NEWS

Mar. 2 to 14, 2025

This week in the diamond world

Mining matters

Gem Diamonds saw profit rise five-fold to $8.1 million in 2024, as revenue grew 10% to $154.2 million. The average price from its Letšeng mine in Lesotho increased 4% to $1,390 per carat, driven by an increase in the recovery of large stones. Rough diamonds greater than 10.8 carats accounted for 78% of revenue, versus 69% in 2023, the mining company reported.

Russian diamond miner Alrosa reported revenue fell 26% to $239.1 million in 2024, while profit slumped 77% to $19.3 million. The company is subject to sanctions restricting diamond imports to G7 nations. Alrosa said it is taking adequate measures to support the sustainable development of the business and fulfill obligations in the current circumstances. A further deterioration of the situation may negatively affect the performance and financial position of the group, it added.

Burgundy Diamond mines, owner of the Ekati mine in Canada, incurred a net loss of $94.7 million in 2024. The loss resulted from an impairment cost relating to plant and equipment “due to the decrease in diamond prices,” Burgundy said. This was the first full year of operations as Burgundy acquired the previous Ekati owner in mid-2023. It reported revenue of $442.1 million for 2024.

Lucapa Diamond Company reported revenue fell 26% to $58.5 million in 2024. A net loss of $2.8 million improved from a loss of $10.9 million in 2023 when costs from discontinued operations weighed on earnings. The average price achieved fell 27% to $1,980 per carat, as strong demand for large diamonds from its Lulo mine in Angola to some extent offset challenging market conditions.

Trading alerts

Belgium’s polished exports fell 24% year on year to $783.7 million, while polished imports dropped 22% to $420.8 million in February, the Antwerp World Diamond Centre (AWDC) revealed. Rough imports declined 48% to $246.9 million and rough exports slumped 51% to $241.3 million.

International Gemmological Institute (IGI) reported revenue grew 17% to INR 10.53 billion ($120.8 million), and profit after tax rose 29% to INR 4.27 billion ($49 million) in 2024. Rising demand for diamond certification drove growth as the number of grading reports the company issued increased 27% to 10.5 million during the year.

The Gem & Jewellery Export Promotion Council (GJEPC) named Kirit Bhansali as chairman and Shaunak Parikh as his deputy for the next two years. Bhansali said he plans to advance India’s jewelry industry through strategic initiatives, innovative projects, and collaborative efforts. The council is overseeing the development of a jewelry park in Mumbai and a gem bourse in Jaipur.

Retail

San Francisco-based jewelry retailer Brilliant Earth reported revenue fell 5% to $422.2 million in 2024. Sales fell as the average order value dropped 11% to $2,269, outweighing the 7% increase in the number of orders to 186,030. Profit fell 16% to $4 million. Gross margin improved to 60.3% from 57.6% the previous year.

Australia-based Michael Hill appointed Andrew Lowe as interim CEO following the passing of Daniel Bracken. Lowe is the retail jeweler’s chief financial and supply chain officer and will serve as CEO while the board conducts a global search for a permanent CEO, the group said.

Jewelers of America (JA) launched a three-year strategic plan that “will help propel the association forward,” it said. JA also updated its mission statement stressing that it “empowers and unites its members through expert guidance and advocacy, driving excellence, integrity, and success in an ever-changing marketplace."

Stephen Barnes has assumed ownership of the Independent Jewelers Organization (IJO) from long-time owner Jeff Roberts, the group announced. Barnes has served as IJO president since August 2023. He is also CEO of his family business Barnes Jewelers, a retail jewelry store in Goldsboro, North Carolina.

Retail sales of jewelry, watches and clocks in Hong Kong fell 18% year on year in January, the Census and Statistics Department reported. Overall retail sales declined 3% to $35.3 billion during the month, propped up by the earlier arrival of the Lunar New Year, a spokesperson said.

View Archives

Mar. 10, 2025

Traceability Delayed, But Here to Stay

Feb. 15, 2025

What's the Deal With De Beers And Botswana?

Archives

Jan. 26 to 31, 2025

Mining Matters

Mountain Province Diamonds (TSX:MPVD) reported revenue declined 20% to CAD 267.7 million ($195.2 million) in 2024, as its average sales price dropped by the same margin to CAD 98 ($72) per carat. Production at the Gahcho Kué mine in Canada fell 43% to 4.66 million carats, of which 49% went to Mountain Province and the remainder to De Beers, its partner in the project.

Proceeds from the Ekati mine fell 39% year on year to $101 million in the fourth quarter. Sales volume dropped 39% to 1.1 million carats as lower quality goods remained unsold, owner Burgundy Diamond Mines (ASX: BDM) said. Production fell 17% to 1 million carats. Burgundy will release a plan in the second half that may extend the life of mining at Ekati beyond 2030.

Gem Diamonds (LON: GEMD) reported sales from its Letšeng mine in Lesotho grew 10% to $152.8 million in 2024. The average price achieved rose 4% to $1,290 per carat, while sales volume increased 5% to 109,967 carats. The mine yielded 13 rough diamonds larger than 100 carats during the year, compared to five in 2023.

