May 2025 News Roundup
- Avi Krawitz
- May 31
- 9 min read
Updated: Jun 1
Tariff Volatility
A federal appeals court has temporarily paused a lower court ruling that blocked President Trump’s sweeping tariffs on US imports. The move comes after Trump appealed a decision by the US Court of International Trade, which found he had exceeded his authority in imposing the duties. The appeals court gave the administration 10 days to respond. For now, the stay allows the 10% tariff on goods from most countries — imposed under emergency powers — to remain in effect.
The US and China agreed to slash tariffs on each other’s goods for at least 90 days. The US will cut extra tariffs it imposed on Chinese imports last month from 145% to 30% for the next three months, while Chinese duties on US imports will fall to 10% from 125%. Investors cheered the news as global stock markets rallied Monday.
The World Diamond Council (WDC) has urged the US to exempt natural diamonds from proposed 10% import tariffs, warning they would hurt the $117 billion jewelry industry and raise consumer prices. The WDC argued an exemption would protect U.S. manufacturing and supply chains. The World Federation of Diamond Bourses (WFDB) backed the appeal.
Mining Woes
The Botswana Mine Workers Union (BMWU) criticized President Duma Boko’s public disclosure that over 1,000 Debswana employees may be retrenched due to the diamond market downturn. The union said the announcement was made without prior consultation, despite ongoing formal negotiations, and has caused unnecessary panic among workers.
Lucapa Diamond Company has entered voluntary administration to explore a potential restructuring or sale of the group. The company’s shares were suspended from trading on the Australian Securities Exchange due to ongoing financial difficulties, it said in a separate statement.
Lucara Diamond Corp. has raised "significant doubt" about its ability to continue as a going concern after slashing its full-year revenue forecast. The miner now expects between $150 million and $160 million in revenue, down from its previous estimate of $195 million to $225 million. First-quarter revenue fell 23% to $30.3 million, resulting in a net loss of $100,000.
De Beers has reportedly been selling rough diamonds to a select group of sightholders at discounts of 10% to 20% below its official price list, according to Bloomberg. The off-cycle deals have caused tension among other clients, the report noted, citing unnamed sightholders.
Mining Earnings
Alrosa reported first-quarter revenue dropped 42% to RUB 58.14 billion ($704.5 million), while net profit declined 29% to $175.4 million. The mining company cited continued challenges from sanctions on Russian diamonds, particularly in G7 markets.
Petra Diamonds generated $41.6 million in revenue for the third fiscal quarter ending March 31, with sales down 37% from the same period last year, according to calculations by The Diamond Press. Sales volume rose 17%, but the average price per carat fell 46% to $74.47. Production declined 8% to 609,795 carats, following the company’s sale of its stake in the Williamson mine in Tanzania.
Mountain Province Diamonds posted a net loss of CAD 34.4 million ($24.6M) in Q1, compared to a CAD 6.9 million ($4.9M) profit last year. Revenue fell 51% to CAD 44 million ($31.5M) amid market weakness, while production costs rose 20%, resulting in a CAD 25.1 million ($17.9M) operating loss. The miner secured a CAD 33 million ($23.6M) credit facility from Dunebridge Worldwide.
Revenue from the Lulo mine in Angola rose 36% year on year to $12.8 million in the first quarter, Lucapa Diamond Company reported in a trading update. The average price per carat jumped 42% to $1,523. The mine produced 54 stones over 10.8 carats, up from 51 in the same period last year.
Lipari Mining’s first quarter sales more than doubled to $3.7 million, as the company ramped up underground operations at its Braúna diamond mine in Brazil. Sales volume nearly tripled to 22,524 carats, offsetting a 12% drop in average price to $163 per carat. Production also jumped 84% year over year, with the mine completing its transition from open pit to underground mining in January.
Rough Sales
De Beers held its first rough diamond auction in Botswana since moving the division from Singapore to Gaborone last year. The company, which primarily sells via long-term sightholder contracts, tested the format during sales cycle 3 and will resume regular auctions for registered customers from cycle 4, De Beers said.
