Author: Ruchi Singla

Fenix Diamonds and Dholakia Lab-Grown Diamond have jointly acquired Israeli diamond grower Lusix for $4 million. Founded in 2016 by Benny Landa, Lusix has received over $152 million in investment since its establishment, focusing on advanced technologies in lab-grown diamonds. The acquisition aims to expand production capacity and advance research and development (R&D) for both companies.Expanding Production and Preserving InnovationThe acquisition underscores the shared goal of Fenix and Dholakia to enhance production capacity and strengthen research and development (R&D) capabilities. Both companies offered similar terms during the bidding process and chose to divide Lusix’s production under confidential conditions. A key factor…

Alexandre Arnault, current executive vice president of product, communications, and industrial at Tiffany & Co., is set to leave his role to become deputy CEO of LVMH’s Wines and Spirits division, Moët Hennessy. This transition will take effect on 1 February 2025, as part of a larger executive reshuffle within the luxury conglomerate.A Legacy at Tiffany & Co.Arnault joined Tiffany & Co. in 2021 following LVMH’s acquisition and oversaw initiatives to modernise the brand’s offerings and global messaging.Reflecting on his tenure at Tiffany, Arnault stated in a social media post:“Four years ago, I had the privilege to help reimagine Tiffany &…

A rare 18th-century diamond necklace, previously part of the Marquess of Anglesey’s collection, achieved a remarkable sale price of CHF 4,260,000 (USD 4,837,060) during Sotheby’s Royal and Noble Jewels auction in Geneva on 13 November. The sale, which drew international attention, saw the necklace more than double its low estimate of CHF 1,600,000 following a seven-minute bidding war between seven interested parties.A Piece of HistoryThe necklace, featuring over 300 carats of diamonds likely sourced from India’s Golconda mines, is a notable example of Georgian-era craftsmanship. With its three rows of diamonds and tasselled design, it was likely created for European royalty…

The International Gemological Institute (IGI) has announced the return of its annual global jewellery design competition, IGI Expressions 2024-25. Now in its fourth year, the competition invites participants worldwide to explore the theme “A Journey to the Enchanted Forest”, drawing inspiration from classic fairy tales to merge fantasy and reality in their jewellery designs.Design Categories and Submission FormatsThe competition is open to student, amateur, and professional designers, allowing creativity across the following categories:Submissions can be presented in diverse formats, including CAD renderings, manual sketches, or digital tablet designs. The competition aims to cater to a wide range of artistic skills and…

Speaking at the 2024 KP Plenary in Dubai, World Diamond Council (WDC) President Feriel Zerouki urged stakeholders to work together to update the Kimberley Process (KP) framework for conflict diamonds to ensure the sector’s long-term sustainability.Broadening the Definition of Conflict DiamondsA key focus of the plenary was expanding the definition of conflict diamonds. Currently, the KP categorises these as rough diamonds used by rebel groups to finance efforts against legitimate governments. This definition excludes issues linked to state actors or broader concerns regarding human rights abuses and ethical sourcing.Zerouki noted that the WDC, in collaboration with the Civil Society Coalition,…

The Aga Khan Emerald, a rare 37.41-carat square-cut green gemstone, has become the most expensive emerald ever sold at auction, achieving nearly $9 million at Christie’s Geneva. This sale highlights the strong demand for high-value coloured gemstones, particularly emeralds, in the jewellery market.A Piece with Historical SignificanceThe emerald, set in a Cartier brooch surrounded by 20 marquise-cut diamonds, was commissioned in 1960 by Prince Sadruddin Aga Khan for British socialite Nina Dyer. After their brief marriage, Dyer auctioned the piece in 1969 to support animal welfare initiatives.The brooch was later acquired by Van Cleef & Arpels and subsequently by Harry Winston,…

A dispute over the ownership and value of the 70-carat “Idol’s Eye” diamond has brought two branches of Qatar’s royal family into a legal confrontation at London’s High Court. The conflict centres on the rights to purchase the historic gemstone, with Sheikh Hamad bin Abdullah Al Thani, cousin to Qatar’s Emir Sheikh Tamim bin Hamad Al Thani, and his company QIPCO on one side, and the family of the late Sheikh Saud bin Mohammed Al Thani on the other.The “Idol’s Eye” Diamond: Historical ContextThe “Idol’s Eye,” known for its storied history, has been in Sheikh Saud’s possession since the early 2000s.…

