March 2026 News Roundup
- 1 day ago
- 10 min read
Industry Matters
The Natural Diamond Council (NDC) has designated April 8 as World Diamond Day, urging the industry to share stories celebrating natural diamonds. The initiative will have a soft launch in its first year, aimed at building momentum and encouraging participation across the diamond pipeline.
The World Federation of Diamond Bourses (WFDB) has approved a significant budget for the global promotion of natural diamonds, president Yoram Dvash said in a letter to members. The group plans to expand the program launched last year across digital and social platforms.
The International Diamond Manufacturers Association (IDMA) and the World Federation of Diamond Bourses (WFDB) will jointly host the World Diamond Congress in Singapore from July 12 to 15. The groups had held separate events at recent congresses.
Jewelers Mutual Group announced $10 million in funding to Savannah College of Art and Design (SCAD) to support bench jeweler education. The funding will back initiatives aimed at addressing the industry’s shortage of bench jewelers.
Strategic Moves
De Beers informed sightholders of their status for the next contract period beginning July 1, with about 21 companies set to lose supply, according to reports. The miner has said it will reduce the number of sightholders from the current 69.
Kering Group has consolidated its jewelry houses into a standalone division, appointing Jean-Marc Duplaix as CEO. Kering Jewelry comprises Boucheron, Pomellato, DoDo and Qeelin, along with manufacturer Raselli Franco Group, in which it acquired a 20% stake in December 2025 with a path to full ownership by 2032.
Spectacular Diamonds
Lucara Diamond Corp recovered a high-quality 36.92-carat blue Type IIb diamond from its Karowe mine in Botswana using X-ray transmission technology. The company added that it has recovered five rough diamonds weighing more than 100 carats so far in 2026.
Sotheby’s will offer the Jwaneng 28.88 diamond at its Hong Kong sale on April 28 in partnership with De Beers, the auction house announced. The 28.88-carat, D, IF round diamond, recovered at the Jwaneng mine in Botswana, will be presented alongside other De Beers diamonds from the same mine. De Beers unveiled at the launch of its book A Diamond is Forever – The Making of a Cultural Icon, which traces the evolution of its marketing campaigns.
Retail Earnings
US jewelry sales grew 10.7% year on year in February, driven by a 20% spike in the average retail price that offset a 7.4% decline in unit sales, Tenoris reported. Diamond revenue rose 5.6% as a 19% increase in average prices outweighed an 11% drop in volume. The Edge Retail Academy reported similar trends during the month.
Total US retail sales grew 6% year on year in February, according to the National Retail Federation’s Retail Monitor. The increase followed 5% growth in January, supported by continued wage gains and low unemployment levels.
The NRF projected US retail sales will rise 4.4% to $5.6 trillion in 2026, despite ongoing geopolitical uncertainty. The group said growth will be driven primarily by higher-income households increasing spending across retail categories.
Signet Jewelers reported sales rose 2% to $6.81 billion in the fiscal year ended January 31. Net income increased more than fivefold to $294.4 million, boosted by significantly lower asset impairment costs. The company also said it will discontinue the James Allen website, repositioning the brand as a proprietary collection within Blue Nile.
Brilliant Earth reported sales grew 4.1% year on year to $124.4 million in the fourth quarter. The average transaction value declined 2.3% to $2,001, while total orders rose 6.5% to 62,178. The jeweler posted a net loss of $1.3 million, compared with a profit of $2.6 million a year earlier. For the full year, sales increased 3.6% to $437.5 million, while the company swung to a $6.4 million loss as costs and expenses rose.
Fine jewelry, lab-grown diamonds and watches were the strongest categories in Macy’s accessories division in the fiscal year ended January 31, CEO Antony Spring said, according to Seeking Alpha. Group sales fell 2% to $21.76 billion, while net income rose 10% to $642 million.
Kering Group said jewelry sales grew 8% to EUR 935 million ($1.08 billion) in 2025, with recurring operating income of EUR 31 million ($35.9 million) and a 3.4% margin.
Hong Kong-based Chow Sang Sang reported revenue rose 6% to HKD 22.45 billion ($2.86 billion) in 2025, while profit more than doubled to a record HKD 1.72 billion ($219.2 million). Growth was driven by strong demand for fixed-price gold products, supporting higher gross margins. Same-store sales increased 6% in Mainland China and 7% in Hong Kong and Macau.
Michael Hill reported revenue rose 3% year on year to AUD 371 million ($261 million) in the fiscal half year that ended December 31. The Australia-based jeweler said higher volumes drove growth, with same-store sales up 3.8%. Profit increased 32% to AUD 22.3 million ($15.7 million).
