Author: Ruchi Singla

De Beers has reduced prices for its rough diamonds by 10% to 15% at its final sight of 2024, according to industry sources. The adjustment, applicable to most diamond categories, seeks to address weak demand and better reflect open market pricing.Addressing Price DisparitiesThe price cuts aim to narrow the gap between De Beers’ rough diamond prices and goods sold at tenders and auctions, which were reportedly 20% to 25% cheaper in some categories. Sightholders had expressed concerns about De Beers maintaining price levels despite declining demand.A De Beers spokesperson declined to comment on the price changes but mentioned stabilisation in polished…

Footfall across UK retail locations fell by 4.5% year-on-year in November 2024, according to data from the British Retail Consortium (BRC) and Sensormatic. The decrease contrasts with a smaller decline of 1.1% recorded in October.Shopping centres saw the steepest drop at 6.1%, compared to 3.7% for high streets and 1.1% for retail parks. All four nations of the UK experienced a reduction in footfall, with Wales seeing the largest decline at 7.1%, followed by Scotland at 6.8%, England at 4.2%, and Northern Ireland at 2.8%.Challenges Impacting RetailersCommenting on the data, Helen Dickinson, Chief Executive of the British Retail Consortium, said:”Footfall…

Angola has replaced Russian diamond miner Alrosa with Maaden International, an Omani investment fund, in its diamond-mining operations. Alrosa, the Russian state-controlled diamond miner, previously held a 41% stake in the Catoca diamond mine, one of the largest globally. The company has faced sanctions from the United States, United Kingdom, and European Union since 2022, linked to Russia’s invasion of Ukraine.“Sanctions on the Russian diamond industry created difficulties for the Angolan diamond industry and for the credibility of our diamonds in the international market,” said Angola’s Mining Minister, Diamantino Azevedo. He explained that President João Lourenço directed the Ministry of Mineral…

The World Platinum Investment Council (WPIC) has forecasted a global platinum supply deficit for the third consecutive year in 2025, citing constrained mine output despite improvements in recycling. The deficit is projected to reach 539,000 troy ounces, down from the revised 682,000-ounce shortfall expected in 2024.The imbalance reflects a combination of increasing demand in key sectors such as automotive and jewellery and declining mined supply, particularly in South Africa, the largest producer of platinum globally.Automotive Demand Reaches Eight-Year HighThe automotive sector is projected to consume 3.2 million ounces of platinum in 2025, marking its highest demand since 2017, according to…

The UK Jewellery, Silverware, and Allied Crafts (UKJSAC) Roundtable has presented its insights to the Department for Business and Trade in response to the government’s Industrial Strategy Green Paper, which was unveiled in September. This consultation, named ‘Invest 2035’, aims to shape the UK’s long-term economic strategy by identifying growth opportunities across various sectors, including the creative industries.The UKJSAC Roundtable’s submission focuses on the jewellery sector’s economic, social, and cultural contributions. It aligns with the government’s recognition of Precious Metals and Gemstones as important components of the creative industries.Ben Massey, Chief Executive of the National Association of Jewellers (NAJ), remarked:”Our collective…

Recent research from Capital on Tap reveals that UK consumers are willing to pay a premium for jewellery from independent businesses, particularly during the holiday shopping season. The findings highlight the value customers place on unique and personalised offerings, which could present opportunities for jewellers to adapt their marketing and product strategies.Jewellery Among Top Items for Spending PremiumsThe study surveyed 2,000 UK adults to explore shopping preferences with small businesses. Jewellery ranked as the second-highest category for additional spending, with consumers prepared to pay an average of £20.58 more for jewellery from smaller sellers. This placed jewellery just behind art…

Botswana is set to establish an export certification system for rough diamonds in collaboration with the G7 diamond technical team. This move aims to bolster traceability measures, ensuring compliance with G7 restrictions on Russian-origin diamonds while supporting global efforts to enhance transparency in the diamond trade.The collaboration follows the G7’s introduction of an import ban on Russian diamonds, which came into effect on 1 January 2024. This ban was further extended on 1 March 2024 to cover Russian diamonds processed in third countries. To support these measures, the first certification node capable of verifying diamond origins became operational in the European Union…

The diamond industry is navigating a period of significant transformation, as highlighted in a recent report by McKinsey & Company. Natural diamond prices have fallen to multi-year lows, driven by shifting consumer preferences, the rise of lab-grown diamonds (LGDs), and increasing focus on environmental, social, and governance (ESG) concerns. McKinsey’s analysis underscores the need for industry players to adapt to these evolving market dynamics to remain competitive.Natural Diamond Prices Under PressureMcKinsey notes that natural diamond prices have declined sharply following a pandemic-driven surge. The reversal is attributed to several factors, including the rapid growth of LGDs, which offer affordability and…

