Mountain Province Diamonds reported a 36% year-on-year drop in second-quarter sales to $26.6 million. Sales volume fell 26% to 411,114 carats, while the average price declined 12% to $65 per carat. Production at the Gahcho Kué mine in Canada — 49% owned by Mountain Province and 51% by De Beers — fell 46% to 708,072 carats during the quarter.

 

Titan Company has named Arun Narayan as the new CEO of its jewelry division, effective January 1. Narayan, who currently leads the Tanishq India brand, will succeed Ajoy Chawla. Chawla has been appointed as the Group CEO of Titan.

 

Birks Group has acquired European Boutique, a Toronto-based luxury watch and jewelry retailer, for $9 million. The acquisition includes four physical stores and an e-commerce platform serving customers across Canada. As part of the transaction, Birks has also entered into a licensing agreement to operate the Canadian brand Diamonds Direct.

Mothae

 

Lucapa Diamond Company has furloughed 400 workers at its Mothae mine in Lesotho, according to the Independent Democratic Union of Lesotho, which condemned the move as a violation of labor laws. The temporary layoffs began in June and were attributed to a slowdown in global diamond markets, the union said.

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Indian jewelry conglomerate Titan Company reported a 13% year-on-year rise in group revenue from operations to INR 122.23 billion ($1.42 billion) for the fiscal first quarter ended June 30, 2025, despite subdued consumer demand due to high gold prices. Net profit fell 5% to INR 7.15 billion ($83.5 million), as expenses rose by 13% and due to a slightly higher tax charge. Revenue from Titan’s jewelry division grew 10% to INR 118.08 billion ($1.38 billion), while segment operating profit rose 8% to INR 11.02 billion ($12.9 million).

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Alrosa has launched production at the Karpinsky-2 kimberlite, the third of six pipes at its M.V. Lomonosov deposit. The company began testing the pipe in late 2018 to assess its economic potential and started preparing for production at the start of 2025. Total reserves at the Lomonosov site exceed 40 million tons of diamond-bearing ore, according to Alrosa.

 

The French government is standing by the term “synthetic” to describe lab-grown diamonds, despite pressure to drop it. Citing a 2022 public consultation, officials said most industry and consumer stakeholders supported keeping the term for the sake of clarity and consistency. The decision responds to criticism from politician Olivia Grégoire, who argued that “synthetic” is misleading and carries a stigma—especially in the context of luxury jewelry.

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David Kellie will step down as CEO of the Natural Diamond Council (NDC) at the end of 2025, he announced on LinkedIn. Kellie informed the NDC board after last month’s signing of the Luanda Accord, which secured additional funding for the organization. He will remain through year-end to onboard new members and oversee the launch of a new marketing campaign in Q4.

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Belgium’s polished diamond exports fell 34% year-on-year to $370.5 million in June, while imports dropped 45% to $421.2 million, according to the Antwerp World Diamond Centre (AWDC). Rough imports declined 30% to $266 million, and rough exports slipped 11% to $296.1 million. In the first half of 2025, polished exports fell 30% to $3.14 billion, with shipments to the U.S. down 50% and to Hong Kong by 32%.

 

Alrosa said it has achieved carbon neutrality across its diamond mining operations, as certified by TÜV Austria. Three years of research confirmed that kimberlite pipes at its Russian deposits absorb around 1 million tons of CO₂ annually — equivalent to the carbon capture of 400,000 hectares of forest. The process locks carbon permanently, with no risk of re-emission, contributing to a verified negative footprint of –0.71 kg CO₂-eq per carat in 2024, ALROSA CEO Pavel Marinychev announced at the XXVIII St. Petersburg International Economic Forum.

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Watches of Switzerland reported a 7% increase in group revenue to GBP 1.65 billion ($2.25 billion) for the fiscal year ended April 27, 2025. Growth was driven by its luxury jewelry segment, where revenue more than doubled following the acquisition of Roberto Coin. Luxury branded jewelry saw double-digit growth overall. Sales rose 14% in the US and 2% in the UK and Europe. Operating profit declined 5% to GBP 114 million ($156 million).

 

Sales of jewelry, watches, clocks, and valuable gifts in Hong Kong declined 3.2% year-on-year in May 2025, according to the Census and Statistics Department. Overall retail sales fell 2.4% during the month, as the sector continues to adjust to evolving consumer spending habits, a government spokesperson said. 

 

Tse Sui Luen Jewellery (TSL) reported a 35% year-on-year sales decline to HKD 1.71 billion ($218 million) for the fiscal year ended March 31, 2025. Net loss narrowed to HKD 197.8 million ($25.2 million) from HKD 374.3 million ($47.7 million) the previous year. The company cited weak demand for natural diamond jewelry and lower 24K gold sales due to surging gold prices.

 

Birks Group has obtained a $13.5 million loan from SLR Credit Solutions to support its acquisition of jewelry stores across Canada and to bolster working capital. The loan is due in full by December 24, 2026. In addition, the retail jewelry chain received a $3.5 million loan from major shareholder Mangrove Holding to further support working capital needs.