Transatlantic Gem Sales (TAGS) sold $30 million in rough diamonds across two tenders in April, moving about 50% of goods in the first and 75% in the second. The company reported stronger demand for larger, higher-quality stones, while smaller, lower-value goods underperformed. TAGS noted that a high volume of rough entering the market in Q1—offered by multiple producers—has dampened confidence and pushed prices down, especially for stones under 1.50 carats.
Rough Specials
Alrosa has unearthed a 468.30-carat fancy amber diamond, claiming it as the largest gem-quality rough ever recovered in Russia. The find comes just weeks after the debut of the country’s largest polished diamond. Alrosa said it named the stone in honor of the 80th anniversary of Russia’s World War II victory.
Midstream Pressure
Sarine Technologies reported a 31% drop in first-quarter revenue to $7.7 million and a net loss of about $100,000, as demand for its diamond manufacturing equipment declined. The slowdown reflects reduced rough diamond buying, growing pressure from lab-grown alternatives, and uncertainty around US tariffs. Sarine warned of continued headwinds through the second quarter and is cutting costs while monitoring year-end demand for signs of recovery.
India’s polished diamond exports dropped 6% year on year to $1.11 billion in April, with export volume down 11% to 1.36 million carats, according to data from the Gem & Jewellery Export Promotion Council (GJEPC). Meanwhile, rough imports edged up to $1.2 billion for the month.
Belgium’s polished diamond exports fell 4% year on year to $543.3 million in April, while polished imports dropped 27% to $446.7 million, according to the Antwerp World Diamond Centre (AWDC). Rough imports declined 23% to $328 million, and rough exports were down 20% to $298.6 million. Polished shipments to the US slumped 33% to $81.5 million.
Hong Kong’s polished diamond imports dropped 14% to $2.73 billion in the first quarter, while exports declined 18% to $2.53 billion, according to data by the Diamond Federation of Hong Kong, China. Shipments to the US fell 16%, and those to mainland China were down 13%. Rough diamond trade through the city plunged 62% during the period.
Defining Responsible
The World Jewellery Confederation (CIBJO) has launched The Blue List, a glossary of terms related to responsible sourcing and sustainability in the jewelry, gemstone, and precious metals industries. The organization has opened a four-month public consultation on the document, which has been in development for two years.
The World Diamond Council (WDC) welcomed meaningful progress toward expanding the Kimberley Process (KP) definition of conflict diamonds at the recent intercessional meeting in Dubai. The breakthrough followed a proposal by the African Diamond Producers Association, which helped revive long-stalled discussions, the WDC said. President Feriel Zerouki noted the KP is nearing consensus on a modernized definition that addresses current challenges and reinforces consumer confidence.
The Kimberley Process Civil Society Coalition pushed back against the World Diamond Council’s assertion of a breakthrough in redefining conflict diamonds. While the African Diamond Producers Association made a commendable effort to keep the discussion moving, the coalition emphasized that deep divisions persist and a meaningful consensus remains distant.
Retail Sales
Richemont’s jewelry maisons reported 12% year-on-year growth to EUR 3.74 billion ($4.19 billion) in the fourth quarter ended March 31. Group sales rose 8% to EUR 5.12 billion ($5.73 billion), with gains across all regions except Asia Pacific, where weakness in China weighed on results. For the full fiscal year, jewelry maison sales — including Buccellati, Cartier, Van Cleef & Arpels, and Vhernier — rose 8% to EUR 15.3 billion ($17.1 billion), while operating profit increased 4% to EUR 4.9 billion ($5.5 billion).
Brilliant Earth reported a 4% year-on-year drop in sales to $93.9 million. Total orders rose 12% to 45,535, but the average order value fell 14% to $2,062. The San Francisco-based retail jeweler posted a net loss of $3.3 million, compared to a $1.1 million profit a year earlier, citing lower sales and slightly higher operating expenses.
Titan Company announced that managing director C.K. Venkataraman will retire at the end of the year. He will be succeeded by Ajoy Chawla, the current CEO of Titan’s jewelry division. Venkataraman has held the top post since 2019.
