June 2026
- Jul 2
- 10 min read
Markets
Auction Highlights
A rectangular, 10.02-carat, fancy intense blue, VS2-clarity diamond sold for $8.7 million at Sotheby’s New York, leading a $43.4 million auction that achieved a 98% sell-through rate. The second-highest lot was a 5.02-carat, fancy intense pink, internally flawless oval diamond ring, which fetched $2.9 million.
The Azure Blue, a 31.62-carat, pear-shaped, fancy blue, VVS1-clarity diamond, sold for $8.4 million at Christie’s New York Magnificent Jewels sale. The second leading lot was a 5.04-carat, marquise-shaped, fancy vivid blue, VVS2-clarity diamond, which fetched $8.2 million. The auction achieved $49.7 million, with 100% of lots sold.
Christie’s New York achieved $17.3 million in sales and a 99% sell-through rate at its auction of The Stream Family Collection. The top lot, a 49.91-carat, very light green-yellow, VS1-clarity diamond, sold for $2 million, more than four times its presale low estimate, Christie’s said.
Polished Performance
Prices of smaller diamonds rebounded in May as inventory levels declined, according to Rapaport. The Rapaport Trade Diamond Index (RAPI) for 0.30-carat polished diamonds rose 2.1% during the month, while the 0.50-carat index increased 0.9%. Meanwhile, the 1-carat and 3-carat categories fell 0.3% and 0.5%, respectively.
India’s polished-diamond exports rose 3% year on year to $981.7 million in May, according to the Gem and Jewellery Export Promotion Council (GJEPC). Growth was driven by a 12% increase in export volume. Polished imports fell 15% to $72.2 million. Rough imports declined 42% to $617.1 million, while rough exports rose 19% to $29.1 million.
Belgium’s polished imports grew 29% year on year to $986.9 million in May, their highest monthly level in two years, according to the Antwerp World Diamond Centre (AWDC). A 75% increase in imports from Switzerland and a 36% rise from the US led the increase. Polished exports rose 4% to $671.6 million, while rough imports fell 26% to $230.1 million and rough exports declined 20% to $233.7 million.
Rough Demand
Trans Atlantic Gem Sales (TAGS) reported strong demand for larger rough diamonds at its latest Dubai tender, with an 80% sell-through rate driven by interest in stones above 10 carats. The company said larger diamonds continue to outperform the market, while smaller goods remain price-sensitive amid weak demand, geopolitical uncertainty and growing competition from lab-grown diamonds.
Alrosa reported the number of client diamond viewings in May more than doubled from a year earlier, reaching the highest level in eight years. Interest was strongest for large diamonds above 10.8 carats and fancy-color stones. The miner pointed to growing demand and stronger prices in the high-value segment, with 80% of its 2- to 10-carat diamonds rising 6% to 9% in price since the start of the year.
Congolese artisanal diamonds achieved an average price of $65.50 per carat, slightly above their estimated market value, at Bonas-Couzyn in Antwerp. The sale of the 103.77-carat parcel was conducted under AWDC's OrigemA project and was the first international tender of fully traceable goods from the Democratic Republic of Congo. All proceeds were returned to the COMIDIANZ mining cooperative and its community in the DRC.
Sodiam, Angola’s state-owned rough diamond trading company, generated $21.7 million from the sale of 6,586.89 carats at its June rough diamond auction. The tender, conducted by TAGS, attracted 27 companies and achieved prices 24% above the expected value, according to Sodiam.
Industry
Industry Developments
The Gemological Institute of America (GIA) plans to launch its cut grading system for fancy-shape diamonds in 2027, initially covering marquise, oval and pear shapes. Separately, beginning in the fourth quarter of 2026, GIA will add comments to certain diamond grading reports noting that fluorescence may enhance a diamond’s appearance in UV-rich environments, based on research showing it generally has a neutral-to-positive effect on appearance.
Informa Markets, in partnership with MCH Group, will launch the Basilia Jewellery & Watch Fair in Basel, Switzerland in April 2027, creating a new international trade show aimed at connecting Asian suppliers with European buyers. The inaugural event will feature more than 400 exhibitors across dedicated jewelry, gemstone, watch and technology pavilions, with organizers positioning it as an annual global hub for the industry.
The Swiss Gemmological Institute (SSEF) has issued a trade alert warning of a fraudulent practice in which emeralds are submitted to laboratories after fissure fillers have been removed, then re-filled after testing and sold with reports indicating little or no clarity enhancement. SSEF urged buyers to re-test fissured emeralds before purchase, noting that laboratory reports only reflect a stone's condition at the time of examination.
Lab Grown Diamonds
Russia has introduced new regulations requiring stricter labeling of synthetic diamonds in jewelry, effective September 1, 2026. Under Government Resolution No. 657, retailers must identify synthetic stones as “synthetic” on jewelry tags, while the use of the word "diamond," diamond grading terminology, and descriptors such as "natural," "genuine," "mined," and "eco-friendly" will be prohibited in connection with synthetic stones. Weight may only be stated in grams rather than carats.
