February 2026 News Roundup
- 15 hours ago
- 9 min read
The United States and India reached a trade deal eliminating US import tariffs on diamonds sourced from India. As part of the broader agreement, the US will reduce tariffs on Indian goods to 18% from 25%, remove the additional 25% penalty imposed in September, and fully scrap duties on select categories, including gems and diamonds, The White House said.
The European Union abolished import duties on Indian gem and jewelry products under a new trade deal, removing tariffs of 2% to 4% on precious jewelry. The move could double bilateral jewelry trade to $10 billion within three years, the Gem & Jewellery Export Promotion Council (GJEPC) said.
The US Supreme Court voted 6–3 to strike down President Donald Trump’s global tariffs, ruling ruling he lacked authority under the International Emergency Economic Powers Act to impose them. Trump criticized the decision and said he would pursue alternative legal measures, signing orders to introduce and then raise a global tariff to 15%. Industry groups are assessing the impact amid ongoing uncertainty over trade deals, while the National Retail Federation said the ruling provides needed clarity for businesses, Rapaport reported.
The Trump administration subsequently imposed a 10% global tariff, raising concerns that polished diamonds from Antwerp could be subject to the duty despite a September agreement exempting Europe’s diamond imports, JCK Online reported.
Mining Matters
Anglo American reduced the carrying value of De Beers by a further $2.3 billion, marking its third write-down in three years as it advances plans to sell its 85% stake in the diamond company. The impairment, driven by continued weakness in the diamond market, cuts De Beers’ book value to $2.3 billion, Anglo said in its full-year earnings report.
De Beers reported an underlying loss of $739 million in 2025, more than double the prior year’s deficit, parent company Anglo American said. The loss came despite a 6% rise in revenue to $3.49 billion, while rough sales increased 9% to $3.97 billion.
De Beers said higher rough revenue in 2025 was driven by a 17% rise in sales volume to 20.9 million carats, offsetting a 7% decline in the average price to $142 per carat. Its average price index, which tracks like for like valuations, fell 12% to $94. Production dropped 12% to 21.7 million carats, and the company lowered its 2026 guidance to 21 million to 26 million carats.
Petra Diamonds reported revenue fell 13% year on year to $100 million in the fiscal first half ended December 31, 2025. Its net loss widened to $190 million, from $69 million a year earlier. The average price achieved in the second quarter declined 11% from the first quarter, as a 20% drop in like-for-like prices was partially offset by an improved product mix.
Rio Tinto noted a 19% rise in diamond revenue to $332 million in 2025. Underlying EBITDA narrowed to a loss of $79 million, compared with a $115 million deficit in 2024. The company owns the Diavik mine in Canada, its only operating diamond asset.
Gem Diamonds reported that rough sales from its Letšeng mine in Lesotho fell 36% to $97.7 million in 2025, as sales volume dropped 20% to 88,381 carats and the average price declined by the same margin to $1,105 per carat. Production slid 14% to 90,354 carats over the year.
Burgundy Diamond Mines said diamond sales from its Ekati mine in Canada fell 16% year on year to 680,000 carats in the fourth quarter, while production declined 11% to 540,000 carats. Operations at the Misery Underground continued despite challenges linked to the company’s financial pressures, Burgundy added.
Mountain Province Diamonds said it will not replace CEO Mark Wall, who stepped down last year, and has paused the Tuzo pipe expansion at the Gahcho Kué mine as weak diamond demand has deepened its financial strain. The company owes joint venture partner De Beers Canada about CAD 49.2 million ($36.3 million) and has received three in-kind election notices, allowing De Beers to take its share in diamonds rather than cash. Chairman Jonathan Comerford has been appointed acting president and CEO.
The owners of the Ekapa diamond mine in Kimberley have filed for liquidation and closed the operation following a fatal incident at the site, the Associated Press reported. A mudslide flooded an underground section of the mine, about 800 meters below the surface, trapping five miners who are now presumed dead.