Vacheron Constantin, the Swiss watch manufacturer owned by Richemont, has launched a global certified pre-owned (CPO) programme in collaboration with secondary watch retailer Watchfinder. This initiative aligns Vacheron Constantin with other luxury watch brands that have ventured into the pre-owned market, aiming to offer collectors a secure, authenticated channel for purchasing pre-owned timepieces. The programme will expand to additional authorised vendors and be available alongside auction house sales.Rise of the Certified Pre-Owned MarketIn recent years, the luxury pre-owned watch market has grown significantly due to increased interest in watches as investment assets and heightened demand for limited models. A 2023 Boston…

The Natural Diamond Council (NDC) has published the latest edition of its Diamond Facts report, aiming to counteract perceived misinformation surrounding both natural and laboratory-grown diamonds. This second edition offers insight into a variety of aspects of the diamond industry, from environmental impacts to social conditions, with the intention of equipping consumers and stakeholders with accurate data to inform their choices. The NDC aims to provide a reliable resource to support industry stakeholders and consumers in making informed decisions regarding diamonds.Providing Clarity on Diamond Types and MisconceptionsIn the Diamond Facts report, the NDC underscores its commitment to correcting common misconceptions in…

Tiffany & Co. and the Council of Fashion Designers of America (CFDA) have announced the 10 finalists for the Tiffany & Co. x CFDA Jewelry Designer Award. This award, the first collaboration of its kind between Tiffany & Co. and the CFDA, seeks to highlight American jewelry designers with an emphasis on promoting inclusivity within the industry.Finalists and Their BackgroundsThe selected finalists include Symoné Currie (Metal x Wire), Ian Delucca, Marvin Douglas Linares, Angie Marei (Marei New York), Malyia McNaughton (Made by Malyia), Jameel Mohammed (Khiry), David Perry, Maggi Simpkins, Hi Vu, and Pamela Zamore. Each designer brings a commitment to…

The British Academy of Jewellery (BAJ) recently held a jewellery exhibition at its Camden campus in collaboration with Martin’s Gems, a precision gem-cutting business led by Martin Prinsloo. This event showcased jewellery created by BAJ students as part of a project incorporating gemstones provided by Prinsloo’s company.Showcasing Student CreationsNine jewellery pieces were exhibited, each featuring a gemstone provided by Martin’s Gems. The collection included Rhodolite Garnet, Lavender Quartz, and Topaz, giving students the opportunity to design and produce pieces that showcased the gemstones alongside their own craftsmanship.Martin’s Gems, a UKFCG-certified gem-cutting company based in London, has previously collaborated with BAJ on…

HB Antwerp, a diamond producer start-up with a focus on traceability and sustainability, has earned the 12th spot on Fortune’s 2024 Change the World list. Since its founding in 2020, HB Antwerp has focused on returning value and economic benefits to Botswana, one of the world’s leading diamond-producing countries. Unlike established business models, HB Antwerp’s approach redefines transparency and shifts significant revenue to countries of origin through an innovative blockchain-backed structure.Commitment to Botswana’s Economic DevelopmentHB Antwerp’s model aims to ensure that diamond-producing countries receive a fair share of the industry’s profits. Rather than following conventional methods where foreign companies retain a…

The Gemological Institute of America (GIA) has announced it will close its laboratory in Ramat Gan, Israel by the end of 2024. This decision is in response to a sustained decline in local client submissions, attributed to shifts in the global diamond industry. Despite cost-cutting efforts and a reduction in staff, the Ramat Gan lab has become financially unsustainable. GIA President and CEO Susan Jacques stated, “Israel continues to be an important center for specialized diamond cutting and polishing. We will provide services for our clients through other GIA locations.”Since opening in 2012, the Ramat Gan lab has served as a regional…

The Great Mughals: Art, Architecture and Opulence9 November 2024 – 5 May 2025V&A South Kensington, LondonOverviewThe Victoria and Albert Museum (V&A) in London has announced its first large-scale exhibition dedicated to the “Golden Age” of the Mughal court, a period from approximately 1560 to 1660. This exhibition, titled The Great Mughals: Art, Architecture and Opulence, will run from 9 November 2024 to 5 May 2025, featuring over 200 rare objects from the museum’s collections and international loans. The exhibition will examine the cross-cultural exchange within the Mughal courts, where artists from Hindustan, Iran, and Europe collaborated to create a distinctive hybrid art…

Diamond prices continued to fall in October, though at a slower pace than in previous months, according to latest Rapnet Diamond Index figures.Consumer demand in the US ahead of the holiday season provided some stability, but manufacturers remained under pressure to reduce inventory, often at discounted prices.Diamond Price Index Reflects Slower Rate of DeclineThe RapNet Diamond Index (RAPI™) recorded a 1.5% decline for 1-carat round diamonds in October, reflecting a gentler drop than in September. Smaller diamonds were also affected, with 0.30-carat stones falling 0.6%, 0.50-carat stones by 2%, and 3-carat stones down by 0.5%. Pear and oval shapes saw…

