Author: Ruchi Singla

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…

Boston-based RR Auction recently concluded its “Space Auction,” with lots including multiple watches with historic ties to space missions, such as a Rolex GMT-Master worn during the Apollo 14 mission by astronaut Edgar Mitchell. Apollo-Flown Rolex GMT-Master Achieves Record-Breaking $2.2 Million SaleThe centrepiece of the auction was astronaut Edgar Mitchell’s Rolex GMT-Master “Pepsi” watch, which sold for $2.2 million, far surpassing its estimated sale price of over $400,000. This rare piece of space memorabilia is only the second Rolex worn on an Apollo mission to be sold publicly. The first was astronaut Ron Evans’ Rolex GMT-Master from Apollo 17, which went…

In the first Labour budget, Chancellor Rachel Reeves introduced a series of fiscal measures which will affect the jewellery sector. Key changes include a 40% business rates relief for retail, hospitality, and leisure businesses, coupled with increases in employer National Insurance (NI) contributions and the National Living Wage. The budget reflects the government’s focus on economic recovery and addresses concerns around retail crime, wage growth, and fiscal responsibility. Here’s what jewellers need to know.Business Rates Relief and New Challenges for 2025The Chancellor announced a 40% business rates relief effective from April 2025 for the retail, hospitality, and leisure sectors, capped at £110,000…

AG Group, the parent company of Allied Gold and Brown & Newirth, has announced the establishment of an in-house assay office at its group headquarters, in partnership with the Sheffield Assay Office. This collaboration represents the first sub-office in the Sheffield Assay Office’s 251-year history, with operations at the facility scheduled to commence in January 2025.Streamlined Operations and Hallmarking ExcellenceThe in-house assay office will allow AG Group to streamline hallmarking for its range of wedding and engagement rings, chain, and fine diamond jewellery, with pieces bearing Sheffield’s historic ‘Tudor Rose Town’ mark. The facility will integrate X-Ray Fluorescence and laser technologies to…

The National Association of Jewellers (NAJ) has begun the nomination process for the 2024 NAJ Chair’s Award, an annual recognition honouring notable contributions to the jewellery industry by an individual or business. Sponsored by Presman Mastermelt, the award will be presented during the Benevolent Society Christmas Ball at the Grand Hotel in Birmingham on 5th December.Recognising Dedication to the Jewellery IndustryThe NAJ Chair’s Award, introduced to celebrate enduring commitment within the UK jewellery sector, acknowledges figures or organisations that exemplify dedication and service. Last year’s award went to high street jeweller Beaverbrooks, commended for its contributions to staff welfare, values, and…

The Gemmological Association of Great Britain (Gem-A) has issued a last reminder for professionals in gemmology to register for the upcoming Gem-A Conference 2024. The conference, taking place on November 2-3 at etc.venues County Hall in London, is expected to attract gemologists, jewellers, auctioneers, and researchers from around the world. With registration closing on October 28 at 9 AM, this is the final opportunity for new delegates to secure their tickets.Event Highlights and StructureThe Gem-A Conference, the Association’s key event, features two days of talks, networking opportunities, and hands-on learning. The agenda includes a mix of lectures by leading figures in…

De Beers Group has announced an expansion of its diamond traceability initiatives, revealing plans to provide specific country of origin data for all newly registered diamonds over 0.5 carats in polished size, starting from 2025. This development, supported by Tracr, De Beers’ blockchain-based platform, represents a step forward in transparency and ethical sourcing within the diamond industry.New Tracing Capabilities for Diamonds Above 0.5 CaratsFrom 2025, De Beers will register the country of origin for rough diamonds above 1 carat in size (equivalent to 0.5 carats polished) on the Tracr platform. This initiative aligns with the size thresholds for new diamond import…

Russia’s Finance Ministry is reportedly evaluating the potential acquisition of additional rough diamonds from state-controlled Alrosa in 2025, with the purchases made through Gokhran, Russia’s State Precious Metals and Gemstones Repository and with the intention of supporting Alrosa’s liquidity given current market challenges.Russia’s Deputy Finance Minister Alexei Moiseyev confirmed that discussions are underway, stating, “We are considering this possibility… In order to allow Alrosa the opportunity to be calm and not feel obliged to sell on the market in order to maintain its liquidity position. Because the market looks alarming.”Alrosa’s Financial Stability and Government SupportAlrosa, one of the world’s largest…