Meya Mining Company has secured a $25 million loan facility from Ecobank to advance its diamond project in Sierra Leone. The financing will help the company move from early-stage development to commercial production, the country’s Ministry of Mines and Mineral Resources said. The project is expected to create more than 400 direct jobs and thousands of indirect employment opportunities.
Rough Market
De Beers raised prices for 5 carat and larger rough diamonds at its February sight, reflecting tight supply in those categories and solid demand for the 2 carat plus polished stones they yield, Rapaport reported. The extent of the increase was unclear, while prices for other size ranges remained unchanged, the report said. n its recent earnings report, Anglo American said De Beers was seeing firmer demand for larger, higher quality stones, while smaller, lower quality goods remain under pressure amid rising supply from other producers.
Trans Atlantic Gem Sales (TAGS) reported sales of more than $16 million at its February rough tender, achieving a 60% sell-through to 46 companies. TAGS said 5-carat and larger rough remains in solid demand, commanding strong prices. Buyer confidence improved over the past month as De Beers, Alrosa and Endiama reduced supply, it added.
SACIM SARL, a Congolese diamond producer, sold 288,000 carats of rough for $3.2 million at its latest tender, achieving prices 42% higher than at its previous sale in Dubai, the Antwerp World Diamond Centre (AWDC) reported. The goods, mined in the Democratic Republic of the Congo, drew an average of nine bids per lot.
Trading centers
Polished diamond prices continue to decline in January, albeit at a slower pace, Rapaport Group said. The group’s RAPI index for 1-carat diamonds declined 1.3% in January, while the index for 0.30-carat and 0.50-carat fell by a similar margin.
India’s polished diamond exports fell 4% year on year to $979 million in January, the GJEPC reported. Export volumes rose 16%, but the average price dropped 17% to $627 per carat. Rough imports declined 15% to $625 million.
Belgium’s polished exports rose 14% year on year to $420.6 million in January, driven by a 34% jump in shipments to the US, according to the AWDC. Polished imports increased 25% to $538.9 million, with purchases from India up 34%. Meanwhile, rough imports declined 11% and exports dropped 24%.
Mumbai-based diamond manufacturer Asian Star reported consolidated revenue fell 3% year on year to INR 6.68 billion (73.6 million) in the quarter ending December 31, while net profit dropped 16% to INR 94.1 million ($1 million). Consolidated figures include the performance of the parent company and its subsidiaries, whereas standalone results reflect the parent company alone. On a standalone basis, loose-diamond sales declined 17%, while jewelry sales slipped 1%.
Swiss watch exports declined 4% year on year to CHF 1.92 billion ($2.48 billion) in January, Federation of the Swiss Watch Industry reported. Shipments to the US fell 14%, while exports to Hong Kong rose 3%. Exports of precious-metal watches dropped 14% to CHF 618.8 million ($798 million).
Retail
Titan Company reported revenue grew 43% year on year to INR 255.67 billion ($2.81 billion) in the third fiscal quarter ending December 31 driven by the expansion of its jewelry retail business in India and internationally. Net profit spiked 61% to INR 16.84 billion ($185.6 million).
Kering reported fourth-quarter revenue at its “Other Houses” division rose 3% year on year, supported by strong growth across its jewelry maisons. Boucheron delivered double-digit gains, while Pomellato remained steady, DoDo accelerated and Qeelin showed solid momentum, Kering said. Full-year revenue in the division declined 10% to EUR 2.9 billion ($3.42 billion) in 2025, with watches and jewelry accounting for 33% of sales.
Watches of Switzerland reported trading beat expectations in the fiscal third quarter ending December 31, driven by sustained growth in the US across categories, brands and price points, including an excellent sales performance at its Roberto Coin subsidiary. UK sales were steady and in line with prior periods. The group raised its full-year forecast to revenue growth of 9% to 11%, up from a previous range of 6% to 10%, following its acquisition of Deutsch & Deutsch.
