Author: Ruchi Singla

Russian diamond producer Alrosa has forecasted a rebalancing of supply and demand for both rough and polished diamonds in the coming months, driven by falling midstream inventory levels. The projection, shared during a meeting with journalists, highlights potential pricing dynamics in the diamond sector.Supply Constraints and Structural Changes Drive Market TrendsSergey Takhiev, Alrosa’s head of corporate finance, stated that reduced global diamond production levels—now up to 20% lower than those recorded in 2018-2019—are influencing market dynamics. He pointed to the growth of online jewellery trade as a significant factor, enabling jewellers and retailers to lower their inventory requirements.“The growth of online…

De Beers has accumulated its largest diamond stockpile since the 2008 financial crisis, with an inventory valued at approximately $2 billion, according to a report by the Financial Times. This development reflects broader challenges in the diamond industry, including shifting market dynamics and evolving consumer preferences.Market Pressures and Declining SalesDe Beers’ chief executive, Al Cook, described 2024 as “a tough year for rough diamond sales,” citing a combination of factors contributing to decreased demand. A slowdown in China’s economy—historically a key driver of diamond consumption—has significantly impacted global sales. Additionally, the rise of lab-grown diamonds, which offer a more affordable alternative,…

A defendant involved in the theft of jewellery at the Jewellery Show London, held at ExCeL in September 2023, has been sentenced to six years and six months in prison for conspiracy to steal. The theft targeted GETi Titanium Rings while the company was exhibiting at the event, resulting in significant financial losses.Sentencing and Legal ProcessThe sentencing was handed down on 23 December 2024. Following an early guilty plea, the defendant’s sentence was reduced by 33%, in line with legal sentencing guidelines.The theft highlighted vulnerabilities faced by businesses exhibiting at trade shows, particularly those transporting and showcasing high-value items.Ongoing InvestigationsAuthorities…

Surat, India’s diamond processing hub, is experiencing a significant shift as global demand for natural diamonds slows. Renowned for processing approximately 90% of the world’s rough diamonds, the city is adapting to changing market conditions by expanding into jewellery manufacturing. This diversification reflects efforts to counteract declining diamond export figures while leveraging growing domestic and international jewellery demand.Jewellery Manufacturing Gaining TractionAccording to India’s Gem and Jewellery Export Promotion Council (GJEPC), a number of Surat’s diamond cutting and polishing units are now engaging in jewellery manufacturing. Vipul Shah, chairman of GJEPC, noted: “The units have gradually started doing job work in jewellery manufacturing.…

A high-value burglary on Avenue Road, St John’s Wood, London, has resulted in the theft of jewellery, luxury goods, and cash worth £10.4 million. The incident, which occurred on 7 December, is among the most significant home thefts reported in Britain.The victim has been identified as art collector and influencer Shafira Huang, known for sharing aspects of her lifestyle on social media. The stolen items include high-value jewellery such as a Graff 10.73-carat diamond ring, diamond and sapphire necklaces, and designs from brands including De Beers and Hermès.Details of the IncidentThe burglary was carried out by a lone suspect who…

Angola has achieved a significant milestone in its diamond industry, producing approximately 12 million carats of diamonds in 2024 – the first time the country has surpassed the 10 million carat threshold, a target outlined in the National Development Plan (NDP) 2023–2027. Reforms Drive GrowthThe achievement is attributed to legal and tax reforms introduced in recent years, which improved the business environment and increased transparency within the diamond sector. These reforms have encouraged investment and facilitated the return of companies to Angola’s diamond market.Minister Azevedo highlighted these advancements, stating, “We begin to see some trees flourish and harvest some fruits from…

Gemfields, a London-listed mining company and significant producer of coloured gemstones, has temporarily suspended operations at its Montepuez Ruby Mining (MRM) site in northern Mozambique.The suspension follows violent unrest linked to the country’s disputed national election, during which over 200 individuals associated with illegal ruby mining attempted to invade the site.Violent Incidents and Operational ImpactOn Christmas Eve, groups set fire to community buildings near Gemfields’ MRM operation. Security forces, including Mozambican police and military, responded, resulting in two fatalities, according to the company.In a related incident, a vocational training centre in the nearby village of Wikupuri, built in partnership with…