Grand Openings
Pandora opened a new online distribution center in Mississauga, Ontario, to support its fast-growing Canadian market, where revenue has risen more than 50% since 2019 and exceeded DKK 1 billion ($154.4 million) in 2025. The facility will localize order fulfillment, cutting delivery times by up to half and reducing exposure to US tariffs, while supporting more than 20% of sales generated online, Pandora said.
Boucheron unveiled a new flagship store in China, marking a further step in its global expansion, the brand said. The Shanghai boutique is Boucheron’s third flagship, following Paris and Tokyo.
The Gemological Institute of America (GIA) has opened a new School of Gemology and Jewelry Arts campus in Taiwan, offering its first fully Chinese-language Graduate Gemologist program. The facility in Taipei will expand access to education with flexible class formats, supporting both local and international students as GIA strengthens its global training network, the GIA said.
Grandview Klein Diamonds opened a 10,000-square-foot manufacturing facility in South Africa, supporting local beneficiation. The operation employs 50 professionals and integrates rough sourcing, advanced technology and responsible production within a single platform, the company said.
Midstream Signals
Polished diamond prices showed mixed trends in February amid US tariff changes and geopolitical uncertainty, Rapaport said. The group’s RapNet Diamond Index (RAPI) for 1-carat stones fell 1.3% during the month, while 0.30-carat goods rose 1% and 0.50-carat and 3-carat diamonds edged up 0.2%.
South Africa’s diamond regulator has introduced new rules requiring producers to offer rough to local buyers on commercially viable terms before exporting, tightening enforcement of existing beneficiation policies, Rapaport reported. The guidelines mandate fair pricing and realistic assortments, aiming to prevent miners from structuring goods to bypass domestic sales and ensure meaningful access for local manufacturers.
Alrosa is collaborating with Russia’s Ministry of Finance and the Smolensk regional administration to support the development of the country’s diamond-cutting sector. The parties are evaluating measures including infrastructure, service offerings, subsidies and tax incentives for resident companies, the miner said.
Sarine Technologies reported revenue fell 25% year on year to $29.6 million in 2025, as weaker polishing activity weighed on demand for its diamond manufacturing equipment. The company posted a $4.2 million loss, compared with a profit of $898,000 a year earlier. Sarine said it is seeking to diversify, exploring opportunities in the lab-grown segment and potential services to financial institutions that fund the diamond and jewelry industries.
Around 80,000 buyers from 150 countries attended the two Hong Kong shows held concurrently in early March, organizers said. Some 44% of respondents in a survey expect sales to improve over the next year or two, while 49% anticipate stability, according to the Hong Kong Trade Development Council (HKTDC).
Trade Trends
Hong Kong’s polished imports were flat at $10.72 billion in 2025, while exports fell 6% to $10.06 billion, according to the Diamond Federation of Hong Kong, China. Rough imports declined 10% to $1.14 billion and rough exports dropped 20% to $1.14 billion.
India’s rough imports rose 6% year on year to $799 million in February, according to the Gem & Jewellery Export Promotion Council (GJEPC). Polished exports fell 1% to $1.35 billion during the month.
Belgium’s polished exports grew 7% year on year to $840.6 million in February, the AWDC reported. A 12% increase in volume offset a 4% decline in the average price. Polished imports rose 27% to $534.6 million. Rough imports fell 17% to $204.5 million, while rough exports slipped 3% to $232.9 million.
Swiss watch exports rose 9% year on year to CHF 2.17 billion ($2.75 billion) in February, according to the Federation of the Swiss Watch Industry. Growth was driven by a 27% surge in shipments to the US and a 24% increase to Japan. Exports of precious metal watches climbed 12% to CHF 804.1 million ($1.02 billion).
S&P Global lowered Botswana’s credit rating to BBB-/A-3 with a negative outlook, citing structural weakness in global diamond demand. The agency said prolonged softness in the diamond market will continue to weigh on the country’s strained economy and public finances, projecting sizeable fiscal deficits through 2029 without policy adjustments or a recovery in demand.
Mining Developments
Rio Tinto announced it has ended production at the Diavik mine in Canada’s Northwest Territories. The operation has produced more than 150 million carats since opening in 2003. Closure activities will continue through 2029, with final production to be sold over that period.
Lucara Diamond Corp. completed a $350 million private placement of senior secured bonds, marking the final step in securing financing for its Karowe underground project. The five-year bonds carry a 12.5% coupon, with proceeds to refinance existing debt and fund remaining development, positioning the company to complete the project without additional financing, Lucara said.