Russia’s state-controlled diamond mining company Alrosa has announced plans to scale back production and reduce its workforce in 2025. This decision, according to CEO Pavel Marinychev, follows a period of declining diamond prices, weaker global demand and the impact of Western sanctions.Impact of Sanctions and Market DeclineAlrosa, the world’s largest producer of rough diamonds by volume, has described the global diamond market as being in a “deep crisis”, highlighting that prices have declined for the second consecutive year. Compounding these difficulties are G7 and EU sanctions – to manage these pressures, the company plans to suspend operations in areas with limited…

Luk Fook has reported a 27.2% decline in revenue for the six months ending 30 September 2024, amounting to HKD 5.45 billion, a decline mainly attributed to elevated gold prices affecting consumer demand. The gross profit margin increased by 4.9 percentage points to 32.7%, resulting in a gross profit of HKD 1.78 billion.Impact of Gold Hedging and Net ProfitGold hedging losses during the period reached HKD 230 million, marking a significant reversal from the HKD 55 million gain recorded in the same period last year. Operating profit dropped by 53% to HKD 536 million, with the operating profit margin decreasing to…

Digital marketplace Nivoda has announced the successful raising of $51 million in its latest funding round. The funding will support Nivoda’s plans to enhance its supply chain operations and expand its marketplace to include a broader range of jewellery products.Funding Details and Future PlansThe investment round was led by Northzone, a new investor, with participation from existing investors Avenir, Headline, Abstract Ventures, and Canaan Partners. This funding brings Nivoda’s total raised capital to $96 million.“Nivoda has quickly emerged as a category-defining company that powers small retailers around the world. Nivoda is building a truly pioneering technology platform that creates value…

The Gemological Institute of America (GIA) has expanded its Board of Governors with the addition of two new members: Lisa Bridge, President and CEO of Ben Bridge Jeweler, and Dr Wendy Bohrson, Professor of Geology at the Colorado School of Mines. New Members Bring Industry and Academic ExpertiseLisa Bridge is the fifth-generation leader of Ben Bridge Jeweler, a Berkshire Hathaway subsidiary. Her qualifications include a GIA Graduate Gemologist diploma and a Certified Gemologist title from the American Gem Society (AGS). Bridge has held leadership roles in industry organisations, including serving as the immediate past president of the AGS board and as…

De Beers Group has launched its ‘Forever Present’ marketing campaign in the United States to promote natural diamonds during the holiday gifting period. The campaign continues the use of the classic “A Diamond Is Forever” tagline, which was reintroduced to De Beers’ marketing last year.Focus on Emotional ValueThe ‘Forever Present’ campaign promotes natural diamonds as meaningful gifts for commemorating relationships and milestones. Its central message, “natural connections deserve natural diamonds,” positions them as suitable for marking special occasions.The campaign showcases jewellery designs such as studs, tennis bracelets, anniversary bands, three-stone rings, and solitaire pendants. Featuring real-life couples, it seeks to appeal…

Gold prices have hit historic highs, recently surpassing US$2,700 per ounce, sparking industry-wide speculation about what’s driving this surge. While numerous factors influence gold’s value, one question stands out: is the rapid rise of Artificial Intelligence (AI) technologies playing a role? That’s the question that the World Gold Council recently answered, and it’s fascinating reading.Rising Gold Prices and AI DemandOver the past two decades, gold demand in electronics has fluctuated, peaking at 328 tonnes in 2010 before declining to 249 tonnes in 2023. However, a modest recovery is underway, with AI emerging as a significant driver. AI-powered systems, such as those…

A new campaign at London Luton Airport, in collaboration with jeweller Queensmith, aims to protect the element of surprise for those planning secret proposals. The initiative, called “Ask for Harry,” discreetly informs security staff about engagement rings during checks to help maintain the surprise.Addressing Security Challenges for Secret ProposersThe campaign was developed in response to challenges faced by travellers carrying engagement rings through airport security. When prompted with the phrase, “Does Harry still work here?” security staff are informed that the traveller is carrying a hidden engagement ring. While bags and their contents are still subject to standard screening procedures, the…