India’s jewellery market, the second-largest consumer of gold globally, is undergoing significant changes as escalating gold prices influence buyer preferences. With prices surging 22% in 2024 following a 15% increase in 2023, many consumers are now opting for lightweight and lower-carat gold jewellery to accommodate their budgets.Lightweight Jewellery in High DemandTraditional jewellery remains popular in India, especially during significant occasions such as weddings. However, jewellers report a rising preference for lightweight designs that preserve traditional aesthetics while being more cost-effective.”Most Indian buyers prefer traditional jewellery, but now they want it crafted in lightweight designs to fit their budgets,” said Bachhraj Bamalwa,…

Gemfields, a prominent coloured gemstone miner, has raised concerns about the safety of its employees and operations at the Montepuez ruby mine in Mozambique. The unrest follows a contentious October election, upheld by the Mozambican Constitutional Council earlier this week, which has heightened instability in the region. The mine, located in Cabo Delgado province, is one of Gemfields’ main assets in the country, alongside its Megaruma, Campos De Joia, and Eastern Ruby Mining deposits.Security Concerns and Impact on Local CommunitiesGemfields has reported that groups exploiting the political instability have targeted nearby areas with arson, vandalism, and other disruptive activities. These actions…

The Antwerp World Diamond Centre (AWDC) has responded firmly to allegations published by the Belgian newspaper De Tijd, which questioned the diamond industry’s commitment to anti-money laundering (AML) measures. The claims stem from an investigation involving a Ukrainian-French jewellery business owner connected to Antwerp’s Diamond Club.Criminal Investigation Sparks ControversyThe investigation focuses on a 43-year-old Ukrainian-French woman, named as Iryna G, who faces allegations of money laundering in connection with supplying food to Ukraine’s military. Authorities in Ukraine reportedly uncovered over €4.7 million in suspicious cash as part of the inquiry.While the case primarily concerns Iryna G and her company, IKG,…

Gaetano Cavalieri, President of the World Jewellery Confederation (CIBJO), addressed the opening session of the 2024 Global Gems and Jewellery Development Conference in Hainan, China, on 19 December, putting forward an argument that conflicts within the industry, particularly concerning laboratory-grown diamonds, have weakened consumer confidence in jewellery.“The items we sell do not necessarily have inherent value – such is the nature of luxury products,” he said. “They have perceived value, created by the brands, and through cultural and historic associations. If the consumer loses confidence in our products, then their value is discounted.”Laboratory-Grown Diamonds and Market ChallengesDr. Cavalieri outlined challenges…

Lucara Diamond Corp. has announced the names of two extraordinary rough diamonds recently unearthed from its Karowe Mine in Botswana. The larger of the two, a 2,488-carat diamond recovered in August 2024, has been named Motswedi, meaning “water spring” in Setswana. Remarkably, this diamond is the second-largest ever discovered, marking a significant milestone for the mine and the diamond industry.The second diamond, weighing 1,094 carats and recovered in September 2024, has been named Seriti, which translates to “aura” or “presence” in Setswana, reflecting cultural ties to identity and legacy in Botswana. Both names were chosen through a national competition, engaging thousands…

Swarovski has announced the launch of Recreated Crystals, developed with a focus on sustainability and circular design principles. The crystals are made by remelting material from Swarovski’s own crystal production process, creating new colours while maintaining a quality comparable to the original.According to the company, this production method uses 40% fewer natural resources than standard crystal manufacturing and reduces the environmental footprint by at least 34%.Incorporation into CollectionsRecreated Crystals are available for Swarovski’s business-to-business partners and are also being introduced in consumer collections. For the autumn and winter 2024 season, the Ice Blue shade is featured in designs including the…

Tiffany & Co. has acquired an 18-karat gold pocket watch tied to the Titanic disaster for $2 million, adding to its collection of historically significant items. This acquisition, made at an auction hosted by Henry Aldridge & Son Ltd., sets a record as the highest price ever paid for a piece of Titanic memorabilia.The pocket watch, originally gifted to Captain Arthur H. Rostron of the RMS Carpathia, commemorates his heroic actions in rescuing more than 700 Titanic survivors on April 15, 1912.A Tribute to Titanic HeroismThe timepiece was commissioned by three prominent Titanic survivors—Madeleine Talmage Astor, Marian Longstreth Thayer, and…

The UK retail industry has shed 225,000 jobs over the past five years, according to the Office for National Statistics (ONS). Data for September 2024 shows 2.81 million retail jobs, indicating ongoing challenges and structural changes in the sector.Sector Transformation and Employment ShiftsThe British Retail Consortium (BRC) pointed to structural shifts within the retail industry as a significant factor in the job reductions. Helen Dickinson, CEO of the BRC, stated:“Despite a further fall in the number of retail jobs, the industry remains the largest private sector employer providing approximately 2.9 million jobs in the UK, with another 2.7 million in the…

