Author: Megha Patel

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 Transparency According 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…

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…

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 Provenance The necklace, likely created in the decade before the French Revolution, is a significant example of Georgian jewellery. While its exact…

The Gemological Institute of America (GIA) has launched a newly redesigned consumer website, 4Cs.GIA.edu, aimed at simplifying diamond education.  The updated platform provides in-depth information on the 4Cs of Diamond Quality – Clarity, Cut, Colour, and Carat Weight – offering a user-friendly interface for consumers and retailers alike. Educational Tool for Retailers and Consumers “The GIA consumer site is as educational as it is engaging,” said GIA President and CEO Susan Jacques. “We aim to make the complex world of diamond buying approachable and understandable for everyone. The site provides detailed, expert-driven information in a format that’s easy to navigate.…

Pandora has announced that it now uses 100% recycled silver and gold in the production of all its jewellery.  This move comes after a transformation of its precious metals supply chain, aimed at reducing the environmental impact of its operations. By transitioning to recycled materials, Pandora will avoid approximately 58,000 tonnes of CO2 emissions annually. “Silver and gold are our most important raw materials, and by moving to 100% recycled we reduce our climate impact significantly without compromising on quality or craftsmanship. This achievement is unparalleled in the industry and a major step towards a more circular business model,” said…

The Okavango Diamond Company (ODC), the state-owned rough diamond trader in Botswana, has announced the cancellation of its December sale, following a similar decision for November.  The cancellation was communicated to customers via email, indicating the cancellation of both the rough viewings scheduled for 3-13 December and the spot auction set for 16 December. The decision reflects ongoing challenges faced by the diamond industry due to weak demand. Market Adjustments and Industry Impact ODC’s decision follows a broader trend of reduced sales activities by diamond producers as they respond to an oversupply in the midstream sector. De Beers, a joint…

The Jewellery World Awards (JWA) 2024 has honoured businesses in the fine jewellery, gemstone, and related sectors for their exceptional sustainability efforts. Hosted by Jewellery & Gem WORLD Hong Kong (JGW) and organised by Informa Markets Jewellery, the awards ceremony highlighted the achievements of companies committed to sustainable practices across five categories. Award Categories and Recipients This year’s JWA Sustainability Awards were presented in five distinct categories: Jury’s Special Recognition Award Two companies received special recognition from the jury for their notable contributions: Celebrating Diverse Contributions “Each of our Sustainability Award winners – not to mention our finalists – has…

The Gemological Institute of America (GIA) has announced that its cultured pearl reports will now include traceability information, following the integration of radio frequency identification (RFID) technology.  This development enables greater transparency in the pearl supply chain, allowing for traceability from origin to market. Integration of RFID Technology The RFID technology, developed by Hong Kong-based Fukui Shell Nucleus Factory, embeds wireless RFID tags within the bead nuclei of cultured pearls. This allows for easier tracking of pearls through the supply chain. Each pearl’s RFID tag provides a unique reference number, which will now be included in GIA’s Cultured Pearl Classification…

The Dubai Multi Commodities Centre (DMCC) has published a special edition of its Future of Trade report, titled Provenance, Traceability and Technology. This report focuses on enhancing the traceability of diamonds and highlights the importance of advanced technological solutions in maintaining the integrity and sustainability of the global diamond supply chain. The report highlights technologies like blockchain, artificial intelligence (AI), synthetic DNA, laser microjets, QR codes, and physical tracers as tools being explored to address challenges related to changing consumer preferences, the growth of lab-grown diamonds, and new regulatory requirements, including the G7’s recent import restrictions. Impact of G7 Sanctions…

Luxury Swiss jeweller Chopard has unveiled its latest campaign for the iconic ‘Ice Cube’ collection, featuring model Bella Hadid.  The campaign, shot by British photographer Charlotte Wales, aims to emphasise the clean, geometric lines of the jewellery in a sleek, urban setting. Chopard’s Iconic ‘Ice Cube’ Collection First launched in 1999, the ‘Ice Cube’ collection is recognised for its geometric design and minimalist elegance. Each piece in the collection is characterised by sharp cubic forms that reflect light in a unique way, creating a subtle yet sophisticated look. The “Sculpted by Light” theme runs throughout the campaign, with the jewellery’s…

