September 2025
- Avi Krawitz
- Oct 1
- 10 min read
Updated: 3 days ago
Sale of De Beers
The Government of Botswana intends to secure a controlling stake in De Beers as Anglo American moves to sell its 85% share, President Duma Boko told Bloomberg Television. He called the move a matter of “e
conomic sovereignty,” adding that Botswana could raise its holding above 50% with support from partners including the Oman Sovereign Wealth Fund. The state, which now owns 15%, expects the deal to close by the end of October.
Angola has confirmed that its state diamond company, Endiama, has submitted a fully financed bid to acquire a strategic minority stake in De Beers as part of Anglo American’s planned divestment by year-end. The government emphasized it is not seeking majority control but envisions a pan-African consortium with Botswana, Namibia, and South Africa to preserve De Beers’ independence and global competitiveness.
Anglo American has agreed to merge with Teck Resources in an all-share deal to form Anglo Teck, a top-five global copper producer headquartered in Canada. The deal, billed as a merger of equals, is expected to generate $800 million in annual synergies and boost copper output by 175,000 tonnes a year from 2030. Anglo shareholders will receive a $4.5 billion special dividend and hold 62.4% of the new group. Anglo confirmed it will continue plans to separate De Beers, alongside divestments in steelmaking coal and nickel.
Tariff Talk
Natural polished diamonds from Europe are now exempt from US import tariffs under a new US-EU trade agreement, eliminating the 15% duty retroactive to September 1, the Antwerp World Diamond Centre (AWDC) reported. The waiver applies to Antwerp-sourced goods, which accounted for $2.1 billion in polished exports to the US in 2024. The move strengthens Antwerp’s competitiveness and could pave the way for other diamond hubs to secure similar relief, said AWDC CEO Karen Rentmeesters.
President Trump’s latest tariff order places diamonds on the shortlist of goods that could qualify for zero duties under future trade agreements. The move updates his reciprocal tariff regime, revises existing exemptions, and ties reductions to binding trade and security commitments, with the EU cited as the first major case. While some products may see zero tariffs under final deals, tariffs remain Washington’s core bargaining tool until agreements are sealed, the order noted.
Israel’s finance minister Bezalel Smotrich pledged to advance the creation of a diamond free-trade zone at the Israel Diamond Exchange, calling it a key step for the industry. Speaking at a ceremony marking the Jewish New Year, he also committed to pushing for US tariff exemptions and reaffirmed the government’s strong support for Israel’s diamond sector.
Fiscal Impact
S&P Global Ratings has downgraded Botswana’s long-term sovereign credit rating to ‘BBB’ from ‘BBB+’, with a negative outlook, citing weak global diamond demand, falling revenues, and a deteriorating fiscal position. The agency expects the diamond-dependent economy to contract for a second consecutive year in 2025 before a mild recovery, while fiscal and current account deficits are projected through 2028. S&P warned further downgrades are possible if diamond markets remain depressed or fiscal consolidation falters.
Marketing Push
Jared Jewelers has premiered A Diamond Is Born, a documentary by Oscar-winner Luc Jacquet, alongside the launch of its Storied Diamond Desert Sands of Eternity collection. Featuring natural diamonds from Botswana, each piece includes a blockchain-enabled digital passport tracing its journey from rough to polished. Fronted by actor Antonia “Toni” Gentry, the collection ranges from $1,700 to $22,999 and was developed in partnership with De Beers.
The Responsible Jewellery Council (RJC) has launched its first global retail marketing campaign to support members in promoting responsible practices across the jewelry and watch sectors. Branded under Love Responsible Jewellery and Love Responsible Watches, the initiative provides retailers with ready-to-use communications kits to showcase their commitment to trust, sustainability, and positive impact.
De Beers has launched a free mobile education app in the US to help jewelry retailers boost their knowledge of natural diamonds. The app offers quick facts, games, videos, podcasts, and downloadable sales aids to give staff more confidence when engaging with customers. De Beers said the tool aims to ensure retailers can clearly explain the difference between natural and lab-grown diamonds as the value gap widens.
Retail Earnings
US holiday retail sales are forecast to rise 3.6% year on year, with e-commerce up 7.9% versus 2.3% for in-store, the Mastercard Economics Institute said. Jewelry and other popular gift categories face steeper tariffs than last year, adding uncertainty to consumer spending. Shoppers are expected to focus on value, driving early promotions, greater gift card usage, and shifts toward health gadgets and influencer-led fashion.
Signet Jewelers reported second-quarter sales rose 3% to $1.54 billion, leading the retailer to raise its full-year outlook. The net loss narrowed sharply to $9.2 million from $101.5 million a year earlier. CEO J.K. Symancik said lab-grown diamonds are gaining momentum, now making up 14% of sales in the group’s fashion segment.
Hong Kong’s jewelry, watch, clock, and valuable gift sales rose 9.4% year on year in July, making it the strongest-performing category and helping lift overall retail sales 1.8%, the Census and Statistics Department said. Department stores and other consumer goods were the only other segments to record growth.