Birks Group reported a 12% year-on-year increase in sales during the November–December holiday period, supported by its acquisition of European Boutique and stronger demand for branded timepieces and Birks jewelry. Comparable store sales rose 2.5%.
Pandora reported fourth-quarter sales from its lab-grown diamonds fell 17% year on year to DKK 106 million ($16.9 million), contributing to a 1% dip in group revenue to DKK 11.86 billion ($1.89 billion). Net profit was flat at DKK 2.85 billion ($452.7 million). For the full year, lab-grown sales rose 13% to DKK 357 million ($56.7 million), while total revenue increased 3% to DKK 32.55 billion ($5.17 billion).
State of Retail
Lab-grown diamonds accounted for 61% of engagement ring purchases in 2025, up 239% since 2020, according to The Knot’s Real Weddings Study. The report attributed the shift to economic pragmatism and changing consumer values, with average center stones reaching 1.90 carats at a lower average cost of $4,600. Natural diamond rings averaged $7,000, compared with $4,300 for lab-grown stones.
Sales across all product categories among US independent jewelers rose 16% year on year in January, according to Edge Retail Academy, despite a 4% decline in unit sales as the average retail ticket jumped 20%. Diamond sales value increased 2%, with a 4% rise in average price offsetting a 2% drop in volume. Separately, Tenoris reported a 9% increase in overall jewelry sales, as unit volumes fell 7% but average prices climbed 17.4%, while diamond sales edged up 1.2% on a 10.4% rise in average price.
The National Retail Federation expected record Valentine’s Day spending of $29.1 billion, with shoppers budgeting an average $199.78 for gifts, up from $188.81 last year. Jewelry ranked behind candy, greeting cards, flowers and evenings out by participation, with 25% of shoppers planning a jewelry purchase. Despite that, jewelry is expected to account for the highest total spend at about $7 billion.
Bain & Co said jewelry saw a marked improvement in China in 2025, led by the fine jewelry category. Rising prices for rare metals also reinforced the asset value that jewelry represents, the research firm noted in its report on the 2025 Chinese Personal Luxury Goods Market
Hong Kong’s sales of jewelry, watches and clocks, and valuable gifts rose 14.3% year on year in December, according to the Census and Statistics Department. The category recorded growth of 1.9% for the full year.
Strategic Moves
Borsheims unveiled plans for a major renovation of its flagship store. The overhaul will transform more than 20,000 square feet into an open-concept luxury space with expanded private consultation areas, a revamped Luxury Salon and a redesigned gold-accented entrance. The project will begin after the 2026 Berkshire Hathaway Annual Shareholders Meeting in May, with the store remaining open in phased construction.
International Gemological Institute (IGI) has acquired American Gemological Laboratories (AGL), strengthening its capabilities in colored gemstone analysis and provenance reporting. The deal will allow AGL to expand its certification services beyond the US, while diversifying IGI’s revenue base, IGI said.
Pandora will introduce platinum-plated jewelry, diversifying its metal mix and reducing reliance on sterling silver amid volatile commodity prices. The range uses the company’s Evershine alloy core to deliver hypoallergenic, water- and tarnish-resistant pieces positioned for everyday wear. A pilot launch begins in Northern Europe in early 2026, ahead of a global rollout later in the year.
Appointments
Diamond Trading Company Botswana (DTCB) has appointed Serty Leburu as managing director, making her the first woman to hold the role. Leburu joins from Standard Chartered Bank, where she served as deputy CEO, and previously held senior positions at Debswana and the Botswana Diamond Valuing Company. She succeeds Sedireng Serumola, who left in December to become executive director of business advisory firm Stone Temple Holdings.
The Jewelers Vigilance Committee (JVC) elected a new board, naming Julie Yoakum, president of Kay and Peoples Jewelers, as chair. Michael Richards of Underwood Jewelers will serve as first vice president, with John Kreul appointed second vice president. The board also includes five new members.