Anglo American, the parent company of De Beers, is apparently weighing a variety of strategic options for the diamond giant, including a possible initial public offering (IPO).  This comes as De Beers faces prolonged weak demand for natural diamonds, with Anglo American looking to focus on more profitable sectors, such as copper. A spokesperson for De Beers has confirmed that both a sale and a potential stock market flotation remain “very much on the table” according to the UK’s Mail on Sunday. Decline in Diamond Demand The diamond market has been experiencing notable turbulence in recent years, driven by several…

The first half of 2024 has seen a notable rise in Russian rough diamond exports to India, despite global market challenges and ongoing sanctions. According to data from the Indian Ministry of Commerce and Industry, Russian diamond exports to India increased by over 22%, reaching 4.1 million carats during the period. However, the rise in volume has been accompanied by a significant decline in value, reflecting the continued drop in diamond prices. Impact of Sanctions on Russian Diamond Exports The sharp increase in exports comes after the imposition of strict sanctions by the G7 and EU nations. Since January 2024,…

Angola and Russia are in discussions to allow Russian diamond company Alrosa to maintain its 41% stake in the Catoca mine, despite ongoing G7 sanctions targeting Russian entities. This development follows earlier reports that suggested Alrosa might sell its stake in the mine, which produces over 75% of Angola’s diamonds. Both governments are reportedly working to “remove obstacles” caused by the sanctions, potentially shifting the direction of previous negotiations. Background on Catoca Mine and Sanctions The Catoca mine, one of the world’s largest diamond mines, plays a significant role in the diamond production of both Angola and Alrosa. However, G7…

Latest reports from Rappaport shows that the diamond market experienced subdued trading in August due to seasonal trends and uncertainties surrounding consumer demand. Prices of polished diamonds continued to decline, following a similar trend seen in previous months. Price Declines and Competition from Synthetics In the United States, retail sales presented a mixed picture, with competition from synthetic diamonds and economic challenges affecting demand. Retailers and dealers were selective in their purchasing decisions, while demand in China remained weak. According to the RapNet Diamond Index (RAPI™), prices for 1-carat round, D to H, IF to VS2 diamonds fell by 1.1%…

De Beers has announced a significant long-term strategic collaboration with Tanishq, India’s largest jewellery retail brand under the Tata Group. The partnership aims to connect more Indian consumers with natural diamonds, capitalising on India’s recent rise as the second-largest market for natural diamond jewellery. Market Context and Opportunity India’s growing economy, a burgeoning middle class, and an increasing number of discerning consumers have contributed to a significant rise in demand for natural diamond jewellery. Currently, Indian consumers account for 11 per cent of global demand, positioning the country as a critical market for the diamond industry. Despite this growth, diamond…

The International Gemological Institute (IGI), owned by private equity firm Blackstone, has filed for an initial public offering (IPO) valued at approximately INR 40 billion (USD 477 million).  IGI aims to capitalise on the rising demand for lab-grown diamonds, particularly in India. The IPO will consist of newly issued shares worth INR 12.5 billion, while Blackstone will sell shares worth INR 27.5 billion. Strategic Market Position and Growth Opportunities Founded in Belgium, IGI now generates a large portion of its revenue and profits from India, where it has established itself as a key player in the diamond certification industry. Data…

The World Jewellery Confederation (CIBJO) has submitted its biennial report to the United Nations Global Compact, detailing its programmes and activities from September 2022 to September 2024.  This submission is part of CIBJO’s ongoing commitment to the UN’s corporate sustainability initiative, which focuses on promoting responsible business practices globally. Key Programmes and Initiatives CIBJO’s recent efforts included educational events, development of business guidelines, and promoting collective action within the jewellery sector. Key initiatives were: Focus on Environmental, Social, and Governance (ESG) Standards CIBJO’s Sustainable Commission released a report in August 2023 clarifying differences between CSR and ESG frameworks. The report…

