NEWS
This Week In Diamonds
April 21 to 28
Christie’s has withdrawn the Golconda Blue diamond from its Geneva auction, a spokesperson confirmed with The Diamond Press. The owners have made the decision to pursue a sale of the diamond to a family member, the auction house said.
Chow Tai Fook reported retail sales fell 12% year on year during the fiscal fourth quarter ending March 31. Sales in mainland China declined 10% and in Hong Kong-Macau by 21%. Same-store sales of gem-set, platinum and K-gold jewelry in mainland China fell 12% but overall sales of the category stabilized thanks to strong sales of diamonds and gemstone inlaid gold products, the company said.
The Dubai Multi Commodities Centre (DMCC) appointed former De Beers executive Neil Ventura as special advisor for precious stones. His role involves providing guidance on industry developments and supporting the DMCC’s strategic program to drive trade growth and attract new industry payers, DMCC said.
Mountain Province Diamonds reported sales fell 54% year on year to $30.7 million in the first quarter. Sales volume, representing the company’s 49% stake in the Gahcho Kué mine in Canada, declined 55% to 426,268 carats, while the average price achieved rose 3% to $72 per carat. Total production at Gahcho Kué, including De Beers’ 51% share, dropped 40% to 762,978 carats.
Some 211 jewelry businesses in the US discontinued in the first quarter, an increase of 19% from last year, according to data published by the Jewelers Board of Trade (JBT). Of those, 175 simply ceased operations, 34 were the result of a sale or merger, and there were three bankruptcies. Retailers made up 79% of the discontinued businesses. Total listings fell 3.4% year on year to 22,330 jewelry businesses.
Fancy color diamond prices slid 0.3% in the first quarter, according to the overall index of the Fancy Color Research Foundation. High saturation stones stabilized after steeper declines in the fourth quarter. Pink diamonds remained the “most stable” category, followed by blues and then yellows. The robust performance amid global trade anxieties, underlines the maturity of the fancy color segment and the defensive appeal of vivid color diamonds, FCRF said.
The Reserve Bank of Zimbabwe released a parcel of diamonds to Vast Resources, having held the disputed stones since 2010. The rough diamonds will undergo a cleaning and re-sorting process after which an accurate assessment of the parcel will be made, Vast Resources said.
Rough diamond sales at De Beers fell 44% year on year to $520 million in the first quarter, Anglo American reported. Midstream restocking remained cautious due to excess polished diamond inventory, De Beers said. Sales volume dropped 3% and the average price achieved declined 38%. Like-for-like prices fell 6% during the first three months of 2025. Ongoing macroeconomic uncertainty, in particular the impact of US tariffs, will likely result in continued cautious sightholder purchases in the near term, De Beers said.
Jewelry stood out as a growth segment as Kering Group saw sales decline 14% to EUR 3.88 billion ($4.42 billion) in the first quarter. Revenue from “other house,” which includes jewelry, dropped 11% to EUR 733 million ($834 million). Boucheron had a solid performance driven by its successful development in the US. Pomellato had a strong quarter, and sales were also up at Qeelin.
The Government of Northwest Territories in Canada will provide targeted relief and support for diamond miners in the region amid growing financial pressure and industry-wide uncertainty. In addition to tax breaks, it plans to double the number of local diamond valuations in 2025-26 which will help cash flows and get product to market faster.
International Gemological Institute (IGI) reported revenue rose 10% year on year to INR 3.05 billion ($35.7 million) and profit grew 12% to INR 1.41 billion ($16.5 million) in the first quarter. The company noted strong momentum across all its key business segments, including grading natural diamonds, lab-grown diamonds, jewelry and gemstones.
Bulgari expanded its jewelry-manufacturing facility in Valenza, Italy, from 14,000 to 33,000 square meters. The larger space will allow it to double production capacity and hire more than 500 new craftsmen over the next four years, the jewelry brand said.
GCAL by Sarine appointed Avi Levy as its chief growth officer responsible for expanding the group’s retail and brand relationships, and scaling operations, mainly in North America. Levy previously served as president for North America at International Gemological Institute (IGI).
