Author: Megha Patel

Megha aims to be first to bring the news on industry updates, while her finance background informs her insights on how broader economic trends affect the jewellery trade

LVMH has announced significant management changes within its watches division, impacting Hublot and TAG Heuer. The luxury conglomerate has promoted seasoned executives to top positions, ensuring a seamless transition and continued growth for both prestigious brands. New Leadership at Hublot and TAG Heuer Effective September 1, Julien Tornare will step in as the CEO of Hublot, succeeding Ricardo Guadalupe. Guadalupe, who has led Hublot since 2012, will now serve as the honorary president of the brand. His tenure saw Hublot achieve notable success through innovative design and strategic partnerships. Frédéric Arnault, CEO of LVMH’s watches division, expressed gratitude for Guadalupe’s…

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De Beers has announced new measures to increase flexibility for sightholders in response to the current market downturn. These changes, intended to support clients without lowering prices, will be implemented during the July sight starting next Monday. This adjustment comes as a reaction to rising inventories and falling polished diamond prices, particularly in India. Enhanced Flexibility in Allocations Sightholders will now be able to refuse up to half of the lots in three boxes of medium- and higher-quality rough diamonds under 0.75 carats. Normally, refusing these allocations would lead to a reduction in future contract periods. However, this month, De…

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The Science Based Targets initiative (SBTi) has validated Pandora’s target to become a net-zero business by 2040. This milestone underscores Pandora’s commitment to sustainability and aligns with global efforts to limit temperature rise as stipulated by the Paris Agreement. Validation Details The validation by SBTi confirms Pandora’s plan to decarbonise its full value chain, aiming for at least a 90% reduction in emissions, with the remaining emissions to be balanced out by permanent carbon removal. This follows SBTi’s earlier validation in 2021 of Pandora’s goal to halve greenhouse gas emissions by 2030. “Climate change is a major source of global…

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The Türkiye Jewellery Exporters’ Association (JTR) has become a trade association member of the Responsible Jewellery Council (RJC), aligning JTR with RJC’s standards on human rights, labour rights, environmental impact, and responsible sourcing. Commitment to Ethical Practices Burak Yakın, president of JTR, stated, “Joining the RJC marks a pivotal moment for JTR, affirming our dedication to ethical practices globally. The membership facilitates enhanced collaboration with global industry leaders, ensuring that Turkish jewellery meets the highest standards of consumer and environmental expectations.” Supporting the Jewellery Industry Founded in July 2003 by the Council of Ministers of the Republic of Türkiye and…

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Swarovski has announced its new partnership with pop star Ariana Grande, naming her as the brand’s latest ambassador. This collaboration is set to launch with a Holiday Campaign in 2024. Grande stated, “I am thrilled to be Swarovski’s Brand Ambassador. It’s an honour to represent a House that shares my passion for creativity, pushes the boundaries beyond the world of jewellery and promotes values of unapologetic self-expression. I cannot wait to embark on this journey and to inspire others to embrace their own unique sparkle.” Statements from Swarovski Leadership Giovanna Engelbert, Swarovski’s Global Creative Director, commented on the collaboration, noting,…

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Pomellato, owned by Kering, has acquired Valenza Setting Lab (VSL) to enhance its manufacturing capabilities in diamond and precious stone settings.  Both companies are Italian-based, with Pomellato headquartered in Milan and VSL in Valenza. Background of Valenza Setting Lab Valenza Setting Lab was established by Marcello Monti and Gilberto Dentelli. The lab employs 24 skilled setters, who previously operated under MG Incassatura, a long-time collaborator of Pomellato. This acquisition continues a strong partnership and steps up Pomellato’s in-house capabilities. Kering’s Continued Investment in Pomellato Kering’s 2013 majority stake acquisition in Pomellato started strategic investments to expand Pomellato’s capabilities. This move…

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In the jewellery industry, online reviews are incredibly important.  Positive feedback builds trust and attracts clients, while negative reviews can damage your reputation. As a jewellery store owner, managing your online presence effectively is essential – it’s the first point of contact that many potential customers will have with your business. But sometimes things don’t quite go to plan and you receive a bad review. This may be a legitimate complaint, a mistake or even a malicious action by a disgruntled employee or a competitor. However it happens, it’s likely that you want to minimise i’s impact on your brand’s…

