July 2026 News Roundup

Tariffs Return

The US has reinstated a 0% import tariff on natural diamonds polished in Europe, ending the 10% duty that had been in place for the previous six months. The move follows discussions with the Belgian government and the Antwerp World Diamond Centre (AWDC), which said the exemption preserves duty-free access to one of Antwerp's largest export markets and strengthens the competitiveness of European diamond polishing.

India's gem and jewelry exports to the US remain subject to a 10% import tariff, the Gem & Jewellery Export Promotion Council (GJEPC) said. The industry body noted India retains a 2.5 percentage-point tariff advantage over several competing manufacturing hubs, but urged the US to exempt natural diamonds and colored gemstones from the duty.

​The United States will impose 50% tariffs on imports from Canada, including polished diamonds, gold, silver and other jewelry-related products. The tariffs will take effect on August 19, according to a member alert from the Jewelers Vigilance Committee.

De Beers Discount 

Anglo American and De Beers South Africa head office (Anglo American)

Anglo American said the sale of De Beers is progressing and expects to provide an update in the second half of the year. Reuters reported that Anglo has identified a preferred buyer for its 85% stake, with Bloomberg naming former De Beers CEO Gareth Penny. Bloomberg separately reported the deal is being discussed at a valuation of about $1 billion, a fraction of the diamond miner's former worth.

De Beers reported an underlying loss of $188 million in the first half, according to Anglo American's interim results, marking its fourth consecutive half-year deficit, although the loss narrowed 23% from a year earlier. Revenue fell 19% to $1.58 billion as rough diamond sales declined 23% to $1.31 billion, while other revenue increased 9% to $270 million. Production rose 46% to 14.9 million carats for the six months, and the company maintained its full-year production guidance of 21 million to 26 million carats.

Rough Market

De Beers reduced rough diamond prices at its July sight, bringing them closer to secondary market valuations, according to a report by Bloomberg. The sight was the first under the new supply contract which saw De Beers reduce the number of sightholders by a third to around 50 companies.

Namdia rough diamonds (Namdia)

Namdia has selected 32 companies from 75 applicants to receive supply of Namibian rough diamonds during the 2026 to 2029 contract period, following what it described as one of its most competitive client selection processes to date. Successful clients were chosen through a comprehensive evaluation process, with applicants from 10 countries, the state-owned rough seller said.

Trans Atlantic Gem Sales (TAGS) said demand for larger rough diamonds remained strong across its June and July tenders, with its sale of Angola specials generating $21.7 million with a 95% sell-through rate and prices exceeding expectations. The company's latest Dubai tender achieved more than 80% sell-through, generating $15.2 million, while its tender of Zimbabwe-origin goods sold out completely, although lower-quality goods continued to face price pressure.

Mine Developments ​

1,305.4-carat rough diamond from the Karowe mine (Lucara Diamond)

Lucara Diamond Corp. recovered a 1,305.4-carat white diamond from its Karowe mine in Botswana, marking the tenth stone exceeding 1,000 carats found at the mine since production began in 2015. The rough gem was recovered using the company's X-ray transmission technology, although Lucara said it could not determine whether it originated from current open-pit mining or previously stockpiled ore.

De Beers will pause production at its Venetia mine in South Africa for two years and reorganize its global operating model as part of a broader effort to cut costs and strengthen long-term competitiveness. The miner said it has already removed more than $100 million in annual overhead costs and expects global rough supply cuts and improving demand for natural diamonds to support a market recovery over time.

The National Union of Mineworkers (NUM) condemned De Beers' decision to pause production at the Venetia mine for two years. The union said the company has begun a formal process that could result in 1,214 job losses and accused De Beers of failing to explore alternatives before proposing the cuts.

Canada's Ekati diamond mine will shut after owner Burgundy Diamond Mines entered receivership without securing a buyer. The sales process attracted no compliant bids and available funding has been exhausted, according to a filing with the Supreme Court of British Columbia.

