Author: Megha Patel

After prolonged discussions, the European Commission appears to be moving closer to implementing a significant ban on the import of diamonds from Russia. This measure, part of a wider series of sanctions that include an oil price cap, marks the 12th sanctions package aimed at Moscow. With discussions underway, this proposal seeks unanimous approval from all 27 EU member states and could be finalised in the coming weeks. Set to be effective from January 1, 2024, the ban specifically targets direct imports of Russian diamonds. A critical component of the sanctions includes the establishment of a traceability mechanism from March.…

In its ninth cycle of sales for 2023, the De Beers Group reported a provisional rough diamond sales value of $80 million. This figure, subject to final adjustments, compares with $200 million in actual sales for Cycle 8 of 2023 and a significantly higher $454 million in the corresponding cycle of the previous year. These numbers reflect the ongoing volatility in the diamond market. CEO’s Market Analysis Al Cook, CEO of De Beers Group, commented on the current economic climate’s impact on the diamond sector. “Macro-economic challenges continue to affect the diamond sector. The retail recovery in China remains slow.…

The UAE is set to chair the Kimberley Process in 2024, with the vice-chair role commencing in 2023. This decision, made at the Kimberley Process Plenary in Botswana, highlights the UAE’s growing role in the international diamond industry. Implications for Jewellers This role may provide stability and continuity during market uncertainties, as expressed by Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC: “The Kimberley Process is a global body that strives to enable trade to flourish in a safe and stable environment so that all participants and their dependent societies can benefit to the full… we are committed to…

Tiffany & Co. has announced the launch of its latest jewelry collection, Tiffany Forge. The collection, crafted from sterling silver, is inspired by the idea that every individual forges their own unique path in life, while an open-link design motif throughout the collection draws inspiration from designs found in the Tiffany Archives. This new collection pays homage to Tiffany & Co.’s longstanding tradition of crafting sterling silver pieces, a material deeply rooted in the brand’s history. Notably, over a hundred years ago, Tiffany & Co. established the U.S. standard for sterling silver purity. The signature open-link motif of the Tiffany…

The Responsible Jewellery Council (RJC), the Mineralogical & Geological Museum at Harvard (MGMH), and the Gemological Institute of America (GIA) have once again joined forces. Following their collaborative efforts at the State of the Art Summit in June 2023, these industry leaders have announced the launch of JewelryArts24 during Frieze Week 2023. The Call for Responsible Practices The State of the Art Summit, held at the Mineralogical and Geological Museum, Harvard University, highlighted the pressing need for responsible practices within the jewelry industry. A significant takeaway from the summit was the importance of involving the younger generation, promoting storytelling, and…

The shopping world is changing fast, especially in Southeast Asia, and a recent study by Bain & Company tells us more about these changes. The report, called “Bold Moves: Leading Southeast Asia’s Next Wave of Consumer Growth,” has important information that jewellery shops in Singapore can use to plan for the future. Here’s how these changes are shaping the way we buy and sell jewellery. More People Shopping Online The report says that more people in Southeast Asia are using their computers and phones to shop. For jewellery shops in Singapore, this means it’s important to make websites better and…

August has traditionally heralded an upbeat sentiment in Singapore’s retail sector, and 2023 has been no exception according to the latest data from SingStat. Retail sales were up 4.0% YoY, pushing the estimated total retail sales value to an impressive $4.0 billion. However, the real sparkle lies in the flourishing jewellery sector, which not only contributed significantly to these figures but also demonstrated a promising outlook for local jewellers with a 6.4% increase YOY. The revenue in the jewellery sector is projected to hit US$1.26 billion in 2023, with an anticipated annual growth of 4.07% projected from 2023 to 2026.…

