November 2025 News Roundup
- Avi Krawitz
- 3 days ago
- 11 min read
Holiday Start
The Government of Botswana and De Beers teamed up with Saks Fifth Avenue for the retailer’s New York holiday light show. Saks unveiled its Fifth Avenue window display as natural diamonds lit up the façade, highlighting the partnership during the flagship’s seasonal launch.
The National Retail Federation expects US holiday-season retail sales to surpass $1 trillion for the first time, projecting growth of 3.7% to 4.2% from last year’s $976.1 billion. The group said the economy remains resilient despite cautious consumer sentiment, trade uncertainty, and persistent inflation.
Auction Roundup
The Mellon Blue, a pear-shape, 9.51-carat, fancy vivid blue, VVS1-clarity diamond, sold for $25.6 million at Christie’s Geneva. The diamond, formerly owned by philanthropist and art collector Bunny Mellon, topped the Magnificent Jewels auction that totaled $75.6 million with a 94% sell-through rate by lot.
Sotheby’s Geneva sales totaled CHF 41.3 million ($51.3 million). The Royal and Noble auction saw the “Napoleon Diamond Brooch Lost in Waterloo” achieve CHF 3.5 million ($4.5 million), while the top lot in the High Jewelry sale was a 4.50-carat, fancy vivid blue, IF diamond that fetched CHF 4.8 million ($6.1 million). The Glowing Rose diamond, estimated at around $20 million, was withdrawn.
Phillips’ Geneva sale brought in $17.1 million, with 90% of signed jewels and the entire Vanderbilt Family Jewels collection finding buyers. The standout was the 42.68-carat Vanderbilt Sapphire, a Kashmir stone that achieved $3.6 million, triple its pre-sale estimate.
Rio Tinto’s third and final Beyond Rare Tender, Into the Light, drew strong global participation from jewelers, collectors and diamond buyers, the company said. Winning bidders spanned Europe, the US, Japan, Singapore, Hong Kong, Australia and the Middle East. The 52-lot, 45.44-carat collection, which included six “Masterpieces,” featured some of the last pink, red and violet diamonds from Argyle’s legacy inventory following the mine’s 2020 closure.
Lost Diamond Found
The Florentine Diamond, missing for more than a century, has resurfaced in a Canadian vault, according to The New York Times. The 137.27-carat citron-yellow gem disappeared after World War I, when the Habsburgs sent their jewels to Switzerland for safekeeping as the Bolsheviks advanced. It was long believed lost, but family members recently invited the paper to view their collection, which included the famous jewel.
Upbeat Retail Earnings
Richemont reported a 9% sales increase at its jewelry maisons to EUR 7.75 billion ($9 billion) in the fiscal half year ending September 30. The division’s operating profit rose by the same margin to EUR 2.54 billion ($2.95 billion). Jewelry sales across all brands rose 8% to EUR 5.7 billion ($6.62 billion), as the group noted steady momentum in both jewelry and watches.
Mumbai-based Titan Company reported revenue rose 22% year on year to INR 164.61 billion ($1.86 billion) in the fiscal second quarter ending September 30, fueled by a 29% jump in jewelry sales amid strong festive demand. Group profit climbed 48% to INR 10.54 billion ($118.9 million).
Brilliant Earth reported third-quarter sales rose 10% year on year to $110.3 million, as a 17% increase in orders offset a 6% drop in average order value to $2,209. The retail jeweler narrowed its net loss to $672,000 from $1.08 million a year earlier. Management cautioned that high metal prices and tariff pressures will likely weigh on results into early 2026.
Watches of Switzerland reported an 8% rise in revenue to GBP 845 million ($1.11 billion) in the half year ending October 26, fueled by a 16% increase in its US retail business. Luxury watch sales grew 8% to GBP 708 million ($928 million), while luxury jewelry sales advanced 6% to GBP 102 million ($134 million), led by branded collections. The group’s Roberto Coin division saw US wholesale sales climb 12%.
Pandora’s third-quarter revenue rose 3% to DKK 6.27 billion ($969 million), driven by solid US demand. Sales of lab-grown diamonds jumped 17% to DKK 75 million ($11.6 million), representing 1% of total revenue. Net profit declined 18% to DKK 489 million ($75.6 million) amid higher costs, the jewelry company reported.