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Platinum Guild International (PGI USA) has published its latest trend report on platinum engagement rings, detailing six trending styles expected to dominate the holiday proposal season and extend into 2025. Trending Engagement Ring Styles The report identifies six key trends for platinum engagement rings: Designer Contributions The report is illustrated with imagery from a diverse group of designers, including established names in bridal jewelry such as Tacori, Kirk Kara, Stuller, and Rahaminov. It also features contemporary designers like Jade Ruzzo, Sorellina, Harwell Godfrey, and Jade Trau, highlighting a wide array of design talent. Industry Embrace of Platinum “We are excited…

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In an unprecedented shift within the diamond industry, Russia has surpassed Botswana as the leader in rough-diamond production value for the first time in 2023. Despite facing stringent sanctions and a challenging market, Russia’s rough-diamond production achieved a significant milestone, according to the latest Kimberley Process (KP) statistics released this week. Key Production Figures Russia produced 37.3 million carats of rough diamonds in 2023, valued at $3.61 billion. This represents an average price of $97 per carat, marking a notable increase from the previous year’s output of 41.9 million carats, valued at $3.55 billion with an average price of $85…

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Fabergé has again collaborated with Gemfields to create the unique Fabergé x Gemfields Malaika Egg.  This $1.2 million egg, unveiled in July 2024, features Mozambique’s finest rubies, complemented by diamonds, sapphires, and amethysts. $100,000 from the sale will be donated to the Gemfields Foundation to support community projects in Mozambique. A Celebration of Mozambican Rubies The Malaika Egg, named after the Swahili word for “angel,” features 308 rubies sourced from the Montepuez ruby mine in Mozambique, which is majority-owned by Gemfields. These rubies are set alongside 4,312 round brilliant-cut white diamonds, 252 round brilliant-cut brown diamonds, 421 round pink sapphires,…

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The Responsible Jewellery Council (RJC) has released its 2024 Annual Report, entitled “The Artisans of Change: Crafting Our Future Together.” The report highlights the council’s significant growth and outlines new standards and initiatives aimed at promoting responsible practices across the global jewellery and watchmaking industry. Key Growth and Leadership Changes Since its inception in 2005, the RJC has expanded from 14 founding members to 1,828 members worldwide by the end of 2023, spanning 71 countries. This growth underscores the increasing commitment within the industry to uphold ethical standards and sustainable practices. Melanie Grant, who began her tenure as executive director…

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The Responsible Jewellery Council (RJC) has commenced the first public consultation on its proposed Laboratory Grown Materials Standard (LGMS). The consultation period, open from 26 June to 25 August 2024, invites industry stakeholders to provide feedback on the draft standard, marking a significant step towards establishing best practices for lab-grown materials in the jewellery sector. Development and Consultation Process The decision to develop the LGMS was taken by the RJC in 2021. The process includes at least two rounds of public consultations and involves input from the RJC’s multi-stakeholder Standards Committee. This approach ensures the standard reflects a broad range…

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In the first quarter of 2024, Botswana’s economy contracted by 5.3%, largely due to the significant decline in global diamond demand. This marks a sharp reversal from the 5.3% growth recorded in the same period last year. Decline in Diamond Sector Diamonds are vital to Botswana’s economy, contributing approximately 80% of the country’s export revenue. The latest figures from Statistics Botswana reveal a steep 27.3% drop in diamond production during the first quarter. This has had a profound impact on the real value added by diamond traders, which plummeted by 46.8%, a stark contrast to the 3.7% growth observed in…

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A recent study by Retail Systems Research (RSR), sponsored by Jumpmind, Inc., reveals that nearly 75% of consumers believe their shopping habits have changed significantly, but retail technology is not keeping pace.  The report, titled “Why the Retail Store Won’t Survive as a ‘Tech-Free Zone’,” surveyed over 100 U.S.-based retailers and more than 1,100 U.S. shoppers, highlighting the growing divide between consumer expectations and current retail capabilities. Consumer Expectations The survey found that 69% of consumers enjoy browsing in stores, yet almost three-quarters acknowledge a significant shift in their shopping methods over the past three years. Notably, 87% of shoppers…

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A new report commissioned by De Beers Group and conducted by the Boston Consulting Group (BCG) sheds light on both the immediate and long-term prospects for the natural diamond industry. The report provides key insights for jewellers and industry stakeholders amidst a rapidly evolving global landscape. Short-Term Challenges In 2023, the natural diamond industry encountered several obstacles. The easing of COVID-19 restrictions led to a “bridal catch-up” effect, reducing the immediate demand for diamonds. Additionally, economic headwinds and a growing preference for lab-grown diamonds (LGDs), particularly in the United States, further impacted demand. Changes in stock levels throughout the midstream…

