Author: Ruchi Singla

In a significant consumer rights case that has captured widespread attention, Rogelio Villarreal, a 27-year-old doctor from Tamaulipas, Mexico, successfully purchased a pair of rose-gold, diamond-studded earrings valued at over £10,000 for just £10 due to a pricing error on Cartier’s website. This unusual transaction has spotlighted the enforcement of consumer protection laws in Mexico and their implications for international luxury retailers. Incident Details The earrings, typically priced at 237,000 Mexican pesos, were mistakenly listed for 237 pesos.. Villarreal, intrigued by the drastic price difference while browsing through a social media advertisement, proceeded with the purchase. Upon realisation of the…

The World Gold Council’s ‘Gold Demand Trends Q1 2024 report presents a complex landscape for gold demand. When including over-the-counter (OTC) transactions, total demand saw a year-on-year increase of 3% to 1,238 tonnes, bolstered by significant purchases by central banks and OTC investments. This was against a backdrop of a 5% drop in demand excluding OTC transactions, which fell to 1,102 tonnes due to continued outflows from exchange-traded funds (ETFs). Central Bank and OTC Influences Central banks significantly increased their gold holdings, with a net addition of 290 tonnes, although not all additions are currently shown in International Monetary Fund…

The Birmingham Assay Office has announced it will provide complimentary tours of its facilities for those attending the 2024 Valuers’ Conference at the National Association of Jewellers (NAJ) Summit. The tours, scheduled for the 21st and 24th of June, are designed to complement the conference programme and promise to enrich attendees’ experience. Learning and Development Opportunities The Valuers’ Conference, part of the wider NAJ Summit occurring from June 22-24, 2024, at the Park Regis Hotel in Birmingham, which features a broad range of activities tailored for professionals across the jewellery sector, including valuers, retailers, sales personnel, students, and designers. The…

April saw a significant drop in retail sales compared to the previous year, as reported by the latest CBI Distributive Trades Survey. The sales volumes decreased to a weighted balance of -44% in April, following a stable performance in March (+2%). This decline was unexpected and suggests that factors other than seasonal variations are impacting sales. Seasonal Timing and Its Effects Although the early occurrence of Easter this year was thought to impact April’s sales, the actual decline indicates that other economic or market factors may be contributing. Retailers predict that sales will continue to fall next month, though at…

Anglo American has turned down a significant $38.8 billion takeover proposal from mining rival BHP.  This decision marks a pivotal moment in the mining sector, reflecting both the strategic independence of Anglo American and broader industry implications. The offer from BHP was intended to merge two of the industry’s giants, with a particular focus on enhancing copper resources critical for future technologies. Nevertheless, Anglo American’s chairman, Stuart Chambers, responded to the offer by stating it was “opportunistic” and did not fully value the company’s potential for growth. This rejection suggests Anglo American’s confidence in its own growth prospects and strategic…

Gemfields has announced its updated ‘G-Factor for Natural Resources’ figures as of 31 December 2023. The G-Factor is a metric initially introduced in July 2021, designed to enhance transparency in how natural resource wealth is distributed between companies and the governments of the countries where they operate and spans a variety of sectors, including mining, oil, gas, timber, and fishing. Details of the 2023 Update The recent update by Gemfields underscores the company’s ongoing effort to promote the G-Factor as a standard for transparency and accountability in natural resource management. The company continues to encourage governance bodies, industry peers, and…

The London Diamond Bourse (LDB) has renewed its lease for the next ten years, continuing its operations in the Hatton Garden area.  This decision ensures stability for its members and maintains the LDB’s long standing presence in a key location for London’s jewellery sector. Importance of Hatton Garden Hatton Garden has been central to London’s diamond and jewellery trade for centuries, with the LDB located here since 1940. The area holds historical importance to the industry, and the lease renewal reinforces the LDB’s commitment to this traditional trading hub. The extended lease is expected to provide continuity for LDB members,…