Mountain Province Diamonds extended the maturity of its $40 million term loan and $33 million working capital facility to April 30, as it seeks to manage liquidity pressures. The company is also in ongoing discussions with De Beers, its joint venture partner in the Gahcho Kué mine in Canada, after receiving repeated notices related to unpaid cash calls, with both parties working to address cashflow challenges amid difficult market conditions.
Burgundy Diamond Mines secured an additional loan of up to CAD 60 million through Canada’s Large Enterprise Tariff Loan (LETL) facility, expanding the CAD 115 million financing it received in December. Burgundy said the financing will help sustain operations at its Ekati mine in Canada’s Northwest Territories as it advances development at the Sable pit, Misery underground and Fox pit.
Miner Performance
Alrosa reported net profit rose 88% to RUB 36.24 billion ($465.7 million) in 2025. Revenue fell 2% to RUB 235.1 billion ($3.02 billion), despite ongoing Group of Seven sanctions restricting the flow of Russian diamonds to the US and Europe.
Lucara Diamond Corp. reported 2025 revenue fell 22% to $159.7 million as sales volume declined 12% to 353,302 carats and the average price dropped 11% to $452 per carat. Net income from continuing operations slid 40% to $26.1 million. Sales of specials, rough diamonds above 10.8 carats, to HB Antwerp declined 19% to $111.2 million. Production from its Karowe mine slid 2% to 354,467 carats.
Mountain Province Diamonds reported sales fell 43% to $111.5 million in 2025, as sales volume declined 31% to 1.9 million carats and the average price achieved dropped 18% to $59 per carat. The company expects to sell 3.4 million to 3.8 million carats in 2026, as total production at the Gahcho Kué mine, in which Mountain Province owns 49% and De Beers the remainder, is projected at 6.6 million to 7.2 million carats.
Gem Diamonds reported revenue fell 36% to $98.4 million in 2025, as carats sold declined 20% and the average price dropped 21%. The company swung to a net loss of $123.6 million from a profit of $8.1 million in 2024, largely due to a $77.5 million impairment at its Letšeng mine amid prolonged rough-market weakness and a softer US dollar.
Lab Grown Growth
Belgium’s Minister of Employment and Economy David Clarinval is examining whether the term “diamond” should be reserved exclusively for natural stones to improve transparency for consumers. The Antwerp World Diamond Centre (AWDC) highlighted the issue during a public awareness event at Antwerpen-Centraal railway station, where passers-by could have their jewelry scanned free of charge to determine whether it contained natural or synthetic diamonds.
Lab-grown diamonds now account for about 45% of engagement ring purchases in the US, reflecting a rapid shift from niche product to mainstream choice, according to a 2025 report by insurer BriteCo. Prices have fallen sharply, with a 1-carat lab-grown diamond averaging about $1,000 or less compared with around $4,200 for a natural stone, encouraging consumers to buy larger and higher-quality diamonds. The report notes the market is increasingly bifurcating, with lab-grown diamonds positioned as accessible everyday jewelry while natural diamonds reposition as higher-value luxury items.
Movers & Shakers
The Gemological Institute of America (GIA) said Tom Moses, executive vice president and chief laboratory and research officer, will leave the institute after nearly 50 years of service, remaining through May to support the leadership transition. Moses will be named chief of gemological research emeritus in recognition of his role in advancing diamond grading standards and expanding GIA’s global laboratory and education network.
De Beers appointed Jillian Wolk as CEO of Tracr, effective May 1. She joins from GIA, where she served as vice president of growth and strategic initiatives and worked closely with the Tracr team. Wolk will lead the traceability platform from New York. Tracr also unveiled new branding and website.
Chow Tai Fook has appointed David Tse as global creative director. Tse previously served as creative director at Hermès in Shanghai and has worked with Burberry, Golden Goose, Uniqlo, Google, PayPal, Volvo and Starbucks. He will oversee the development of the Hong Kong-based jeweler’s creative identity and brand strategy across all touchpoints, the company said.
The Jewelers Vigilance Committee (JVC) named Rebecca Foerster as the recipient of this year’s Stanley Schechter Award. Foerster, president of Hearts On Fire, received the honor at JVC’s annual luncheon on March 13 in recognition of more than two decades of leadership and service to the jewelry industry. She is an immediate past president of JVC.
Modani Jewels has appointed Andrea Lucille Pooler as chief operating officer as it looks to scale operations and accelerate growth. Pooler most recently served as principal consultant at Hill & Co., and previously worked as a bench jeweler, designer and retail jeweler.