Lucapa Diamond Company (ASX:LOM) said revenue from its Lulo mine in Angola fell 30% to $54.2 million in 2024, after sales slumped 71% year on year in the fourth quarter. The average price for the full year declined 27% to $1,980 per carat, while sales volume dropped 27%. The mine yielded 77 specials – rough diamonds larger than 10.8 carats – in the fourth quarter, a 43% increase from a year earlier.

An unnamed Dubai-based diamond manufacturer signed a letter of intent to finance junior Canadian miner Diamcor (TSX-V:DMI). The supplier of bridal and anniversary diamonds will provide a loan of up to $5 million which Diamcor said it will use to raise volumes and advance activity at the Krone-Endora at Venetia project, a tailings operation adjacent to the Venetia mine in South Africa.

Retail Sales

Birks Group (NYSE: BGI) reported holiday sales grew 4% year on year driven by a strong performance in its branded watch offering and on its e-commerce platform. Comparable-store sales edged up 1.3% during the November-December period. Birks has stores across Canada and sells through partnerships in the US, the United Kingdom and Poland.

Revenue from LVMH’s (Paris: LVMH) watches and jewelry business fell 3% to EUR 10.58 billion ($10.96 billion) in 2024. Sales in Asia accounted for 29% of the total, down from 34% the previous year. Tiffany & Co. saw record revenue at its flagship store, The Landmark, on New York’s Fifth Avenue, while Bulgari gained market share driven by strong sales in high jewelry and luxury watches, LVMH said. Profit from the business unit fell 28% to EUR 1.55 billion ($1.6 billion).

Group sales at Michael Hill (ASX:MHJ) fell 1% year on year to AUD 359.1 million in the fiscal first half that ended December 29. The Australia-based jeweler said sales edged up 0.6%in Australia, grew 3% in Canada and fell 8% in New Zealand. The company launched several new product initiatives in the lab-grown diamond space during the period.

Trading trends

The market for fancy color diamonds softened in 2024, reflecting broader economic uncertainties, according to the Fancy Color Research Foundation (FCRF). The group’s Fancy Color Diamond Index fell 2.2% during the year, with prices of yellows down an average 5.6%, blue diamonds declining 1.8% and pinks slipping 0.8%.

Swiss watch exports fell 3% to CHF 25.99 billion ($38.42 billion) in 2024, the Federation of the Swiss Watch Industry reported. The US again ranked as the industry’s top market, as exports there grew 5%, followed by mainland China and Japan. Exports to China fell 26% and to Hong Kong by 19%.

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Jan. 19 to 24, 2025

In the Trade

Botswana President Duma Boko expects the marketing and mining license agreements between his government and De Beers to be finalized in the coming days, he told Reuters. The government agrees with De Beers on most issues, and all that remained is "tidying up", he added.

India’s Department of Commerce introduced a program to enhance competitiveness in the polished diamond market. The scheme enables the duty-free import of small diamonds below 0.25-carat, but is limited to 5% of a company's average annual exports over the previous three years, or up to $15 million.. Larger stones remain subject to a 5% duty. The initiative is a response to beneficiation policies in producer countries requiring manufacturers to cut and polish their rough supply locally.

The Antwerp World Diamond Centre (AWDC) called on the Belgian government to support the country’s diamond sector, noting economic and geopolitical factors contributed to a slump in business. There’s an urgent need for a stable and predictable business climate to encourage both domestic and international entrepreneurs to operate in Belgium, the trade body said.

Belgium’s rough diamond trade – imports plus exports – fell 36% to $8.53 billion, and by 24% in volume terms to 76.84 million carats in 2024, data by the Antwerp World Diamond Centre (AWDC) revealed. Polished trading declined 17% to $15.85 billion, while volume slid by the same margin to 7.38 million carats.

Diamantaires in Lesotho collaborated to establish the Lesotho Diamond Manufacturers Association (LDMA), the group announced. The LDMA aims to transform Lesotho into a leading hub for diamond manufacturing in southern Africa, they said.

Retail Sales

Retail sales at Chow Tai Fook dropped 14% year on year in the fiscal third quarter, the Hong Kong-based jeweler said. Same-store sales in mainland China fell 16%, while in Hong Kong Kong-Macau they slid 21%. Same-store sales of gem-set, platinum and K-gold jewelry declined 20% in China but grew 34% in Hong Kong-Macau.

Luk Fook reported revenue from across its self-operated stores and e-commerce platforms fell 9% year on year in the quarter ending December 31. A 27% improvement in mainland China partly compensated for a 20% decline in Hong Kong and Macau. Group same-store sales of diamonds slumped 47% during the period.

Jewelry stood out as a strong performer in the global luxury market in 2024, according to the Bain-Altagamma Luxury Goods Worldwide Market Study. Overall spending on luxury declined 1% to 3% to EUR 1.48 trillion ($1.55 trillion), the report said. Jewelry held strong especially in the high-end haute joaillerie. There was also strong momentum for jewelry in the growing second-hand market.

Mining Matters

Petra Diamonds agreed to sell its 75% stake in Williamson Diamonds Ltd., owner of the Williamson mine in Tanzania, for $16 million. The buyer was Pink Diamond Investments, an affiliate of Tanzania-based Taifa Mining and Civils Ltd. The Government of Tanzania owns the remaining 25%.

