The diamond industry in Surat, Gujarat, is facing a severe crisis due to the Russia-Ukraine war and G7 sanctions on Russian diamonds, leading to factory closures and widespread job losses. Congress leader Shaktisinh Gohil criticized the Indian government’s inaction, urging immediate intervention as diamond exports dropped from USD 23 billion in 2022 to USD 16 billion in 2023. With approximately 2.5.000.000 families affected, the region is grappling with despair, and some workers have reportedly taken their own lives. Gohil calls for diplomatic efforts to address the industry's downturn.

Boucheron, the French luxury jeweler founded in 1858, has opened a new 3,900 sq ft Art Deco boutique on Madison Avenue, New York, blending American and French culture. It's the brand's first store on American ground. With a long history of prominent US clients, this marks a significant milestone for the brand's expansion in the US market.

Despite the fact that De Beers announced in June that it would stop the production of lab-grown diamonds for jewelry, the company today is launching a new fall campaign, titled "Modern Family", for its lab-grown brand Lightbox. These developments clearly affirm the brand’s commitment to the lab-grown diamond market. De Beers is to stop producing diamonds for jewelry when it comes to Oregon, but the company will continue to focus on innovating and growing the brand.

The September Hong Kong Jewellery & Gem World Fair experienced slow sales and light attendance, particularly from mainland Chinese buyers, due to factors like a real-estate crisis, a typhoon, national holidays, and stricter customs regulations. Many Chinese buyers hesitated to make purchases, particularly pearls, due to import concerns. While high-end colored gems and cultured pearls saw limited sales due to high prices, the Lab-Grown Diamond section reported positive activity, with buyers showing interest in larger sizes and innovative designs.

Rio Tinto is offering voluntary early termination to workers at its Diavik diamond mine as part of cost-saving measures and with the mine's planned closure in 2026 ahead. The initiative aims to address challenges in the diamond industry while downsizing its workforce, though some employees will stay until 2029 to assist with the closure process. Despite industry difficulties, Rio Tinto remains optimistic about strong demand for Canadian diamonds and is committed to safe production, workforce obligations, and responsible closure of the mine. Diavik currently employs over 1,200 workers.

Not even a month after they made the news with the second largest diamond in the world, Lucara Diamond announced the recovery of an extraordinary 1,094 carat rough diamond from its Karowe Mine in Botswana. Lucara can confirm that this stone will be polished by HB Antwerp, much like a similar one recovered by them in August 2023.

This marks the sixth +1000 carat stone recovered by the company. The size and quality of this diamond highlight the unique characteristics of the Karowe ore body and reinforce Lucara’s position as a leading producer of large, high-quality diamonds.

For the first time, the French luxury brand Chaumet has launched a  diamond necklace that you can trace all the way back to its rough version in light of its aim to provide clients with more transparency.

They made this possible by combining their savoir-faire with the technology developed by an expert in diamond tracing, Sarine. Because of this, it is possible to follow and visualise multiple stages in the life of each stone.

Just a week after announcing their last +100-cts diamond find, Gem Diamonds has announced its eleventh and twelfth +100-cts stone of this year. Usually, the Letseng mine in Lesotho is responsible for eight such diamonds a year, 2023 being an off-year with ‘only’ five finds. The newest one is a 126.21-ct Type II white diamond. 

In the Meya mine in Sierra Leone, a high-quality, 391.45-carat diamond has been discovered, making it the second diamond over 100 carats found at the site. The Type IIa diamond, recovered on August 20, was originally part of a 514.99-carat stone that broke into three pieces during extraction. 

Zimbabwe’s state-owned diamond company, the Zimbabwe Consolidated Diamond Company (ZCDC), expects a 16% increase in diamond production this year. The company plans to boost output to 5.7 million carats in 2024, with a target of reaching 10 million carats the following year. 

Angola and Russia are reportedly negotiating a deal that may allow Alrosa to retain its 41 percent stake in the Catoca diamond mine, despite initial pressure from the Angolan government for Alrosa to exit due to G7 sanctions. 

The Angolan ambassador to Russia indicated that both countries are developing mechanisms to overcome the operational challenges caused by the sanctions. Although Alrosa was previously reported to be considering selling its stake, it remains unclear whether the negotiations will result in Alrosa maintaining its share in the mine. 

Good news from the US markets: watch and jewellery sales increased in July and exceeded forecast amid easing inflation and lower unemployment. The sales increase has reached 5.9 per cent and marking the highest figures yet in 2024. 

