December 2025
- Avi Krawitz
- Jan 1
- 8 min read
Updated: 1 day ago
Holiday Sales
US jewelry sales rose 1.6% over the holiday season from November 1 to December 21, according to Mastercard. Overall retail sales increased 3.9% during the period, driven by what the company described as savvy shoppers seeking value. E-commerce jumped 7.4% while in-store sales grew 2.9%, with apparel the strongest-performing category.
Online spending during Cyber Week – the 5-day period from Thanksgiving to Cyber Monday – rose 7.7% year on year to $44.2 billion, according to Adobe. The increase was fueled by record online sales on Black Friday. Adobe projected full-season holiday ecommerce spending would grow 5.3% to $53.4 billion.
Jewelry was one of the fastest-growing categories on Black Friday, with sales up 2.8% year on year, according to Mastercard. Overall retail spending rose 4.1% as “savvy” consumers shopped early and hunted for value. Online sales jumped 10.4%, including a 4.2% lift in jewelry e-commerce.
US retail sales grew 4.5% year on year in November, according to the National Retail Federation’s Retail Monitor. Consumers were prioritizing value and spending cautiously during the holiday period, the group said. An estimated 158.9 million shoppers planned to make purchases on Super Saturday, the final weekend before Christmas.
Diamond Accountability
The Bureau of Indian Standards unveiled a new diamond disclosure standard tightening rules on terminology and transparency across natural, laboratory-grown, treated and imitation diamonds. The standard limits use of the term “diamond” to natural stones and requires full disclosure for laboratory-grown diamonds, while banning abbreviations such as “lab grown,” “lab created,” or “LGD.” The move aims to curb misleading descriptions and strengthen consumer confidence as India’s diamond jewelry market continues to expand, according to the Gem & Jewellery Export Promotion Council (GJEPC).
Importers of polished diamonds into the European Union from January 1 must add a Due Diligence Statement on Diamond Origin to their customs declaration as the final phase of sanctions on Russia-origin diamonds takes effect. The statement requires companies to confirm the diamonds are not of Russian origin and that reasonable steps were taken to verify this. There will be no requirement to use a digital traceability platform, as differences in evidence standards across countries prompted a more practical approach, the Antwerp World Diamond Centre (AWDC) said.
India has agreed to assume the chairmanship of the Kimberley Process for 2026, following delays in appointing a successor to the United Arab Emirates’ two-year term. The country will seek to guide the scheme with clear priorities, practical reforms and a shared vision to strengthen ethical sourcing and long-term confidence in natural diamonds, said Rajesh Agrawal, India’s commerce secretary, in a LinkedIn statement.
De Beers Sale
Botswana will press ahead with its bid for a controlling stake in De Beers despite a warning from the International Monetary Fund, President Duma Boko said, as reported by Mmegi. The IMF cautioned that increasing the state’s stake would strain public finances and deepen the country’s already heavy reliance on diamonds. Boko countered that weak sales reflect flaws in the current sales process, arguing the system needs an overhaul and that Botswana should assert control over diamonds it considers its own.
Strategic Moves
Titan Company, India’s largest specialty jewelry group, has launched a synthetic diamond brand, beYon, with the opening of its first retail location in Mumbai. The brand will offer a curated range of lab-grown diamond jewelry, with additional stores planned in Mumbai and Delhi, Titan said.
Kering Group has agreed to acquire a 20% stake in Raselli Franco Group for EUR 20 million ($23.5 million), with an option to take full ownership by 2032. The deal supports Kering’s strategy to drive long-term growth across its jewelry houses, including Boucheron, Pomellato, Dodo and Qeelin, and to tighten control over its value chain, the group said.
The Gemological Institute of America (GIA) will introduce redesigned colored stone reports and expanded services from January 1, 2026. The institute will add origin-determination services for opal, peridot and demantoid garnet, alongside revised weight categories and related fees for colored stone submissions. GIA said the updates are based on its decades-long research and a reference collection of 32,000 samples.