Only Natural Diamonds has announced the publication of The History of Diamond Engagement Rings: A True Romance, a new book by jewellery historian and founder of The Adventurine, Marion Fasel.Published as a limited-edition hardcover, the book examines the history of diamond engagement rings and their evolution from the 15th century to modern times.Historical Insight and Design EvolutionFasel’s research explores the origins of diamond engagement rings, addressing misconceptions such as their association with the 1947 De Beers campaign or the 1477 engagement of Mary of Burgundy. She highlights evidence from Renaissance artwork and historic manuscripts that trace the tradition to earlier…

The Goldsmiths’ Centre has introduced updates to its Jewellery Foundation Programme for 2025/26, supported by jeweller Stephen Webster MBE, jewellery blogger A Thousand Facets, and the Goldsmiths’ Craft & Design Council (GC&DC).Since 2012, the programme has trained over 100 participants in foundational jewellery and silversmithing skills. The recent updates reflect changes in educational requirements and aim to support the development of future industry professionals. Free Training for Aspiring JewellersThe Jewellery Foundation Programme is a ten-month, free training course for individuals aged 18 and over, focusing on traditional and contemporary jewellery-making techniques. Participants gain practical experience and receive feedback from professionals…

The European Commission has approved an €81 million State aid measure from Spain to support the establishment of a factory for the production of semiconductor-grade synthetic diamonds in Trujillo, Extremadura. Led by Diamond Foundry Europe, this project aims to align with EU objectives in regional development, job creation, and the transition to a more sustainable economy.Project OverviewThe new facility will produce synthetic diamond wafers using plasma reactor technology. These wafers are intended for use in the semiconductor industry as an alternative to silicon, particularly in key sectors such as 5G communications and electric vehicles.The factory’s production capacity is expected to reach…

The London Diamond Bourse (LDB) and De Beers Group recently hosted a collaborative event in London to discuss the diamond sector’s contribution to the global supply chain, ethical sourcing, and consumer engagement. Bringing together over 150 participants, including industry professionals, diplomats, and representatives from major UK jewellery retailers, the event aimed to address key developments and challenges shaping the diamond trade.Keynote Speakers and Global CollaborationSpeakers included members of De Beers’ Executive team, representatives from the embassies of Angola, Botswana, Sierra Leone, and South Africa, as well as the Managing Director of the Boston Consulting Group. LDB President David Troostwyk emphasised the…

China has announced the discovery of a significant gold deposit in Pingjiang County, Hunan Province.Valued at approximately $83 billion at current prices, the deposit is estimated to contain over 1,000 tonnes of gold, marking a notable development for the global and domestic gold mining sectors.Details of the DiscoveryThe deposit was identified by experts from the Geological Bureau of Hunan Province, who located more than 40 new gold veins less than 2,000 metres underground. These veins alone are projected to yield 300 tonnes of gold. Additionally, reserves extending down to 3,000 metres increase the estimated total yield to over 1,000 tonnes.Core…

The United States and the United Kingdom have imposed sanctions on 28 individuals and entities linked to a global gold-smuggling and money-laundering network allegedly led by Kamlesh Pattni. The operation, centred in Zimbabwe, is accused of exploiting the country’s gold and diamond resources through bribery, fraudulent reporting, and a network of companies used to conceal these activities.Pattni, a Kenyan businessman and UK citizen, became known in the 1990s for his alleged involvement in Kenya’s Goldenberg scandal. Following accusations of fraudulent gold trading, Pattni moved to Zimbabwe, where he is said to have continued developing a network facilitating the smuggling and…

Spring Fair has announced a collaboration with the Association for Cultural Enterprises (ACE) to better address the needs of cultural, heritage, and destination buyers. This partnership will introduce a dedicated Cultural Enterprise Day on Tuesday, 4 February 2025, during the Spring Fair event held at the Birmingham NEC from 2–5 February.Catering to Cultural EnterprisesThe partnership introduces a tailored programme for cultural enterprise buyers, incorporating contributions from 45 new cultural enterprise organisations. The Cultural Enterprise Day will feature curated guided tours, supplier lists provided by ACE, complimentary goody bags, and consultancy sessions in the Buyer’s Lounge. Attendees will also have access to…