Hong Kong Jewelers See Gold
Chow Tai Fook reported revenue fell 1% year on year to HKD 38.99 billion ($5.01 billion) in the fiscal half year ending September 30. Profit was steady at HKD 2.56 billion ($329.6 million). Same store sales in China rose 2.6% at self-operated stores and 4.8% at franchises, while Hong Kong Macau posted a 4.4% gain. The mix continued to tilt toward gold, with gem set jewelry losing share.
Hong Kong-based Luk Fook Holdings reported revenue rose 26% year on year to HKD 6.84 billion ($879 million) in the half year ending September 30. Profit increased 44% to HKD 601.2 million ($77.2 million). The company credited stronger gold prices and a shift in fixed-price jewelry toward higher-margin products.
Tse Sui Luen Jewellery’s revenue fell 15% year on year to HKD 731.9 million ($94 million) in the six months to September 30. The Hong Kong-based retailer reported a HKD 35.3 million ($4.5 million) loss, a 20% improvement after reducing costs by 11% and expenses by 30%. The company noted continued weak demand for natural-diamond jewelry, especially in mainland China.
Retail Moves
De Beers has rolled out its Origin brand to 19 retail jewelers, covering 30 stores across the US and Canada. The brand debuted at the JCK show in May, offering retailers a way to tell the individual story of natural diamonds sourced by De Beers, supported by the Tracr traceability platform.
Lugano Diamonds & Jewelry filed for Chapter 11 bankruptcy in Delaware to pursue a court-supervised sale of its assets, though the company says it is continuing normal operations. The California-based jeweler has secured initial financing to support operations during the process. Lugano is seeking additional bids and expects to run an auction if competing offers emerge. The company has also requested approval for a $12 million loan to maintain liquidity through the restructuring.
Midstream Pressure
Mumbai-based manufacturer Asian Star reported a 14% year-on-year rise in group revenue to INR 7.59 billion ($84.7 million) for the fiscal second quarter ending September 30. Net profit dropped 32% to INR 117 million ($1.3 million) as expenses grew faster than revenue. Diamond sales were up 9% to INR 5.55 billion ($61.9 million), while its jewelry division posted a 23% increase to INR 2.34 billion ($26.1 million).
Sarine Technologies reported a 27% drop in revenue to $22.3 million for the nine months ending September 30. The diamond tech provider posted a $0.5 million loss, an improvement on the $2 million loss a year earlier. Manufacturers remain under pressure as synthetic-diamond growth in the US, soft luxury spending in China and uncertainty around US tariff talks continue to weigh on demand.
Trade Relations
Botswana’s Minister of Minerals and Energy, Joy Bogolo Kenewendo, recognized 18 Antwerp diamond firms that jointly funded life-saving medicines and medical supplies to ease a national shortage. Botswana’s free public healthcare system has been strained by the drop in state diamond revenue during the current market downturn. The contribution will restore access to urgent medical care for more than 35,000 people for a full year, Kenewendo said during her visit to Antwerp.
The Flemish Government has approved a plan that will allow Antwerp diamond companies to hire foreign polishers and sorters from 1 January 2026. The measure aims to ease persistent labor shortages by adding both roles to the region’s shortage-occupation list and streamlining access to a single-permit process, the AWDC explained. The industry has pressed for the change as the lack of trained sorters threatens Antwerp’s role in rough-diamond tenders, and as the US zero tariff on diamonds polished in Antwerp gives companies a fresh incentive to process rough locally.
Representatives of India’s Gem & Jewellery Export Promotion Council (GJEPC) met with Prime Minister Narendra Modi to outline a vision of achieving $100 billion in exports and a $500 billion domestic market by 2047. GJEPC Chairman Kirit Bhansali proposed key reforms, including modernizing the Customs Act, offering concessional export credit for small and medium-sized enterprises, and creating a National Gem & Jewellery Park Policy to strengthen global competitiveness.
Trade Matters
Belgium’s polished diamond exports inched up 1% year on year to $524.9 million in October, the Antwerp World Diamond Centre (AWDC) reported. Polished imports fell 18% to $514.7 million. Rough imports dropped 19% to $255.4 million, and rough exports declined 12% to $203.5 million.