Retail Moves
Harry Winston has reopened its flagship salon in Tokyo’s Ginza, now its largest in Japan at 869 square meters. The three-story store debuts a new contemporary design and includes Japan’s first repair concierge. To mark the opening, the brand launched the diamond Mini Loop Pendant, available exclusively in Ginza before its global release.
De Beers’ Forevermark Diamond Jewellery launched in India with a two-day celebration in Delhi, unveiling its new brand voice, “This One’s For Me.” The event featured art, fashion, and music, including performances by Anoushka Shankar and Saba Azad, and concluded with Mira Kapoor inaugurating the flagship store. The campaign reimagines diamonds as symbols of individuality and self-expression for women.
Polished Sales
Sotheby’s Hong Kong Fine Jewelry sale totaled HKD 223.8 million ($28.8 million), led by a 12.56-carat sapphire and diamond ring that fetched HKD 18.7 million ($2.4 million). A 5.07-carat fancy pink diamond also drew strong bidding, achieving HKD 11.4 million ($1.5 million).
Rio Tinto has launched its final Beyond Rare™ Tender, Into the Light, featuring 52 lots weighing 45.44 carats from the Argyle and Diavik mines. Highlights include six “Masterpieces” with rare Argyle reds, violets, and pinks, as well as Diavik’s flawless D-color whites and a 6.12-carat Fancy Vivid Yellow. The collection will be exhibited in Hong Kong, Australia, and Antwerp ahead of the October 20 bidding deadline.
Strategic Moves
Stargems has entered a joint venture with third-generation diamantaire Raj Mehta to expand its polished diamond network. Mehta will serve as CEO and managing director from Antwerp, driving the growth of manufacturing and distribution in Botswana, Namibia, South Africa, and India. The venture will supply a full range of polished goods, from melee to rare specials, with emphasis on fancy colors, fancy shapes, and precision cuts for the watch and jewelry sectors.
Mumbai-based Finestar Jewellery & Diamonds has opened a new diamond manufacturing facility in Johannesburg, highlighting its commitment to beneficiation in South Africa. The company said the facility will drive skills development and knowledge transfer, supporting long-term growth of the country’s diamond industry. Reports estimate the investment at about ZAR 300 million ($17 million).
The Fancy Color Research Foundation (FCRF) has launched its first printed Rarity Report, expanding beyond its digital format. Offering rarity analysis and market insights without requiring physical inspection, the report is designed to complement GIA grading. FCRF said the edition enhances transparency, client confidence, and storytelling around fancy color diamonds.
International Gemological Institute (IGI), Get Diamonds, and YourProof.id have launched the Digital Diamond Certificate (DDC), a blockchain-based record available with new or existing IGI natural diamond grading certificates or audit reports. The digital certificates capture a diamond’s quality, provenance, and ownership on the Ethereum blockchain, making them immutable and tamper-proof, the companies said.
Mine Developments
Alrosa has approved a RUB 20 billion ($214 million) investment to develop deeper reserves at its Udachnaya pipe in Yakutia, one of the world’s largest diamond deposits. The project will extend the mine’s life to at least 2055, with output of more than 4 million tons of ore annually. ALROSA plans to use both proven and innovative technologies, including AI monitoring systems and remote-controlled breakers, to improve efficiency and safety at the site.
Debmarine Namibia has unveiled two Next Generation Crawlers, each weighing 370 tonnes and delivering a 20% higher mining rate and 30% longer pump life than its previous models. Set to operate on the Benguela Gem, which the company describes as the world’s most advanced diamond recovery vessel, the crawlers are expected to add about 80,000 high-value carats annually.
Burgundy Diamond Mines’ revenue dropped 44% to $125.2 million in the first half ending June 30, as output at its Ekati mine shifted to the lower-value Point Lake ore body. The company swung to a $29.5 million net loss from a $9.4 million profit a year earlier, citing weaker ore grades, depressed diamond prices, and new tariffs that left some operations uneconomic.
Gem Diamonds swung to a net loss of $17.9 million in the first half of 2025, compared with a $13.4 million profit a year earlier, as revenue dropped 42% to $45.4 million. The miner also shortened the life-of-mine plan for its Letseng deposit in Lesotho by four years to 2035, citing persistent market weakness.
Production Funds
Burgundy has applied for up to CAD 150 million in funding from Canada’s Large Enterprise Tariff Loan Scheme and is undergoing due diligence with CEEFC. The company said the financing is vital to keep its Ekati mine operating amid falling rough prices and US tariffs, including a 50% duty on Indian diamond imports. Trading in its shares will remain suspended until external funding is secured.
Petra Diamonds has secured near-total lender and majority shareholder backing to delay debt repayments and raise fresh funds, with its chair and joint CEOs joining in. The deal gives the miner breathing room to fix its finances, pending final approvals later this year.