Petra Diamonds, owner of the Finsch and Cullinan mines in South Africa, reported revenue fell 22% year on year to $146 million in the fiscal first half ending December 31. The group saw like-for-like rough prices decline 10% year on year, dragged down by weakness in smaller size categories.

Marketing Moments

The World Federation of Diamond Bourses (WFDB) launched a social media campaign to promote natural diamonds. The “Moments” campaign is the first of several steps the body will take to portray the beauty and emotion inherent in natural diamonds, WFDB president Yoram Dvash said.

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Jan 12 to 17, 2025

Industry matters

Jewelers of America and Diamond Council of America established a fund to help jewelry retailers and manufacturers whose businesses were damaged by wildfires in the greater Los Angeles area. Donations to the Jewelers Relief Fund can be made here.

There was a 15% rise in jewelry businesses discontinuing in the US in 2024, according to the Jewelers Board of Trade (JBT). Of the 747 businesses, 642 simply closed, while 102 were through a sale or merger, and there were three bankruptcies. The year ended with 23,842 jewelry businesses operating, 3.2% lower than 2023.

Susan Jacques will retire from her role as president and CEO of the Gemological Institute of America (GIA) at the end of 2025, the GIA announced. She has served in the role since January 2014. The GIA will consider internal and external candidates to replace her.

Retail sales

Richemont generated revenue of EUR 6.15 billion ($6.34 billion) in the fiscal third quarter ending December 31, a rise of 10% from a year earlier. Its jewelry maisons – Buccellati, Cartier, Van Cleef & Arpels and Vhernier – led the charge with sales up 14% to EUR 4.5 billion ($4.64 billion). All regions grew except Asia Pacific where the decline softened, the group said. (see video)

Signet Jewelers reported November-December holiday sales fell 2% year on year. The company saw lower traffic and conversion of sales, while the average transaction price grew 5%. Signet shares plunged as the jeweler cut its fourth-year sales guidance to a range of $2.32 billion to $2.24 billion. (see video)

Trade levels

India’s polished diamond exports fell 21% year on year to $13.76 billion in 2024, while its rough imports declined 16% to $11.9 billion. During the fourth quarter, both metrics sunk to their lowest levels since the second quarter of 2020, as per an analysis of data published by the Gem & Jewellery Export Promotion Council (GJEPC). (see video)

Mining investment

Output at the Diavik mine in Canada grew 14% year on year to 775,000 carats in the fourth quarter of 2024, Rio Tinto reported. Full year production fell 17% to 2.76 million carats. The company is currently shifting its A21 underground operation to commercial production.

Star Diamond reported that all 71.7 million shares held by a former partner in its Fort à la Corne project have been sold. An unnamed international investor with interests in diamonds bought 61.12 million shares and expressed interest to help advance the Canadian exploration program.

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Jan 5 to 10, 2025

Retail sales

Jewelry ranked as a hot category for e-commerce over the holiday period, according to Adobe Analytics. Total US online sales grew 8.4% year on year to $241.4 billion in November-December, with electronics, apparel and home goods accounting for 54% of all online spending.

Global online sales grew 3% year on year to a record $1.2 trillion over the November-December holiday period, Salesforce reported. Shoppers used AI- and agent-powered chat for customer service 42% more than they did during the 2023 holiday season, Salesforce noted.

Mumbai-based Titan Company reported sales rose 24% year on year in the third quarter ending December 31. Its jewelry segment grew 26% buoyed by strong demand during the Diwali festival. Caratlane saw revenue up 25%, while the brand opened its first international store in the US.

Marketing matters

De Beers and the Gem & Jewellery Export Promotion Council (GJEPC) have partnered to enhance the narrative about natural diamonds in India. The project, named INDRA - Indian Natural Diamond Retailer Alliance, will support independent jewelers with tools for their campaigns. (See video explainer)

Market expectations

Alrosa expects rough and polished inventory levels to normalize in the coming months, supported by “significant” demand for jewelry and a notable decline in mining capacity. Increased online sales enabled jewelers to structurally reduce their inventory needs, CEO Sergey Takhiev noted.

Industry events

The inaugural Doha International Diamond & Gem Conference will take place January 29 to 31, as part of Qatar’s program to find its niche in the diamond and gemstone market, The conference will help facilitate engagement with producer countries to enhance the country’s trade, organizers said.

Dec. 22, 2024 to Jan. 3, 2025

Retail

Jewelry ranked among the top performers during the holiday season, according to Mastercard SpendingPulse. Sales rose 4% year on year during the period November 1 to December 24, it reported. The category outperformed the general market as overall retail sales grew 3.8% for the season.

The National Retail Federation (NRF) projected some 157 million consumers would shop on Super Saturday, the weekend before Christmas. An estimated 141.9 million shopped on the same day in 2023. Super Saturday is seen as the last chance to take advantage of promotions, the NRF explained.

The Conference Board said its Consumer Confidence Index fell 8.1 points in December. Politics, including the November election results, was among the factors influencing the drop, while more consumers also expect tariffs to raise the cost of living, the Conference Board said.

The Midstream

Vipul Shah, chairman of the Gem & Jewellery Export Promotion Council (GJEPC) appealed to India’s finance minister Nirmala Sitharaman to support the co-funding of global diamond promotion campaigns. The GJEPC was among the trade bodies which pledged to contribute to the budget of the Natural Diamond Council (NDC).

