Author: Jessica Mabuza

Gold prices have reached an unprecedented peak this year, exceeding $2,400 per ounce, primarily driven by sustained demand from China. As the world’s largest producer and consumer of gold, China’s impact on the market is significant. This increase in demand has been influenced by recent geopolitical tensions and broader economic uncertainties, which have bolstered the perception of gold as a secure investment.China’s Increasing Influence on Global Gold ConsumptionChina has recently surpassed India as the world’s leading gold consumer, experiencing significant growth in the demand for jewellery, bars, and coins. Gold jewellery demand in China increased by 10%, and investments in bars…

March saw a significant decrease in Swiss watch exports, which fell by 16% to CHF 2 billion ($2.2 billion), according to data from the Federation of the Swiss Watch Industry. This downturn is attributed primarily to a reduced demand in key Asian markets, particularly China and Hong Kong. Export Analysis BreakdownDecline in AsiaChina and Hong Kong experienced pronounced declines, with exports to China dropping 42% to CHF 150.2 million ($165.2 million), and Hong Kong by 44% to CHF 148.1 million ($162.9 million). These reductions have brought exports to levels lower than those observed at the peak of the pandemic in March 2020.“The…

A group of 11 organisations within the gold and jewellery sector has issued an open letter requesting more precise definitions of “recycled” gold. This initiative, aimed at regulatory bodies such as the International Organisation for Standardisation (ISO), the London Bullion Market Association (LBMA), the Responsible Jewellery Council (RJC), and the Responsible Minerals Initiative (RMI), seeks to prevent potential greenwashing by aligning the term with actual sustainability efforts.Concerns Over DefinitionsThe letter points out the current ambiguity surrounding the term “recycled” gold, which can be exploited in marketing and potentially confuse consumers. Organisations such as the Alliance for Responsible Mining, Artisanal Gold Council,…

Petra Diamonds latest tender report shows varied performance for rough diamond prices, with notable challenges for smaller goods. The report outlines the financial and operational outcomes from their fifth trading session of the fiscal year, which took place in April, offering insights into current industry trends.Tender Performance and Financial HighlightsThe April tender generated $49 million from the sale of 362,132 carats. This included the sale of a 14.76-carat blue diamond from the Cullinan mine in South Africa, which contributed $8.2 million. The session observed a modest decrease in like-for-like prices of 1% compared to the previous session in February. However, the…

In a recent unanimous decision at the U.N. General Assembly, member nations reaffirmed their commitment to the Kimberley Process.This resolution underscores the international community’s ongoing effort to ensure that diamond trade supports sustainable development rather than contributing to armed conflict.While the Kimberley Process has been successful in many respects, it faces unprecedented challenges due to geopolitical tensions and evolving conflict dynamics. The recent General Assembly highlighted the need for continuous support and adaptation of the process, ensuring it remains effective in a changing global landscape.Calls for Reform and ModernisationSignificant discussions around reforming the Kimberley Process focus on broadening the definition…

In a recent development that has stirred conversations across the jewellery industry, Skydiamond, a British diamond manufacturer known for its lab-grown diamonds, has found itself in regulatory hot water. The Advertising Standards Authority (ASA) has ruled that the company’s advertising campaigns have misled consumers by failing to clearly communicate that its diamonds are lab-grown. This decision comes following complaints from the Natural Diamond Council, leading to an in-depth investigation into Skydiamond’s marketing practices.ASA’s Findings and ImplicationsThe crux of the ASA’s decision lies in Skydiamond’s use of terms like “diamonds”, “diamonds made entirely from the sky”, and “real diamonds” without adequate qualifiers…

Botswana Diamonds plc, recently announced plans to integrate Artificial Intelligence (AI) into its operations.The firm intends to apply AI techniques to its extensive exploration database in Botswana, aiming to enhance the search for new diamond deposits and possibly other minerals.Extensive Data ResourcesBotswana Diamonds holds the second largest diamond exploration database in the country, encompassing approximately 95,000 square kilometres of data. This database includes about 375,000 kilometres of airborne geophysical data, 606 ground geophysical surveys, around 228,000 soil sample results, and roughly 32,000 drill hole logs. In total, the database comprises 380 gigabytes of data and 260,000 files.Advanced AI Technology”The company…

In a pioneering move, the Kenyan government is nearing the completion of a comprehensive operational framework aimed at integrating artisanal mining activities within national parks. Spearheaded by the State Department for Mining, this initiative seeks to reconcile the long-standing conflict between environmental conservation and economic development through the exploration and exploitation of minerals in protected areas.Collaborative Effort for Sustainable MiningThe framework’s development follows a presidential directive, advocating for a balanced approach that permits artisanal miners to access rich mineral reserves within Kenya’s national parks while ensuring the protection of these vital ecosystems. Principal Secretary Elijah Mwangi announced that the document…