Buccellati has launched a retrospective exhibition titled “The Prince of Goldsmiths, Rediscovering the Classics” in Venice. Set in Oficine 800 on Giudecca Island from April 18 to June 18, 2024, the exhibition is crafted by Balich Wonder Studio with Alba Cappellieri overseeing the jewellery and silverware displays. It aims to highlight Buccellati’s historical development and craftsmanship since its inception in 1919. Andrea Buccellati, creative director and honorary president of the Maison, remarked: “The classics offer the pleasure of rediscovery, evoking timeless worlds of elegance, art and nature. “Reinterpreting them means reinterpreting millennial traditions and forms with an always up-to-date look.…

Instappraise has launched a new trifold appraisal format which aims to streamline the creation of appraisal documents for small businesses by allowing professional-standard reports to be printed easily on various types of paper using standard office printers. Features of the Trifold Format The trifold design is specifically structured to provide a compact and efficient means of detailing appraisals, which can include high-resolution images and comprehensive descriptions of items. It supports double-sided printing and offers users the choice between different paper finishes, such as glossy or matte. The format includes essential elements such as model specifications, grading scales for diamonds and…

Gold prices have reached an unprecedented peak this year, exceeding $2,400 per ounce, primarily driven by sustained demand from China. As the world’s largest producer and consumer of gold, China’s impact on the market is significant. This increase in demand has been influenced by recent geopolitical tensions and broader economic uncertainties, which have bolstered the perception of gold as a secure investment. China’s Increasing Influence on Global Gold Consumption China has recently surpassed India as the world’s leading gold consumer, experiencing significant growth in the demand for jewellery, bars, and coins. Gold jewellery demand in China increased by 10%, and…

The Company of Master Jewellers (CMJ) has officially announced the launch of its first ever Supplier Member Conference, scheduled to take place on 5 June 2024 in Warwickshire. This event marks a significant milestone for CMJ as it aims to foster closer relationships and collaboration among its supplier members. Registration for the conference is now open, with attendance being complimentary for supplier members. Emmet Cummins, managing director of the Company of Master Jewellers, said: “We want to take a morning to achieve three primary objectives. We want to reinforce the value that membership of the Company of Master Jewellers brings…

The Gemological Institute of America (GIA) has announced the availability of printed versions of the AGS Ideal Reports, designed to provide a comprehensive assessment of diamond quality by measuring key aspects of light performance: brightness, fire, and contrast. Features of the AGS Ideal Report The AGS Ideal Report is now available in conjunction with several GIA reports such as the Diamond Grading Report, Diamond Dossier, Laboratory-Grown Diamond Report, Laboratory-Grown Diamond Report Dossier, eReport, and Diamond Focus Report. This addition aims to provide a more comprehensive evaluation of a diamond’s characteristics. Promotional Pricing For a limited period from April 15 to…

March saw a significant decrease in Swiss watch exports, which fell by 16% to CHF 2 billion ($2.2 billion), according to data from the Federation of the Swiss Watch Industry.  This downturn is attributed primarily to a reduced demand in key Asian markets, particularly China and Hong Kong. Export Analysis Breakdown Decline in Asia China and Hong Kong experienced pronounced declines, with exports to China dropping 42% to CHF 150.2 million ($165.2 million), and Hong Kong by 44% to CHF 148.1 million ($162.9 million). These reductions have brought exports to levels lower than those observed at the peak of the…

The NAJ Summit 2024 has added new speakers to its Retail Jewellers’ Congress, set for Monday, June 24.  The event focuses on new strategies for jewellery retailers to adapt to changes in the retail sector, encapsulated by the theme “Think Different to Be Different”. Speakers and Topics The NAJ JET Business Network (JBN) announced the inclusion of Nick Brackenbury, co-founder and CEO of NearSt, who will discuss the merging of online and offline retail spaces. His talk will highlight practical methods to attract local customers to stores, using Boodles as an example. Jude Jennison from Leaders by Nature will also…

A group of 11 organisations within the gold and jewellery sector has issued an open letter requesting more precise definitions of “recycled” gold. This initiative, aimed at regulatory bodies such as the International Organisation for Standardisation (ISO), the London Bullion Market Association (LBMA), the Responsible Jewellery Council (RJC), and the Responsible Minerals Initiative (RMI), seeks to prevent potential greenwashing by aligning the term with actual sustainability efforts. Concerns Over Definitions The letter points out the current ambiguity surrounding the term “recycled” gold, which can be exploited in marketing and potentially confuse consumers. Organisations such as the Alliance for Responsible Mining,…