Fabergé has introduced two new items as part of its collaboration with the James Bond franchise, marking the 60th anniversary of Goldfinger (1964). The new creations include a Goldfinger Egg Safe Locket with a ruby heart surprise, and a statement Octopussy ring, each designed with Fabergé’s distinctive craftsmanship.These pieces are part of the Fabergé x 007 collection, created in partnership with EON Productions. The designs incorporate elements from the James Bond films alongside Fabergé’s signature craftsmanship.Fabergé x 007 Goldfinger Egg Safe LocketThe Goldfinger Egg Safe Locket is the first piece in the new Goldfinger capsule collection. Crafted in 18k yellow gold,…

The International Colored Gemstone Association (ICA) has announced that its 20th Congress will be held in Brasilia, Brazil, from 19 to 22 May 2025. The event, co-hosted by the Brazilian Gems and Jewellery Trade Association (IBGM), will centre around the theme “Gems for Generations.” This theme will focus on sustainability within the coloured gemstone supply chain and aim to build consumer confidence, ensuring the industry’s long-term viability.A Platform for Global ExchangeThe ICA Congress, a biennial event, is a key fixture in the coloured gemstone industry’s calendar, bringing together professionals from across the globe. The 2025 edition follows the success of the…

Moses Madondo, CEO of De Beers Group Managed Operations, recently shared his opinion that the global supply of natural diamonds has peaked.Speaking at the Joburg Indaba, a resources and mining conference in South Africa, Madondo outlined the ongoing reduction in diamond production and warned that no major new deposits are expected. “We must recognise that we are already past the peak for diamond supply. Despite extensive exploration, only one commercial discovery – the Luele mine in Angola – has been made in the twenty-first century,” he said on the second day of the conference on 4 October.Production Decline and Market…

The National Association of Jewellers (NAJ) has announced the winners of the 2024 NAJ Awards, recognising professionals and businesses within the UK jewellery industry.Supported by headline sponsor Curteis, the event brought together 314 guests to celebrate winners across 14 categories.Claire Davies, Operations Director at Curteis, expressed the company’s pride in sponsoring the awards, stating, “We are delighted to continue our support for this year’s NAJ Awards and extend our heartfelt congratulations to all the remarkable winners honoured during the event. Their achievements truly reflect the exceptional talent within our industry. We also wish to express our gratitude to the NAJ…

Rio Tinto has launched its 2024 Beyond Rare Tender – collection of 48 diamonds including seven historical diamonds, referred to as the “Old Masters”. This collection, part of the second instalment of the company’s Art Series, is titled Colour Awakened and includes a range of pink, red, violet, and yellow diamonds from Rio Tinto’s inventory.The “Old Masters” are round brilliant cut stones from the Argyle Diamond Mine, which ceased operations in 2020, ranging in size from 0.60 to 2.63 carats, with some discovered as early as 1987.Sinead Kaufman, Chief Executive of Rio Tinto Minerals, remarked: “No other mining company in…

Hill & Co has released its first instalment in a new series of reports titled The Business of Jewelry Report. This comprehensive publication, titled “Breaking the Chain”, is designed to offer insights and strategies to help jewellers navigate the evolving landscape of supply chains and consumer behaviour. The report aims to address key challenges such as supply chain consolidation, technological advancements, and shifting consumer demands.Supply Chain Disruption and Strategic AdaptationAt the core of the report is the theme of shortening and streamlining jewellery supply chains. Hill & Co. challenges businesses to consider whether the traditional supply chain model is still…

The Responsible Jewellery Council (RJC) Board has approved a revised definition for recycled materials at its most recent board meeting in Paris. The updated definition, along with corresponding implementation guidance, is set to be officially introduced in the December 2024 edition of the RJC Chain of Custody (COC) standard. This development is part of the organisation’s ongoing efforts to reinforce responsible practices across the jewellery supply chain.Standards Committee Meeting in LondonThe RJC will hold its second in-person Standards Committee meeting for 2024 in London from 16-18 October. This gathering will focus on finalising revisions to the Code of Practices (COP) standard…

Virginia “Gina” C. Drosos, CEO of Signet Jewelers, the world’s largest diamond jewellery retailer, has announced her intention to retire on 4 November 2024. Drosos has served as CEO for seven years and as a member of the Board of Directors for twelve. The Board of Directors has appointed J.K. Symancyk succeeded Drosos, effective upon her retirement. Drosos will remain an advisor through the end of the fiscal year to support a smooth transition.Strategic Leadership and Business GrowthDuring her time at Signet, Drosos spearheaded a strategic transformation that significantly strengthened the business. Helen McCluskey, Chair of Signet’s Board of Directors,…

