War with Iran, Oil at $100 and What It Means for Diamonds

Pressing Matters

Why Retail Growth Isn’t Lifting Diamonds

Podcast: Is the Diamond Industry Overregulated?

Small collection of rough diamonds being sorted with tweezers.jpg

What's Dragging Down De Beers?

Botswana's Diamond Glut

News In Brief

Lab-grown diamonds now account for about 45% of engagement ring purchases in the US, reflecting a rapid shift from niche product to mainstream choice, according to a 2025 report by insurer BriteCo…

US retail sales grew 6% year on year in February, according to the National Retail Federation’s Retail Monitor…

Belgium’s minister of employment and economy David Clarinval is examining whether the term “diamond” should be reserved exclusively for natural stones to improve transparency for consumers...

Signet Jewelers said same-store sales declined 0.7% to 0.9% in the fourth quarter amid broader promotions to meet consumer expectations…

Burgundy Diamond Mines secured an additional loan of up to CAD 60 million through Canada’s Large Enterprise Tariff Loan (LETL) facility, expanding the CAD 115 million financing it received in December…

Mountain Province Diamonds reported sales fell 43% to $111.5 million in 2025, as sales volume declined 31% to 1.9 million carats and the average price achieved dropped 18%…

Around 80,000 buyers from 150 countries attended the two Hong Kong shows held concurrently in early March, organizers said…

Full story here

Spotlight

The Diamond Disconnect

The contrast between the performance of the retail jewelry sector and diamond mining revealed in the recent round of earnings is striking. At retail, Watches of Switzerland said its Roberto Coin business delivered an excellent US holiday season. Swatch Group noted that Harry Winston had a record month in December, while Birks Group reported comparable-store sales grew 2.5% over the November–December period. The momentum carried into January. The Edge Retail Academy estima

Calm After the Tariff Storm

The diamond industry breathed a collective sigh of relief after the US and India reached a trade deal that will eliminate import duties on India-sourced diamonds and gemstones. By way of recap, in September President Trump imposed a 25% reciprocal tariff, followed by an additional 25% penalty on all Indian imports, aimed at pressuring India to halt purchases of Russian oil. The impact was immediate and severe. India’s diamond trade was put at a massive disadvantage, with go

India Must Follow Antwerp’s Diamond Playbook

The recent trade deal between the EU and India laid bare the differing approaches to the diamond trade taken by two of the industry’s largest centers. Once again, Antwerp leveraged its position to secure favorable terms in the negotiations. Under the agreement, India reduced its tariff on imports of natural polished diamonds from the European Union to 2.5%, down from 5.5%. “This tariff reduction is the result of intensive lobbying efforts by the Antwerp World Diamond Cent

10 Predictions for the Diamond Industry in 2026

The diamond market enters 2026 in a state of flux after three punishing years from 2023 to 2025, with sustained pressure across mining, manufacturing, and retail. It does not take a futurist to see that many of the forces behind the downturn remain firmly in place. The question now is how those dynamics evolve as the industry searches for greater stability. To open the year, The Diamond Press sets out 10 developments and themes that are set to define the diamond trade in

Tough Love for Botswana

At last, someone has advised the Botswana government not to raise its stake in De Beers. As Anglo American prepares to divest from its 85% share in the diamond company, Botswana has signaled its interest in buying some or all of that stake, adding to the 15% it already owns. Until now, it seems that most of those with the president’s ear have entertained the notion that increasing the government’s stake in De Beers is a good idea. Yet Botswana is heading for its third str

Read all

Pressing Matters

War with Iran, Oil at $100 and What It Means for the Diamond Market

This blog first appeared in the March 9 Pressing Matters Executive Memo. Read the full memo here, Pressing Matters . It’s been quite a week in the world. The situation in the Middle East raises the question of how the war with Iran might affect the diamond market, beyond the disruption to trading in Dubai and Ramat Gan, the two centers directly impacted by Iran’s attacks. Those interruptions are unlikely to upset the immediate diamond supply-demand dynamic. Rather, the broa

Diamond Overregulation and the Rough Market Divide

This blog first appeared in the March 2 Pressing Matters Executive Memo. Read the full memo here, Pressing Matters . Last week's Diamond Debate examined the question if the diamond industry overregulated. My opponent, Feriel Zerouki, president of the World Diamond Council, kicked off the conversation by listing a series of disclosure requirements involved in diamond trading. It’s worth considering these details as you reflect on the topic. This blog first appeared in the

What's Dragging Down De Beers?

This blog first appeared in the February 23 Pressing Matters Executive Memo. Read the full memo here, Pressing Matters . Where else can we start but with De Beers’ earnings, published on Friday. The headline you’ve likely seen by now is that Anglo American wrote down the value of its diamond unit by $2.3 billion, bringing it to $2.3 billion. In the context of its ongoing effort to sell its 85% stake, that’s a damning assessment of De Beers, of Anglo’s stewardship, and of the

Complex De Beers Sale

Happy Lunar Festival as we usher in the Year of the Horse. While we have one eye on China’s Golden Week in the coming days, our attention last week was drawn to the annual Investing in African Mining Indaba in Cape Town. The conference doesn’t usually place much emphasis on diamonds, but this year was a little different amid heightened interest in Anglo American’s sale of De Beers . Most significant were comments by Anglo CEO Duncan Wanblad that the decline in diamond pr

A Good Week For Diamonds

Every so often, I’m tempted to turn this memo into a gossip column. If I ever did, it might open with something like, OMG! I’ve got so much to tell you! Perhaps I’ve found a quieter way to indulge that instinct, because the truth is it’s been a very good week for the diamond industry. The headlines were dominated by the US–India trade deal, which will remove tariffs on diamond imports into the world’s largest jewelry market from the largest source of polished supply. The

Read all

Videos