Retail Performance
Signet Jewelers reported third-quarter sales rose 3.1% year on year to $1.4 billion, while net income nearly tripled to $20 million. Growth came from watches and services, with bridal flat and fashion up 1%. The retailer slightly raised its full-year revenue outlook to between $6.7 billion and $6.83 billion.
Birks Group reported a 16% year-on-year increase in sales to CAD 93.1 million ($67.6 million) in the fiscal first half ending September 27. The gain reflected the acquisition of European Boutique and higher sales of third-party branded timepieces, the company said. Comparable sales rose 6.3%, while the net loss narrowed 17% to CAD 2.6 million ($1.9 million).
Watches of Switzerland reported revenue rose 8% year on year to GBP 845 million ($1.13 billion) in the half-year ending October 26. US sales jumped 15%, while the UK and Europe advanced 2%, and Roberto Coin wholesale revenue grew 16%. Profit increased 54% to GBP 44.4 million ($59.2 million).
The US jewelry sector shrank 3.1% year on year to 22,152 active businesses in the third quarter, according to the Jewelers Board of Trade (JBT). Retailers accounted for 16,822 of them. The JBT recorded 95 closures or exits in the period, along with 89 new openings.
Trading Trends
Diamond wholesale prices continued to fall in November, with the sharpest declines in smaller goods, according to Rapaport. The RapNet Diamond Index (RAPI) for 0.30-carat stones dropped 6%, while 0.50-carat fell 5.1%, 1-carat slipped 2.6% and 3-carat inched up 0.1%. The IDEX Polished Price Index declined 1.7% for the month.
India’s rough diamond imports jumped 59% year on year to $926 million in November, the GJEPC reported. The increase was measured against an unusually low base last year and reflected a rise in volumes at lower average prices. Polished exports climbed 38% to $920 million despite a prohibitive 50% tariff on Indian goods imported into the US.
Belgium’s polished diamond exports fell 23% year on year to $524.1 million in November, with shipments to the US down 14% and to Hong Kong slumping 49%, according to the AWDC. Polished imports slipped 5% to $560.7 million. Rough trade showed a similar pattern, with Belgian exports down 20% to $226.5 million and imports declining 5% to $245.2 million.
Swiss watch exports fell 7% year on year to CHF 2.25 billion ($2.82 billion) in November, the Federation of the Swiss Watch Industry reported. The decline was driven by a 52% slump in shipments to the US, which still accounted for 8.9% of total exports. Shipments of precious-metal watches slipped 5% to CHF 865.7 million ($1.09 billion).
Mining Moves
Alrosa recovered 29.7 million carats of rough diamonds in 2025, retaining its position as the world’s largest producer with roughly one third of global output, the company said. The miner remained profitable despite weak market conditions and sanctions imposed by G7 nations, according to CEO Pavel Marinychev.
The Government of the Northwest Territories will extend targeted property tax relief for diamond mines into the 2026–27 fiscal year amid continued market volatility, trade disruption and high operating costs, it said. Introduced in 2025, the time-limited measure is expected to reduce property tax revenues by about $8.8 million and is intended to support local employment, contractors and Indigenous partners while maintaining safe operations.
Burgundy Diamond Mines, owner of the Ekati mine, has secured a CAD 115 million ($83.3 million) loan facility managed by the Canada Enterprise Emergency Funding Corporation, which supports large Canadian businesses affected by tariffs. The financing is aimed at helping Burgundy navigate a disrupted rough market following the current 50% US tariff on imports from India, where a majority of the world’s rough diamonds are cut and polished, the company said.
Auction Peaks
Christie’s achieved $69.5 million at its Hong Kong Magnificent Jewels sale in late November, selling 92% of lots. The top lot was “The Royal Blue,” a necklace featuring 16 Kashmir sapphires totaling 104.61 carats, which fetched $16.2 million. Christie's said the result set a new auction record for a Kashmir sapphire necklace.