Polished supplier Choron Group has acquired AMC Group, a Belgium-based manufacturer which supplies luxury brands and retailers in Asia and Europe. Choron will integrate AMC's facilities and expertise into its international network, enhancing its ability to source, manufacture and supply polished, the groups said in a joint statement.

International Gemmological Institute (IGI) debuted on the Bombay Stock Exchange December 20 at a price if INR 471.15, a 21% premium above its initial public offering (IPO) value. The shares finished the year trading at around INR 551 per share, and a market cap of some INR 237.9 billion ($2.78 billion).

Mining

Petra Diamonds reported that prices on a like-for-like basis fell 7% at its December rough tender, compared to its previous sale in October. The miner noted most size categories were weak. Petra lowered its price assumptions for sales from its Cullinan, Finsch and Williamson mines for the remainder of the fiscal year ending June 30, 2025.

Russian miner Alrosa saw its production decline 4.6% to 33 million carats in 2024, Reuters reported citing a statement by the government of the Yakutia region where most of its mines are located. Sales fell due to the weak market and G7 restrictions on Russian supply. Still, Yakutia is budgeting for a rise in taxes paid by Alrosa in 2025. (Dec 18)

Angola had record production of around 12 million carats for the year through November, the Ministry of Mineral Resources, Petroleum and Gas said on its Facebook page. Angola is considered the most prospective country for the discovery of new mines and is reforming its sales channels and establishing a diamond exchange.

Lucapa Diamond Company said it is planning to raise its stake in the Project Lulo Joint Venture in Angola from 39% to 51%. The company expects to sign a deal with government representatives in the first quarter of 2025. Lucapa has production from Lulo alluvial deposits while exploration activity seeks to find the kimberlite source of those diamonds.

Canadian mining company Diamcor renegotiated its loan repayments to Tiffany & Co., halving the amount owed the jeweler. Diamcor will initially pay Tiffany CAD 2 million ($1.4 million) and a final instalment of CAD 1.5 million ($1 million) a year later, Diamcor reported. The previous balance was CAD 6.8 million ($4.7 million).

Gemfields said it suspended operations at the Kagem emerald mine as sales have been lower than expected due to an oversupply of Zambian emeralds by a competitor. It also suspended expenditure on its ruby assets in Mozambique amid unrest in the country. Furthermore, the company is “assessing strategic options” for its Faberge luxury brand.

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Dec, 8 to 20, 2024

Retail ecommerce grew 8.2% year on year during Cyber Week, which extends from Thanksgiving through Cyber Monday, Adobe Analytics reported. Jewelry ranked as a top performer, with online sales up 478% on Cyber Monday alone. Total spending online grew 9% from the beginning of the season on November 1 to Cyber Monday, driven by 14.1% growth in mobile shopping.

De Beers synthetic diamonds unit Element 6 noted a shift in strategy to focus on providing technology solutions in high-value industries such as quantum technologies, semiconductors and water purification. The company has announced several partnerships since June to further that goal, including an investment in Lightsunq, a quantum interconnect startup.

The Responsible Jewellery Council (RJC) has updated its code of practices and chain of custody standards. That includes a revision to the definition of what constitutes recycled precious metals, recognizing three separate categories: pre-consumer, postconsumer and waste in its scope of eligible material. It also recognizes a mix of all three.

Sotheby’s Magnificent Jewels sale in New York achieved a total of $30 million, slightly above its pre-sale estimate, the auction house reported. The auction saw 92% of the lots sold with 70% selling above their pre-sale estimates. A rare 10.33-carat Burmese ruby and diamond ring sold for $5.5 million, more than double its high estimate.

Christie’s New York garnered $49.2 million at its Magnificent Jewels sale, with 97% of lots sold. The top seller was a 5.72-carat, fancy intense blue, VVS1-clarity diamond ring, which fetched $8.8 million, exceeding its pre-sale estimate. The auction included the collection of Mica Ertegun, of which all 16 lots sold.

The Gemological Institute of America (GIA) has begun offering filler identification in its emeralds reports at no additional cost. If filler is present, the report states one of the following: Filler Type A may include oil, wax and / or natural resin; Type B contains artificial resin; or the clarity-enhancing material present cannot currently be identified, the GIA said.

India’s polished exports fell 40% year on year in November, according to data by the Gem & Jewellery Export Promotion Council (GJEC). Rough imports by value grew 69% during the month, although volumes were significantly down. As the dominant diamond manufacturing center, India’s rough imports and polished imports signal the levels of global polished production.

Diamond manufacturer Dimexon published its 2024 ESG report, Partners in Provenance, outlining its environmental, social and governance (ESG) achievements in 2023, and setting future goals. Those include achieving carbon neutrality by 2030. ESG reporting has gained importance among regulators and financiers, although few midstream companies regularly publish such reports.

Only Natural Diamonds, the publishing arm of the Natural Diamond Council (NDC) published The History of Diamond Engagement Rings: A True Romance, compiled by jewelry expert and journalist Marion Fasel. The 165-page book traces the evolution of the natural diamond engagement ring beginning with the first solitaires in the 15th century, the NDC said.

