Las Vegas to Luanda: Grading Shifts, Supply Cuts, Global Rallying Cry

It’s been an eventful week in the industry as we wrapped up the Las Vegas shows. On a personal note, thank you to everyone who came to introduce themselves—it was such a pleasure to connect and talk shop. I truly enjoyed the conversations and insights.

I’ve been on the road Monday and Tuesday, so apologies for the delay in getting this week’s memo to you.

I know many of you are eager to hear how the shows went, so here’s my coverage (transcripts and videos linked below):

• Takeaways from Las Vegas Jewelry Week (Watch the video here)

• De Beers Strategy And Shakeups (Watch the video here)

• At the Heart of the Diamond Debate (Watch the video here)

Here are the Pressing Matters offering insight into what’s unfolding in the diamond industry:

>>> Rough Production

In another sign of mounting pressure on the diamond mining sector, Debswana Diamond Company announced a production pause at its Jwaneng and Orapa mines, citing weak diamond demand and uncertainty related to US tariffs.

The De Beers–Botswana government joint venture revised its production target for 2025 to 15 million carats — down from 17.9 million in 2024 and 24.7 million in 2023. Production at Jwaneng’s Cut-9 has been halted from May through July, while the Orapa mine pit and Orapa No. 2 plant has undergone staggered stoppages in May, June, and October. Some of these align with routine maintenance, the company noted.

In parallel, Debswana is undergoing an organizational restructure aimed at boosting operational agility. It is also offering voluntary separations to staff. These measures are intended to cut costs and address overcapacity, as “sales volumes have been progressively reducing over the past decade.”

That Debswana relates to a decade-long slowdown is telling. While many view the past two years as the tipping point, the diamond wholesale market has been in gradual decline since 2011. Stimulating demand remains the industry’s default solution, but De Beers and Debswana’s willingness to cut production is a critical — and often overlooked — step toward market realignment.

>>> Synthetics

Amid all the discussions at JCK Las Vegas, the Gemological Institute of America’s (GIA) decision to abandon traditional 4Cs grading for lab-grown diamonds in favor of broader descriptive categories was the most impactful.

The shift reflects the narrow range of quality among most lab-grown diamonds, GIA explained. GIA leadership also hinted that full grading reports for synthetics may soon be phased out entirely, replaced by quality assurance certifications more appropriate for a product of controlled, replicable standards. The underlying reason relates to rarity that grading reports underwrite.

The announcement reignited debate about how the industry defines and markets lab-grown diamonds — and whether this shift might finally create clearer lines between synthetics and natural diamonds. Some see this as an opportunity to reemphasize the inherent value of natural diamonds; others view it as an overdue correction in how synthetics are presented to consumers.

The real test, however, lies with retail. Jewelers who enthusiastically adopted lab-grown in recent years now face a new challenge: how to reposition their inventory and refocus messaging around natural diamonds, particularly as consumer expectations evolve. There’s growing chatter in the trade that many are quietly exploring how to make that pivot.

• Here's my full take: GIA Drops 4Cs for Synthetic Diamonds; Who’s Next? (video)

>>> Marketing Moves

Angola’s Ministry of Mineral Resources, Petroleum and Gas will host a summit on June 18 aimed at exploring strategies to fund global marketing campaigns for natural diamonds.

Ministers from key diamond-producing nations — including Botswana, South Africa, Namibia, Lesotho, Sierra Leone, and the Democratic Republic of Congo — are expected to attend, alongside senior figures from the international diamond industry. De Beers CEO Al Cook and Antwerp World Diamond Centre (AWDC) Chairman Isidore Mörsel have confirmed their participation, according to their respective organizations.

The summit comes at a critical juncture. The Natural Diamond Council (NDC) has been appealing to the trade for financial support after losing nearly half its budget following Alrosa’s exit in the wake of the war in Ukraine. That departure left a significant funding gap in the NDC’s category marketing efforts.

Several trade bodies have committed to finding a solution. One proposal under consideration is to allocate a percentage of rough diamond import revenues directly to the NDC — a mechanism that would require multilayered government approvals.

While details remain sparse, expectations are that the Luanda meeting will focus on advancing this initiative. At the very least, it’s a positive sign that producer-country governments are actively engaging in demand-building efforts. For nations like Botswana, where diamond revenues are central to the economy, this isn’t just about branding — it’s a matter of national survival.

Coming Up

I’m currently in New York attending the World Federation of Diamond Bourses (WFDB) Presidents Meeting (June 10 to 11). Also look out for Sotheby’s High Jewelry sale in New York on June 13, and the De Beers sight running from June 9 to 13.

Keep an eye on The Diamond Press news page for updates on these developments and more: This Week in Diamonds

Pic of the Week

Image: There was steady traffic on the opening days of the JCK Las Vegas Show. (JCK Events)