Petra Diamonds latest tender report shows varied performance for rough diamond prices, with notable challenges for smaller goods.  The report outlines the financial and operational outcomes from their fifth trading session of the fiscal year, which took place in April, offering insights into current industry trends. Tender Performance and Financial Highlights The April tender generated $49 million from the sale of 362,132 carats. This included the sale of a 14.76-carat blue diamond from the Cullinan mine in South Africa, which contributed $8.2 million. The session observed a modest decrease in like-for-like prices of 1% compared to the previous session in…

Michael Hill has announced international model and entrepreneur Miranda Kerr as its new brand ambassador. This partnership, set for an 18-month duration, marks a pivotal shift as the company introduces a new brand identity, accompanied by a redesign of its logo and flagship stores. “I am thrilled to be the Michael Hill ambassador,” Kerr said. “This partnership is so special to me because one of my first photoshoots in my career was with Michael Hill over 20 years ago. “This next chapter in the brand is super exciting as they continue to create beautiful, sentimental jewellery that captures the meaningful…

In a recent unanimous decision at the U.N. General Assembly, member nations reaffirmed their commitment to the Kimberley Process. This resolution underscores the international community’s ongoing effort to ensure that diamond trade supports sustainable development rather than contributing to armed conflict. While the Kimberley Process has been successful in many respects, it faces unprecedented challenges due to geopolitical tensions and evolving conflict dynamics. The recent General Assembly highlighted the need for continuous support and adaptation of the process, ensuring it remains effective in a changing global landscape. Calls for Reform and Modernisation Significant discussions around reforming the Kimberley Process focus…

Brilliant Earth Group, Inc. has announced a partnership with Dr. Jane Goodall and the Jane Goodall Institute (JGI) to coincide with Dr. Goodall’s 90th birthday. The collaboration aims to support JGI’s conservation work and advance ethical practices within the fine jewellery industry. Funding and Initiatives The collaboration was initiated with a $100,000 contribution from the Brilliant Earth Foundation to Dr. Goodall’s birthday fundraising campaign, aimed at funding the conservation efforts of JGI. This initiative is part of a broader push to enhance transparency and responsible sourcing in the jewellery sector, focusing particularly on diamonds and precious metals. An exclusive jewellery…

Ari Epstein has announced his resignation as CEO of the Antwerp World Diamond Centre (AWDC) after a tenure of 13 years, marking a significant leadership shift at one of the central bodies in the global diamond trade.  His departure occurs against a backdrop of substantial regulatory changes and market disruptions, notably the imposition of sanctions on Russian diamonds by the Group of Seven (G7) and corresponding EU regulations. “This marks the end of an era of visionary leadership and significant contributions to not only our company but the industry at large,” AWDC president Isidore Mörsel expressed in a statement. “Under…

A troubling pattern of violent robberies is raising security concerns among local jewellers and patrons in Birmingham’s Jewellery Quarter, .  The most recent incident on Warstone Lane, which occurred at approximately 1:30 PM on Saturday, April 6, involved a man being threatened at knifepoint and assaulted by a masked gang. The perpetrators stole the victim’s jewellery and escaped in a Volvo XC90, despite pursuit by bystanders. Pattern of Armed Robberies This incident reflects a continuing trend of targeted attacks within the area, known for its concentration of high-end shops. The tactics and timing of the recent robbery are similar to…

Botswana Diamonds plc, recently announced plans to integrate Artificial Intelligence (AI) into its operations. The firm intends to apply AI techniques to its extensive exploration database in Botswana, aiming to enhance the search for new diamond deposits and possibly other minerals. Extensive Data Resources Botswana Diamonds holds the second largest diamond exploration database in the country, encompassing approximately 95,000 square kilometres of data. This database includes about 375,000 kilometres of airborne geophysical data, 606 ground geophysical surveys, around 228,000 soil sample results, and roughly 32,000 drill hole logs. In total, the database comprises 380 gigabytes of data and 260,000 files.…