The Watch & Jewellery Initiative 2030 (WJI 2030) presented its second annual Stakeholder Report, “Report on Progress 2023 – 2024”, at Watches & Wonders on April 10, 2024. The presentation was led by Iris Van der Veken, Executive Director & Secretary General of WJI 2030 and featured insights from industry leaders about the significance of collective action up to the year 2030.Panel Discussion OverviewThe discussion panel included Cyrille Vigneron (President & CEO of Cartier SA), Dr. Anino Emuwa (Founder of 100 Women @ Davos), Frédéric Grangié (CEO of Chanel Watches & Jewellery), and Dr. Daniel Klier (Advisor to the ESG…

A recent report by Watchfinder & Co. presents compelling data on Gen Z’s engagement with the luxury watch market, painting a picture of a generation with a burgeoning interest in luxury watches. This analysis, rooted in a survey of over 2,400 individuals aged 18 to 26 in the U.S., sheds light on the preferences, spending habits, and digital influences shaping Gen Z’s luxury watch purchases.Elevated Spending ProjectionsGen Z individuals are prepared to allocate an average of $10,870 for their next luxury watch, surpassing the spending averages of millennials ($5,325), Generation X ($5,423), and baby boomers ($2,632). This indicates a higher…

Informa Markets Jewellery has announced the judging panel for the 2024 Sustainability Awards by the Jewellery World Awards (JWA), aiming to highlight notable sustainability practices within the jewellery, gemstone, and related industries over the past three years. The panel consists of a diverse group of experts known for their contributions and leadership both within and outside the jewellery sector.The PanelThe 2024 Sustainability Awards panel features:John Mulligan, Director of Market Relations & Climate Change Lead at the World Gold CouncilNirupa Bhatt, renowned gem and jewellery industry expert and Business Leadership CoachHayley A. Henning, a strategist in the coloured gemstone businessAndrew Lau,…

The recent imposition of sanctions by the G7 on the global diamond trade has sparked significant concern among African diamond producers. The sanctions, which necessitate routing all European Union (EU)-destined diamonds through a single entry point in Antwerp, have been criticized by key African stakeholders for their potential to disrupt the industry’s logistics and equality in international trade relations.African Producers’ StanceLefoko Moagi, Botswana’s Minister of Mineral Resources, voiced his concerns during a meeting with the African Diamond Producers Association (ADPA) in Zimbabwe. Representing 19 countries, including major diamond-producing nations like Botswana, Angola, South Africa, the Democratic Republic of Congo, Zimbabwe,…

In a recent event at the Rice Northwest Museum of Rocks & Minerals in Hillsboro, Oregon, a 703-carat tanzanite carving, named L’Heure Bleu by artist Naomi Sarna, has been officially recognised as the world’s largest cut tanzanite by GUINNESS WORLD RECORDS™ on March 9.Record-Breaking AchievementThe declaration of the world record was witnessed by a large crowd, including gemstone experts Jessie English from J.S. English Appraisals and Madeline Saunders of Oregon Estate Jewelry, who served as the official witnesses. Michael Empric, a Guinness World Records adjudicator, verified and announced the achievement. The event was also attended by Gail Spann, Rice Museum…

Alrosa has announced a significant change in its sales approach for the year 2024 – it has  committed to selling its entire diamond production for the year directly to the Russian government, a move that deviates markedly from its previous sales strategies. This decision comes amidst escalating sanctions pressure, with the G7, which accounts for 70% of the diamond market, tightening its restrictions on Russian diamonds.Government Procurement of Diamond ProductionThe Finance Ministry’s Gokhran, Russia’s repository for precious metals and stones, acquired Alrosa’s entire diamond output for March 2024 and plans to maintain this purchasing pattern throughout the year. This arrangement is…

Ahmed Bin Sulayem, Chair of the Kimberley Process (KP), recently concluded a comprehensive fact-finding mission to West Africa, specifically Sierra Leone and Ghana, recognizing both countries for their exemplary adherence to KP standards and setting a benchmark for global practices.Strengthening Global StandardsThe mission, led by the UAE delegation, was geared towards reinforcing best practices within the Kimberley Process membership. As part of the UAE’s ambitious “Year of Delivery,” the visit aimed at ensuring the Kimberley Process’s stringent controls and regulations are effectively implemented, fostering a more ethical and transparent global diamond trade.Sierra Leone and Ghana’s commitment to the KP was…