Mining Money

Petra Diamonds reported revenue of $206 million for the fiscal year ending June 30, in line with the previous year on a like-for-like basis, excluding the Williamson mine sold in fiscal 2025. Sales volume fell 3% to 2.3 million carats, while the average price increased 3% to $90 per carat, as the company continued its business rescue process for the Finsch mine. ​

346.99-carat rough diamond from Letšeng mine (Gem Diamonds)

Gem Diamonds reported rough diamond sales increased 33% year on year to $59.5 million in the first half of 2026, driven by strong demand for high-quality large diamonds. The average price rose 38% to $1,395 per carat, while production at the Letšeng mine fell 12% to 41,695 carats as mining remained focused on the lower-value Main pipe. The company recovered a 346.99-carat white diamond at Letšeng during the period.

Rio Tinto reported diamond revenue fell 27% year on year to $118 million in the first half of 2026 following the closure of its Diavik mine in Canada. Earnings before interest, taxes, depreciation and amortization (EBITDA) loss widened to $72 million from $55 million a year earlier. Diamond production fell 51% year on year to 1.1 million carats in the first half as ore recovery at its Diavik mine in Canada came to an end, the company said  

Global Production

Global rough diamond production fell below 100 million carats for the first time in decades in 2025, according to Kimberley Process data. Output declined 8% year on year to 98.8 million carats, its lowest level since Kimberley Process records began in 2004. Production by value fell 3% to $9.23 billion. Russia remained the largest producer at 31.5 million carats, followed by Botswana with 15.5 million carats and Angola with 15.2 million carats.

Trade

India's polished diamond exports rose 9% year on year to $847 million in June, according to the Gem & Jewellery Export Promotion Council (GJEPC), while rough imports fell 27% to $700 million. For the first half of the year, polished exports declined 8% to $5.89 billion and rough imports dropped 28% to $4.31 billion.

Belgium's polished diamond trade maintained its positive momentum in June, with exports rising 22% year on year to $453.8 million and imports increasing 29% to $542.5 million, according to the Antwerp World Diamond Centre (AWDC). Rough imports fell 39% to $162.6 million and rough exports declined 25% to $221.4 million during the month. For the first half, polished exports increased 18% and imports rose 25%.

Almas Tower (Dubai Multi Commodities Centre (DMCC)

Dubai's diamond trade reached a new high of $41.7 billion in 2025, up 16% year on year, driven by a 25% increase in polished trade to $18.7 billion and a 10% rise in rough trade to $23 billion. By volume, combined rough and polished imports and exports grew 43% to 359 million carats, according to the Dubai Multi Commodities Centre (DMCC).

Prices for smaller polished diamonds continued to recover in June as inventory levels declined, according to Rapaport. The group's Rapaport Trade Diamond Index (RAPI) for 0.30-carat diamonds rose 4.2% during the month and 7.7% year to date, though it remained 23.3% below a year earlier, while the 0.50-carat index gained 1.3%. The 1-carat index fell 0.7%, and RAPI for 3-carat edged up 0.4%.

Fancy-cut diamonds delivered the strongest per-carat gains among investment-grade stones in the second quarter, according to Alrosa. Prices for 4-carat G-color, VVS2-clarity diamonds rose 16.7%, while 3-carat F, VS1 goods increased 16%. The third ranked category was 5-carat, G, VVS2 diamonds with a 7.8% gain.

Swiss watch exports grew 11% year on year to CHF 2.39 billion ($2.95 billion) in June, according to the Federation of the Swiss Watch Industry. Exports of precious metal watches increased 3% to CHF 846.9 million ($1.05 billion). Shipments to the US rose 13%, to the UK 12%, and to France doubled.

Luxury Outperforms

Richemont's jewelry maisons posted a 21% year-on-year increase in second-quarter revenue to EUR 4.73 billion ($5.41 billion), with growth across Buccellati, Cartier, Van Cleef & Arpels, and Vhernier. Group sales rose 17% to EUR 6.33 billion ($7.32 billion) in the quarter ended June 30, while specialist watchmakers revenue grew 6% and other businesses increased 7%.

