Author: Ruchi Singla

Boston-based RR Auction recently concluded its “Space Auction,” with lots including multiple watches with historic ties to space missions, such as a Rolex GMT-Master worn during the Apollo 14 mission by astronaut Edgar Mitchell. Apollo-Flown Rolex GMT-Master Achieves Record-Breaking $2.2 Million SaleThe centrepiece of the auction was astronaut Edgar Mitchell’s Rolex GMT-Master “Pepsi” watch, which sold for $2.2 million, far surpassing its estimated sale price of over $400,000. This rare piece of space memorabilia is only the second Rolex worn on an Apollo mission to be sold publicly. The first was astronaut Ron Evans’ Rolex GMT-Master from Apollo 17, which went…

In the first Labour budget, Chancellor Rachel Reeves introduced a series of fiscal measures which will affect the jewellery sector. Key changes include a 40% business rates relief for retail, hospitality, and leisure businesses, coupled with increases in employer National Insurance (NI) contributions and the National Living Wage. The budget reflects the government’s focus on economic recovery and addresses concerns around retail crime, wage growth, and fiscal responsibility. Here’s what jewellers need to know.Business Rates Relief and New Challenges for 2025The Chancellor announced a 40% business rates relief effective from April 2025 for the retail, hospitality, and leisure sectors, capped at £110,000…

AG Group, the parent company of Allied Gold and Brown & Newirth, has announced the establishment of an in-house assay office at its group headquarters, in partnership with the Sheffield Assay Office. This collaboration represents the first sub-office in the Sheffield Assay Office’s 251-year history, with operations at the facility scheduled to commence in January 2025.Streamlined Operations and Hallmarking ExcellenceThe in-house assay office will allow AG Group to streamline hallmarking for its range of wedding and engagement rings, chain, and fine diamond jewellery, with pieces bearing Sheffield’s historic ‘Tudor Rose Town’ mark. The facility will integrate X-Ray Fluorescence and laser technologies to…

The National Association of Jewellers (NAJ) has begun the nomination process for the 2024 NAJ Chair’s Award, an annual recognition honouring notable contributions to the jewellery industry by an individual or business. Sponsored by Presman Mastermelt, the award will be presented during the Benevolent Society Christmas Ball at the Grand Hotel in Birmingham on 5th December.Recognising Dedication to the Jewellery IndustryThe NAJ Chair’s Award, introduced to celebrate enduring commitment within the UK jewellery sector, acknowledges figures or organisations that exemplify dedication and service. Last year’s award went to high street jeweller Beaverbrooks, commended for its contributions to staff welfare, values, and…

The Gemmological Association of Great Britain (Gem-A) has issued a last reminder for professionals in gemmology to register for the upcoming Gem-A Conference 2024. The conference, taking place on November 2-3 at etc.venues County Hall in London, is expected to attract gemologists, jewellers, auctioneers, and researchers from around the world. With registration closing on October 28 at 9 AM, this is the final opportunity for new delegates to secure their tickets.Event Highlights and StructureThe Gem-A Conference, the Association’s key event, features two days of talks, networking opportunities, and hands-on learning. The agenda includes a mix of lectures by leading figures in…

De Beers Group has announced an expansion of its diamond traceability initiatives, revealing plans to provide specific country of origin data for all newly registered diamonds over 0.5 carats in polished size, starting from 2025. This development, supported by Tracr, De Beers’ blockchain-based platform, represents a step forward in transparency and ethical sourcing within the diamond industry.New Tracing Capabilities for Diamonds Above 0.5 CaratsFrom 2025, De Beers will register the country of origin for rough diamonds above 1 carat in size (equivalent to 0.5 carats polished) on the Tracr platform. This initiative aligns with the size thresholds for new diamond import…

Russia’s Finance Ministry is reportedly evaluating the potential acquisition of additional rough diamonds from state-controlled Alrosa in 2025, with the purchases made through Gokhran, Russia’s State Precious Metals and Gemstones Repository and with the intention of supporting Alrosa’s liquidity given current market challenges.Russia’s Deputy Finance Minister Alexei Moiseyev confirmed that discussions are underway, stating, “We are considering this possibility… In order to allow Alrosa the opportunity to be calm and not feel obliged to sell on the market in order to maintain its liquidity position. Because the market looks alarming.”Alrosa’s Financial Stability and Government SupportAlrosa, one of the world’s largest…