The European Union and Belgian authorities have intensified their enforcement of sanctions against Russia, particularly targeting the importation and trade of Russian diamonds. This action includes the arrest of four individuals in Antwerp for allegedly violating EU sanctions, and the imposition of sanctions against Alrosa, Russia’s leading diamond mining company, along with its CEO, Pavel Marinychev.Antwerp Raids Yield Arrests and SeizuresFollowing an investigation triggered by the seizure of diamonds in late February, the Belgian public prosecutor’s office reported that the Federal Judicial Police (FGP) Antwerp conducted six house searches, leading to four arrests. According to the public prosecutor’s office, “The Belgian public…

The Botswana government-owned Okavango Diamond Company (ODC) has been announced as the latest member of the Natural Diamond Council (NDC). This marks a significant moment as ODC is recognised as the first non-mining entity to gain membership within the NDC. The collaboration underscores ODC’s crucial role in the distribution of natural diamonds and reflects Botswana’s strategy to enhance consumer demand as a key to the future prosperity of the natural diamond market.Strategic MembershipThe inclusion of ODC in the NDC represents a key milestone, uniting two influential entities within the diamond sector. ODC’s annual contribution of over 6 million carats of rough…

As the retail industry increasingly adopts generative AI into its operations, the jewellery sector finds itself at an important moment, with the technology looking likely to be incorporated into many aspects of customer service, personalisation, and operations.A recent survey conducted by Salesforce and the Retail AI Council unveils a comprehensive overview of the current state of generative AI adoption across the retail landscape, providing critical insights that are particularly relevant for jewellers.Generative AI Adoption in Retail: A Primer for JewellersThe survey reveals that 36% of retail employees are currently utilising generative AI, with projections indicating an increase to 45% by…

The Gemological Institute of America (GIA) has recently published “William Ruser: The Jeweler Who Charmed Hollywood”, exploring the career of William Ruser, famed for his figural jewellery with freshwater pearls. The book, by Judy Colbert and Peggy Tsiamis, aims to provide a thorough look at Ruser’s contribution to jewellery design and his enduring popularity in the market.From Humble Beginnings to StardomRuser’s journey from modest origins to the preferred jeweller of Hollywood’s elite in the mid-20th century is captured in the book. His clientele included names like Elizabeth Taylor and Frank Sinatra. On Ruser’s customer service, the book notes, “Ruser learned a…

The United States government has imposed targeted sanctions on Zimbabwe’s President Emmerson Mnangagwa and other high-ranking officials over allegations of corruption and human rights abuses. The sanctions, administered by the Treasury Department’s Office of Foreign Assets Control (OFAC), specifically accuse Mnangagwa of aiding gold and diamond smuggling networks and engaging in corrupt practices. This move by the US is part of a broader strategy to recalibrate its sanctions towards Zimbabwe, focusing on individuals directly responsible for undermining the democratic process and violating human rights, rather than imposing broader sanctions that affect the Zimbabwean populace as a whole.Detailed Allegations and SanctionsPresident Mnangagwa,…

The International Gemological Institute (IGI) has introduced a new technology aimed at accurately distinguishing between lab-grown and natural fancy-colored diamonds. Traditional methods for differentiating diamonds, primarily focused on colorless stones, have relied on photoluminescence to detect the source of the diamond. However, these techniques prove ineffective for fancy-colored diamonds, which may undergo treatments like irradiation, heat, and pressure, altering their fluorescence and phosphorescence. To address this, IGI has conducted extensive research to establish a set of procedures specific to each color category of diamonds.Advanced Identification TechniquesUtilizing Fourier-transform infrared spectroscopy (FTIR) and photoluminescence spectroscopy, combined with magnification, IGI’s new screening process can accurately…

Tiffany & Co. has introduced a new campaign, “With Love, Since 1837,” aimed at celebrating the brand’s origins and the histories of its iconic collections. The campaign draws inspiration from Gene Moore, a notable window designer for Tiffany, and seeks to reinterpret his creative vision for today’s audience. It focuses on the narratives that link each collection to the brand’s long-standing tradition of craftsmanship without the use of celebrity endorsements.Historical Context and InspirationThe initiative revisits the establishment of Tiffany & Co. in 1837 by Charles Lewis Tiffany in New York City and showcases several notable collections. These include “Lock,” inspired by…