Boucheron store in Shanghai (Kering Group)

Kering's jewelry division reported revenue increased 14% year on year to EUR 521 million in the first half, while recurring operating income more than doubled to EUR 32 million. Boucheron achieved record revenue, with strong growth in Japan and Asia Pacific, while Pomellato and Qeelin maintained strong momentum, although DoDo had a more challenging period.

LVMH reported jewelry and watch revenue grew 3% year on year to EUR 5.23 billion ($5.94 billion) in the first half, making it the group's best-performing division. Recurring operating profit for the segment rose 9% to EUR 762 million ($866 million), with Tiffany & Co. delivering "excellent" results and Bulgari also posting strong growth. Group revenue fell 3% to EUR 38.64 billion ($43.93 billion), while net profit was unchanged at EUR 5.7 billion ($6.48 billion).

Swatch Group reported jewelry and watch sales rose 2% year on year to CHF 2.95 billion ($3.61 billion) in the first half of 2026, while operating profit for the segment fell 6% to CHF 120 million ($147 million). Excluding production, jewelry and watch sales increased 10% at constant exchange rates, while Harry Winston sales rose 20% at constant rates, with growth across all regions. Group sales rose 2% to CHF 3.12 billion ($3.82 billion), while profit declined 6% to CHF 16 million ($20 million).

Watches of Switzerland reported revenue rose 11% to GBP 1.83 billion ($2.47 billion) in the fiscal year ending May 3, driven by a 24% increase in US sales. Luxury-watch sales grew 10%, luxury jewelry increased 17%, and its Roberto Coin wholesale unit rose 16%. Profit jumped 84% to GBP 99 million ($134 million). The company is reportedly in takeover talks, according to Reuters.

Luxury jewelry sales are projected to grow at a compound annual rate of 5% to 7% over the next five years, according to a report by McKinsey & Company and Business of Fashion. The report expects jewelry to lead luxury growth in China, driven by domestic brands, while globally consumers are increasingly favoring products that reflect identity, emotion and self-expression.

China Comeback

Chow Tai Fook reported sales at its self-owned stores rose 15% year on year in the fiscal quarter ending June 30. Same-store sales increased 20% in mainland China and 42% in Hong Kong and Macau, reflecting the company's brand transformation, its increased focus on high jewelry and resilient consumer demand, management said.

Chow Sang Sang store (Chow Sang Sang)

Chow Sang Sang reported same-store sales grew 17% year on year in Mainland China and 30% in Hong Kong and Macau. Growth was driven by a 16% increase in average retail prices, as consumer demand in China shifted toward fixed-price gold jewelry amid gold price volatility.  

Luk Fook reported a 43% year-on-year increase in revenue from its self-operated stores and e-commerce business in the first quarter ending June 30. Sales of gem-set jewelry rose 81%, while fixed-price gold diamond jewelry fell 17%. Revenue increased 41% in Hong Kong and Macau and 22% in Mainland China.

Hong Kong's sales of jewelry, watches, clocks and valuable gifts rose 26% year on year in May, the strongest growth of any retail category, according to the Census and Statistics Department. Overall retail sales increased 10%, supported by economic growth and continued growth in tourism.

​US Resilience

Retail jewelry sales at US independent jewelers rose 18% year on year in June, according to The Edge Retail Academy. Unit sales were flat, with growth driven by an 18% increase in the average retail sale. Diamond sales climbed 15%, as a 16% rise in the average retail sale offset a 1% decline in unit sales.

US retail sales grew 6.7% year on year to $768.6 billion in June, according to the US Census Bureau. The retail industry’s focus on affordability has supported consumer spending, the National Retail Federation said.