Pandora reported an 11% year-over-year organic growth for the third quarter of 2024, raising revenue to 6.1 billion Danish kroner (DKK). This growth includes a 7% increase in like-for-like (LFL) sales, 5% from network expansion, and a -1% impact due to adjustments in inventory management with retail partners.Year-to-date revenue for the first nine months reached DKK 19.71 billion, marking a 15% organic growth compared to the previous year.Growth Driven by “Phoenix” Strategy and New CollectionsPandora’s investments under its Phoenix strategy focus on brand development, design, markets, and personalisation. This quarter saw a 2% LFL growth in Pandora’s “Core” segment, which…

Diamonds Do Good (DDG) has allocated over $250,000 in grants for 2024 to support initiatives in education, empowerment, and economic development across diamond-producing and manufacturing regions. This funding stems from contributions raised at the 2024 DDG Awards and additional fundraising efforts, with a goal of promoting sustainable growth in these communities.Urban Transition Centres for Children of Migrant Diamond Workers in IndiaFor 2025, DDG has partnered with the American India Foundation (AIF) to establish the Diamonds Do Good Urban Transition Centres. These centres will provide educational and cultural support for children of migrant workers in India’s diamond-cutting industry, easing their transition between…

In the Fall edition of Gems & Gemology, the Gemological Institute of America (GIA) shared findings on three natural diamonds with unusual inclusions creating animal and mask-like visual forms. While inclusions may be common, the distinct shapes observed in these diamonds — a butterfly, a fish, and a theatre mask — are rarely seen. The GIA’s observations highlight how natural inclusions can become a point of interest, potentially appealing to jewellers and clients seeking nature-inspired or one-of-a-kind jewellery.Butterfly Kaleidoscope and Tiny FishOne of the diamonds graded by the GIA, a 1.55-carat, G-color, I1-clarity round stone, contained a feather inclusion that created…

Botswana’s newly elected president, Duma Boko, has announced his intention to expedite negotiations for a new diamond sales agreement with De Beers – a deal that will have significant implications for Botswana’s diamond industry.According to data from Botswana’s central bank, Debswana’s rough diamond sales dropped by around 52% in the first nine months of 2024. This decline highlights the need for a steady, beneficial agreement for Botswana’s economy, where diamonds remain a central revenue source.A Decade-long Diamond Pact Under NegotiationIn 2023, De Beers and Botswana’s government agreed in principle to a diamond sales framework that aims to gradually increase Botswana’s…

The 2024 CIBJO Congress gathered global jewellery industry leaders to address key issues around consumer confidence, sustainable practices, and standardised terminology.Hosted by the China Gem and Jade Exchange, Diamond and Gems Administration of China and the Donghao Lansheng Group, the congress explored the challenges facing the industry and the shared responsibility of jewellers worldwide.Protecting Consumer Confidence Amid UncertaintyThe opening addresses emphasised the industry’s collective duty to uphold consumer trust. CIBJO President Gaetano Cavalieri underscored that consumer confidence is central to the value of jewellery, built upon an “unwritten contract” with consumers that must be honoured through responsible business practices. As…

Independent jeweller Steffan’s has announced the closure of its flagship store in Northampton, as founder Steff Suter prepares to retire and shift the business focus to the Market Harborough location. A closing down sale, starting on 9 November, will mark the end of an era for the brand, which has been part of Northampton’s retail landscape since 1976.A Legacy of Almost Five Decades in NorthamptonSteffan’s first opened its doors in Abington Square, Northampton, in 1976 after Steff Suter, then 24, decided to start his own business upon being made redundant from another jeweller. “I was working at another local jewellers but…

Baker Brothers, a name in Bedford’s jewellery sector for over 185 years, has opened a new boutique at 21 St Peter’s Street, a short distance from its original location. The opening ceremony welcomed local figures, including the Mayor of Bedford and the Lord High Sheriff. Co-directors Lizzie and Rebecca McAuley led the unveiling, reflecting on the company’s connection to Bedford and its ongoing mission to serve the community.Rolex Service Centre and ShowroomA key addition to the new location is a Rolex Authorised Service Centre, where watchmaker Jimmy Sheridan provides maintenance and repair services using genuine Rolex parts. The centre is equipped…

Monica Vinader has announced the opening of its first boutique in Scotland, located on George Street in Edinburgh. This flagship store expands the brand’s portfolio to 25 locations across the UK, US, Hong Kong, and Singapore. Scheduled to open on 9th November 2024, the boutique is the brand’s first in Scotland.Monica Vinader, founder of the brand, stated, “We’re thrilled to open our first standalone boutique in Scotland. From our digital business, we know that we have a devoted community in Scotland, particularly in Edinburgh, so we wanted to bring our full-service offering closer to them, including piercing and welding services which…

