The UK’s Advertising Standards Authority upheld complaints against Novita Diamonds and Linjer Ltd for misleading consumers by advertising synthetic diamonds without clearly identifying them as laboratory-grown, according to the Natural Diamond Council (NDC). The regulator ruled the ads breached UK advertising rules and instructed the companies not to describe synthetic diamonds simply as “diamonds” without a prominent qualifier such as “synthetic” or “laboratory-created.”

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The Ocean Dream sold for $17.4 million at Christie’s Geneva, setting a record for the most expensive fancy vivid blue-green diamond ever sold at auction, the company said. The triangular-cut, 5.50-carat, type II diamond led the Magnificent Jewels sale, which achieved $66.5 million and was 99% sold by lot.

 

Sotheby’s Geneva High Jewelry sale achieved $30.1 million with 93% of lots sold. A pair of unmounted 18.38-carat diamonds, both D-color and graded flawless and internally flawless respectively, ranked among the top lots, selling for $3.3 million, while the leading item, a cushion-shaped, 6.03-carat, fancy-vivid blue, internally flawless diamond, was not listed among the sold lots.

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Visual artist and jewelry designer Reena Ahluwalia’s painting, “The Legacy of the Winston Red Diamond,” has joined the permanent collection of the Smithsonian National Museum of Natural History, becoming the first contemporary artwork to enter the institution’s National Gem Collection. The piece centers on the 2.33-carat Winston Red Diamond, one of the world’s rarest fancy red diamonds, which is on display at the museum, and explores the gem’s scientific, historical and cultural significance.

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Mountain Province reported a net loss of CAD 65.1 million ($47.5 million) in the first quarter, widening 89% year on year as sales fell 9% and production costs at the Gahcho Kué mine, its joint venture with De Beers Canada, rose 29%. Higher production was offset by ongoing pricing pressure, CEO Jonathan Comerford said.

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Sarine Technologies appointed Tzafrir Engelhard as CEO, succeeding David Block who will step down at the end of June. Engelhard has spent nearly 20 years at Sarine in various roles, most recently serving as vice president of business development.

 

The fancy color diamond market remained stable in the first quarter, with stronger resilience among vivid and intense color grades in larger sizes, according to the Fancy Color Research Foundation (FCRF). The group’s overall index declined 0.2% during the quarter, with pink and blue diamonds each down 0.3%, while yellow diamonds were unchanged.

 

Titan Company reported revenue jumped 80% year on year to INR 271.61 billion ($2.84 billion) in the fiscal fourth quarter ending March 31, driven primarily by strong jewelry sales. Operating profit in the jewelry segment rose 37% to INR 18.75 billion ($195.9 million), while full-year group revenue increased 45% to INR 881.36 billion ($9.2 billion) and operating profit grew 47% to INR 54.88 billion ($573.4 million).

 

Petra Diamonds reported sales rose 63% year on year to $68 million in the third fiscal quarter ending March 31, driven by a 40% increase in volume sold and a 17% rise in the average price achieved. Results were also boosted by the sale of a 41.82-carat blue diamond for an undisclosed amount, while net debt increased to $298 million with the company’s revolving credit facility fully drawn.

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Ronnie VanderLinden, president of the International Diamond Manufacturers Association (IDMA), was confirmed as president of the World Diamond Council at the group’s annual general meeting in Antwerp on May 7. He succeeds former De Beers executive Feriel Zerouki following her two-year term, while Anoop Mehta, president of eth Bharat Diamond Bourse, was appointed vice president.

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Lucara Diamond Corp reported revenue fell 28% year on year to $21.8 million in the first quarter, mainly due to a 30% decline in sales of large special stones to HB to $13.6 million. The decrease reflected lower volumes sold and a weaker average price per carat, while net loss widened to $14.6 million from $139,000 a year earlier.

 

Chow Tai Fook expects net profit for the fiscal year ended March 31, 2026, to increase about 45% to 55% year on year, according to a filing by its board of directors. The projected growth reflects improved gross profit margins from higher gold prices, a stronger retail and fixed-price jewelry sales mix, and disciplined cost management, it said.

 

Christie’s unveiled the Azure Blue, a 31.62-carat, fancy blue, pear-shape diamond that will headline its Magnificent Jewels auction in New York on June 9. The diamond is the largest fancy blue pear-shape diamond ever to appear at auction, according to Christie’s, and carries a pre-sale estimate of $6.5 million to $8.5 million.

