WFDB, Marketing Momentum, and China Retail Trends

It’s been a bit of a marathon across the US these past few weeks. After the intensity and spectacle of Las Vegas, I found myself in a very different setting last week — the more focused and intimate World Federation of Diamond Bourses (WFDB) Presidents Meeting in New York.

It was a valuable opportunity to listen in on the conversations shaping the diamond trade at the highest levels. Industry leaders gathered to tackle some of the most pressing issues on the table right now, including:

• US tariff policy and the push to exempt diamonds

• Evolving Russian import restrictions

• Traceability and the future of certification

• The ongoing debate: lab-grown vs. natural

• Engaging the next generation of diamantaires

• And the urgency to market natural diamonds more effectively

Catch the key takeaways and analysis in my latest video: Inside the WFDB Presidents Meeting – What’s Next for the Diamond Trade?

>>> Marketing

The industry is clearly stepping up its marketing efforts — and not just from the usual players.

We’ve already covered De Beers’ latest campaigns (see De Beers Strategy And Shakeups) and the launch of the Diamond Learning Center by the Natural Diamond Council (NDC) during the Las Vegas shows.

This week, it was the trade bodies making moves:

The WFDB debuted a new video as part of its campaign to promote natural diamonds. Watch: For the Love That Outshines Time Itself

The Antwerp World Diamond Centre (AWDC) launched its We Protect A Legacy campaign highlighting Antwerp’s status as a global diamond hub and promoting the value of natural over synthetic diamonds. Explore the campaign: We Protect A Legacy

And finally, keep an eye on the ministerial summit in Luanda, Angola on June 18, where leaders will explore new ways to fund global marketing campaigns for natural diamonds.

>>> Retail

Amid ongoing concerns over weak consumer demand in China, Chow Tai Fook’s latest financials provide a more grounded, data-driven snapshot of the market’s true condition — and the role of diamonds within it.

For the fiscal year ended March 31, the Hong Kong-based jeweler reported an 18% revenue drop to HKD 89.66 billion ($11.42 billion), with profit down 9% to HKD 5.99 billion ($763 million).

The key pressure point was same-store sales in mainland China, where gem-set, platinum, and K-gold jewelry fell 23%. However, despite the decline, this category’s contribution to revenue inched up — from 14.7% to 15% — suggesting that higher-value pieces retained a slightly larger share of the consumer spend.

Within this, diamond jewelry gained prominence, now accounting for 64% of the gem-set category, up from 57.7% the prior year. A similar trend was seen in Hong Kong and Macau, where:

• Same-store sales in the category fell a modest 3.5%

• Revenue contribution rose from 16% to 21%

• Diamond share grew from 64.4% to 70.2%

Perhaps that suggests that diamonds are becoming more central to Chow Tai Fook’s offering, even as overall sales contract.

Still, context matters. Gold jewelry continues to dominate sales — 81% of total in China and 73% in Hong Kong-Macau. So, while diamonds are taking a slightly larger slice, it’s of a shrinking pie, and overall volumes across categories have declined.

Early fiscal 2025 data suggests the trend is ongoing: April–May group revenue fell 1.7%, with gem-set same-store sales down 7.4% in China and 3% in Hong Kong-Macau.

A final note of caution: The jewelry market in Greater China remains fundamentally gold-driven. Recent softness in gold demand likely reflects price sensitivity, with consumers pulling back after prices rose — creating space for gem-set jewelry to capture a slightly larger share of spending. However, this shift appears cyclical rather than structural. If (or when) consumer sentiment shifts back toward gold, we can expect gem-set’s relative gains to recede accordingly.

>>> 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: WFDB leadership and participants in the President's Meeting that took place in New York from June 10 to 11.