Category Marketing
Alrosa has approved a Natural Diamond Promotion Program which will run through 2030 aimed at supporting long-term demand for natural diamonds in key global markets. The initiative combines generic marketing, consumer education, retail support, regulatory advocacy, and efforts to distinguish natural diamonds from synthetic stones. It will focus on promoting natural diamonds’ rarity, authenticity, emotional significance, and long-term value, Alrosa said. The program will target consumers in BRICS and EAEU countries, particularly millennials and Generation Z, while supporting clearer disclosure standards, detection tools, and terminology that differentiates natural and synthetic products.
Legal & Regulatory
Lugano Diamonds & Jewelry has reached a settlement with parent company Compass Diversified, resolving legal claims tied to the alleged fraud of its former CEO. If approved by creditors and the bankruptcy court, Compass will receive a portion of the money raised from selling Lugano's assets, insurance payouts and certain legal claims as the company is wound down.
India's Securities and Exchange Board (SEBI) issued an interim order against Rajesh Exports, a gold refiner and jewelry manufacturer, alleging the company materially misrepresented its consolidated financial statements and withheld key subsidiary information from investors and regulators. The regulator claimed the disclosures presented an inflated picture of the group's scale and financial performance. Rajesh asserted its financials are correct.
Business
Retail Performance
Signet Jewelers reported sales increased 0.7% year on year to $1.55 billion in the fiscal first quarter ending May 2, with same-store sales up 1.8%. Net income declined 5% to $31.7 million as costs rose. The company lifted the lower end of its full-year revenue guidance to $6.7 billion from $6.6 billion.
Macy’s highlighted jewelry as a standout performer in the first quarter as group revenue rose 2% year on year to $4.9 billion and net income increased 66% to $63 million. Growth was driven by strong performance across all its brands, led by a 10.2% increase at Bloomingdale’s, as the company continued to invest in its luxury-focused banners and Reimagine 200 store strategy.
Chow Tai Fook reported revenue rose 5% to HKD 94.4 billion ($12.05 billion) in fiscal 2026, driven by a 22% increase in Hong Kong and Macau, while sales in China grew 2% as trading improved in the second half. Fixed-price jewelry was the group's strongest performing category, while profit jumped 52% to a record HKD 9.08 billion ($1.16 billion), supported by tighter cost controls.
Hong Kong-based Tse Sui Leun Jewellery (TSL) swung to a profit of HKD 114.4 million ($14.6 million) in the fiscal year ended March 31, compared with a loss of HKD 197.8 million ($25.2 million) a year earlier. Revenue fell 2% to HKD 1.67 billion ($214.1 million), but the company benefited from stronger contributions from franchisees in mainland China, lower operating expenses, and favorable macroeconomic factors, including higher gold prices.
Luk Fook Holdings reported a 29% increase in revenue to HKD 17.21 billion ($2.19 billion) for the fiscal year ended March 31. The Hong Kong-based jeweler's profit jumped 89% to HKD 2.02 billion ($257 million), driven by strong demand for gold products that boosted margins.
Market Indicators
Jewelry sales among US independents grew 12% year on year in May, as a 22% increase in the average retail sale offset a 9% decline in unit sales, according to The Edge Retail Academy. Diamond sales rose 8%, driven by a 21% increase in average prices, while colored gemstone and pearl sales increased 7% and sterling silver and alternative metals gained 1%.
Hong Kong’s sales of jewelry, watches, clocks and valuable gifts rose 20% year on year in April, according to the city’s Census and Statistics Department. Overall retail sales increased 9%, with the department attributing the growth to economic expansion, rising tourism and resilient local consumer spending.
Swiss watch exports edged up 0.4% year on year to CHF 2.11 billion ($2.6 million) in May, according to the Federation of the Swiss Watch Industry. Shipments to the US increased 12%, while exports to France and the UK surged 57% and 25%, respectively; exports to Japan fell 4% and China declined 21%. Exports of precious-metal watches dropped 7% to CHF 744 million ($920 million).
Market Insights
Average spending on natural-diamond jewelry in the US rose 25% to $4,063 per piece in 2025 from $3,242 in 2023, driven by purchases of larger stones, according to De Beers’ latest US Diamond Acquisition Study. The report also found that non-bridal purchases accounted for 75% of demand and that Gen Z represented 23% of natural-diamond demand value despite making up 18% of the population.
Global luxury spending reached EUR 1.44 trillion ($1.64 trillion) in 2025, with jewelry ranking as the leading luxury category, according to the Bain-Altagamma Luxury Goods Worldwide Market Study. Spending on personal luxury goods rose 1% at constant exchange rates in the first half of 2026 and is forecast to grow 2% to 4% for the full year, while luxury experiences continue to outpace tangible goods.
Strategic Developments
Botswana-based manufacturer Zoe Diamonds and Florida retailer J.R. Dunn Jewelers have partnered to bring Botswana-mined, cut and polished diamonds directly to the US market. The collaboration has also inspired ‘Two From One,’ a jewelry concept built around two diamonds cut from a single rough crystal sourced through the Okavango Diamond Company.