The Desert Rose sold for $8.8 million at Sotheby’s inaugural Collector’s Week in Abu Dhabi, setting a new auction record for a fancy orangy pink diamond. Five bidders competed for the pear-shape, 31.68-carat, fancy vivid orangy pink, VVS1-clarity diamond, Sotheby’s said.
Sotheby’s two inaugural jewelry sales at its new New York headquarters in the Breuer building totaled $43.9 million, with 96% of lots sold. The High Jewelry sale generated $30.1 million, led by a 3.48-carat pear-shape fancy intense blue, IF-clarity diamond that sold for $2.5 million. The second sale, ‘A Legacy of Elegance: Jewels from an Exceptional Collection,’ brought in $13.9 million.
Sotheby’s sold $11.8 million at its New York Fine Jewelry auction, its final jewelry sale of the year. Ahead of the auction, the auction house said total jewelry sales were up 35% year on year to $305.9 million in 2025, calling it an “exceptionally strong year” for the category.
Christie’s New York Magnificent Jewels sale totaled $46.5 million, with 95% of lots sold. The top lot was a Tiffany & Co. tourmaline and diamond necklace from the collection of Max and Cecile Draime, which sold for $4.2 million, 10 times its low presale estimate, the auction house said.
Christie’s Hong Kong Magnificent Jewels online sale totaled HKD 35.2 million ($4.5 million). The top lot, a ring set with an oval-cut, 12.78-carat ruby flanked by pear and round diamonds, fetched HKD 3.1 million ($391,688).
Christie’s London Jewels online sale totaled GBP 9.5 million ($12.5 million), the auction house said. The top performer was a Cartier art deco emerald and diamond bracelet that sold for GBP 1.1 million ($1.4 million). The piece achieved nearly triple its pre-sale high estimate.
Christie’s Joaillerie Paris sale totaled EUR 8.9 million ($10.4 million). The top lot was a Chaumet pearl necklace that sold for EUR 279,400 ($93,787). An 8.01-carat, pear-shaped, modified brilliant-cut diamond ring with rubies and sapphires fetched EUR 177,800 ($208,414), more than double its low presale estimate, the auction house said.
Movers & Shakers
Diamonds Do Good has named its 2026 honorees ahead of its flagship fundraising event on May 28 in Las Vegas. Tiffany & Co. will receive the Vanguard of Sustainable Luxury Award, Anna Martin will be honored for Lifetime Achievement, and retailer CDE Peacock will receive the Community Impact Award.
Bulgari has promoted Laura Burdese to CEO, parent company LVMH said. Burdese, who joined the brand as chief marketing officer in 2022 and became deputy CEO in July 2024, will succeed Jean-Christophe Babin, with the appointment taking effect on July 1, 2026.
Wesley Tucker will step down as CEO of Tracr at the end of February 2026, De Beers announced. Tucker, who joined the group in 2021, oversaw Tracr’s evolution from a pilot to a scaled traceability platform with more than four million diamonds registered. De Beers added that it will name his successor in due course as the platform moves into its next growth phase.
Petra Diamonds has appointed Juan Kemp and Vivek Gadodia as joint CEOs on a permanent basis. The two had led the company in an interim capacity since Richard Duffy’s departure in February. Petra said the move provides continuity as it advances its operational and financial plans.
The Responsible Jewellery Council (RJC) appointed Sara Yood, president and CEO of the Jewelers Vigilance Committee, and Eduard Stefanescu, sustainability manager at C. Hafner, as co-chairs of its standards committee. The committee oversees the RJC’s Codes of Practice, Chain of Custody and Laboratory Grown Materials standards.
The Edge Retail Academy, a jewelry industry coaching and insights provider, appointed former vice president Becka Johnson as CEO, with David Brown moving into the role of chairman. The company also named Sherry Smith, previously director of business development, as vice president of coaching, strategy and development at The Edge Retail Academy.
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