Baldeep Singh Arora, the owner of 5 Star Trading Ltd located on Goulston Street, London, near Aldgate East Station, has been sentenced to a significant prison term. The conviction comes after the discovery of £700,000 worth of fake luxury watches, marking a substantial breach of trust within the luxury goods market. This incident has drawn attention from Tower Hamlets Council’s Trading Standards officers and highlights ongoing challenges in the fight against counterfeit luxury items. The Discovery and Sentencing During an inspection in 2017, authorities found 132 counterfeit watches, including brands like Rolex, Omega, Hublot, and Cartier, along with various accessories…

The Watch & Jewellery Initiative 2030 (WJI 2030) presented its second annual Stakeholder Report, “Report on Progress 2023 – 2024”, at Watches & Wonders on April 10, 2024. The presentation was led by Iris Van der Veken, Executive Director & Secretary General of WJI 2030 and featured insights from industry leaders about the significance of collective action up to the year 2030. Panel Discussion Overview The discussion panel included Cyrille Vigneron (President & CEO of Cartier SA), Dr. Anino Emuwa (Founder of 100 Women @ Davos), Frédéric Grangié (CEO of Chanel Watches & Jewellery), and Dr. Daniel Klier (Advisor to…

Lucapa Diamond Company has announced the appointment of former De Beers executive Stuart Brown as its new independent non-executive Chairman. Alongside him, Ronald Beevor, known for his extensive experience in investment banking and mining, joins the board as an independent non-executive director. These appointments coincide with Ross Stanley’s departure from the board, indicating a notable change in the company’s leadership structure. Experience and Expertise Stuart Brown’s career spans over three decades, primarily highlighted by a 20-year tenure at De Beers where he ascended to great roles including Interim CEO and CFO. Notably, Brown’s leadership at Firestone Diamonds led to the…

Informa Markets Jewellery has announced the judging panel for the 2024 Sustainability Awards by the Jewellery World Awards (JWA), aiming to highlight notable sustainability practices within the jewellery, gemstone, and related industries over the past three years. The panel consists of a diverse group of experts known for their contributions and leadership both within and outside the jewellery sector. The Panel The 2024 Sustainability Awards panel features: John Mulligan, Director of Market Relations & Climate Change Lead at the World Gold Council Nirupa Bhatt, renowned gem and jewellery industry expert and Business Leadership Coach Hayley A. Henning, a strategist in…

The recent imposition of sanctions by the G7 on the global diamond trade has sparked significant concern among African diamond producers. The sanctions, which necessitate routing all European Union (EU)-destined diamonds through a single entry point in Antwerp, have been criticized by key African stakeholders for their potential to disrupt the industry’s logistics and equality in international trade relations. African Producers’ Stance Lefoko Moagi, Botswana’s Minister of Mineral Resources, voiced his concerns during a meeting with the African Diamond Producers Association (ADPA) in Zimbabwe. Representing 19 countries, including major diamond-producing nations like Botswana, Angola, South Africa, the Democratic Republic of…

A new digital service aimed at streamlining the validation and ownership verification of watches has been launched: Wrist Authority. The service is provided free of charge to watch retailers, with a focus on the secure registration of watches at the point of sale. Enabling Proof of Ownership The service includes a feature that allows for free ownership enquiries, providing retailers a reliable way to verify the authenticity of a watch’s ownership. A registered retailer can use the online system to perform a six-point check to confirm if an individual is the rightful owner of the watch. Protection Against Loss and…

Birmingham Assay office has reported a marginal decline of 1.4% across all four UK assay offices compared to February 2023. In total, 23,351 fewer articles were hallmarked in February 2024 than in the same month the previous year, but this change reflects varying performance across different precious metals, with notable declines in platinum and silver hallmarking.

The Gemmological Association of Great Britain (Gem-A) has released the Spring 2024 edition of The Journal of Gemmology, Volume 39, No. 1. This publication continues to act as an essential resource for gemmologists, facilitating their ongoing professional development. Featured Research The issue highlights several key pieces of research, including a detailed article on silicified coral from Indonesia, known for its diverse colour palette influenced by hematite or siderite inclusions. Other notable topics include the study of nephrite jade from Wyoming, USA, identifying its primary hydrothermal origin, and insights into green cryptocrystalline muscovite from Sichuan, China. Additionally, it covers the reclassification…