Luk Fook Holdings reported retail sales fell 2% year on year in the fiscal fourth quarter ending March 31. Sales in Hong Kong & Macau declined 11%, while it registered 1% growth in mainland China. The jewelry chain credited its success in China to a shift toward fixed-price gold products over diamonds. Group diamond sales plunged 36% during the quarter.
The Diamond Club of West Coast elected Kalpesh Jhaveri to his second term as president. His co vice-presidents will be Mervyn Hahn and Sina Partownavid. The new board of directors includes four women and representatives from the Young Diamantaires, the club said.
April 13 to 20
Christie’s will offer The Golconda Blue at its Magnificent Jewels sale in Geneva on May 14, with many expecting the stone to exceed its $50 million pre-sale valuation. The auction house claims the pear-shape, 23.24-carat stone is the largest fancy vivid blue diamond ever to be offered at auction.
Watches and jewelry sales at LVMH grew 1% year on year to EUR 2.48 billion ($2.83 billion) during the first quarter of 2025. Growth was lifted by a favorable currency exchange, while sales were flat on a like for like basis. LVMH reported group sales fell 3% with declines in all regions except Europe.
The average spend on a piece of bridal jewelry was $5,493, according to a 2025 survey by The Plumb Club. That represents a 2% increase from its previous study conducted in 2023. Average spending on non-bridal jewelry increased 28% to $1,664. Independents are the preference shopping destination for jewelry consumers, followed by national chains, department stores and online, the survey said.
The Young Diamantaires (YD) has gained formal recognition as a non-profit trade association, electing its first board of directors. The group was incorporated in Dubai, with support from the Dubai Multi Commodities Centre (DMCC). YD was established in 2016 as an initiative of the World Federation of Diamond Bourses (WFDB).
Rio Tinto reported first quarter diamond production grew 27% year on year to 942,000 carats. Production from its Diavik mine in Canada was low in the 2024 comparable period due to a pause in operations to honor employees who died in a helicopter crash on route to the mine.
An analysis of the Lulo alluvial project has raised the resource to 249,000 carats, a 9% increase compared to previous estimate, owner Lucapa Diamond Company reported. The study represents the seventh consecutive year in which resource carats have increased, Lucapa said.
Sotheby’s collaborated with the Abu Dhabi Investment Office to present an exhibition of astonishing diamonds, mainly colored, valued at an estimated $100 million. The Beyond exhibit took place on April 9 to 10 in Abu Dhabi and included the Mediterranean Blue, the Red Diamond, The Desert Rose, among others. Some will be presented at auction, while others will be offered for private sale.
Michael Hill, the founder of his eponymous jewelry retail business, has taken a leave of absence to undergo cancer treatment, Michael Hill International reported. He has been replaced as an alternative director by Andrea Slingsby who worked in various roles at the Australia-based company since 2018.
Swiss watch exports rose 1.5% year on year to CHF 2.13 billion in March, according to the Federation of Swiss Watch Industry. Growth was driven by a 14 jump in exports to the US, and an 11% rise in shipments to the United Kingdom, while demand from Hong Kong and China fell 11.3% and 11.5% respectively. Exports fell 1% in the first quarter.
April 6 to 12
The White House announced a three-month pause on most reciprocal tariffs previously published, lowering the rate to 10% for nearly all countries. The US has hiked its taxes on goods imported from China to 125.
Antwerp’s diamond industry welcomed the European Union decision not to impose tariffs on polished diamonds imported from the US as part of the EU’s countermeasures to tariffs by the White House on April 2. European import tariffs could have caused significant harm to Belgium’s diamond sector, without meaningfully impacting the U.S. in return, the Antwerp World Diamond Centre (AWDC) said.
Moody’s Ratings reduced its outlook for the Government of Botswana from stable to negative as a prolonged downturn in the diamond industry continues to affect the country’s credit profile. The downturn will affect government revenue and deplete fiscal buffers, leading to a rapid increase in government debt and a weakening of debt affordability, Moody’s said.
Petra Diamonds reported prices rose 8% on a like for like basis at its tender of rough from the Finsch and Williamson mines. The company sold 175,643 carats for $18 million and an average price of $101 per carat. Petra postponed its sale of goods from the Cullinan mine due to uncertainty caused by the US tariff announcement, while the operation also yielded fewer gem quality diamonds, specifically in the 10.8-carat and larger category.