JCK has been honored with the title of the “Greatest Show of 2022” by Trade Show Executive’s Gold 100 at an event held in San Diego in September. The award is a recognition of JCK’s outstanding contributions to the trade show industry and its excellence in providing a platform to connect, engage and explore the latest trends and innovations in the jewellery sector. Organized by RX, JCK 2022 was a return to form – showcasing outstanding attendance, effective marketing strategies and robust sales – driving the event to beat budgets and exceed the attendance figures of 2019 pre-Covid. This remarkable…

De Beers Group has made the strategic decision to halt the production of lab-grown diamond engagement rings, which were previously sold through its Lightbox brand. This significant move reinforces De Beers’ focus on the enduring allure of natural diamonds amidst the rising popularity of synthetic alternatives. Abandoning The Synthetic Experiment De Beers ventured into the lab-grown diamond arena with the aim of capturing a share of the burgeoning market for ethically sourced and cost-effective alternatives to natural diamonds. However, the decision to discontinue this line marks a noticeable shift back to its longstanding tradition of natural diamond craftsmanship. Pricing Discrepancies…

Parisian jeweler FRED, a unit of luxury group LVMH, has introduced its first synthetic blue diamonds, named FRED Audacious Blue. Known for its elegant and exquisite creations, the brand has ventured into the realm of lab-grown diamonds, marking a significant shift in its product offerings. Limited-Edition Collection The brand has released a limited-edition collection consisting of just four jewelry pieces, each containing a 0.50-carat blue lab-grown diamond in the brand’s proprietary Fred Hero Cut. Additionally, a loose 8.88-carat synthetic diamond of the same colour and cut has been unveiled. All five stones are fancy-vivid greenish-blue, have VS clarity or higher,…

Antwerp-based International Gemological Institute (IGI), part of the Blackstone portfolio, has announced a significant leadership change that will mark the beginning of a new era for the organisation. Roland Lorie, who served as the CEO for nearly five decades, will step down and be succeeded by Tehmasp Printer as the Global CEO, effective October 1, 2023. Lorie’s tenure has been marked by the creation of the largest network of gemological laboratories and schools across the globe, cementing IGI’s position as a leading certification authority for natural diamonds, lab-grown diamonds, coloured stones, and finished jewellery. Tehmasp Printer: A Seasoned Leader Printer…

The Gemological Institute of America (GIA) has recently evaluated a 4.04-carat ring made entirely from a single lab-grown diamond. This significant milestone in the world of carved single-crystal diamond rings has implications for the UK jewellery industry, reflecting advancements in lab-grown diamond technology and potential shifts in consumer preferences. A Significant Milestone The Ring’s Characteristics The ring, fashioned from a single-crystal CVD (Chemical Vapor Deposition) laboratory-grown diamond, represents a significant development in the field of lab-grown diamonds. While not the first of its kind, it is the first time GIA has evaluated a ring carved from a single laboratory-grown diamond.…

De Beers Group has released its interim financial results for the first half of 2023. The report highlights key developments in production, sales, and market trends, providing insights into the current state of the diamond industry. Key Financial Highlights Production and Sales Regional Performance Market Insights The report highlights the high levels of polished diamond inventory coming into 2023 and the impact of macro-economic headwinds on rough diamond demand. The anticipated rebound in Chinese demand was affected by a large wave of COVID-19 infections, dampening consumer confidence. The softening in demand and higher financing costs have put profitability under strain.…

The UltraLuxe 2023 event, scheduled from 13 to 22 October, aspires to be a fertile ground for the meeting of global and local niche luxury brands, with a pronounced emphasis on jewelry and horological innovations. The festival has broadened its horizons this year by incorporating the Singapore Watch Fair at Resorts World Sentosa, dedicating a larger and more exclusive space for the exhibition of timeless horological pieces, Exhibitions The primary venue at Ngee Ann City Civic Plaza is set to host JEWELUXE, where over 60 jewelry houses and designers from various corners of the globe will converge. Prominent Singaporean brands…