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Brilliant Earth reported sales grew 6% year on year to $99.5 million in the first quarter, driven by a 2.5% increase in total orders to 46,692 and a 3.3% rise in the average order value to $2,131. Net loss more than doubled to $8.5 million amid higher costs and expenses.

 

Polished diamond prices showed mixed trends in April, according to Rapaport’s RapNet Diamond Index (RAPI). The index for 0.30-carat diamonds rose 2.6% during the month, while 0.50-carat goods increased 1.3% as production cuts reduced inventories and supported prices, the company said. RAPI for 3-carat diamonds firmed 0.3%, while the 1-carat index declined 1.4%.

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Pandora reported revenue fell 3% year on year to DKK 7.11 billion ($1.12 billion) in the first quarter, citing weaker consumer sentiment in the US. Sales of lab-grown diamonds declined 17% to DKK 75 million ($12 million), while net profit fell 14% to DKK 942 million ($149 million). The company also unveiled a “design-led” strategy aimed at driving growth.

 

Pandora is adding carbon footprint disclosures to its lab-grown diamond product information alongside the traditional cut, color, clarity and carat grading criteria. The company claimed a 1-carat Pandora lab-grown diamond generates 12.58 kg of CO2e emissions and said it would share its methodology with the wider jewelry industry to encourage greater transparency. The Natural Diamond Council dismissed Pandora’s claims as a publicity stunty that contained misleading information about the comparative environmental impact of natural and lab-grown diamonds.  

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Hong Kong’s sales of jewelry, watches, clocks and valuable gifts jumped 27% year on year in March, according to the Census and Statistics Department. Total retail sales rose 13% to HKD 33.9 billion ($4.32 billion), with the department expecting momentum to continue amid recovering local demand, sustained tourism growth and a favorable macro-financial environment.

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Birks Group Inc. was fined CAD 51,562.50 ($37,714) by Canada’s financial intelligence agency, FINTRAC, following a compliance examination related to anti-money laundering and terrorist financing regulations. FINTRAC said the jeweler failed to maintain updated compliance procedures, properly assess and document risks, and conduct mandatory compliance reviews every two years.

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Gross sales among US independent jewelers grew 12% year on year in April, according to The Edge Retail Academy. Growth was driven by a 17% rise in the average retail value, offsetting a 5% decline in unit sales. Diamond sales increased 5%, with the average sale rising 9% and volumes declining 4%.

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Mountain Province reported a 5% year-on-year decline in sales to $29.2 million, as the average price fell 53% to $34 per carat despite sales volume doubling to 858,173 carats. Production at the Gahcho Kué mine surged 163%, with Mountain Province’s share totaling 983,006 carats. The company added it has extended the maturity of its term loan and working capital facility to June 30, 2026, and sold nearly $1 million in diamond receivables for $833,000 to support liquidity.

 

Burgundy Diamond Mines said its subsidiary Arctic Canadian Diamond Company, which operates the Ekati mine, has filed for creditor protection under Canada’s Companies’ Creditors Arrangement Act, with the court also temporarily shielding Burgundy from creditor claims. The company plans to use the process to restructure while continuing operations, citing weak diamond demand, US tariffs and rising costs as key pressures.

 

Production at the Ekati mine fell 53% year on year to 380,000 carats in the first quarter, Burgundy Diamond Mines reported, while sales volume dropped 81% to 230,000 carats. The company’s net debt rose by about $40 million during the period to $136.3 million at March 31.

 

South Africa’s Diamond Dealers Club and Rough Diamond Dealers Association have merged to form the Diamond Gem & Jewellery Association of Southern Africa (DGJASA), creating a unified body to represent diamantaires, gem dealers and jewelers. The new organization aims to strengthen industry coordination and advocacy, with Molefi Letsiki appointed as its inaugural president and Claudia May its vice president.

 

Alrosa may resume development of the Mir-Gluboky underground project in 2027, a decade after flooding halted operations at the mine, the company said following a forum of its production divisions. It has also allocated RUB 4.4 billion ($58.5 million) to develop the Aikhal mining and processing plant, extending the Aikhal mine’s life to 2039. The company added about 57 million carats to its diamond reserves in 2025.