The diamond-cutting and polishing industry in Surat, India’s largest diamond hub, has announced an unprecedented month-long shutdown until November 30, a significant extension from its usual two-week Diwali closure. The decision comes in response to diminished demand for natural diamonds from the United States and China—historically the sector’s two most significant markets. The industry slowdown is impacting roughly 5,000 diamond processing units in the city and nearly 800,000 workers employed across these facilities. Weakening Global Demand and Geopolitical ChallengesSurat’s diamond sector, which processes nine out of every ten diamonds globally, has struggled with ongoing challenges in its key export markets. The United States…

India’s diamond export sector is facing ongoing declines, with recent data from the Gem and Jewellery Export Promotion Council (GJEPC) indicating a 22.9 per cent year-on-year drop in the export of polished diamonds for September. This downturn follows a similarly sharp decline in August, where exports decreased by 23.8 per cent compared to the previous year. The trend reflects persistent challenges in India’s diamond industry, primarily driven by fluctuations in global demand and ongoing supply chain pressures.Monthly Sales Reveal Uneven TrendsDespite the pronounced year-on-year drop, monthly sales figures suggest some fluctuation within the market. Total foreign sales of polished diamonds reached…

The World Federation of Diamond Bourses (WFDB), led by President Yoram Dvash, has called for a coordinated industry initiative to address falling demand for natural diamonds. Dvash directed his appeal to stakeholders across the diamond sector, emphasising the importance of substantial, collaborative investment, particularly from diamond-producing countries.Shifting Perceptions of Diamonds Among New GenerationsIn an open letter, Dvash noted that changing consumer perceptions may be linked to the absence of industry-wide marketing for natural diamonds over the last two decades. He noted that younger generations, unfamiliar with the once-iconic “A Diamond is Forever” campaign, have developed a different perspective, one that is…

New York-based Eshli Fine Jewelry has partnered with Gemfields to produce a range featuring Zambian emeralds sourced from the Kagem mine. The collaboration underscores both companies’ focus on responsible sourcing and quality, presenting pieces made with traceable emeralds.Emphasis on Responsible SourcingGemfields, a leader in responsibly mined coloured gemstones, owns the Kagem mine in Zambia, a key source of emeralds. Eshli Fine Jewelry, a family-owned business focused on natural gemstones, aligns with Gemfields in its commitment to sustainability, sourcing emeralds directly from Kagem as part of a traceable supply chain.“By sourcing our emeralds from Kagem in Zambia, we ensure that they are…

Diamond sales from Debswana, the joint venture between De Beers and the Botswana government, dropped significantly in the first three quarters of 2024. According to the Bank of Botswana, Debswana’s diamond revenue fell by 52%, dropping from $3.19 billion in the same period last year to $1.53 billion. This decline highlights challenges in the global diamond market, which have impacted Botswana’s economy, heavily reliant on diamond exports for a substantial portion of its revenue.Impact on Botswana’s EconomyBotswana’s diamond industry is a central pillar of its economy, accounting for 30%-40% of government revenue, 75% of foreign exchange earnings, and about one-third of…

London Museum, in collaboration with the Goldsmiths’ Centre, is featuring handmade jewellery by emerging UK designers in-store at London Museum Docklands. This initiative highlights the work of five jewellers and silversmiths: Xinyi Chen, Suzanne Seed, Cara Lowe, Jo Boateng, and Caitlin Murphy. Each designer’s collection combines historical and cultural themes with sustainable materials and modern techniques, aligning with the museum’s narratives of London, the River Thames, and the Docklands’ trade history.The Goldsmiths’ Centre, on behalf of the Goldsmiths’ Company and Charity, leads this retail project, which precedes the planned 2026 opening of a new museum site at Smithfield. Through this collaboration,…

The British Academy of Jewellery (BAJ) has announced an online info-session for businesses interested in hiring apprentices. The session, scheduled for 6 November 2024, aims to provide jewellers and jewellery industry employers with insights into the advantages and logistics of hiring apprentices trained specifically for the industry.Targeted Support for Industry EmployersThe online info-session will run from 16:00 to 17:00 and is open to jewellery industry stakeholders, including business owners, brand representatives, workshop managers, training managers, and HR professionals. BAJ’s apprenticeship programme aligns with current standards for the Jewellery, Silversmithing and Allied Trades Professionals, providing specialised training for the sector.Gary Wroe, Managing…