Fabergé has introduced two new items as part of its collaboration with the James Bond franchise, marking the 60th anniversary of Goldfinger (1964). The new creations include a Goldfinger Egg Safe Locket with a ruby heart surprise, and a statement Octopussy ring, each designed with Fabergé’s distinctive craftsmanship.These pieces are part of the Fabergé x 007 collection, created in partnership with EON Productions. The designs incorporate elements from the James Bond films alongside Fabergé’s signature craftsmanship.Fabergé x 007 Goldfinger Egg Safe LocketThe Goldfinger Egg Safe Locket is the first piece in the new Goldfinger capsule collection. Crafted in 18k yellow gold,…

The International Colored Gemstone Association (ICA) has announced that its 20th Congress will be held in Brasilia, Brazil, from 19 to 22 May 2025. The event, co-hosted by the Brazilian Gems and Jewellery Trade Association (IBGM), will centre around the theme “Gems for Generations.” This theme will focus on sustainability within the coloured gemstone supply chain and aim to build consumer confidence, ensuring the industry’s long-term viability.A Platform for Global ExchangeThe ICA Congress, a biennial event, is a key fixture in the coloured gemstone industry’s calendar, bringing together professionals from across the globe. The 2025 edition follows the success of the…

Moses Madondo, CEO of De Beers Group Managed Operations, recently shared his opinion that the global supply of natural diamonds has peaked.Speaking at the Joburg Indaba, a resources and mining conference in South Africa, Madondo outlined the ongoing reduction in diamond production and warned that no major new deposits are expected. “We must recognise that we are already past the peak for diamond supply. Despite extensive exploration, only one commercial discovery – the Luele mine in Angola – has been made in the twenty-first century,” he said on the second day of the conference on 4 October.Production Decline and Market…

The National Association of Jewellers (NAJ) has announced the winners of the 2024 NAJ Awards, recognising professionals and businesses within the UK jewellery industry.Supported by headline sponsor Curteis, the event brought together 314 guests to celebrate winners across 14 categories.Claire Davies, Operations Director at Curteis, expressed the company’s pride in sponsoring the awards, stating, “We are delighted to continue our support for this year’s NAJ Awards and extend our heartfelt congratulations to all the remarkable winners honoured during the event. Their achievements truly reflect the exceptional talent within our industry. We also wish to express our gratitude to the NAJ…

Rio Tinto has launched its 2024 Beyond Rare Tender – collection of 48 diamonds including seven historical diamonds, referred to as the “Old Masters”. This collection, part of the second instalment of the company’s Art Series, is titled Colour Awakened and includes a range of pink, red, violet, and yellow diamonds from Rio Tinto’s inventory.The “Old Masters” are round brilliant cut stones from the Argyle Diamond Mine, which ceased operations in 2020, ranging in size from 0.60 to 2.63 carats, with some discovered as early as 1987.Sinead Kaufman, Chief Executive of Rio Tinto Minerals, remarked: “No other mining company in…

Hill & Co has released its first instalment in a new series of reports titled The Business of Jewelry Report. This comprehensive publication, titled “Breaking the Chain”, is designed to offer insights and strategies to help jewellers navigate the evolving landscape of supply chains and consumer behaviour. The report aims to address key challenges such as supply chain consolidation, technological advancements, and shifting consumer demands.Supply Chain Disruption and Strategic AdaptationAt the core of the report is the theme of shortening and streamlining jewellery supply chains. Hill & Co. challenges businesses to consider whether the traditional supply chain model is still…

The Responsible Jewellery Council (RJC) Board has approved a revised definition for recycled materials at its most recent board meeting in Paris. The updated definition, along with corresponding implementation guidance, is set to be officially introduced in the December 2024 edition of the RJC Chain of Custody (COC) standard. This development is part of the organisation’s ongoing efforts to reinforce responsible practices across the jewellery supply chain.Standards Committee Meeting in LondonThe RJC will hold its second in-person Standards Committee meeting for 2024 in London from 16-18 October. This gathering will focus on finalising revisions to the Code of Practices (COP) standard…

Virginia “Gina” C. Drosos, CEO of Signet Jewelers, the world’s largest diamond jewellery retailer, has announced her intention to retire on 4 November 2024. Drosos has served as CEO for seven years and as a member of the Board of Directors for twelve. The Board of Directors has appointed J.K. Symancyk succeeded Drosos, effective upon her retirement. Drosos will remain an advisor through the end of the fiscal year to support a smooth transition.Strategic Leadership and Business GrowthDuring her time at Signet, Drosos spearheaded a strategic transformation that significantly strengthened the business. Helen McCluskey, Chair of Signet’s Board of Directors,…