Pandora’s first-quarter revenue rose 8% year on year to DKK 7.35 billion ($1.1 billion), with profit up 14% to DKK 1.1 billion ($166 million). Sales in its lab-grown diamond segment surged 43% to DKK 90 million ($13.4 million), though the category still represents just 1% of total revenue. To mitigate US tariffs, Pandora said it is rerouting shipments through Canada and Latin America instead of through its U.S. distribution center.
Watches of Switzerland (WoS) reported a 7% revenue increase to GBP 1.65 billion for the fiscal year ending April 27. Sales rose 2% in the UK and Europe and 14% in the US. The company also noted strong performance from Roberto Coin, the jewelry brand it acquired last year.
Hong Kong’s sales of jewelry, watches, clocks, and valuable gifts fell 4% year on year in March, while overall retail sales dropped 3.5% to $30.1 billion, according to the Census and Statistics Department. A spokesperson noted that steady growth in China’s economy and efforts to boost tourism and consumption are helping offset global uncertainty.
Auction Action
The Mediterranean Blue, a 10.03-carat, fancy vivid blue, VS2 cushion-cut diamond, sold for CHF 17.9 million ($21.5 million) at Sotheby’s Geneva. The buyer was an anonymous American collector. The overall High Jewelry sale totaled CHF 42.1 million ($50.3 million), Sotheby’s reported.
Christie’s Magnificent Jewels sale in Geneva brought in CHF 60.5 million ($72.2 million), led by a 6.24-carat, fancy deep blue, VVS2 diamond and ruby Boucheron ring that fetched CHF 10.6 million ($12.7 million) — more than double its estimate. The sale featured a notable collection by designer JAR.
Strategic Moves
De Beers is shutting down its lab-grown diamond jewelry brand, Lightbox, as it refocuses on its core natural diamond business. The company is in talks with potential buyers to sell off certain assets, including inventory. Element Six, which produced the synthetics for Lightbox, will continue operations in Oregon, focusing solely on industrial applications.
Rosy Blue has acquired a majority stake in Swiss-based Diatheke SA, the company announced. Diatheke specializes in high-precision manufacturing, diamond and gemstone setting, and the cutting and polishing of colored stones for haute horlogerie and haute joaillerie.
Burgundy Diamond Mines has partnered with André Messika and Crossworks Manufacturing on a new collection of fancy yellow diamonds from Burgundy’s Ekati mine in Canada. Crossworks will cut and polish the stones, which will be distributed exclusively through Messika’s network of jewelry maisons.
Manufacturing Jewelers and Suppliers of America (MJSA) is set to come under the umbrella of Jewelers of America (JA), in a move aimed at strengthening the reach and impact of both organizations. The two groups will sign an affiliation agreement that JA says will unite the industry’s manufacturing and retail sectors under a shared vision for growth.
Petra Diamonds finalized the $16 million sale of its 75% stake in Tanzania’s Williamson mine to local firm Pink Diamonds. The divestment leaves Petra with just two producing assets: the Cullinan and Finsch mines.
Botswana President Duma Boko will headline the World Federation of Diamond Bourses (WFDB) Presidents Meeting, taking place in New York from June 10 to 11. The event will center on the theme “Tariffs and Supporting Natural Diamonds” and will also feature remarks from U.S. Secretary of Commerce Howard Lutnick.
Appointments
The Jewelers Board of Trade (JBT) has appointed Andrew Rickard as its new president, he confirmed on LinkedIn. He succeeds Erich Jacobs, who held the position since 2019. Rickard previously served as vice president of operations at diamond wholesaler RDI Diamonds.
The Diamond Council of America (DCA), the educational affiliate of Jewelers of America (JA), has named Annie Doresca as its new president and CEO, succeeding Terry Chandler following his retirement. Doresca currently serves as executive vice president of DCA and is the founding president of the Black in Jewelry Coalition. She will also continue in her role as chief financial and operating officer at JA.
Christie’s appointed Sophie Stevens as head of jewelry in the Middle East, a new role reflecting the growing luxury market in the region and the evolving interest in vintage and contemporary jewelry and gemstones, the auction house said. Stevens previously held the position of jewelry specialist at Sotheby’s Middle East.
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