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De Beers has announced a decline in rough diamond sales, citing economic difficulties in key markets and seasonal industry trends.  The company’s fifth sales cycle of the year generated $315 million, a significant decrease from the previous year’s figures and the preceding months of this year. Sales Figures and Market Conditions The June sales cycle saw a 31% decrease compared to the same period in 2023. This figure is also 18% lower than the $383 million reported in May and 29% lower than April’s total. Despite efforts to stabilize sales by reducing prices for smaller rough diamonds in the previous…

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The Gübelin Gem Lab with its three lab locations in Hong Kong, Switzerland and New York has launched its new Gem Passport service, aimed at providing essential information for emeralds, rubies, and blue sapphires up to 3 carats. This service is designed to offer a reliable, cost-effective solution for gemstone verification. Service Details The Gem Passport includes critical identification features such as species and variety, country of origin, and a simplified treatment disclosure. Utilizing Gemtelligence, an AI-powered tool, the service streamlines the testing process, particularly the labor-intensive microscopic assessment, thus reducing costs. Each Gem Passport is priced at CHF 200…

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The European Union (EU) has announced significant changes to its sanctions on Russian diamonds, extending the transition period and introducing key exemptions that will affect importers and the wider jewellery industry. Extension of the Sunrise Period The EU has extended the “sunrise period” for its traceability requirements on Russian diamonds by six months. This means the mandatory traceability program for rough and polished natural diamonds will now commence on March 1, 2025, instead of the previously set date of September 1, 2024. This extension follows calls by major industry players, including De Beers, for more time to comply with the…

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Gemfields has launched a new book, titled No Stone Unturned: The Hunt for African Gems, authored by Richa Goyal Sikri.  This publication explores the journey of gemstone discoveries across Africa over the past six decades, capturing the essence of the coloured gemstone industry. A Collection of Real-Life Adventures The book, No Stone Unturned, comprises 24 true stories that depict the dynamic and often perilous world of the gemstone trade. Sikri’s narrative takes readers through the process of gemstone discovery, from the mines to the markets, providing insights into significant historical moments linked to Africa’s gem deposits. Voices from the Industry…

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Signet Jewelers has identified fashion jewellery as the primary avenue for growth in the synthetic-diamond segment, according to CEO Gina Drosos. During an investor call following the release of Signet’s fiscal first-quarter earnings, Drosos highlighted that revenue from fashion jewellery featuring synthetic diamonds surged by 14% year on year. This growth occurred as the company expanded its offerings in this category. In contrast, total sales of fashion jewellery saw a 6% decline, totalling $552 million. Cost Efficiency and Consumer Appeal The production of synthetic diamonds has become more efficient over the past five years, significantly reducing costs. This efficiency has…

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JCK 2024 has concluded successfully, drawing approximately 30,000 industry professionals to The Venetian and The Venetian Expo in Las Vegas. Running from May 31 to June 3, with pre-show sessions starting on May 29, JCK featured over 1,900 exhibitors and 17,300 attendees, with various pavilions and educational tracks enhancing the experience. Educational Programs The JCK Talks education program, which commenced a day before the main show, included new tracks such as Your Development, Business Management, and Sales. The “Social Stage” returned, focusing on content creation, data utilisation, and practical implementation. Notable keynotes featured Kyle Scheele, Henry Winkler, and Sugar Ray…

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Sotheby’s has announced key leadership changes within its Watch Division, with Sam Hines and Geoff Hess appointed to new roles to guide the division’s future growth. Sam Hines Returns as Chairman Sam Hines is rejoining Sotheby’s as the chairman of the Watch Division. Hines, who began his career at Sotheby’s in 1997, has previously held positions at Phillips and Christie’s, and most recently served as managing director at Loupe This, an online watch auctioneer. His track record includes notable watch sales over the past 15 years, such as the sale of a stainless steel Patek Philippe Ref. 1518 for $11…