Lucara Diamond Corp. has announced the recovery of an exceptional 2,492 carat rough diamond from its Karowe Diamond Mine in Botswana. The stone is believed to be the second-largest diamond ever found and the biggest discovered in more than a century. The discovery was made using Lucara’s Mega Diamond Recovery (MDR) X-ray Transmission (XRT) technology, which was introduced in 2017 to detect and preserve large, high-value diamonds. The newly discovered diamond, which remains unnamed, is the largest found since the famous 3,106-carat Cullinan diamond in 1905. Officials have not yet determined the value of the 2,492-carat stone, as its price…

Danish jewellery giant Pandora is predicting a major transformation in the diamond market over the next decade.  CEO Alexander Lacik has forecasted that lab-grown diamonds will surpass mined diamonds in popularity, marking a significant shift in consumer preferences. This prediction follows Pandora’s 2021 shift to lab-grown diamonds, which the company cited as a response to changing consumer preferences. Technological Advancements and Consumer Demand In a recent interview with Bloomberg TV, Lacik explained how rapid technological advancements are making lab-grown diamonds more accessible and affordable. He noted, “Ten years on, my prediction is the vast majority of diamonds being sold are…

Toyota has launched the C-HR Diamond Collection, a collaboration with Australian jewellery designer Millie Savage.  The campaign, developed by marketing agency HERO, involves the creation of 13 lab-grown diamonds from components of Toyota’s new C-HR vehicle. The Concept: Transforming Car Parts into Diamonds The C-HR Diamond Collection draws inspiration from the angular lines of a diamond, aiming to reflect the design of the Toyota C-HR. Car parts from the C-HR were subjected to a high-pressure, high-temperature (HPHT) process to create lab-grown diamonds. Shane Geffen, Executive Creative Director at HERO, noted that the process of turning vehicle components into diamonds was…

UK diamond explorer Botswana Diamonds (BOD), has launched an artificial intelligence (AI) initiative to expedite its exploration efforts in Botswana.  The company is using AI technology to analyse its mineral database, which is the second-largest diamond exploration database in the country. The first results are expected in four to six weeks. Collaboration with AI and Geoscience Experts BOD’s AI initiative involves the use of Xplore mineral prospectivity technology, developed in collaboration with International Geoscience Services Limited and Planetary AI Ltd. The AI system processes large datasets in a manner akin to a geologist but at a much faster rate and…

Botswana’s success at the Paris 2024 Olympics was recognised by Debswana, which hosted a ceremony to honour the athletes and coaches who represented the country. The event highlighted sprinter Letsile Tebogo, Botswana’s first-ever Olympic gold medallist, and was organised in partnership with De Beers Global Sightholder Sales (DBGSS) and Diamond Trading Company Botswana (DTCB). Diamond Rewards for Tebogo and Team Botswana Tebogo, who won gold in the men’s 200 metres with a time of 19.46 seconds, was presented with a polished diamond and a cash reward of P60,000 ($4,400) by Debswana. His fellow athletes and their technical team members were…

Ireland-based Karelian Diamond Resources has taken a significant step towards establishing the European Union’s first diamond mine in the Kuopio-Kaavi region of eastern Finland.  The Lahtojoki diamond deposit, known for its percentage of pink and colourless gem diamonds, has been the subject of legal and procedural delays, but a recent Finnish Land Court decision brings the project closer to realisation. Court Ruling Resolves Land Dispute The development of the Lahtojoki mine has been contingent on settling disputes with local landowners over compensation and boundary adjustments. Following appeals from two landowners, the Finnish Land Court upheld the original decision, which had…