Belgium’s rough trade continued to fall in November, with imports down 36% year on year and exports declining 36%. The Antwerp World Diamond Centre (AWDC) reported. Both metrics declined by more than 30% in the first 11 months of the year. Polished exports grew 3% in November driven by a 186% spike in shipments to the UAE.

Burgandy Diamond Mines sold $47 million and $46 million worth of rough in October and December respectively, an improvement from the second and third quarters. The company reported gains in the mid to large size categories in December, which “bodes well for a recovering diamond market,” it said.

Lucara Diamond Corp has named the mega diamonds recovered this year at its Karowe mine in Botswana. The 2,488-carat rough unearthed in August was christened Motswedi, which means Water Spring in Setswana. The 1,094-carat stone, found in September, was named Seriti (Setswana for Aura). Naming the stones was opened to the public with cash prizes for the winners.

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Dec, 1 to 6, 2024

The average value of engagement ring sat in the range of $2,500 to $5,000 in 2024, according to a study by Jewelers Mutual and The Knot. Mined diamonds were the center stone of choice for 68% of respondents, while 18% chose lab-grown diamonds. Rounds were the most popular shape while interest in ovals and pear cut diamonds have increased in recent years, it found. (Dec. 6, 2024)

Watches of Switzerland reported revenue grew 4% in the first half of the year driven by demand in the US and the UK. The company’s May acquisition of Roberto Coin further boosted sales, accounting for about 7% of the register. Profit fell 39% due to higher showroom costs and overheads relating to the acquisition. (Dec. 6, 2024)

International Gemological Institute (IGI) is preparing to start trading on the India’s stock exchanges on December 20. The initial public offering will open for first bids from December 13 through 17, according to the red herring prospectus filed this week. IGI hopes to raise INR 42.25 billion (497 million), while owner Blackrock plans to maintain a 76% stake in the grading company. (Dec. 6, 2024)

GCAL by Sarine introduced its 8X premium diamond cut grade for marquise and pear shape diamonds. That expands the 8X application for fancy shapes, after unveiling it for ovals and princess cuts in 2022. While cut grade for fancy shapes is traditionally only measured for polish and symmetry, GCAL’s standard focuses on eight factors. (Dec. 6, 2024)

Rio Tinto reported strong results at its second Beyond Rare Tender of color diamonds from the Argyle mine, which ceased operations in late 2020. The tender comprised 76 diamonds in 48 lots of pink, red and violet diamonds, which saw 12 successful bidders from Australia, Europe, Japan, Hong Kong, the Middle East, Singapore and North America. (Dec. 5, 2024)

Gem Diamonds announced a revised life-of-mine plan for its Letšeng operation in Lesotho, alongside a two-year extension to the company’s revolving credit facilities. The strategy includes approval of a design change, with steeper slopes for the final open-pit cutback of the satellite pit, as the company aims to enhance operational efficiency and reduce costs. (Dec. 5, 2024)

Shares of Signet Jewelers tumbled after the company reported third-quarter revenue fell 3.1% to $1.3 billion and net income fell 40% to $7 million. The retail jeweler saw “strong” sales over Black Friday. The company expects fourth-quarter revenue of around $2.4 billion, with same store sales being flat to up 3%. (Dec. 5, 2024)

Jewelry sales among US independent jewelers rose 8% in November, with unit sales down 2% and average retail sales up 11%, according to The Edge Retail Academy. Gross diamond sales grew 3% with unit sales rising 5% and average sales declining 2%. The month brought another strong performance for independents, the group said. (Dec. 5, 2024)

US retail sales grew 3.4% year on year on Black Friday, “a good indicator of how the holiday season is positively shaping up,” Mastercard SpendingPulse reported. Online retail sales grew 14.6% while in-store sales inched up 0.7%. Jewelry, Electronics and Apparel remain the top gift sectors for the holidays. (Dec. 4, 2024)

Polished diamond prices rose in November, halting an eight-month negative trend, as measured by the Rapaport Diamond Index (RAPI). The index for 0.30-carat diamonds rose 1.6% during the month, while 0.50-carat grew 1.4% and 1-carat good edged up 0.1%, Rapaport said. (Dec. 4, 2024)

Alrosa reduced its rough prices by an average 10% in December following a similar move by De Beers, Rapaport reported. The Russian miner recently announced it will sell a parcel of rough to state repository Gokhran, and that it might suspend production at less profitable mines due to the market crisis. (Dec. 4, 2024)

Lucara Diamond Corporation expects revenue of $195 million to $225 million from 400,000 to 420,000 carats in 2025. That’s compared to projected revenue of $160 million to $180 million this year. The miner is planning production of 360,000 to 400,000 carats, as it continues to develop underground mining at its Karowe operation in Botswana. (Dec. 4, 2024)

De Beers reduced rough prices by 10% to 15% at this week’s sight, its final sale of the year, according to a report by Rapaport. Manufacturers say they still can’t turn a profit from the goods, prompting speculation that further price cuts will be made in January. (Dec 3, 2024)

Alrosa penned an agreement to sell a batch of rough diamonds to Russia’s state repository Gokhran before the end of the year. The major miners – Alrosa and De Beers – are holding large inventories of rough due to the sharp decline in demand experienced this year. (Dec 3, 2024)

Alrosa sold its stake in Angola’s Catoca and Luele mines to Oman-based investment fund Madden International for an undisclosed amount, the Ministry of Mineral Resources, Petroleum and Gas reported. The country is considered the most prospective area for new diamond mining sites. (Dec 3, 2024)

