​The United States will impose 50% tariffs on imports from Canada, including polished diamonds, gold, silver and other jewelry-related products. The tariffs will take effect on August 19, according to a member alert from the Jewelers Vigilance Committee.

​

Anglo American reported De Beers rough diamond sales fell 44% year on year to $665 million in the second quarter as lower prices and weaker demand weighed on results. Sales volume declined 11% to 6.04 million carats, while the average price dropped 37% to $110 per carat. Production rose 88% to 7.8 million carats, and the company maintained its full-year production guidance of 21 million to 26 million carats.

 

Birks Group reported net sales rose 15% year on year to $205.4 million in the fiscal year ending March 28, driven by its acquisition of European Boutique and strong branded jewelry sales. The company narrowed its net loss to $3.4 million from $12.8 million a year earlier.

 

Swatch Group reported jewelry and watch sales rose 2% year on year to CHF 2.95 billion ($3.61 billion) in the first half of 2026, while operating profit for the segment fell 6% to CHF 120 million ($147 million). Excluding production, jewelry and watch sales increased 10% at constant exchange rates, while Harry Winston sales rose 20% at constant rates, with growth across all regions. Group sales rose 2% to CHF 3.12 billion ($3.82 billion), while profit declined 6% to CHF 16 million ($20 million).

​

India's polished diamond exports rose 9% year on year to $847 million in June, according to the Gem & Jewellery Export Promotion Council (GJEPC), while rough imports fell 27% to $700 million. For the first half of the year, polished exports declined 8% to $5.89 billion and rough imports dropped 28% to $4.31 billion.

​

Chow Sang Sang reported same-store sales grew 17% year on year in Mainland China and 30% in Hong Kong and Macau. Growth was driven by a 16% increase in average retail prices, as consumer demand in China shifted toward fixed-price gold jewelry amid gold price volatility.  

 

Luk Fook reported a 43% year-on-year increase in revenue from its self-operated stores and e-commerce business in the first quarter ending June 30. Sales of gem-set jewelry rose 81%, while fixed-price gold diamond jewelry fell 17%. Revenue increased 41% in Hong Kong and Macau and 22% in Mainland China.

 

The National Union of Mineworkers (NUM) condemned De Beers' decision to pause production at the Venetia mine for two years. The union said the company has begun a formal process that could result in 1,214 job losses and accused De Beers of failing to explore alternatives before proposing the cuts.

 

Swiss watch exports grew 11% year on year to CHF 2.39 billion ($2.95 billion) in June, according to the Federation of the Swiss Watch Industry. Exports of precious metal watches increased 3% to CHF 846.9 million ($1.05 billion). Shipments to the US rose 13%, to the UK 12%, and to France doubled.

​

Anglo American has identified a preferred buyer for its 85% stake in De Beers, Reuters reported, citing a Botswana government official. Botswana is considering whether to exercise its right of first refusal alone, with Anglo’s chosen bidder or alongside a third party. Bloomberg identified the preferred bidder as former De Beers CEO Gareth Penny.

 

US retail sales grew 6.7% year on year to $768.6 billion in June, according to the US Census Bureau. The retail industry’s focus on affordability has supported consumer spending, the National Retail Federation said.

​

Fancy-cut diamonds delivered the strongest per-carat gains among investment-grade stones in the second quarter, according to Alrosa. Prices for 4-carat G-color, VVS2-clarity diamonds rose 16.7%, while 3-carat F, VS1 goods increased 16%. The third ranked category 5-carat, G, VVS2 diamonds with a 7.8% gain.

 

Canada’s Ekati diamond mine will shut after owner Burgundy Diamond Mines failed to secure a buyer and entered receivership. The sales process attracted no compliant bids and available funding has been exhausted, according to a filing with the Supreme Court of British Columbia.

 

The World Federation of Diamond Bourses (WFDB) elected Mehul Shah as president, according to the Bharat Diamond Bourse (BDB). Shah, chairman of Mumbai-based diamond-jewelry supplier Star Brillian and a BDB vice president, succeeds Yoram Dvash after his six years in the role.

 

Watches of Switzerland reported revenue rose 11% to GBP 1.83 billion ($2.47 billion) in the fiscal year ending May 3, driven by a 24% increase in US sales. Luxury-watch sales grew 10%, luxury jewelry increased 17%, and its Roberto Coin wholesale unit rose 16%. Profit jumped 84% to GBP 99 million ($134 million). The company is in talks for a possible takeover, according to Reuters.

​

Rio Tinto reported diamond production fell 51% year on year to 1.1 million carats in the first half as ore recovery at its Diavik mine in Canada came to an end. The operation produced 33,000 carats in the second quarter. The company continues to advance its diamond exploration project in Angola.

 

Richemont's jewelry maisons posted a 21% year-on-year increase in second-quarter revenue to EUR 4.73 billion ($5.41 billion), with growth across Buccellati, Cartier, Van Cleef & Arpels, and Vhernier. Group sales rose 17% to EUR 6.33 billion ($7.32 billion) in the quarter ended June 30, while specialist watchmakers recorded 6% growth and other businesses increased 7%.

