Author: Ruchi Singla

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 FieldsPanna 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 and his family…

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 ImplicationsThe 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 to 15% equity…

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…

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 IndustryInterGem, 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 event. “We are honoured…

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 GapsIn 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 shortages across key…

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 InsightsSince 2006, CIBJO has held special consultative status in ECOSOC, representing…

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 DevelopmentElyssa 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 Coalition. Her experience…

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 PanelThe 2024 NAJ Awards will be evaluated by:Award CategoriesThis 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 NAJBen Massey, NAJ Chief Executive, commented on the announcement:”We are pleased that so many experienced jewellery professionals from across the trade have agreed to join our independent judging panel for this…

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 HeuerEffective 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 contributions, stating, “Hublot…

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’ ExpertiseKerry 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 sustainable supply chains.”I…

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 AllocationsSightholders 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 Beers is…

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 DetailsThe 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 instability and there…

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 PracticesBurak 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 IndustryFounded in July 2003 by the Council of Ministers of the Republic of Türkiye and affiliated with the Ministry…

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 LeadershipGiovanna Engelbert, Swarovski’s Global Creative Director, commented on the collaboration, noting, “Ariana’s charisma and…

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 OnlineThe 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, thereby protecting both…

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 LuxurySmiling Rocks’ Dream Necklace, which has been worn…

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 DevelopmentThe 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 ImpactBuilt with sustainability in mind, the centre features efficient energy systems and uses local materials. The project also generated £1.7 million in social…

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 LabValenza 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 PomellatoKering’s 2013 majority stake acquisition in Pomellato started strategic investments to expand Pomellato’s capabilities. This move reinforces Kering’s commitment to its…

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 StylesThe report identifies six key trends for platinum engagement rings:Designer ContributionsThe 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 to present Platinum Guild’s latest engagement…

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 FiguresRussia 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 per carat. This rise…

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 RubiesThe 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, and 61 amethysts.…

The Responsible Jewellery Council (RJC) has released its 2024 Annual Report, entitled “The Artisans of Change: Crafting Our Future Together.” The report highlights the council’s significant growth and outlines new standards and initiatives aimed at promoting responsible practices across the global jewellery and watchmaking industry.Key Growth and Leadership ChangesSince its inception in 2005, the RJC has expanded from 14 founding members to 1,828 members worldwide by the end of 2023, spanning 71 countries. This growth underscores the increasing commitment within the industry to uphold ethical standards and sustainable practices.Melanie Grant, who began her tenure as executive director in 2023, remarked, “It’s…

Ortak Ltd has been awarded Responsible Jewellery Council (RJC) certification following a rigorous assessment process. This certification places Ortak Ltd as the sole Scottish jewellery manufacturer with this recognition.Ortak Ltd’s Path to CertificationFounded in 2014, Ortak Ltd manufactures its own jewellery collections and parts for over 30 different companies. The company also supplies bespoke jewellery to Historic Environment Scotland and the Royal Palaces’ visitor centre shops. With a workforce of 45 people at its design and manufacturing base in Kirkwall, Ortak Ltd began pursuing RJC certification two years ago.”The RJC certification was something we were keen to pursue as we’ve…

Rio Tinto has successfully installed a 3.5 megawatt solar power plant at its Diavik Diamond Mine in Canada’s Northwest Territories. This project marks the largest off-grid solar power facility in Canada’s territories.Environmental ImpactThe 6,620-panel solar plant is expected to produce 4.2 million kilowatt-hours of energy annually, which will cut diesel consumption at Diavik by one million litres per year. This reduction translates to a decrease of 2,900 tonnes of CO2 emissions, equivalent to removing 630 cars from the roads each year.Operational IntegrationThe solar power plant will supply up to 25% of Diavik’s electricity needs during its closure period, with commercial…

The Responsible Jewellery Council (RJC) has commenced the first public consultation on its proposed Laboratory Grown Materials Standard (LGMS). The consultation period, open from 26 June to 25 August 2024, invites industry stakeholders to provide feedback on the draft standard, marking a significant step towards establishing best practices for lab-grown materials in the jewellery sector.Development and Consultation ProcessThe decision to develop the LGMS was taken by the RJC in 2021. The process includes at least two rounds of public consultations and involves input from the RJC’s multi-stakeholder Standards Committee. This approach ensures the standard reflects a broad range of perspectives…

The e-Register, a secure online database for jewellery and watches, has reached a significant milestone of £3 billion worth of items registered. This achievement coincides with the 30th anniversary of the database, which was launched in 1994 by The Guild of Valuers & Jewellers.Overview of e-RegisterThe e-Register was initially developed to protect and recover jewellery, watches, and silverware. It was created as a complementary service to the Guild of Valuers & Jewellers’ valuation software, GuildPro. The database now holds over £3 billion worth of items and protects more than 350,000 customers.Functionality and ServicesThe e-Register provides a centralised storage of Guild…

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 SectorDiamonds 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 the previous…

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 ExpectationsThe 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 want the same…

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 CraftsmanshipBoth 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 of the…

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 ExhibitorsGoldsmiths’ 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 the highest standards…