Lucapa Diamond Company has raised its estimation of the Lulo Alluvial Resource in Angola by 249,000 carats, or 9%, compared to its previous estimation. The total volume of gravel available for mining increased by 15%. The assessment, carried out by an independent valuer, was the seventh consecutive year in which the resource increased.
The Israel Diamond Exchange (IDE) has suspended its membership of the World Federation of Diamond Bourses (WFDB), in light of US tariffs on global trade, include a 17% tariff on imports from Israel. The move is partly due to the lack of response from the world body, according to a report by Rapaport. IDE will focus on cooperating with the World Diamond Council (WDC) to mitigate the challenge by working with one professional and mission-focused body, IDE said in a Hebrew statement to its members.
The Gemological Institute of America (GIA) will temporarily expand services offered in Dubai and Hong Kong in response to logistics challenges related to recently announced tariffs affecting global shipments of gemstones, the GIA said. Its labs in the US will continue to accept diamonds, colored stones and pearls from clients in the US or with a US country of origin, it added.
Investment group Middle West Partners has acquired US jeweler David Webb for an undisclosed amount. New York-based POP Capital co-invested in the deal, while prior owner Mark Emanuel will maintain a minority stake in the business. The group also appointed James Weiss, an advisor on the deal, as its new CEO.
Scientists from the Gemological Institute of America (GIA), the Smithsonian National Museum of Natural History Department of Mineral Sciences and the curator from the Paris School of Mines examined the Winston Red diamond. Through their analysis they could determine the cause of the 2.33-carat rare red color and its possible geographical origin.
Titan Company reported sales grew 25% year on year in the fourth quarter ending March 31, and by 21% in the full fiscal year. The jewelry division led the charge, driven by a significant increase in gold prices and robust demand for higher value items during the three-month period. Studded jewelry registered low, double-digit growth, while the solitaire segment saw a rise in both buyer volume and value, Titan said.
April 1 to 5
President Donald Trump announced a sweeping 10% tariff on all imports into the United States, with several countries subject to higher reciprocal tariffs that will take effect on April 9. Among the diamond trading centers, India will be subject to a 27% duty, the European Union 20%, Switzerland 31%, China 34% and Israel 17%. Beneficiation countries Botswana will absorb a 38% tariff, South Africa 30%, Namibia 21%, Angola 32% and Lesotho 50%.
The tariff hike has fueled uncertainty in the diamond trade, with many fast-tracking shipments into the US ahead of the April 9 deadline. Polished prices have reportedly increased as suppliers and dealers seek to absorb the anticipated higher costs.
The Gemological Institute of America (GIA) has temporarily stopped accepting goods at its labs abroad that need to be shipped to the US for service, due to the new tariffs, Rapaport reported. The institute has also asked clients outside the US to refrain from submitting goods directly to its US labs, the report added.
Alrosa unveiled The New Sun diamond, cut from the largest rough colored diamond ever recovered in Russia. The resulting fancy vivid yellow polished stone weighs more than 100 carats, Alrosa said. The diamond appears as a cushion shape in the company’s images.
Rio Tinto recovered a 158.20-carat yellow diamond at its Diavik mine in Canada. While yellow diamonds account for less than 1% of Diavik production, the stone is one of only five yellows larger than 100 carats recovered in 22 years of the mine’s operation, Rio Tinto said.
Christie’s New York garnered $10.1 million at its online jewels sale. The top lot was a ring with pear-shape, 2.97-carat, fancy purplish pink, VS-clarity center stone, flanked by two shield-shaped diamonds weighing 1-carat to 1.50-carat, which sold for $579,600, the auction house reported.
Burgundy Diamond Mines CEO Kim Truter will step down from his role at the company’s annual meeting on May 27. He informed the board of his intention to retire, having served as CEO and managing director since 2022. Board member Jeremy King will serve as interim CEO during the recruitment process for a successor.
The National Retail Federation (NRF) expects US retail sales will rise between 2.7% and 3.7% over 2024 to between $5.42 trillion and $5.48 trillion. The sector grew 8.1% in 2024. While ethe economy maintained a positive momentum so far in 2025, significant policy uncertainty is weighing on consumer and business confidence, the NRF said.