 

Dubai's diamond trade reached a new high of $41.7 billion in 2025, up 16% year on year, driven by a 25% increase in polished trade to $18.7 billion and a 10% rise in rough trade to $23 billion. By volume, combined rough and polished imports and exports grew 43% to 359 million carats, according to the Dubai Multi Commodities Centre (DMCC).

​

Lucara Diamond Corp. recovered a 1,305.4-carat white diamond from its Karowe mine in Botswana, marking the tenth stone exceeding 1,000 carats found at the mine since production began. The rough gem was recovered using the company's X-ray transmission technology, although Lucara said it could not determine whether it originated from current open-pit mining or previously stockpiled ore.

​

De Beers will pause production at its Venetia mine in South Africa for two years and reorganize its global operating model as part of a broader effort to cut costs and strengthen long-term competitiveness. The miner said it has already removed more than $100 million in annual overhead costs and expects global rough supply cuts and improving demand for natural diamonds to support a market recovery over time.

 

Prices of smaller polished diamonds continued to recover in June as inventory levels declined, according to Rapaport. The group's Rapaport Trade Diamond Index (RAPI) for 0.30-carat diamonds rose 4.2% during the month and 7.7% year to date, though it remained 23.3% below year-earlier levels, while the 0.50-carat index gained 1.3%. The 1-carat index fell 0.7%, and RAPI for 3-carat edged up 0.4%.

 

Brilliant Earth has launched its first Swiss-made watch collection, introducing 100 limited-edition Solstice timepieces to mark the jewelry retailer's 20th anniversary. Developed in partnership with Swiss watchmaker Louis Erard, the collection is priced from $3,995 and expands the company's product offering beyond fine jewelry.

​

Belgium's polished diamond trade maintained its momentum in June, with exports rising 22% year on year to $453.8 million and imports increasing 29% to $542.5 million, according to the Antwerp World Diamond Centre (AWDC). Rough imports fell 39% to $162.6 million and rough exports declined 25% to $221.4 million during the month. For the first half, polished exports increased 18% and imports rose 25%.

​

De Beers reduced rough diamond prices at its July sight, bringing them closer to secondary market valuations, according to a report by Bloomberg. The sight was the first under the new supply contract which saw De Beers reduce the number of sightholders by a third to around 50 companies.

 

Namdia has selected 32 companies from 75 applicants to receive supplies of Namibian rough diamonds during the 2026 to 2029 contract period, following what it described as one of its most competitive client selection processes to date. Successful clients were chosen through a comprehensive evaluation process, with applicants from 10 countries, the state-owned rough seller said.

 

The Dubai Diamond Exchange and the London Diamond Bourse (LDB) signed a memorandum of understanding to strengthen cooperation, expand commercial opportunities for members, and promote responsible trade. The agreement marks the first international partnership established under LDB president Charlotte Rose.

 

Titan Company reported a 39% year on year increase in jewelry sales for the fiscal first quarter ended June 30, driven by strong festive and Akshaya Tritiya demand and robust sales of its core plain and studded jewelry. Group sales rose 41%, with domestic operations up 37% and international sales surging 128%.

​

Retail jewelry sales among US independent jewelers rose 18% year on year in June, according to The Edge Retail Academy. Unit sales were flat, with growth driven by an 18% increase in the average retail sale. Diamond sales climbed 15%, as a 16% rise in the average retail sale offset a 1% decline in unit sales.

 

Sean Gilbertson will step down as CEO of Gemfields effective July 15, the gem miner said. CFO David Lovett has been appointed interim CEO while the company searches for a permanent successor, with chairman Bruce Cleaver providing additional support during the transition.

​

Luxury jewelry sales are projected to grow at a compound annual rate of 5% to 7% over the next five years, according to a report by McKinsey & Company and Business of Fashion. The report expects jewelry to lead luxury growth in China, driven by domestic brands, while globally consumers are increasingly favoring products that reflect identity, emotion and self-expression.

 

Hong Kong's sales of jewelry, watches, clocks and valuable gifts rose 26% year on year in May, the strongest growth of any retail category, according to the Census and Statistics Department. Overall retail sales increased 10%, supported by economic growth and continued growth in tourism.

​

Global rough diamond production fell below 100 million carats for the first time in decades in 2025, according to Kimberley Process data. Output declined 8% year on year to 98.8 million carats, its lowest level since Kimberley Process records began in 2004. Production by value fell 3% to $9.23 billion. Russia remained the largest producer at 31.5 million carats, followed by Botswana with 15.5 million carats and Angola with 15.2 million carats.

​

The Democratic Republic of the Congo has signed a framework agreement with Swiss technology company ADEX Platform AG to establish a joint venture to modernize its diamond and colored gemstone sector. The partnership will develop local cutting capacity and a digital sales platform to improve transparency, formalize the industry, and increase local value addition.

​​

The African Diamond Producers Association (ADPA) and the Harry Oppenheimer Diamond Training School have signed a three-year memorandum of understanding to strengthen diamond training and skills development across Africa. The partnership will focus on curriculum development, technical training and research to promote local beneficiation, improve industry standards and build expertise across the diamond value chain.​