The British Academy of Jewellery (BAJ) hosted its 2023/2024 London Final Show at its Camden campus, bringing together students, industry professionals, and family to celebrate the next generation of jewellers. The event showcased nearly 200 pieces of student work from both Further and Higher Education programmes, reflecting a high level of creativity, craftsmanship, and design innovation. Alongside these creations, design journals and process insights provided a deeper look into the journey behind each piece.Industry Engagement and CollaborationThe event attracted over 30 representatives from across the jewellery industry, reflecting the Academy’s ongoing efforts to bridge the gap between education and professional practice.…

Sotheby’s Paris will hold a significant auction on 10 October, featuring more than 70 pieces of jewellery from the personal collection of Dame Shirley Bassey. The British singer, known for her performances of three James Bond theme songs, is auctioning the pieces to benefit her chosen charities. This marks the first time Dame Shirley has offered her collection for sale, providing collectors and admirers a unique opportunity to acquire jewellery that has played a part in her storied life and career.Iconic Pieces from an Iconic CareerDame Shirley, who has sold over 140 million records and enjoyed a career spanning seven decades,…

According to a new report by CRISIL ratings, India’s natural diamond polishing industry is projected to see revenues fall by 25-27% this fiscal year, reaching approximately $12 billion, a low not seen in the past decade. This drop is primarily driven by weaker demand in key export markets such as the United States and China, a 10-15% reduction in diamond prices due to oversupply, and a growing consumer preference for lab-grown diamonds (LGDs), which are seen as a lower-cost alternative to natural diamonds.This fiscal year marks the third consecutive year of revenue contraction for the industry, following a 29% decline in…

On 26 September 2024, Gaetano Cavalieri, President of CIBJO (The World Jewellery Confederation), addressed the 79th session of the United Nations General Assembly (UNGA) in New York. Speaking on behalf of the global jewellery, gemstone, and precious metals industries, Cavalieri spoke on the jewellery industry’s efforts towards supporting the UN’s Sustainable Development Goals (SDGs), stating that “our world faces unprecedented challenges, but together we still have the opportunity to construct a better future for all, building resilience and leaving no one behind.”CIBJO, which has held Special Consultative Status with the UN’s Economic and Social Council (ECOSOC) since 2006, was one of…

A new report by Positive Luxury, titled The Future of Jewellery and Watches, provides  new analysis of sustainability practices and challenges within the luxury jewellery and watch sectors, outlining key environmental and social impacts and identifying areas where progress is needed.Key Challenges in Supply Chain TransparencyAccording to the report, the complexity and opacity of supply chains remain a major hurdle for the luxury jewellery and watch industries. Although products may be crafted from recyclable materials and are often designed to last for generations, ensuring transparency in sourcing and manufacturing processes is a persistent issue. The report categorises the industry’s pressing concerns…

Beaverbrooks has reported record turnover for the financial year ending February 2024, accompanied by a decline in profit compared to the previous year.The company’s turnover rose to £228.6 million, up from £225 million the previous year. However, operating profit dropped to £10.5 million from £25.7 million, primarily due to increased operating costs and substantial long-term investments.Financial Performance and Investment StrategyThe decline in profit has been attributed to heightened operational costs and significant investments in the business’s growth and infrastructure. Beaverbrooks has continued to focus on expanding its store network and improving its service offerings. The company has invested over £15.3…

Baunat has launched a new brand, Valquère, that integrates lab-grown and natural diamonds, produced in Belgium and using recycled 18Kt gold and lab-grown diamonds. Commenting on the dual use of diamond types, Stefaan Mouradian, CEO of the Baunat Group, stated, “Both natural and lab grown diamonds present unique advantages. Natural diamonds carry a rich history and offer long-term investment value, while lab grown diamonds deliver exceptional brilliance and quality at a more accessible price point. In the end, both options are indistinguishable in terms of sparkle, beauty, and texture. A diamond is a diamond, and the decision comes down to personal…

Sotheby’s has announced the auction of a rare 18th-century diamond necklace at its upcoming Royal and Noble Jewels sale in Geneva on 11 November 2024. The piece, which may include diamonds linked to the “Affair of the Diamond Necklace” scandal involving Marie Antoinette, has not been publicly displayed for 50 years. Weighing approximately 300 carats, the necklace is expected to sell for between CHF 1.6 million and CHF 2.4 million ($1.8 million – $2.8 million).Historical Background and ProvenanceThe necklace, likely created in the decade before the French Revolution, is a significant example of Georgian jewellery. While its exact origins are not recorded,…