Lusix, a prominent producer of laboratory-grown diamonds based in Israel, has filed for a stay of proceedings under the country’s new Insolvency Law.  The company, which was founded by Israeli entrepreneur Benny Landa, faces approximately $28 million in debts. This legal action is intended to protect the company from creditors while it works on finalising a merger with another Israeli company. Financial Struggles and Proposed Merger Lusix, founded in 2016, is seeking a six-week extension from the courts to finalise a merger with an unnamed Israeli company. The merger would facilitate a capital injection of $22 million from existing shareholders.…

Social media influencer Gstaad Guy, known for his humorous takes on the ultra-wealthy, has launched a new jewellery line called Poubel, which officially debuted on 16 August.  The collection features customisable modular chain-link bracelets and necklaces, designed to appeal to his affluent following. The line is made from recyclable sterling silver and features hand-painted enamel charms, aligning with Gstaad Guy’s distinct style. A Unique Take on Charms The Poubel collection embeds charms directly into modular links, avoiding the typical sound of traditional charms and providing a sleeker design. Speaking on the design, Gstaad Guy explained, “There are no [clinking] sounds…

Botswana’s diamond manufacturing industry is facing concerns related to workers’ rights, with the Botswana Diamond Workers Union (BDWU) raising issues around the treatment of workers in the cutting and polishing sector and claiming incidents of non-compliance with labour standards. These include the dismissal of workers for joining unions, low wages, and health and safety concerns. Union Raises Concerns Over Labour Practices The BDWU, an affiliate of IndustriALL, has brought attention to several practices within Botswana’s diamond supply chain, particularly in the employment of migrant workers. The union asserts that certain companies are not fully adhering to labour laws, citing low…

Russian diamond mining giant Alrosa has reported a significant drop in sales and profits for the first half of 2024, reflecting the impact of international sanctions and a weakening global diamond market.  The state-controlled company, which has faced increasing restrictions due to the ongoing conflict between Russia and Ukraine, saw a 5% year-on-year revenue decline to RUB 179.47 billion ($2.01 billion). Net profit for the same period plunged 34% to RUB 36.63 billion ($411.4 million). Impact of Sanctions on Alrosa Since the Russian invasion of Ukraine in February 2022, Alrosa has been subjected to severe sanctions imposed by Western nations,…

Pandora, the world’s largest jewellery maker, has raised its full-year organic growth forecast for 2024, following strong sales in the second quarter and positive performance in its lab-grown diamond category.  The Danish jeweller now expects growth of between 9% and 12%, up from its previous guidance of 8% to 10%, as a result of its transformation strategy. Q2 Performance and Key Metrics For the second quarter ending 30 June, Pandora reported a 15% year-on-year increase in sales on both an organic and reported basis, bringing in DKK 6.77 billion ($990.9 million). Operating profit rose to DKK 1.34 billion ($196.25 million),…

The Responsible Jewellery Council (RJC) has issued a final call for contributions and feedback to the draft Laboratory Grown Materials Standard (LGMS), with the deadline set for 25th August 2024.  The standard aims to establish guidelines for responsible business practices standard for laboratory-grown materials. Background on the LGMS First introduced in 2021, the development of the RJC’s LGMS has included two rounds of public consultation.  The standard is being developed in accordance with ISEAL’s standard-setting code, ensuring transparency and inclusivity in the process. A multi-stakeholder Standards Committee has been engaged to provide diverse input and expertise, with the aim of…

Pandora, the world’s largest jewellery maker, has raised its full-year organic growth forecast for 2024, following strong sales in the second quarter and positive performance in its lab-grown diamond category.  The Danish jeweller now expects growth of between 9% and 12%, up from its previous guidance of 8% to 10%, as a result of its transformation strategy. Q2 Performance and Key Metrics For the second quarter ending 30 June, Pandora reported a 15% year-on-year increase in sales on both an organic and reported basis, bringing in DKK 6.77 billion ($990.9 million). Operating profit rose to DKK 1.34 billion ($196.25 million),…