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NEWS

Feb. 9 to 14, 2025

This week in the diamond world

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.

 

Image: The Suthenya (left) and the Eva Star rough diamonds​. (credit: Louis Vuitton and Lucara Diamond).

Lucara-Suthenya & Eva Star.jpg

Feb. 12, 2025

Feb. 10, 2025

Archives

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).  

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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

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De Beers average price index fell 20% in 2024 amid challenging trading conditions, Anglo American 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.

Image by Robert Bock

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