Pandora has expanded its lab-grown diamond collections to Spain and Italy, launching them through new flagship stores in Barcelona and Milan as it continues to grow the category internationally. The company said its lab-grown diamonds have an approximately 90% lower carbon footprint than mined diamonds and are now available in eight markets worldwide.
Jaipur-based jewelry manufacturer Advit Jewels' initial public offering was oversubscribed more than 200 times, according to The Economic Times. The company generated revenue of INR 1.25 billion ($13.2 million) in the fiscal year ended March 31, 2025, according to the company's IPO prospectus.
Mining
Mining Operations
Alrosa will suspend mining at its Severalmaz operation for about three months from July 1 as part of its strategy to manage rough diamond supply. Ore processing will continue using existing stockpiles, and the company said no workforce reductions are planned.
Storm Mountain Diamonds will place its Kao mine in Lesotho on care and maintenance from July 1 after weak diamond prices, rising diesel costs, competition from lab-grown diamonds, and funding needs made operations uneconomic. Confirming media reports, the company said the move will affect about 750 workers, with a small team retained to maintain the mine.
The National Union of Mineworkers (NUM) has criticized Petra Diamonds’ decision to place the Finsch mine in business rescue and begin a process that could result in layoffs at its Cullinan operation, saying nearly 1,800 jobs are at risk. The union urged government intervention and argued workers should not bear the burden of the diamond sector’s downturn.
Financing & Capital
Alrosa raised RUB 30 billion ($412.8 million) through an exchange-traded bond issue on the Moscow Exchange. The funds will be used for general corporate purposes, refinancing existing debt, and extending the maturity of its debt portfolio, the company said.
Mountain Province Diamonds, the 49% owner of Canada's Gahcho Kué mine, sold up to $5 million in future diamond-sale receivables at a discount to raise liquidity as it pursues a broader restructuring or refinancing of the business. The mining company also extended key debt and reclamation payment deadlines to September 30 and deferred an interest payment on its senior notes to December, citing continued pressure from weak rough-diamond prices, US tariff uncertainty and conflict in the Middle East.
De Beers Sale
Botswana is in talks with the United Arab Emirates and Oman about partnering on a potential acquisition of a strategic stake in De Beers from Anglo American, President Duma Boko told Bloomberg. Botswana, which already owns 15% of the diamond miner, is seeking greater influence over diamond pricing and marketing as Anglo advances plans to sell its 85% holding.
Namibia is considering spending up to NAD 3 billion ($184 million) to acquire a stake in De Beers alongside Botswana and Angola, according to The Namibian. Information Minister and government spokesperson Emma Theofelus said the proposal remains under cabinet discussion and has not been finalized. Economists and policy experts raised concerns about the investment given the diamond industry's challenges and De Beers’ declining valuation.
People
Executive Moves
De Beers senior marketing executive Sally Morrison is leaving the company to pursue new projects after helping lead the reintroduction of category marketing and the launch of the Desert Diamonds campaign. De Beers said it remains focused on growing natural-diamond demand in the US and has appointed Shefali Murdia, formerly of Movado, as its US general manager for natural diamonds.
The London Diamond Bourse elected Charlotte Rose as its new president, making her the first woman to lead the organization in its 86-year history and, it believes, the first female president of any diamond bourse worldwide. Outgoing president David Troostwyk will serve as vice president.
Luxury house Chanel appointed Marie-Laure Cérède as director of its Jewelry Creation Studio, effective October 2026. Cérède, who spent nearly a decade as creative director of jewelry and watchmaking at Cartier, will oversee Chanel's fine and high jewelry creations and report to Frédéric Grangié, president of Chael’s watches & fine jewelry division.
The International Colored Gemstone Association (ICA) appointed Brandee Dallow as its chief executive officer, effective July 6. Dallow, a former executive at De Beers, Rio Tinto Diamonds and the Responsible Jewellery Council, will lead the global trade body representing nearly 700 colored gemstone professionals across 47 countries.
Bonhams has appointed Janet Lam as head of jewelry, Asia, where she will lead the auction house's jewelry operations and growth strategy across the region. Lam rejoins Bonhams from Phillips, bringing more than 17 years of experience in jewelry auctions and private client advisory.
The Antwerp World Diamond Centre (AWDC) has refreshed its board of directors, reconfirming Isidore Mörsel as president and Ravi Bhansali as vice president, while electing Chirag Shah as second vice president. The board also welcomed Kirill Van den Abbeele, Dilip Thakker and Barak Levy as new directors.
DMCC has expanded the board of directors of the Dubai Diamond Exchange, adding industry veterans Neil Ventura, Weizhang Liang and Wafa Jaffery to strengthen the exchange's expertise in global trade, governance and responsible sourcing. The appointments, announced by chairman Ahmed Bin Sulayem, reinforce Dubai's ambition to strengthen its position as a leading global hub for the diamond trade.
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