The Antwerp diamond industry will help Angola with insights to establishing a node for the export of rough to the G7 countries after the two signed a memorandum of understanding to promote Angolan rough in Antwerp. (Dec 3, 2024)

Chow tai Fook saw revenue decline 20% to HKD 39.41 billion ($5.06 billion) in the six months ending September 30, with profit down 44% to HKD 2.56 billion ($329 million), largely due to weak consumer sentiment in China and a slump in gold demand. The company noted an increase in tourist traffic to Hong Kong and Macau, but subdued spending among those visitors. (Dec 2, 2024)

Luk Fook Holdings reported revenue fell 27% year on year to HKD 5.45 billion ($700 million) in the six months that ended September 30. Profit slumped 56% to HKD 417.2 million ($53.6 million). The sharp rise in gold price affected consumer sentiment. The wholesale segment was impacted by sluggish demand for diamond products, it said. (Dec 2, 2024)

The Gem & Jewellery Export Promotion Council (GJEPC) adopted the new, mandated definition, nomenclature and guidelines for diamonds set out by the Federal Trade Commission in the US. The FTC’s updated guidelines provide a clear, standardized definition of a ‘diamond’ and distinct terminology for laboratory-grown diamonds, the GJEPC said. (Dec 2, 2024)

Lucapa Diamond Company sold four type IIa rough diamonds mined at its Lulo concession in Angola. The stones fetched a total $2.7 million, or $22,150 per carat, at a tender hosted by Angola’s state rough trader Sodiam. The parcel consisted of two white diamonds weighing 45 carats and 28 carats respectively, and two pinks in sizes 27 carats and 19 carats. (Dec 2, 2024)

The United States criticized the Kimberley Process (KP) for failing to examine the role that diamonds plays in funding Russia’s war in Ukraine. The EU made similar overtures following the recent KP Plenary. KP chairman, the UAE’s Ahmed Bin Sulayem, blasted the EU’s plan for an Antwerp-based single node to ensure diamonds don’t come from Russia. (Dec. 1, 2024)

Botswana will establish a certification point for rough diamonds entering the Group of Seven (G7) countries next year. Until now, Antwerp was touted as a single-node entry point to verify that Russian diamonds do not enter the G7 markets. Discussions are underway for additional nodes in Namibia and Angola. (Dec. 1, 2024)

Gokhran, Russia’s precious gems repository, agreed to purchase a batch of Alrosa’s production before the end of the year, as demand for the mining company’s diamonds has slumped. The sale will include a 390-carat stone, considered the largest diamond recovered in the country over the past decade. The groups did not disclose the value of the sale. (Dec 1, 2024)

Trans Atlantic Gem Sales (TAGS) reported a 70% sale through at its Dubai tenders of Angolan and South African production in November. There was strong demand for +10ct. ranges and an improvement in +2ct. goods. TAGS also sold nine +10.8ct. exceptional stones recovered in Angola for more than $6.5M at a third November sale which took in Luanda. (Dec. 1, 2024)

Feb. 23 to 28, 2025

Trading alerts

The Government of Botswana and De Beers signed the agreements outlining their partnership. The 25-mining agreement extends the license for their Debswana mining joint venture from August 2029 to July 2054. Under the new sales agreement, the parastatal Okavango Diamond Company (ODC) will sell 30% of Debswana production in the first five years, 40% in the subsequent five and 50% in the five-year extension period, with De Beers selling the remaining share.

The European Union has delayed the implementation of mandatory traceability-based evidence for diamond imports. Under the EU’s 16th sanctions package against Russia, the deadline has been pushed to January 1, 2026, from its earlier schedule of March 1. In addition, traders importing rough diamonds of mixed origin must present a Kimberley Process certificate listing all countries of origin. The Antwerp World Diamond Centre (AWDC) said the decision gives diamond companies the much-needed time to adopt traceability in their daily operations.

The Responsible Jewellery Council (RJC) launched its Laboratory Grown Material Standard (LGMS) outlining the necessary provisions for ethical and sustainable practices in the lab-grown diamond and lab-grown colored gemstone sectors. The standard covers all aspects of responsible business practice, spanning legal compliance, disclosure, appraisal and grading, human rights, and environmental management, among other factors.

De Beers Tracr platform has collaborated with Sarine Technologies (SGX: U77) to provide verification services tracking a diamond’s journey from the mining source, the companies announced (Sarine and Tracr). The deal enables the integration of Sarine’s scanning and identification technology with data relating to rough diamonds scanned at the source and registered on Tracr’s blockchain platform.

Sarine Technologies (SGX: U77) reported revenue fell 9% to $39.2 million in 2024. It posted a profit of $1.1 million, versus a loss of $2.8 million in 2023, boosted by financing income and lower tax payments. Weak Chinese demand and continued disruption from lab Grown diamonds have adversely affected the diamond manufacturing sector and use of its equipment, the technology provider said. Sarine also signed a letter of intent to purchase a majority stake in Kitov.AI, an Israeli developer of AI-based inline quality assurance and control system.