The Gemological Institute of America (GIA) has launched a newly redesigned consumer website, 4Cs.GIA.edu, aimed at simplifying diamond education. The updated platform provides in-depth information on the 4Cs of Diamond Quality – Clarity, Cut, Colour, and Carat Weight – offering a user-friendly interface for consumers and retailers alike.Educational Tool for Retailers and Consumers“The GIA consumer site is as educational as it is engaging,” said GIA President and CEO Susan Jacques. “We aim to make the complex world of diamond buying approachable and understandable for everyone. The site provides detailed, expert-driven information in a format that’s easy to navigate. Whether looking for…

Pandora has announced that it now uses 100% recycled silver and gold in the production of all its jewellery. This move comes after a transformation of its precious metals supply chain, aimed at reducing the environmental impact of its operations. By transitioning to recycled materials, Pandora will avoid approximately 58,000 tonnes of CO2 emissions annually.“Silver and gold are our most important raw materials, and by moving to 100% recycled we reduce our climate impact significantly without compromising on quality or craftsmanship. This achievement is unparalleled in the industry and a major step towards a more circular business model,” said Alexander Lacik,…

The Okavango Diamond Company (ODC), the state-owned rough diamond trader in Botswana, has announced the cancellation of its December sale, following a similar decision for November. The cancellation was communicated to customers via email, indicating the cancellation of both the rough viewings scheduled for 3-13 December and the spot auction set for 16 December. The decision reflects ongoing challenges faced by the diamond industry due to weak demand.Market Adjustments and Industry ImpactODC’s decision follows a broader trend of reduced sales activities by diamond producers as they respond to an oversupply in the midstream sector. De Beers, a joint venture partner in…

The Jewellery World Awards (JWA) 2024 has honoured businesses in the fine jewellery, gemstone, and related sectors for their exceptional sustainability efforts. Hosted by Jewellery & Gem WORLD Hong Kong (JGW) and organised by Informa Markets Jewellery, the awards ceremony highlighted the achievements of companies committed to sustainable practices across five categories.Award Categories and RecipientsThis year’s JWA Sustainability Awards were presented in five distinct categories:Jury’s Special Recognition AwardTwo companies received special recognition from the jury for their notable contributions:Celebrating Diverse Contributions“Each of our Sustainability Award winners – not to mention our finalists – has a unique story to tell. However, they…

Beaverbrooks has renewed its long standing partnership with Blackpool Football Club, continuing its support for the local community and maintaining its presence in the region.Partnership OverviewBeaverbrooks, a family-owned jeweller established in 1919, has extended its sponsorship agreement with Blackpool FC, a club they have supported for several years. This partnership sees Beaverbrooks remain as the Official Partner of Blackpool FC, highlighting the jeweller’s ongoing support for local initiatives and involvement in the community.Support for Local CommunityMark Adlestone OBE, Chairman at Beaverbrooks and a lifelong supporter of Blackpool FC, expressed his enthusiasm about the renewed partnership. He stated, “Beaverbrooks is delighted to…

The Gemmological Association of Great Britain (Gem-A) has confirmed the line-up for its annual Gem-A Conference, scheduled for 2-3 November 2024 at etc.venues County Hall in London. Diverse Expertise Across Gemmological DisciplinesThe conference will feature ten speakers from different parts of the world, each offering a unique perspective on a wide range of gemmological topics. The first day will include discussions on Chitral emeralds, the geological characteristics of giant quartz crystals, and the historical significance of these gemstones. Dr. Michael S. Krzemnicki, director of the Swiss Gemmological Institute (SSEF), will present on the age-dating of gemstones, pearls, and corals, providing valuable…

The National Association of Jewellers (NAJ) has announced that ticket registration for the 2024 NAJ Awards will close on Monday, 23rd September. The awards ceremony, sponsored by Curteis, will take place on Thursday, 10th October, at the Burlington Hotel in Birmingham.Event DetailsThe NAJ Awards aim to acknowledge achievements across the UK jewellery industry, recognising initiatives and individuals that have made an impact over the past year.The evening will begin with a drinks reception at 18:30, followed by a three-course dinner and the awards presentation at 19:30. The event will conclude with music from 23:00, with carriages at midnight. The dress code…