This is a 2024 record since the US Department of Commerce corrected and lowered the figure for June from 6.2 per cent to 4.2 per cent. This marks the ninth consecutive month of increase after a year of declining sales. 

Furthermore, July's increase continues a trend of rising year-over-year sales for the third straight month.

With the vision to expand the company in Southeast Asia and other markets outside of China and Hong Kong, Chinese jeweller Chow Tai Fook has hired Gabriela Ferreira as its new International General Manager. Ferreira, who previously held a senior role at Loewe, will focus on enhancing the Chow Tai Fook brand’s desirability and expanding its retail network in popular travel retail markets and areas with a strong interest in Chinese culture and art.

On the 5th of September, India’s Gem & Jewellery Export Promotion Council (GJEPC) and the Bharat Diamond Bourse published a Trade Letter for the diamond industry. In the letter, they highlight a possible turnaround and the positive outlook for recovery and price stability in the industry. A few key indicators were listed that suggest this could be the case:

According to news reports, Israeli lab-grown producer Lusix is seeking a protection from creditors through a debt settlement, with debts to three Israeli banks amounting to US$15m, following unsuccesful attempts to raise additional funding from existing investors. Led by entrepreneur Benny Landa, Lusix is said to initially have raised US$150m, including US$60m from the Landa Group and US$90m from other investors, led by luxury giant LVMH, but the company got in trouble as LGD prices collapsed by more than 90% in recent months. 

Photo Credit: Lusix

Junior miner Botswana Diamonds (BOD) intends to start using AI, technology developed in collaboration with International Geoscience Services Limited to enhance its exploration activities in Botswana to identify mineral deposits, diamonds and other minerals, the company said recently. The technology will combine existing geological data and knowledge with the ability of AI to generate models fast and efficiently. “It is early stages for both our work and the use of the technique in mineral exploration, but the future potential is huge.", BOD Chairman John Teeling commented to miningmx.  

In an announcement to its clients, De Beers has announced it is rescheduling sights to alleviate market pressure caused by decreased demand and a supply glut. Sights 7 and 8 will be combined at the end of September and Sight 9 and 10 dates are amended to accommodate timing issues in Botswana, to November 4-8 and December 2-6.

The price of lab-grown diamonds has fallen significantly in recent years. In July 2022, the price was $300 per carat, but by mid-2024 it had dropped to just $78 per carat. This significant decline is primarily due to an oversupply of the product and the rapid advancement in production technologies, which has made these diamonds more accessible to the consumer but also less valuable in terms of resale. Initially welcomed for their affordability and ethical credentials, lab-grown diamonds are now flooding the market.

Lucapa Diamond Company has announced the discovery of an extraordinary 176-carat Type IIa diamond at the Lulo Mine in Angola. This remarkable find marks the fifth diamond over 100 carats this year, highlighting Lulo's potential as a leading source of high-value gems. Since starting operations in 2015, the mine has produced 45 diamonds exceeding 100 carats.

Mining company Burgundy Diamond Mines reports a recovery of 1.22 million carats during quarter 2 of 2024. This is a decrease by 10% in comparison with the same quarter previous year, which is in line with the decrease in the total volume of tonnes the company has processed (Q2-2023: 1.36 million). Burgundy sold 1.03 million carats and the sales happened over three sales events, including one fancy sale. The mining company achieved significant progress in several key areas this quarter.

De Beers reported a significant revenue decline for the first half of 2024. According to the company's latest financial statement, revenue fell by 21% to $2.2 billion compared to the same period last year.

The sharp drop is due to several converging factors affecting the diamond industry. De Beers, known for its vast mining operations and luxury retail presence, has faced headwinds from reduced consumer demand, fluctuating diamond prices, and increased competition from lab-grown diamonds.

Diam Concept, a French company celebrated for its innovative approach to lab-grown diamonds and partly financed by Chanel, has recently faced a significant financial setback and went into receivership in May. Founded in 2016, Diam Concept gained attention for its cutting-edge use of chemical vapor deposition (CVD) technology to produce high-quality diamonds.

Botswana is taking steps to strengthen local ownership in its mining sector by introducing new legislative measures. The draft law requires that citizens acquire a 24% stake in mining operations, reflecting the government's commitment to ensuring that the benefits of the country's rich mineral resources are shared more equitably among its population.                                                                                                                     

In India, there is a very positive reaction to the Budget 2024 announcement by Finance Minister Nirmala Sitharaman.