Mining matters

Lucara Diamond Corp (TSE: LUC) reported revenue grew 18% to $203.9 million in 2024, bucking the trend of negative results by miners for the year. The company recorded a profit of $39.9 million, compared to a loss of $20.2 million in 2023. Growth was driven by increasing demand for large stones and a significant rise in the recovery of specials at its Karowe mine its Botswana.

Mountain Province Diamonds (TSE:MPVD) announced a series of refinancing transactions to help the mining company navigate the serious financial difficulty it is facing. Mountain Province owns a 49% stake in Canada’s Gahcho Kué mine in a joint venture with 51% owner De Beers. The transactions include a payment agreement with De Beers and a $40 million term loan.

Retail Moves

Michael Hill (ASX/NSX: MHJ) saw group revenue slide 0.7% year on year to AUD 360.2 million ($227.2 million) in the fiscal half year ending December 29. Prevailing macroeconomic pressures weighed on consumer sentiment in New Zealand, while sales in Australia and Canada rose slightly, the jeweler said. Profit grew 10% to AUD 16.9 million ($10.7 million).

Swiss watch exports increased 4% year on year to CHF 2 billion ($2.23 billion) in January, the Federation of the Swiss Watch Industry reported. Growth in the US (+16%) and Japan (+26%) offset declines in Hong Kong (-12%) and China (-29%). Higher priced watches, with an export value over CHF 3,000 ($3.36 billion), were the strongest category during the month.

Feb. 16 to 22

Mining Matters

Anglo American (LON: AAL) shed $2.88 billion from its valuation of De Beers due to prevailing diamond market conditions, the conglomerate said in its annual results. Anglo intends to divest from its 85% stake in the diamond business, and reported that “work to separate De Beers is well under way.” Anglo now has a carrying recoverable value for De Beers of $4.1 billion.

De Beers reported revenue fell 23% to $3.29 billion in 2024, with rough sales down 25% to $2.7 billion. An underlying loss of $288 million marked a slight improvement from the previous year’s loss of $314 million, parent company Anglo American (LON: AAL) revealed. Earnings before interest, taxation, depreciation and amortization (EBITDA) slid to negative $25 million, from a profit of $72 million.

Rio Tinto’s (ASX: RIO) diamond revenue fell 37% to $279 million in 2024, the company reported. The business unit, which comprises Rio’s ownership of the Diavik mine in Canada, recorded an underlying loss of $127 million for the year, compared to a profit of $26 million in 2023. Production at Diavik dropped 17% to 2.8 million carats.

Petra Diamonds (LON: PDL) recorded a loss of $69 million in the six months ending December 31, compared to a loss of $11 million a year earlier. Revenue slumped 30% to $115 million amid prolonged weakness in the diamond market, the company said. Petra has been restructuring to reduce costs and improve cash flow, with expansion projects underway at its Cullinan and Finsch mines.

Richard Duffy resigned as CEO of Petra Diamonds (LON: PDL) “by mutual agreement and with immediate effect,” the mining company said. Duffy served in the position for six years and has been replaced by joint interim CEOs Vivek Gadodia and Juan Kemp. Until now, Gadodia served as Petra’s chief restructuring officer, while Kemp was operations executive at the Cullinan mine.

In the Trade

Ownership of the Dubai-based International Diamond Laboratory has transferred from founder Peter Meeus to Shaunak Shastree and Francesco Natale, the diamond, gemstone and jewelry grading company announced. The groups didn’t give details of a transaction that may have taken place.

The Israel Diamond Exchange (IDE) has partnered with technology company Authentia to enhance innovation, trust and transparency in the Israeli trade. The two signed a memorandum of understanding to strengthen trade security, improve verification processes, increase efficiency and bring quality rough to Israel, IDE said.

Asian Star (BOM: 531847) saw revenue slide 1% year on year to INR 6.92 billion ($79.6 million) in the fiscal third quarter ending December 31. Net profit dropped 39% to INR 111.5 million ($1.3 million), the Mumbai-based manufacturer reported. Loose diamond sales fell 10% to INR 5.13 billion ($59 million), while jewelry sales grew 32% to INR 2.28 billion ($26.3 million).

Retail Moves

De Beers Jewellers has rebranded as De Beers London, the group announced. The name emphasizes De Beers place in the high-end luxury world by linking the jewelry house to one of the fashion and luxury capitals of the world, it said. The jeweler also launched its 2025 brand campaign ‘Portraits of True Brilliance.’

Celine Assimon has stepped down from her role as CEO of De Beers London, she confirmed on LinkedIn. Assimon took the position in August 2020 and also served as head of Forevermark until that brand was discontinued in the US in March last year.

The Tibbitt to Contwoyto Winter Road, more commonly known as The Ice Road, opened in early February to limited traffic. The road enables supplies to reach the Diavik, Gahcho Kué and Ekati mines in Canada’s northwestern Territories. Approximately 5,800 loads are expected to be transported along the road this year.

Feb. 9 to 14

Trade Trends

Hong Kong’s polished diamond imports fell 26% to $10.77 billion in 2024, while polished exports dropped 21% to $10.72 billion, the Diamond Federation of Hong Kong, China reported. Exports to China declined 36%. Rough imports to Hong Kong grew 113% to $1.23 billion, with imports from Russia up 74% to $789 million.