The Singapore International Jewelry Expo (SIJE) 2023 is all set to mark its 18th edition with grandeur and splendor at the Marina Bay Sands Expo and Convention Centre. This esteemed event, stretching from 11th to 14th July, is a gleaming beacon in Singapore’s luxury market, attracting more than 280 exhibitors from 28 countries, spotlighting a vast range of jewellery and gemstones valued over USD 200 million​. As a pivotal platform for both local and international jewelers, SIJE 2023 unveils a world of precious creations to trade buyers, direct buyers, and investors. This year, it’s not just the stunning array of…

Gemological Science International (GSI) has announced the completion of its first advanced gemology program, the Colored Stone Professional Program. This 14-week diploma program, run at GSI’s Jaipur, India campus, welcomed students from across India. “It feels nostalgic to see students graduating from an institution like GSI, which provides a recent and detailed curriculum in an internationally made facility,” says Ms. Sunita Shekhawat, an accomplished Indian jewellery designer known for her intricate craftsmanship and revival of traditional meenakari techniques. Shekhawat adds, “The students using gemology as their base should showcase Indian culture and art when they design gemstone jewellery”. Dr K.L…

In the world of jewellery sales, understanding your customers is paramount to success. But who are your customers, really? As diverse as they are, most customers can be grouped into four basic types: This categorisation can offer invaluable insights into their buying behaviour and help you tailor your sales approach. This article delves into these customer types and provides tips for effectively selling to each. The Price Buyer: Competitive Cost is Key Price Buyers are customers driven primarily by cost. Their quest for the best deal often makes them less brand loyal; they’ll compare prices across different retailers to ensure…

Jewellery, especially high-value items, is rarely an impulse purchase. Customers often take time to consider their options, explore various designs, styles, and price points before making a decision. So, when a visitor comes to your website for the first time, it’s unlikely they will make a purchase straight away. This is where a digital sales funnel can come into play. What is a sales funnel? A sales funnel, in essence, represents the journey a potential customer takes from their first interaction with your brand to the final purchase. It’s called a ‘funnel’ because, much like a real-world funnel, the number…

Trade show season is coming up and, when done correctly, can play a crucial role in the success of businesses, providing a unique opportunity to interact with potential clients and industry peers. With shows like Pure, the Jewellery Show being one of the most highly anticipated events, standing out amidst a sea of competitors can be a challenging task. Participating in these events can significantly enhance brand visibility, generate sales, and forge strong customer relationships. However, to reap these benefits, it’s vital to set clear, realistic objectives. Whether it’s lead generation, enhancing brand awareness, or driving sales, defining your goals…

New York, NY – In an effort to harness increasing consumer demand and sustain the prosperity of the natural diamond industry, the World Federation of Diamond Bourses (WFDB) has announced a new partnership with the Natural Diamond Council (NDC). This collaboration represents a proactive move in response to shifting market dynamics and a growing need for industry cohesion. Alongside an initial financial investment, the partnership will focus on strategic initiatives to expand the reach and influence of natural diamond values. The WFDB, with its member bourses and individual members, aims to provide wider exposure for natural diamonds and leverage their…

The Met Gala 2023 was not just about the clothes – the jewelry worn by the attendees was equally as stunning. The event, which was dedicated to the late Karl Lagerfeld, saw celebrities and fashionistas adorned with pieces that reflected Lagerfeld’s love for pearls and fine jewelry, and served as testament to the transformative power of accessories in creating unforgettable looks. We take you through our top 5 looks below. Dua Lipa’s Legendary Tiffany & Co Diamond Necklace As one of the event chairs, Dua Lipa was expected to shine, and she did just that. The singer wore an eggshell-colored…

In a case that has stunned the local community, the chief priest of a prominent Hindu temple has been sentenced to six years’ imprisonment. The priest had pawned temple jewellery, accruing a staggering $2.3 million over time. While the incident serves as a grim reminder of the vulnerabilities even sacred institutions face, it also underscores the need for the jewellery industry to be more vigilant. The chief priest’s actions were not only a betrayal of the temple’s trust but also a stark demonstration of the loopholes present within the pawning system. For an industry that thrives on trust and authenticity,…

