Jewelry Heads to Vegas as Miners Roll the Dice

First, a big thank you to those who joined our inaugural session of The Business of Jewelry Roundtable. It was a high-level, thoughtful discussion, and I look forward to continuing the conversation in the weeks ahead.

Second, for those celebrating, wishing you a joyful Shavuot holiday. I’ll be offline from Sunday evening through Monday, which is why I’m sending this week’s memo a little early.

Now, let’s look ahead. The coming week is a big one as the industry heads to Las Vegas for what’s arguably the most anticipated and important moment on the diamond and jewelry calendar.

Here’s what’s Coming Up — in Vegas and across the market:

• Christie’s Magnificent Jewels Online Sale: May 19–June 2

• Sotheby’s Fine Jewelry Sale: May 20–June 3

• Signet Jewelers Q1 Earnings: June 3

• The Couture Show: June 4–8

• JCK Luxury: June 4–9

• Antique Jewelry & Watch Show: June 5–8

• AGTA GemFair: June 5–9

• JCK Show: June 6–9

If you're attending JCK, take a moment to check out the Education schedule and Networking & Events Schedule — the educational content is especially worth your time.

Here’s what I’ll be looking out for during Las Vegas Jewelry Week: 5 Things to Watch (video).

And on the topic of US market sentiment, don’t miss my latest for Rapaport Magazine: Shifting Tides in the US Jewelry Market

Also, Hot Off The Diamond Press

• May 2025 News Roundup

• Diamond Miners in the Pits (video)

Pressing Matters

>>> While much of the recent narrative around junior diamond miners has been clouded by uncertainty and distress, one notable development has flown under the radar: the public listing of Lipari Mining Ltd. on the Cboe Canada Inc. stock exchange on March 31, followed shortly by its debut on the Frankfurt Stock Exchange.

Lipari is best known as the operator of the Braúna mine in Brazil which entered commercial production in 2016. To date, Braúna has yielded 1.2 million carats and generated $218.1 million in revenue. The mine is now transitioning to underground operations, with a projected life extending through 2028. In the first quarter of 2025, Lipari posted a notable turnaround: sales more than tripled to $3.7 million, driven by a 66% increase in volume and a sharp rise in production to 25,291 carats, up from just 3,980 carats a year earlier. The company ended the quarter with a substantial inventory position.

Looking ahead, Lipari is placing its longer-term bets on Angola, where it holds the Tchitengo Diamond Project — a cluster of 30 known kimberlites that it hopes will eventually succeed Braúna. Nonetheless, the path forward is uncertain. Angola remains a challenging operating environment, and early-stage exploration is inherently risky — even more so in today’s strained rough diamond market.

Still, Lipari’s listing and investment in exploration stands out as a rare display of confidence in a struggling junior mining sector. Whether that momentum can hold is another question entirely.

Pic of the Week

Operations at the Braúna mine in Brazil (Credit: Lipari Mining)