The European Union (EU) has issued a statement expressing further dissatisfaction with the Kimberley Process (KP) over its inability to address the role of Russian diamonds in the global market amidst the ongoing conflict in Ukraine. This year marks the third consecutive year the KP has failed to reach a consensus on addressing these issues.EU’s Position on the Kimberley ProcessOn 18th November, the EU issued a statement criticising the Kimberley Process, asserting that its inaction undermines both the organisation’s credibility and the reputation of the natural diamond industry. The EU highlighted that addressing Russia’s involvement is essential to uphold the KP’s…

Paris-based jewellery designer Marie Lichtenberg has launched the 2024 Raiz’in collection, a line of more affordable jewellery inspired by her signature designs. This initiative aims to counteract the proliferation of counterfeit versions of her high-end pieces by offering legitimate, budget-friendly alternatives made under her own brand.The Raiz’in collection, which initially debuted in 2023, was conceived to combat counterfeiting and expand accessibility to Lichtenberg’s distinctive style. The 2024 collection introduces six new designs, featuring symbolic motifs such as evil eyes and sunbursts, crafted in materials like 24-karat gold–plated brass, enamel, mother-of-pearl resin, and glitter resin.Affordable Craftsmanship with a CauseThe Raiz’in collection reflects…

The Positive Luxury Awards has announced the launch of its 2025 programme, which celebrates organisations across the luxury sector that are advancing sustainability, innovation, and ethical business practices. These awards spotlight efforts to address critical global challenges while setting higher standards across the supply chain.Award Categories and EligibilityOpen to luxury brands, retailers, and suppliers, the awards span six categories: Jewellery & Watches, Beauty & Fragrance, Fashion & Accessories, Premium Drinks, Travel & Leisure, and Interiors & Living. Applicants will be evaluated on initiatives that demonstrate progress in environmental responsibility, social impact, and governance.Submissions will be assessed by an independent panel…

A new report, Silence is Golden, jointly authored by The Rt. Hon Dominic Raab and the World Gold Council, reveals the extent to which artisanal and small-scale gold mining (ASGM) is exploited to fund conflict, terrorism, and organised crime. The findings outline significant challenges faced by the gold industry, urging global collaboration to address these issues.Key Findings of the ReportASGM accounts for around 20% of the global gold supply and 80% of gold mining employment. However, the report highlights vulnerabilities within the sector, making it a target for exploitation by criminal organisations, armed groups, and corrupt officials.The identified challenges include:The report…

Several global industry bodies are reportedly working on a new initiative to secure $65 million annually for category marketing, aiming to enhance the current budget of the Natural Diamond Council (NDC). This plan follows the withdrawal of Russian diamond miner Alrosa from the NDC in early 2022, with . discussions taking place during the Dubai Diamond Conference, according to NDC CEO David Kellie in a recent interview.The funding proposal, which remains under discussion, seeks to ensure broader financial support from across the industry, creating a more sustainable and representative marketing framework.Goals and Proposed MechanismsThe NDC’s current budget stands at $35 million,…

Retail footfall across the United Kingdom showed significant growth in Week 46, marking a positive shift in activity levels after the school half-term break according to data from MRI Software.The rise indicates a strong start to the festive shopping season, with high streets, shopping centres, and retail parks all benefiting from increased consumer engagement.Weekly and Regional Footfall GrowthMRI Software reported a 4.5% week-on-week increase in footfall, with high streets seeing a rise of 4.7%, shopping centres 4.8%, and retail parks 3.7%. The highest daily spikes occurred on Sunday, with a 7.6% increase, and Wednesday, which saw a 5.5% rise. These…

The global luxury market is forecasted to reach nearly €1.5 trillion in 2024, according to the latest Bain & Company report in collaboration with Altagamma. While overall growth is expected to remain flat, professional jewelers can take note of the jewelry sector’s resilience compared to other luxury categories facing even greater challenges.Jewelry Outperforms in a Slowing Personal Luxury Goods MarketThe personal luxury goods market is experiencing its first slowdown since the Great Recession, excluding the pandemic years, with an expected 2% decline at current exchange rates compared to 2023. This contraction is attributed to ongoing economic uncertainty, price increases, and reduced…

The Central African Republic (CAR) has been reinstated as a full participant in the Kimberley Process (KP), ending an 11-year suspension initially imposed due to concerns over the use of diamond revenues to fund armed conflict. This reinstatement allows CAR to export rough diamonds from all regions within its borders, broadening the previous restriction to select “green zones” that met KP compliance requirements.Background of CAR’s Suspension and ReinstatementCAR’s suspension in 2013 stemmed from allegations that diamonds were financing rebel activities in the country. The Kimberley Process, a global initiative aimed at preventing the trade of conflict diamonds, imposes stringent regulations to…

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.…