Author: Jessica Mabuza

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,…

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.…

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…

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…

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…

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…

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…

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…

The International Gemological Institute (IGI) has announced an initial public offering (IPO) valued at $499 million (Rs 4,225 crore). The IPO will open for subscription from 13 to 17 December, with shares scheduled to list on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on 20 December.Background on IGI and the IPOThe IPO comes following Blackstone Group’s acquisition of IGI for $570 million in May 2023 from Fosun International and former IGI CEO Roland Lorie. The offering values IGI at approximately $3.5 billion.Overview of IGI’s OperationsFounded in Antwerp in 1975 by Marcel Lorie, IGI is the world’s second-largest…

The Pantone Colour Institute has announced its Colour of the Year for 2025: Pantone 17-1230, also known as “Mocha Mousse.” The warm, rich brown hue has been described as embodying connections to the natural world, everyday comforts, and a refined sense of luxury. This selection marks the 26th year of Pantone’s annual Colour of the Year programme, which influences trends across fashion, interiors, and jewellery.Why ‘Mocha Mousse’?According to Leatrice Eiseman, executive director of the Pantone Colour Institute, Mocha Mousse resonates on multiple sensory levels, evoking the comfort and richness of chocolate, coffee, and cacao. This earthy tone was chosen for its ability…

Boodles has reported a pre-tax profit of £18.1m for the latest financial year, despite a 1.3% dip in sales to £104.9m. The company operates high-profile stores across the UK and Ireland, including locations in London, Manchester, Liverpool, Chester, and Dublin.Financial Performance and DividendsIn the accounts filed for Boodle & Dunthorne Ltd, the company noted a slight decline in pre-tax profit from £19.5m in 2023. During the same period, £6.4m in dividends were distributed to shareholders.Despite the minor sales contraction, trading for the current financial year is described as “encouragingly strong,” with significant growth in both revenue and net profit reported to…

India, the world’s largest hub for diamond polishing, is intensifying its call for a domestic diamond export certification centre following the recent establishment of a certification facility in Botswana.The global diamond trade has been navigating significant regulatory changes since the G7’s January 2024 ban on Russian-origin diamonds, extending this restriction to diamonds processed in intermediary countries such as India. By March 2024, Antwerp, emerged as the sole global export certification centre, further complicating the supply chain for India’s diamond exporters.While Botswana’s certification facility has provided relief to African diamond manufacturers and traders by reducing costs and streamlining compliance, Indian exporters must…

De Beers has released the dates for its 2025 rough diamond sales, confirming 10 sights across the year.At its final sight of 2024, De Beers reduced rough diamond prices by 10% to 15% as part of efforts to address market imbalances. The company has also adjusted its supply flexibility, reflecting a strategy shift to better align with current demand. Additionally, in 2025, the December sight will be shortened to four days, compared to the traditional five.Full Schedule of De Beers’ 2025 SightsThe schedule for De Beers’ 2025 sights is as follows:

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…

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…

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…