduction in the retail prices of its lab-grown diamonds by up to 40%.  This adjustment sees the cost of colorless DEF stones now set at $900 per carat, reduced from $1,500, IJ color stones have decreased in price from $800 to $500 per carat, and GH color stones are now priced at $600 per carat. This new pricing reflects reductions in manufacturing and wholesale costs and aligns with Lightbox’s competitive pricing strategy. Enhanced Verification Process In addition to adjusting prices, Lightbox is implementing an independent verification process for its diamonds through…

Diamond marketplace Nivoda has successfully secured $30 million USD in a Series B funding round, led by Avenir Growth Capital with participation from existing investors Headline and Abstract Ventures, and new investor Canaan Ventures.  This funding marks an important step in Nivoda’s strategic plan to expand their influence and operational capacity within the global jewellery market. Investor Insights Taylor Brandt, Principal at Headline, reflected on the company’s journey since their initial investment in Series A, acknowledging Nivoda’s significant growth and impact on the jewellery supply chain. Brandt noted, “We were lucky to partner with the Nivoda team since the series…

Watches of Switzerland Group has completed the acquisition of the Italian jewellery brand Roberto Coin for £104 million (approximately $130 million).  This transaction bolsters Watches of Switzerland’s presence in the luxury branded jewellery market, particularly in North America. Strategic Expansion and Financial Details The acquisition, which includes exclusive distribution rights and ownership of Roberto Coin’s business in the U.S., Canada, Central America, and the Caribbean, is financed by a £92.2 million ($115 million) term loan facility. The acquisition not only expands Watches of Switzerland’s portfolio but also capitalizes on its existing network of 222 retail outlets in the U.K., U.S.,…

This year’s Retail Jewellers’ Congress, part of the NAJ Summit, is scheduled for June 24 at the Park Regis Hotel in Birmingham. With the theme, “Think Different to Be Different,” the event will focus on the necessity for unique and adaptable retail strategies. Sessions and Speakers Andy Edwards, founder of TimeSmart, will present ‘Time Smart Retail Management.’ Drawing on his two decades of retail experience, Edwards will discuss time management challenges in the retail sector and offer practical advice for enhancing productivity. Michael Donaldson, JBN Facilitator, will conduct an interactive “Show and Tell” session. Established as a staple since 2019,…

Diamnet diamond trading platform has launched an updated version of its system, with a streamlined search and transaction process and easier navigation across both mobile and desktop interfaces.  Global Logistics and Supplier Network Expansion The platform now includes a global logistics channel between India and the UK, aimed at reducing shipping costs and accelerating delivery times, addressing customer needs for faster service. The platform’s supplier network has also been expanded, now listing over 1.1 million diamonds. This expansion increases the variety of diamonds available and improves global accessibility for buyers. Commitment to Sustainability In line with growing industry trends towards…

Richemont has announced its acquisition of the Italian jeweller Vhernier S.p.A., adding the company to its substantial portfolio of luxury brands. The acquisition, encompassing a full 100% stake, aligns with Richemont’s strategy to enhance its luxury jewellery segment. Pending customary regulatory approvals, the transaction is not expected to have a material financial impact on Richemont’s consolidated net assets or operating results for the fiscal year ending 31 March 2025. Strategic Expansion in the Luxury Sector Richemont’s acquisition introduces Vhernier as the 29th brand within its portfolio, aligning it with other prestigious brands under the Jewellery Maisons business unit including Cartier,…

The latest pricing information from Rappaport showed that April 2024 saw a downturn in the diamond market, influenced by seasonal trends and reduced demand from the US and China. Prices for diamonds with a clarity rating of Very Slightly Included (VS) and above declined, while those for Slightly Included (SI) categories saw minor increases, continuing a pattern seen since the year’s start. BHP’s Acquisition Moves and Impacts on De Beers Amidst these market fluctuations, BHP’s substantial $38.9 billion offer for Anglo American has sparked speculation regarding the future of De Beers. Anglo American’s potential sale of De Beers is underway,…

The International Gemological Institute (IGI) has introduced a new grading report for round brilliant cut diamonds, the Light Performance Grading Report.  This report focuses on the optical performance of diamonds, providing detailed insights into their visual properties. Grading System and Metrics The IGI Light Performance grading system employs a methodology that assigns an overall Light Performance score to each diamond. This primary score is supplemented by additional metrics assessing Brightness, Fire, and Contrast. These parameters are essential for assessing how diamonds interact with light, which affects their visual appeal and potentially their market value. The system employs advanced ray-tracing software…