The World Federation of Diamond Bourses (WFDB) recently hosted its annual Presidents’ Meeting in Shanghai, China, at the new Shangrila Hotel in Pudong. This event gathered leaders from the global diamond industry to deliberate on significant issues such as G7 restrictions, the emergence of synthetic diamonds, and the challenges within the Chinese market. The meeting, lasting over three days, aimed at fostering dialogue and strategies to navigate these challenges.Collaborative Efforts and Industry UnityA recurring theme of the meeting was the essential role of cooperation among organisations within the diamond industry. Under the guidance of WFDB President Yoram Dvash, the assembly…

Model Emily Ratajkowski has introduced her “divorce rings,” transforming her Toi et Moi engagement ring into two separate pieces. This step highlights a growing trend in jewellery customisation, where personal items are reimagined to reflect individual journeys and new beginnings.Trend OverviewAfter separating from Sebastian Bear-McClard, Ratajkowski collaborated with Alison Lou, the original designer of her engagement ring, to create two new pieces from the original. These rings, one with a pear-shaped solitaire and another with a princess-cut diamond, demonstrate a creative approach to repurposing significant jewellery. This concept has gained traction, as more people look for ways to retain the…

The Natural Diamond Council (NDC) has expanded its Education Program to include a new series of roleplay videos and a monthly subscription option, alongside the existing annual subscription. This initiative aims to equip sales advisors and jewellers with practical tools for engaging with consumers, addressing common queries and misconceptions about natural diamonds through realistic scenarios.Educational ExpansionThe newly unveiled component consists of 19 roleplay videos, each created to address common questions and misconceptions about diamonds. These educational materials are intended to aid sales advisors and jewellery professionals in navigating conversations with consumers, ranging from self-purchasers and gift shoppers to couples making joint…

The Indian diamond industry, recognised as a global leader in cutting and polishing diamonds, is poised to experience a downturn in cut and polished diamond (CPD) exports, projected to fall to around $15-16 billion in the fiscal year 2023-24. This represents a significant decrease, marking a five-year low. The reduced demand from the primary markets, the United States and China, which collectively account for approximately 65% of India’s diamond exports, underpins this trend. Facing various challenges, including shifts in consumer spending, the rise of lab-grown diamonds, geopolitical unrest, and sanctions on Russian-origin diamonds, the sector’s outlook appears cautious.Demand Fluctuations and…

The Gemological Institute of America (GIA) has taken a significant step towards sustainable gold mining practices by awarding a $93,000 grant for the deployment of the Goldrop technology across three Colombian artisanal and small-scale mining (ASM) communities. This collaboration between the Alliance for Responsible Mining (ARM) and Mercury Free Mining (MFM), aims to eliminate the need for mercury in gold extraction, presenting a major advancement in efforts to develop a more sustainable and ethical gold mining industry.Enhancing Miner Welfare and Environmental ProtectionThe introduction of Goldrop technology is set to transform the working conditions of arASM miners, significantly reducing health hazards…

Natural Diamond Council (NDC) has introduced a new platform named “Real. Rare. Responsible.” which aim to highlight the inherent beauty, scarcity, and ethical sourcing of natural diamonds and shine a light on the moral obligations of the diamond industry worldwide.“Our mission is to inspire and educate consumers on the unique values of natural diamonds and the positive impact and commitments of the industry,” said Kristina Buckley Kayel, Managing Director & CMO, North America at NDC. “The new framework of Real. Rare. Responsible cohesively ties in our mission throughout NDC’s editorial destination (naturaldiamonds.com), celebrity ambassador and sustainability global advertising campaigns, as…

The World Federation of Diamond Bourses (WFDB), along with key industry leaders, has initiated a concerted campaign to address the challenges posed by the proposed G7 restrictions on diamonds of Russian origin. A comprehensive letter, undersigned by Yoram Dvash, President of the WFDB; Feriel Zerouki, President of the World Diamond Council; Vipul Shah, Chairman of the Gem & Jewellery Export Promotion Council of India; and Ronnie Vanderlinden, President of the International Diamond Manufacturers Association, has been dispatched to G7 and EU representatives. This letter articulates the diamond and jewellery industry’s apprehensions regarding the “one import node” solution and its potential…

IGI has recently introduced a comprehensive set of procedures designed to distinguish between fancy-colored lab-grown diamonds and their natural counterparts. This development comes as a response to the growing challenge in the jewellery industry to identify synthetic stones, which are often treated to emulate the appearance of natural diamonds.IGI’s innovative approach involves the use of Fourier transform infrared spectroscopy (FTIR) and photoluminescence spectroscopy, supplemented by traditional magnification techniques. These methods aim to overcome the limitations faced by conventional screening devices that rely on photoluminescence for analyzing a diamond’s fluorescence and phosphorescence under ultraviolet light. According to IGI, such traditional methods…