India’s rough imports plunged 45% year on year to $385 million in October, GJEPC data showed. The drop likely reflects the impact of the US’s 50% tariffs on India-sourced goods, which have pushed manufacturers to shift polished production elsewhere. Polished exports fell 27% to $1.03 billion.
The Fancy Color Diamond Index was unchanged in the third quarter, signaling price stability after two consecutive declines, the Fancy Color Research Foundation (FCRF) reported. A 0.1% gain in the pink segment, driven by strong demand for high-saturation stones in the 1- to 2-carat range, helped offset continued softness in yellows, while blues held steady.
Swiss watch exports fell 4.4% year on year to CHF 2.24 billion ($2.77 billion), the Federation of the Swiss Watch Industry reported. Shipments to the US plunged 47%, likely reflecting the impact of steep US tariffs on Swiss goods. Exports rose to China (up 13%), Hong Kong (up 3%) and Singapore (up 7%). Precious-metal watch shipments slipped 1% to CHF 854.8 million ($1.06 billion).
Synthetics Non Disclosure
Gemological Science International (GSI) has uncovered undisclosed lab-grown diamonds mixed with natural brown stones in jewelry. Using advanced testing methods, including FTIR and Raman spectroscopy, the organization identified synthetics ranging from near colorless to fancy dark brown. GSI said the findings highlight the need for tighter screening and disclosure as the trade promotes natural brown diamonds.
Innovation
The AWDC has launched a digital customer-screening tool that automates anti-money laundering (AML) and know your customer (KYC) checks for Antwerp’s 1,470 diamantaires. AWDC invested EUR 250,000 ($288,000) to develop the platform, which aims to ease the burden of compliance for its members, it said.
Reform Relapse
The Kimberley Process failed to adopt reforms to broaden the definition of conflict diamonds, the World Diamond Council (WDC) said. WDC president Feriel Zerouki noted in her closing remarks on Friday that a small group of participants blocked progress for political reasons, undermining efforts to strengthen the framework.
Tariff Update
The US announced a trade framework with Switzerland and Lichtenstein that would cap reciprocal tariffs at 15%, replacing the higher rates that have squeezed the Swiss watch industry in recent months. The proposed deal also commits Switzerland and Lichtenstein to dismantle a range of non-tariff barriers. Their companies have pledged at least $200 billion in US investment as Washington aims to shrink the bilateral trade deficit by 2028.
De Beers Sale
Namibia’s cabinet has backed the country’s participation in a joint bid with Angola and Botswana for a stake in De Beers, the Namibian Sun reported. The government is weighing the purchase of a 10% to 15% shareholding, which would cost between NAD 9.8 billion and NAD 14.8 billion, or roughly $570 million to $860 million, the newspaper said.
Mining Profits & Losses
Alrosa reported revenue declined 6% year on year to RUB 156.76 billion ($1.94 billion) for the first nine months of 2025. Operating profit dropped 37% to RUB 18.97 billion ($234.3 million) as expenses rose 9%. Net profit, however, climbed 27% to RUB 35.75 billion ($441.5 million), supported by asset sales during the period.
Lucara Diamond Corp. reported third-quarter revenue up 16% to $51.2 million. The combination of stronger sales and a 36% drop in costs pushed the company to a $7.4 million net profit, reversing a $527,000 loss a year earlier. Sales of specials, rough diamonds above 10.8 carats, to HB Antwerp rose 37% to $38 million and drove the quarter’s performance. The company recovered 224 specials at its Karowe mine in Botswana during the period.
Burgundy Diamond Mines reported sales volume fell 43% year on year to 810,000 carats, while production at its Ekati mine in Canada dropped 51% to 610,000 carats, enabling the company to reduce inventory by 68% to 360,000 carats. The miner also extended Ekati’s life by 2.5 years to the end of 2027 as it continues to seek funding.
Gem Diamonds’ third-quarter sales fell 40% year on year to $25.7 million, as sales volume dropped 14% to 22,830 carats and the average price slid 30% to $1,124 per carat. The miner said it recovered three diamonds over 100 carats at its Letšeng mine, including a 319-carat stone.