Magnificent Diamonds
The Mellon Blue, a 9.51-carat Fancy Vivid Blue diamond once owned by philanthropist Bunny Mellon, will lead Christie’s Magnificent Jewels auction in Geneva this November with an estimate of $20 million to $30 million. Considered one of the finest colored diamonds ever to appear at auction, it will headline a sale featuring jewels by Harry Winston, Cartier, JAR, and Van Cleef & Arpels.
Sotheby’s will auction a 60-piece private jewelry collection in New York on December 8, estimated to bring in over $8 million. Titled A Legacy of Elegance, the sale includes works by Cartier, Boivin, Boucheron, Suzanne Belperron, and Joel Arthur Rosenthal (JAR). It marks the auction house’s first evening jewelry sale in New York in more than 10 years and the debut luxury auction at its new Breuer building venue.
Sotheby’s will auction the Desert Rose, the largest Fancy Vivid Orangy Pink diamond ever graded, during its inaugural Abu Dhabi Collectors’ Week this December. The 31.86-carat pear-shaped stone, estimated at $5 million to $7 million, blends rare pink and orange hues. First unveiled in Abu Dhabi earlier this year, the diamond now makes its global auction debut.
Trade Matters
De Beers will extend its Sightholder Supply Agreement by six months to June 30 to give clients stability amid midstream pressures and US tariff uncertainty, a spokesperson confirmed. The miner is expected to reduce its list of 69 sightholders when new contracts begin later next year.
Trans Atlantic Gem Sales (TAGS) reported a 92% sell-through at its Southern African rough diamond tender from September 3 to 8, marking one of its strongest results in recent times despite market challenges. The auction featured close to 180 lots, primarily above 5 carats, and attracted around 100 companies from major trading centers.
Bonas Group held eight rough diamond auctions in Antwerp in September, including four running simultaneously early in the month. More than 1,800 diamantaires are set to compete for 900 parcels totaling 850,000 carats, with an estimated value of $90 million, the Antwerp World Diamond Centre (AWDC) reported. The wave of activity highlights Antwerp’s position as the leading hub for rough diamond trading, bolstered by easier visa access and seasonal demand, the AWDC said.
India’s polished diamond exports dropped 6% year on year to $972 million in August, the Gem & Jewellery Export Promotion Council (GJEPC) reported. Rough imports, however, rose 14% to $769 million, reflecting a rebound from the slowdown that gripped the market in the latter half of 2024.
Antwerp’s rough diamond trade grew in August, with imports up 6% year on year to $295.5 million and exports rising 4% to $154.9 million, the Antwerp World Diamond Centre (AWDC) reported. The increase followed a 60% surge in rough imports in July. Meanwhile, polished exports fell, dropping 26% to the US, 34% to Hong Kong, and 27% to Switzerland.
Swiss watch exports slumped 17% year on year to CHF 1.64 billion ($2.07 billion) in August, as demand weakened across key markets, according to the Federation of the Swiss Watch Industry. Exports to the US fell 24%, to China 36%, and to Hong Kong 13%, driving a 23% drop in shipments to the top six markets overall. Precious-metal watches, the largest category, slid 17% to CHF 618 million ($779 million).
Fraud Reveal
GIA’s Dubai lab uncovered four diamonds with counterfeit GIA report numbers, two identified as laboratory-grown and two as HPHT-treated natural stones, none matching their original reports, according to a report in the Summer issue of Gems & Gemology. The lab laser-crossed the fraudulent inscriptions and issued new reports with clear treated or lab-grown designations. GIA stressed the need to verify inscription authenticity, highlighting its Match iD tool as a safeguard against such practices.
Lab-Grown Relations
Calls are growing within The World Jewellery Confederation (CIBJO) to revisit the Diamond Blue Book and related ISO standards. Proposals include removing “laboratory-grown” and “laboratory-created” as synonyms for “synthetic,” and restricting use of the 4Cs grading system to natural diamonds. Advocates argue synthetic stones should have a separate grading framework, aligning with GIA’s recent shift to descriptive terms. The push comes as CIBJO approaches its centenary, with transparency and consumer trust at the forefront.
Synthetic diamond grower Kira has expanded its capacity to 4,000 CVD reactors, boosting monthly output to 250,000 polished carats at its solar-powered facility in India. Part of Kiran group - which includes diamond manufacturer Kiran Gems - Kira now holds the largest US lab-grown diamond inventory with over 150,000 certified stones in New York, it said.
Movers & Shakers
Diamonds Do Good has named Marcus ter Haar as its next President-Elect, effective January 1, 2026. Ter Haar, a veteran diamond industry leader with strong ties to Botswana, currently co-chairs the group’s beneficiary committee. On the same date, Peter Engel will become President as Kathy Corey concludes her term. The appointment highlights DDG’s ongoing focus on sustainability and community impact.
Auction house Phillips has appointed Dianne Batista as head of jewels, New York, senior vice president, and senior specialist. She will oversee sourcing, evaluation, and strategic growth for the Americas, drawing on nearly 40 years of experience in auctions, luxury retail, and consultancy.
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