Kellie Exits, ‘Synthetic’ Stays, TSL Struggles

Can you believe we’re already halfway through 2025? It’s been a wild ride so far and this past week delivered another wave of dramatic developments across the diamond and jewelry trade. But before we dive in, here are a few things to catch up on:

• June News Roundup

A look back at everything that shaped the industry last month.

• Spotlight on Fancy Color Diamonds

I had the pleasure of collaborating with the Natural Diamond Council on a new report about fancy color diamonds. I learned a whole lot about this magnificent segment, and am genuinely proud of how it turned out. [Download the report here]

• The Business of Jewelry Roundtable: Session Two

I’m thrilled to announce our next off-the-record, invite-only roundtable. As part of The Diamond Press community, you’re invited to join the conversation. [Learn more here]

Now, onto the Pressing Matters at hand:

With NDC Funded, Kellie Bids Farewell

>>> There was something telling about the timing of David Kellie’s “Personal Announcement” on LinkedIn. Dropping big news on a quiet Sunday felt deliberately understated, especially for a message as significant as stepping down as CEO of the Natural Diamond Council (NDC).

David Kellie (Credit: NDC)

Just as notable was the context. Kellie framed his departure around the signing of the Luanda Accord in June.

“Following the successful signing of the Luanda Accord committing more diamond producers to provide funding support for the promotion of natural diamonds, I have advised our board of directors that I will be stepping down from my position at the Natural Diamond Council at the end of 2025,” he wrote.

Kellie’s five-year run at the NDC had more than its share of twists. His first campaign with the freshly rebranded organization launched just as Covid hit. Then, just as momentum was building, the war in Ukraine erupted and Alrosa, the Russian diamond miner, pulled out, taking nearly half the NDC’s funding with it.

From that point on, Kellie found himself focused as much on fundraising as on marketing. His priority became plugging the gaping hole in the budget and bringing new members on board. In that regard, he notched a few wins over the past year, securing support from Botswana’s Okavango Diamond Company in 2024, and more recently from Angola’s Endiama and Sodiam — each contributing to the budget. That momentum culminated in the signing of the Luanda Accord.

The Accord promises ongoing industry funding for the NDC from 2026. For that, Kellie deserves credit. Fundraising might not have been what he signed up for, but as he heads into retirement, he leaves his successor with a steadier foundation and the freedom to focus on what the role was always meant to be about — developing programs to promote natural diamonds.

France Says “Synthetic”

>>> The French government is sticking with “synthetic” to describe lab-made diamonds, despite calls to drop the term. A recent push to change the terminology was shut down, and it’s worth unpacking why.

Seeds for growing synthetic diamonds. (Credit: De Beers)

Politician Olivia Grégoire led the charge, arguing that “synthetic” is misleading or carries a stigma, particularly in the context of luxury jewelry. She suggested “lab-created” might be a better alternative, one that reflects both the technological innovation behind man-made gems and their growing market share.

But the government wasn’t persuaded. It pointed to a 2022 public consultation, which found most industry and consumer stakeholders favored retaining “synthetic” for the sake of clarity and consistency. The term, they argued, applies to all gemstones, not just diamonds, and singling out one would only create confusion.

The government also addressed the frequently cited environmental advantages of lab-grown diamonds, noting that those claims remain contested due to the high energy demands of production. With no major new evidence since 2023, they saw no reason to revisit the existing directive.

France’s stance contrasts with that of the US, where the Federal Trade Commission (FTC) updated its guidance in 2018 to favor terms like “lab-grown,” “lab-created,” or “[manufacturer name]-created.” “Synthetic” is still permitted, but it’s no longer the preferred label.

The World Jewellery Confederation (CIBJO) takes a broader view, listing all three terms — “synthetic,” “lab-grown,” and “lab-created” — as acceptable.

Interestingly, there’s been a shift back toward the use of “synthetic” in industry circles. At the recent JCK Las Vegas show, major players including De Beers, the Gemological Institute of America (GIA), and the Natural Diamond Council (NDC) all (suddenly) leaned into the term.

With De Beers exiting the lab-grown space and the GIA revising its grading standards for the product, the French government — and, by extension, the luxury houses operating under its watch — may well be ahead of the curve in signaling where the industry is heading on terminology.

TSL Hit by Patchy China Recovery

  

>>> Hong Kong-based jewelry chain Tse Sui Luen Jewellery (TSL) followed in the footsteps of larger local players Chow Tai Fook and Luk Fook Holdings, reporting a sharp decline for the fiscal year ending March 31, 2025.

Sales dropped 35% to HKD 1.71 billion ($218 million), though the company managed to narrow its net loss to HKD 197.8 million ($25.2 million), down from HKD 374.3 million ($47.7 million) the previous year.

TSL blamed the slump on weak demand for natural diamond jewelry and lower sales of 24K gold, as surging gold prices dampened consumer appetite.

It also pointed to broader headwinds — geopolitical tensions, persistently high financing costs, and record-breaking gold prices — all of which weighed on consumer sentiment and spending. The recovery of the global luxury retail market, particularly in Mainland China and Hong Kong, has been sluggish.

Tourism in Hong Kong and Macau remains under pressure, despite efforts to revive visitor traffic through retail promotions and events. In Mainland China, a slow-moving economy and ongoing consolidation in the property sector have stalled momentum. Government efforts to boost consumer spending have yet to make a meaningful impact.

Looking ahead, TSL sees a “patchy” recovery in the retail sector, with the luxury segment expected to rebound even more slowly. The company plans to focus on fine-tuning its 24K gold jewelry offerings and adjusting inventory levels to better align with evolving consumer demand.

Chart Check

Market Malaise

Belgium’s diamond trade — including both rough and polished imports and exports — fell 27% year-on-year to $9.7 billion in the first half of 2025, according to The Diamond Press calculations, based on data from the Antwerp World Diamond Centre (AWDC). That figure marks the lowest half-year total in at least two decades. Antwerp’s rough diamond trade has plummeted more than 60% since 2006, while its polished trade is down over 30%. The decline reflects not just a sluggish global market, but also the gradual decentralization of the diamond industry, as trading hubs like Dubai and Gaborone have steadily gained ground over the past decade.