Author: Ruchi Singla

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 Process On 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…

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 Cause…

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 Eligibility Open 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…

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 Report ASGM 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…

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 Mechanisms The NDC’s current budget…

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 Growth MRI 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…

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 Market The 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…

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 Reinstatement CAR’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…

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 Innovation The 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.…

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…

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 History The 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…

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 Formats The 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…

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 Diamonds A 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…

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 Significance The 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…

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 Context The “Idol’s Eye,” known for its storied history, has been in Sheikh Saud’s possession since…

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 Market In 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.…

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 Misconceptions In the Diamond Facts report, the NDC underscores its commitment to correcting…

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 Backgrounds The 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…

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 Creations Nine 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…

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 Development HB 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…

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…

The Great Mughals: Art, Architecture and Opulence9 November 2024 – 5 May 2025V&A South Kensington, London Overview The 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…

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 Decline The 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…

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 Collections Pandora’s investments under its Phoenix strategy focus on brand development, design, markets, and personalisation. This quarter saw a 2% LFL growth in Pandora’s…

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 India For 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…

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 Fish One of the diamonds graded by the GIA, a 1.55-carat, G-color, I1-clarity round stone, contained a feather…

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 Negotiation In 2023, De Beers and Botswana’s government agreed in principle to a diamond sales framework that aims to…

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 Uncertainty The 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…

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 Northampton Steffan’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…

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 Showroom A 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…