Birks store (Birks Group)

Birks Group reported net sales rose 15% year on year to $205.4 million in the fiscal year ending March 28, driven by its acquisition of European Boutique and strong branded jewelry sales. The company narrowed its net loss to $3.4 million from $12.8 million a year earlier.

Brilliant Earth has launched its first Swiss-made watch collection, introducing a limited-edition collection of Solstice watches to mark the jewelry retailer's 20th anniversary. Developed in partnership with Swiss watchmaker Louis Erard, the collection is priced from $3,995 and expands the company's product offering beyond fine jewelry.

Titanic Growth 

Titan Company reported a 39% year on year increase in jewelry sales for the fiscal first quarter ended June 30, driven by strong festive and Akshaya Tritiya demand and robust sales of its core plain and studded jewelry. Group sales rose 41%, with domestic operations up 37% and international sales surging 128%.

Golden Shift

Gold jewelry (Canva)

Global gold jewelry demand fell 17% year on year to 278 metric tons in the second quarter, one of the weakest second-quarter performances on record, as high prices continued to curb affordability, the World Gold Council said. Despite lower volumes, the value of jewelry demand rose 22% to $86 billion in the first half as consumers shifted to lighter-weight products and lower-carat designs.

Bourses

The World Federation of Diamond Bourses (WFDB) elected Mehul Shah as president, according to the Bharat Diamond Bourse (BDB). Shah, chairman of Mumbai-based diamond-jewelry supplier Star Brillian and a BDB vice president, succeeds Yoram Dvash after his six years in the role.

Qatar Free Zones Authority has launched the Qatar Diamond Exchange (QDE), a regulated trading platform for rough and polished diamonds and precious stones in Doha's Ras Bufontas Free Zone. The exchange will offer trading, vaulting, certification and auction services, with membership open to diamond companies and service providers as Qatar seeks to strengthen its role in the global diamond trade.

Charlotte Rose and DDE chairman Ahmed Bin Sulayem (LDB and DDE)

The Dubai Diamond Exchange and the London Diamond Bourse (LDB) signed a memorandum of understanding to strengthen cooperation, expand commercial opportunities for members, and promote responsible trade. The agreement marks the first international partnership established under LDB president Charlotte Rose.

Nissim Zuaretz has resigned as president of the Israel Diamond Exchange, saying in a Facebook post that a small group of board members were acting out of ego and personal interests rather than for the benefit of the bourse. Elections for a new board and president will be brought forward to later this year, with the date yet to be announced.

The Democratic Republic of the Congo has signed a framework agreement with Swiss technology company ADEX Platform AG to establish a joint venture to modernize its diamond and colored gemstone sector. The partnership will develop local cutting capacity and a digital sales platform to improve transparency, formalize the industry, and increase local value addition.

The African Diamond Producers Association (ADPA) and the Harry Oppenheimer Diamond Training School have signed a three-year memorandum of understanding to strengthen diamond training and skills development across Africa. The partnership will focus on curriculum development, technical training and research to promote local beneficiation, improve industry standards and build expertise across the diamond value chain.

Synthetics

Cibjo's Diamond Committee will seek approval for amendments to its Diamond Blue Book at the organization's congress in Vicenza in September. The proposals include removing the terms "laboratory-grown" and "laboratory-created" as synonyms for synthetic diamonds, while also exploring ways to restrict use of the 4Cs to natural diamonds.

IGI grading rep[orts (IGI)

International Gemmological Institute (IGI) reported revenue rose 23% year on year to INR 3.71 billion ($38.4 million) in the fiscal first quarter ending June 30. Profit increased 31% to INR 1.66 billion ($17.2 million), driven by growth in lab-grown loose diamonds, lab-grown diamond jewelry and colored gemstone grading.

Executive Change

Sean Gilbertson will step down as CEO of Gemfields effective July 15, the gem miner said. CFO David Lovett has been appointed interim CEO while the company searches for a permanent successor, with chairman Bruce Cleaver providing additional support during the transition.