June 1 to 14

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The Gemological Institute of America (GIA) has acquired an equity stake in Tracr, the De Beers-developed blockchain-based traceability platform developed, De Beers CEO Al Cook announced at the JCK Las Vegas show. The transaction is expected to close by the end of the year, with additional investors also anticipated to join the platform.

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Angola’s Ministry of Mineral Resources, Petroleum and Gas has signed a memorandum of understanding with the Gemological Institute of America (GIA) to collaborate on gemology training, diamond grading, and services related to the provenance and traceability of Angolan diamonds. During a visit to New York this week, the minister also met with Tiffany & Co. management to explore opportunities for supplying the brand with Angolan diamonds.

 

Angola will host a summit on June 18 to discuss funding strategies for global natural diamond marketing, with participation from key diamond-producing nations and industry leaders. The meeting follows a major funding shortfall at the Natural Diamond Council after Alrosa's exit due to the war in Ukraine.

 

Debswana Diamond Company has paused production at its Jwaneng and Orapa mines due to weak diamond demand. The De Beers–Botswana joint venture lowered its 2025 production target to 15 million carats, down significantly from previous years. Debswana is restructuring operations, offering voluntary separations to staff in a bid to reduce costs and address long-term overcapacity.

 

The International Gemmological Institute (IGI) has appointed Anoop Mehta as its new chairman. Mehta is the managing director of Mohit Diamonds, a manufacturing company and De Beers sightholder, and also serves as the long-standing president of the Bharat Diamond Bourse. Separately, Tiffany Stevens has stepped down from her role as IGI’s head of North America.

 

Okavango Diamond Company (ODC), Botswana’s state-owned rough diamond sales entity, has begun registering its rough supply on Tracr, the blockchain-based traceability platform developed by De Beers. Since the start of the year, ODC has been uploading diamonds in the 3- to 6-grainer and 2- to 10-carat size range to the platform, ODC announced. The company independently markets 30% of Debswana’s production.

 

Petra Diamonds reported a 3% increase in like-for-like rough diamond prices at its April–June tenders compared to its February sale, with most categories showing improvement. However, prices remain 16% lower year-over-year, primarily due to weak demand for smaller stones. The company generated $53 million in sales from 613,747 carats, achieving an average price of $86 per carat at its latest tender.

 

Bonhams auction house has appointed Celine Assimon as chief commercial officer. She previously served as CEO of De Beers London and De Beers Forevermark, and held senior roles at De Grisogono, Richemont, and Louis Vuitton. Based in London, Assimon will lead Bonhams’ global commercial strategy and client experience as the company continues its international expansion.

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De Beers has officially launched ‘Origin,’ it’s polished diamond brand, following a successful one-year pilot. Powered by the Tracr platform, the program enables retailers to share the complete journey of each diamond with their customers. In addition, the company unveiled ‘Ombré Desert Diamonds,’ a new beacon jewelry concept inspired by the warm hues of the desert – yellows, champagnes, and ambers. De Beers hopes to emulate previous beacons, such as the three-stone and eternity rings, and spark industry-wide interest and consumer demand for these desert diamonds.

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Signet Jewelers reported a 2% year-over-year sales increase to $1.5 billion in the first quarter. Same-store sales rose 2.5% — the first quarterly increase in three years — as the company’s Grow Love Brand strategy gains momentum, CEO J.K. Symancyk said. However, net income dropped 36% to $33.5 million due to higher costs and expenses.

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The Gemological Institute of America (GIA) will replace traditional color and clarity grading for lab-grown diamonds with new “premium” and “standard” quality descriptions. This shift reflects the narrow range of quality among most lab-grown diamonds and aims to better distinguish them from natural stones. Current services remain in place until the revised system is finalized, with updated pricing and guidelines expected by late in the third quarter.

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