India’s polished exports slid 13% year on year to $1.02 billion in January, according to data published by the Gem & Jewellery Export Promotion Council (GJEPC). Rough imports slumped 37% to $735.4 million as amid weak trading at the start of the year.

Belgium’s polished exports declined 36% year on year to $366.6 million in January, and polished imports dropped 31% to $431.4 million, statistics from the Antwerp World Diamond Centre (AWDC) revealed. Rough imports fell 46% to $231.1 million, while rough exports slumped 59% to $170.5 million.

The London Diamond Bourse launched a digital platform to encourage networking and collaboration within the diamond industry. CiviGem offers a global industry directory, direct messaging and community engagement, knowledge sharing and industry insights and support for young professionals, the bourse explained.

Retail Revenue

Sales in Kering’s (EPA: KER) “other” segment, which includes its jewelry houses, fell 8% to EUR 3.2 billion ($3.32 billion) in 2024. The “jewelry houses continued to make progress, with a particularly healthy performance at Boucheron,” Kering said. Its jewelry brands are Boucheron, Pomellato, DoDo and Qeelin.

Rough Affairs

Namdia, Namibia’s state-owned rough trading company, has suspended CEO Alisa Amupolo, chief operations officer Uahoroka Kauta, and security manager Paulinus Sheyapo, following a robbery of its premises in which employee Francis Eisib was killed. Namdia executive Lelly Usiku is serving as interim CEO while an investigation of the crime is ongoing.

Lucara Diamond Corp. (TSE: LUC) announced the final sale of the 549-carat Sethunya and the 1,080-carat Eva Star rough diamonds for $54 million. Both stones were recovered at the Karowe mine in Botswana, with the Sethunya unearthed in 2020 and the Eva Star in 2023. The sale took effect in previous years as part of Lucara's off-take agreement with HB Antwerp and Louis Vuitton. The final payment was made in the first quarter of 2025.

Feb. 2 to 7

Retail sales

Swatch Group (SWX: UHR) reported sales fell 12% to CHF 6.74 billion ($7.45 billion) in 2024, while net income slumped 75% to CHF 219 million ($242 million). Sales were dragged down by a 30% decline in greater China and Southeast Asia. The company achieved record sales in local currencies in the US, Japan, India and the Middle East. Harry Winston “performed well,” Swatch said.

India-based jeweler Titan Company (NSE: TITAN) saw revenue increase 24% year on year to INR 162.28 billion ($1.86 billion) in the third fiscal quarter ending December 31. Profit fell 5% to INR 9.9 billion ($113 million). Sales during the Diwali festive period grew 28% buoyed by higher gold prices and wedding related purchases, Titan said.

The National Retail Federation (NRF) expects record spending for Valentine’s Day. The group projects consumer spending to rise 7% year on year to $27.5 billion. Among those surveyed, 22% said they’re planning to buy jewelry, 35% will spend on an evening out, 40% each on flowers and greeting cards, while 55% said they plan to spend on candy.

Pandora (CPH: PNDORA) reported revenue from lab-grown diamonds jumped 43% on a like-for-like basis to DKK 315 million ($44 million) in 2024. Group revenue increased 7% to DKK 31.68 billion ($4.42 billion), while net profit grew 10% to DKK 5.23 billion ($729 million). The US remains Pandora’s largest market, as sales there grew 8% to DKK 9.71 billion ($1.35 billion).

Hong Kong’s retail sales of jewelry, watches and clocks fell 15% in 2024, the municipality’s Census and Statistics Department said. Overall retail sales dropped 7% to $376.8 billion. The pace of decline softened in the fourth quarter compared to a year earlier, a spokesperson noted.

Mining matters

De Beers average price index fell 20% in 2024 amid challenging trading conditions, Anglo American (LON: AAL) reported. De Beers reduced its production for 2025 plan by up to 10 million carats and now expects output of 20 million to 23 million carats. Anglo said it is reviewing its valuation of the diamond business. Production in 2024 slid 22% to 24.7 million carats, while sales volume slumped 29% to 19.4 million carats.

Endiama recovered 13.96 million carats of rough diamonds in 2024, generating revenue of $1.49 billion, the Angola state mining company reported. Other milestones achieved during the year included the establishment of the Angola Diamond Laboratory and the launch of manufacturing facility Robust Diam. Endiama is planning production of 14.8 million carats in 2025.

The Jean Boulle Group, a Luxembourg-based minerals investment firm, formed a joint venture with Endiama to develop the N’Dumba diamond concession in Angola’s Lunda Norte province. To date, 10 kimberlites have been identified on the 222 square-kilometer N’Dumba area.

Industry moves

De Beers and the Government of Botswana announced the conclusion of negotiations to establish a new sales agreement governing Debswana's production and the renewal of a mining license that will extend De Beers operations in Botswana beyond 2029. The agreements will be signed once regulatory approvals have been granted.

Melanie Grant has stepped down as executive director of the Responsible Jewellery Council (RJC), she informed members in a newsletter. Grant served in the position for two years and will consult the organization during its search for a successor. Meanwhile, John Hall will serve as interim executive director.

Transatlantic Gem Sales (TAGS) has opened a tender facility in Johannesburg, South Africa to facilitate rough diamond sales for local producers. The company has a facility in Dubai and also conducts rough tenders on behalf of Sodiam, Angola’s state rough supplier.