Mountain Province Diamonds reported sales slumped 58% to CAD 29.2 million ($21.2 million) in the third quarter, driven by a 40% drop in sales volume and a 31% decline in the average price. Production at the Gahcho Kué mine, jointly owned with De Beers (49% Mountain Province, 51% De Beers), fell 16% to 1 million carats, with the company’s share totaling 490,434 carats.
Released Rough
Vast Resources raised $1.1 million from the sale of diamonds seized by the Zimbabwe government in 2010 and released in April. The company sold 216.97 carats of gem-quality stones for an average of $1,084 per carat and 123,711.8 carats of low-grade and industrial goods for $6.87 per carat. Around 2,966 carats of higher-grade gem diamonds remained unsold and are expected to be offered soon, the company said.
Exploring for Funds
Burgundy Diamond Mines has asked the Australian Securities Exchange (ASX) to extend its voluntary trading suspension until December 11 while it works to secure a funding package. The company said ongoing financing talks are essential to its financial viability and that trading its shares now could hinder those negotiations.
Mountain Province Diamonds extended the terms of its CAD 33 million ($23.5 million) working-capital facility with lender Dunebridge, a major shareholder in the company. The amendment pushes the advance window to March 31, 2026 and delays new repayment mechanics to late February 2026, giving the company some breathing room before it expects working capital to improve, CEO Mark Wall said.
Star Diamond Corporation said it has begun a pre-feasibility study for its Star–Orion South Diamond Project in Saskatchewan, targeting completion by late 2026. The company recently raised CAD 4 million ($2.8 million) through a private placement with Spirit Resources and implemented major cost reductions.
Movers & Shakers
The Responsible Jewellery Council (RJC) appointed Purvi Shah as its next executive director, effective February 7, 2026. Shah joins from De Beers, where she led ethical and sustainable value-chain strategy. Her appointment signals continuity for the RJC, given her long involvement in its standards work, and sets the stage for a more assertive push on ESG across the jewelry supply chain, RJC said.
Jewelers of America (JA), the umbrella body for the US jewelry trade, has appointed Matthew Rosenheim, president of Tiny Jewel Box, as chairman of its board. Steve Padis of Padis Jewelry will serve as chair-elect, and Elise Greenberg of Greenberg’s Jewelers as vice-chairman.
The Natural Diamond Council (NDC), which oversees the industry’s category-marketing efforts, named Amber Pepper as its new CEO, replacing David Kellie. Pepper brings experience from Tapestry, Farfetch and Harrods, and most recently served as chief marketing officer and managing director at luxury platform Mytheresa. She starts on February 1, 2026.
Stuller, Inc. has promoted Danny Clark to CEO, effective January 1, 2026, succeeding founder Matt Stuller, who will transition to executive chairman. Belit Myers will take over as president while retaining her role as COO. The leadership changes mark a continuation of Stuller’s tradition of developing talent from within, the jewelry wholesaler said.
International Gemological Institute (IGI) named Jeff Bennett as president of its North America operations. Bennett spent more than 20 years at Tiffany & Co., most recently as vice president of business development and strategic partnerships. He replaces Tiffany Stevens, the former JVC head who resigned in June.
De Beers has appointed Kevin Smith as chief operating officer, succeeding Burger Greef, who is retiring after nearly three decades with the company. Smith, currently executive vice president of corporate affairs and strategy, will be succeeded in that role by Eirik Wærness, the group’s chief economist. Both appointments take effect on December 1.
Personnel Departures
Botswana’s state-owned rough supplier Okavango Diamond Company (ODC) said Mmetla Masire will step down as managing director on December 1. The company described the separation as amicable and mutually agreed as ODC moves into the next phase of its strategic journey. Chief financial officer Lipalesa Makepa will serve as acting managing director until a permanent replacement is appointed.
Mountain Province Diamonds, the 49% partner to De Beers at Canada’s Gahcho Kué mine, said CEO Mark Wall has resigned. The announcement came a day after the company reported a CAD 55.9 million ($39.8 million) net loss, tripling last year’s deficit. A search for his successor is underway.
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