The British Academy of Jewellery (BAJ) hosted its 2023/2024 London Final Show at its Camden campus, bringing together students, industry professionals, and family to celebrate the next generation of jewellers. The event showcased nearly 200 pieces of student work from both Further and Higher Education programmes, reflecting a high level of creativity, craftsmanship, and design innovation. Alongside these creations, design journals and process insights provided a deeper look into the journey behind each piece.Industry Engagement and CollaborationThe event attracted over 30 representatives from across the jewellery industry, reflecting the Academy’s ongoing efforts to bridge the gap between education and professional practice.…

Sotheby’s Paris will hold a significant auction on 10 October, featuring more than 70 pieces of jewellery from the personal collection of Dame Shirley Bassey. The British singer, known for her performances of three James Bond theme songs, is auctioning the pieces to benefit her chosen charities. This marks the first time Dame Shirley has offered her collection for sale, providing collectors and admirers a unique opportunity to acquire jewellery that has played a part in her storied life and career.Iconic Pieces from an Iconic CareerDame Shirley, who has sold over 140 million records and enjoyed a career spanning seven decades,…

According to a new report by CRISIL ratings, India’s natural diamond polishing industry is projected to see revenues fall by 25-27% this fiscal year, reaching approximately $12 billion, a low not seen in the past decade. This drop is primarily driven by weaker demand in key export markets such as the United States and China, a 10-15% reduction in diamond prices due to oversupply, and a growing consumer preference for lab-grown diamonds (LGDs), which are seen as a lower-cost alternative to natural diamonds.This fiscal year marks the third consecutive year of revenue contraction for the industry, following a 29% decline in…

On 26 September 2024, Gaetano Cavalieri, President of CIBJO (The World Jewellery Confederation), addressed the 79th session of the United Nations General Assembly (UNGA) in New York. Speaking on behalf of the global jewellery, gemstone, and precious metals industries, Cavalieri spoke on the jewellery industry’s efforts towards supporting the UN’s Sustainable Development Goals (SDGs), stating that “our world faces unprecedented challenges, but together we still have the opportunity to construct a better future for all, building resilience and leaving no one behind.”CIBJO, which has held Special Consultative Status with the UN’s Economic and Social Council (ECOSOC) since 2006, was one of…

A new report by Positive Luxury, titled The Future of Jewellery and Watches, provides  new analysis of sustainability practices and challenges within the luxury jewellery and watch sectors, outlining key environmental and social impacts and identifying areas where progress is needed.Key Challenges in Supply Chain TransparencyAccording to the report, the complexity and opacity of supply chains remain a major hurdle for the luxury jewellery and watch industries. Although products may be crafted from recyclable materials and are often designed to last for generations, ensuring transparency in sourcing and manufacturing processes is a persistent issue. The report categorises the industry’s pressing concerns…

Beaverbrooks has reported record turnover for the financial year ending February 2024, accompanied by a decline in profit compared to the previous year.The company’s turnover rose to £228.6 million, up from £225 million the previous year. However, operating profit dropped to £10.5 million from £25.7 million, primarily due to increased operating costs and substantial long-term investments.Financial Performance and Investment StrategyThe decline in profit has been attributed to heightened operational costs and significant investments in the business’s growth and infrastructure. Beaverbrooks has continued to focus on expanding its store network and improving its service offerings. The company has invested over £15.3…

Baunat has launched a new brand, Valquère, that integrates lab-grown and natural diamonds, produced in Belgium and using recycled 18Kt gold and lab-grown diamonds. Commenting on the dual use of diamond types, Stefaan Mouradian, CEO of the Baunat Group, stated, “Both natural and lab grown diamonds present unique advantages. Natural diamonds carry a rich history and offer long-term investment value, while lab grown diamonds deliver exceptional brilliance and quality at a more accessible price point. In the end, both options are indistinguishable in terms of sparkle, beauty, and texture. A diamond is a diamond, and the decision comes down to personal…

Sotheby’s has announced the auction of a rare 18th-century diamond necklace at its upcoming Royal and Noble Jewels sale in Geneva on 11 November 2024. The piece, which may include diamonds linked to the “Affair of the Diamond Necklace” scandal involving Marie Antoinette, has not been publicly displayed for 50 years. Weighing approximately 300 carats, the necklace is expected to sell for between CHF 1.6 million and CHF 2.4 million ($1.8 million – $2.8 million).Historical Background and ProvenanceThe necklace, likely created in the decade before the French Revolution, is a significant example of Georgian jewellery. While its exact origins are not recorded,…