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De Beers Group has announced its support for the G7 sanctions on Russian diamonds, emphasizing the need for practical, industry-wide, and enforceable measures.  The company has provided a detailed response to the requests from G7 governments, highlighting key areas for consideration. Timing and Adaptation Period The proposed import restrictions on Russian diamonds, specifically those of 0.5 carats and above, are set to be implemented on 1 September 2024. However, De Beers advocates for a 12-month extension of the ‘sunrise period’ to September 2025. This extension is intended to give the diamond industry adequate time to adapt to the new certification…

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Pandora has announced the launch of its lab-grown diamonds collection in Denmark on June 6th, marking the first EU market to offer Pandora’s lab-grown diamonds after successful debuts in the Americas, Australia, and the UK.  This launch aligns with the opening of Pandora’s first flagship store in Copenhagen. Commitment to Sustainability The company’s lab-grown diamonds are produced using 100% renewable energy, with a claimed carbon footprint approximately five percent of that of mined diamonds, with 100% recycled silver and gold settings. “Our lab-grown diamonds represent the future of luxury. They combine beauty and responsibility, and we are excited to bring…

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The Natural Diamond Council (NDC) has unveiled its latest campaign, “Real. Rare. Responsible,” featuring Emmy-nominated actress Lily James as the global ambassador, aiming to highlight sustainable practices within the natural diamond industry.  The campaign is set to launch in late summer and will include a series of films, videos, and images showcasing the journey of natural diamonds. “Formed deep within the Earth billions of years ago, it was important that we capture natural diamonds in their natural element for our new campaign,” said David Kellie, NDC’s CEO. “Canada plays an integral role within the natural diamond industry. While people tend…

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Indian Lab Grown specialist Ethereal Green Diamond LLP  has announced the display of two significant lab-grown diamonds at the upcoming JCK Show in Las Vegas. The “Celebration of India,” a 75.33 carat square-emerald cut diamond, and the “Infinity Ring,” a unique 30.69 carat ring-shaped diamond, are both certified by the International Gemological Institute (IGI). Largest Lab-Grown Diamond to Date The “Celebration of India” diamond, weighing 75.33 carats, has been identified as the world’s largest lab-grown diamond to date. The IGI graded the diamond as type IIa, noting its excellent polish and symmetry. The diamond’s creation process involved approximately 270 days…

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The Natural Diamond Council (NDC) has announced a strategic partnership with Aurostar, a globally recognised diamond manufacturer.  This collaboration is part of NDC’s Industry Partnership Program (IPP), which aims to promote responsible sourcing and community empowerment within the diamond industry. About Aurostar Aurostar, founded in 1966 and led by third-generation diamantaires, operates in multiple global locations including Dubai, Botswana, the USA, and Hong Kong. The company aims to integrate high social, ethical, and environmental standards into its operations to ensure the responsible sourcing of diamonds, including implementing initiatives in Botswana to support local talent and entrepreneurs, ensuring that the benefits…

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The Antwerp World Diamond Centre (AWDC) has issued a statement supporting the G7’s decision to ban Russian diamonds from entering the G7 and EU markets.  In line with this, AWDC is advocating for a robust and traceable verification system to ensure ethical standards in the diamond industry. However, the organisation emphasises the need for additional verification points outside the G7 to ensure the smooth trade of non-sanctioned goods. Advocacy for African Producers AWDC is actively participating in discussions with G7 and EU representatives to implement these measures. They propose the establishment of one or more rough diamond verification points outside…

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According to a report from Reuters, The United States is currently re-evaluating the stringent aspects of a Group of Seven (G7) ban on Russian diamonds, following significant resistance from African countries, Indian gem polishers, and jewelers in New York. This reconsideration comes after the December sanctions package aimed at reducing a revenue stream for Russia amidst its ongoing conflict with Ukraine. Background and Industry Impact Since March, diamond importers to G7 countries have been required to self-certify that their diamonds do not originate from Russia, the world’s largest producer of rough diamonds. Direct imports of Russian gems were banned earlier…

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Richemont has announced the appointment of Nicolas Bos as the new Chief Executive Officer, effective 1 June 2024.  Mr Bos, who is currently the CEO of Van Cleef & Arpels, will assume a re-established role, reporting to Johann Rupert, Chairman of Richemont.  In his new position, Mr Bos will oversee all Maisons, functions, and regions within the group, including key areas such as Jewellery Maisons, Finance, and Human Resources. Johann Rupert, Chairman of Richemont, commented on the appointment: “I am truly delighted that Nicolas has accepted to assume the re-established role of Chief Executive Officer of Richemont. His vision and…

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