The Takashimaya Shopping Centre in Singapore welcomes a new addition to its roster: Wanderlust + Co, a notable Malaysian jewellery brand. As the brand ventures outside its home country for the first time, Singapore has been chosen as its initial overseas location. The announcement of Wanderlust + Co’s entry into the Singapore market has garnered attention from both industry professionals and jewellery enthusiasts. Renowned for its blend of contemporary and vintage-inspired designs, the brand’s choice of the Takashimaya Shopping Centre for its first overseas branch speaks volumes about its ambitions. While the specifics of the store’s design are yet to…

While gold continues to captivate, the details of GST can be challenging for jewellers. This article intends to simplify the GST rules related to gold jewellery, helping Singaporean jewellers navigate through the tax regulations more comfortably. Special Time of Supply Rule for Gold: Unlike other goods, gold has a special time of supply rule. Typically, GST is accounted for when an invoice is issued or when payment is received, whichever occurs first. However, in the case of gold, jewellers have up to 90 days from the date of delivery to issue a tax invoice and account for GST, provided the…

Launching your new online jewellery store in todays internet driven society is the relatively easy bit. The real work begins when you aim to attract traffic, engage your customers, and clinch those crucial sales. It’s a dynamic world out there – the ebb and flow of consumer behaviour and social media trends make it quite the challenge. This is our first steps SEO guide, the must haves to get your company getting traffic and being found online. First up: What is SEO? SEO, or Search Engine Optimisation, is a set of strategies and techniques aimed at improving your jewellery store’s…

Japanese bridal jewellery brand I-Primo has ventured into the Southeast Asian market with its flagship store in Singapore’s ION Orchard. This move followed a pop-up launch in June. The store offers over 200 ring designs and a range of other jewellery. Tomotaka Miyata, MD at I-Primo said, “The opening of our flagship store in Southeast Asia reflects our brand growth, and Singapore came as a natural choice with its established culture of wedding celebrations and position as a gateway to the Southeast Asian market. We look forward to welcoming our customers to experience I-Primo’s unique designs, reliable quality, and warm…

Singapore is no stranger to the finest gems and jewels from around the world, and this month, Cartier graces the city with its latest “Beautés du Monde” high jewellery collection. Hosted in a specially designed exhibition space at Capella Singapore, the showcase is a testament to Cartier’s enduring legacy in the world of luxury jewellery. The “Beautés du Monde” collection is a celebration of the world’s natural wonders, drawing inspiration from diverse landscapes, from the icy terrains of the Arctic to the tropical forests of the Amazon. Each piece in the collection is meticulously crafted, embodying the spirit of the…

This February, the esteemed French jewellery brand, Van Cleef & Arpels, is set to enchant the shores of Singapore with its watchmaking exhibition, “A Journey Through the Poetry of Time.” Hosted at the Sands Expo, Marina Bay Sands from February 12 to 20, the exhibition is an ode to the Maison’s cherished sources of inspiration including love stories, fairies and ballerinas, Poetic Astronomy, and Enchanting Nature. As visitors step into this immersive realm, they will find themselves transported to the picturesque streets of Paris. The meticulously designed space houses several uniquely themed galleries, each narrating the brand’s illustrious journey over…

In a city where tradition melds seamlessly with modernity, a unique collaboration unveils a collection that transcends time, narrating tales of the past through contemporary design. The Textile and Fashion Federation (TaFF) Singapore has joined hands with The Asian Civilisations Museum (ACM) to present The Museum Collection, a novel retail initiative that intertwines the beauty of timeless artifacts with the innovation of modern design. The Museum Collection is a spectacular venture that opens the treasure trove of ACM’s vast collection to local and Singapore-based designers. These designers, granted access to the museum’s historic artifacts, alongside the wisdom of curators and…