The Gemological Institute of America (GIA) has announced an enhancement to its emerald reports, offering optional filler identification from 15 December 2024 in  response to industry requests for more detailed information about fillers used in treated emeralds. Responding to Market NeedsThe optional service, initially offered at no additional cost, allows clients to receive specific information about filler types present in their emeralds. The service marks a return to a more detailed reporting method previously offered by GIA over 20 years ago but discontinued to focus on the degree of filling.“GIA is making this change in response to market needs,” said Tom…

T.Gold, the international exhibition for jewellery machinery and technology, will take place from 17 to 21 January 2025 in Vicenza, Italy, alongside the January edition of Vicenzaoro. Organised by the Italian Exhibition Group (IEG), the event will focus on advancements in jewellery manufacturing technology, with an emphasis on innovation and sustainability.Global Participation and Focus AreasT.Gold 2025 will host 170 exhibitors from 16 countries, with 40% of participants representing international companies, highlighting Italy’s prominence in the sector while showcasing global contributions from countries including Germany, Turkey, Switzerland, the US, and the UK.The exhibition will showcase innovations across six core areas:Notable Italian exhibitors…

Element Six, part of De Beers Group, has announced its investment in Lightsynq, a US-based startup focused on quantum computing. Lightsynq, founded by experts from Harvard University and AWS, is working on innovative solutions to improve how quantum computers communicate and scale. Synthetic diamonds, engineered by Element Six, play a crucial role in enabling this technology, which has applications in fields like cybersecurity and chemistry.Supporting Quantum Advancements with Synthetic DiamondsQuantum computing, while still in its early stages, has the potential to revolutionise industries with its ability to process complex calculations far faster than traditional computers. One major challenge in the field…

Applications are now open for the Goldsmiths’ Centre’s ‘Getting Started Online 2025’, a free, week-long introduction to business course for early-career jewellery and silversmithing professionals.Scheduled to run from 17th to 21st March 2025, the programme offers practical guidance on launching and managing a creative business.Programme HighlightsThe course, hosted entirely online, provides participants with live webinars led by industry experts. It covers key topics such as branding, product development, and sales channel strategies, addressing challenges often faced by emerging designers and makers.Participants can also benefit from networking opportunities and the chance to apply for the Spotlighting Getting Started initiative. This programme…

The Watches of Switzerland Group PLC (WoS) has published its financial results for the first half (H1) of FY25, reporting a 4% revenue increase in constant currency to £785 million. This growth reflects improved performance in the second quarter (Q2) and contributions from the acquisition of Roberto Coin. However, profitability has been affected by rising costs and changes in product mix.Key Financial HighlightsRevenue PerformanceProfitability MetricsStrategic Investments and DebtStrategic and Operational DevelopmentsGeographic and Product DiversificationWoS reported increased revenue contributions from the US, now comprising 45% of total sales. The integration of Roberto Coin has expanded its branded luxury jewellery portfolio, while the…

De Beers Group has announced the winners of its 2024 Shining Light Awards, a biennial jewellery design competition aimed at fostering talent from Botswana, Canada, Namibia, and South Africa.The awards are part of the company’s initiative to develop skills in jewellery design and manufacturing among young professionals.Competition OverviewLaunched in 1995, the Shining Light Awards provide a platform for designers aged 18 to 35 who are enrolled in or have completed jewellery design programmes. Participants are required to design a complete collection, including a ring, necklace, earrings, bangles, and bracelets.This year’s competition attracted 104 entries under the theme “Luxury Redefined,” which…

Alan Cohen has been announced as the recipient of the 2024 National Association of Jewellers (NAJ) Chair’s Award. The accolade was presented during the Benevolent Society’s Centenary Christmas Charity Ball, sponsored by Presman Mastermelt, in recognition of his voluntary contributions to the jewellery industry.Pivotal Work on Sanctions and Supply Chain StabilityCohen’s recent efforts to address the implementation of Russian diamond sanctions played a significant role in his selection for the award. His work with G7 nations, government bodies, and the World Diamond Council helped minimise the impact of these sanctions on the UK’s diamond supply chain, supporting industry continuity during a…

Scientists and engineers from the UK Atomic Energy Authority (UKAEA) and the University of Bristol have developed the world’s first carbon-14 diamond battery. This innovative technology utilises radioactive carbon-14, a by-product of nuclear reactors, to create an energy source capable of powering devices for thousands of years.How the Carbon-14 Diamond Battery WorksThe carbon-14 diamond battery generates power through the radioactive decay of carbon-14, which has a half-life of 5,700 years. This process is comparable to how solar panels convert light into electricity; however, instead of photons, the battery captures fast-moving electrons within the diamond structure.The carbon-14 used in the battery is…