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)