This announcement is very important for the Indian diamond industry. It includes the abolition of the 2% equalization levy on rough diamond imports and the establishment of Special Economic and Notified Zones, which allows foreign diamond-producing companies to sell their diamonds directly to the diamond-cutting and manufacturing entities in India.

Anglo American said on Monday it has agreed to sell two royalty assets to Taurus Funds Management for up to $195 million. One of these royalty assets is De Beers' royalty interest in the Onslow Iron Project in Australia. Taurus will buy this unit for $150 million.

De Beers' CEO Al Cook refers to the announcement of their Origin Strategy on 31 May and says that with this sale, they are taking another step in delivering their promise to streamline De Beers. "This means that we can focus our people, our resources and our capital on what we do best: diamonds", according to Al Cook.

Petra Diamonds’ sales rose 13% for the full fiscal year,  Sales volume grew 36% to 3.2 million carats.

The company attributes a portion of the rise to the completion of a ramp-up to steady processing at its Williamson mine. Petra also had extra rough during the period it had held back from sales at the end of the previous year when prices were low due to lackluster rough demand.

Picture Credit: Petra Diamonds

De Beers is considering reducing its diamond production. The main reason is deteriorating market conditions resulting from weak consumer demand in China. 

“With higher-than-normal levels of inventory remaining in the midstream and an expectation for a protracted recovery, we are actively assessing options with our partners to further reduce production to manage our working capital and preserve cash,” the company said Thursday.

The Board of Directors of the Antwerp World Diamond Centre appointed Karen Rentmeesters as the new, permanent CEO. In this new role, she is tasked with guiding Antwerp back to growth, among other things, by focusing on optimizing AWDC’s operations. 

The diamond production in South Africa is at a 10-year low. Where the country used to produce an average of 8.5 million carats a year (before 2023), the production has now dropped to 6.1 million carats in 2023. 
The drop has been caused by the temporary halt of production at De Beers' Venetia diamond mine, which accounted for 40% of the country's diamond production. 
De Beers is developing Venetia as an underground mine to extend its operational life until the 2040s. The company expects to extract 88 million carats from this new phase.

In January of this year, a plane crashed in Canada, with several workers from Rio Tinto's Diavik mine on board. The mining company subsequently decided to temporarily pause operations at the mine to give its workers sufficient time and space to process this tragic accident. This temporary halt in operations caused diamond production to drop 28% in the second quarter compared to the same period last year.

Current market conditions (large inventories and falling polished diamond prices, especially in India) are forcing De Beers to be more flexible with its sightholders. Even though the De Beers spokesperson did not want to comment on this news, according to Rapaport, a note sent to De Beers sightholders reveals that for the "July sight," they will be allowed to refuse up to half of lots in three boxes of medium- and higher-quality rough under 3 grainers (0.75 carats). The flexibilization comes without De Beers customers experiencing an impact on future allocations from the mining company.

According to the IMF (International Monetary Fund), the economic growth of Botswana - which is largely financially dependent on diamond production (accounting for 40% of government revenues) - will increase by only 1% in 2024, compared to 2.7% in 2023.

The IMF sees the crisis in the international diamond industry (due to falling demand and prices) and the corresponding decline in diamond production in Botswana as one of the reasons for this slowed economic growth of the country.

The wet season in Angola - which was very severe this year and caused heavy flooding - has ended. Now that the water has receded and most areas are accessible again, Lucapa Diamond Company is resuming its exploration activities. The focus is on the Kimberlite L014 area, the area beneath the Cacuilo-rivier, as this area is more likely to be the major source of the diamonds being found in the river’s alluvial deposits. The road to access the L014 area has begun, along with auger drilling to better define the location of the best material for sampling.

Australian miner Burgundy Diamond Mines, operating the Ekati mine in Canada's Northwest Territories is looking at the potential to extend the Misery underground mine's life beyond the anticipated 2025 end of life date. Extension drilling is ongoing to assess whether the main ore body is deeper and wider than originally assumed. Updated resource estimates are expected to be announced later this year, with an updated mine plan. 

Photo credit: Burgundy Diamond Mines

Russian diamond mining company Alrosa, through its Almazy Anabara subsidiairy has purchased the Degdekan gold mine from Polyus for US$276m. Commencing production in 2028, at full capacity, the mine is expected to produce around 3.3 tonnes of gold annually, with an estimated life span that runs through to 2046, estimated at 100 tonnes. Both Alrosa and Polyus are subject to Western sanctions. 

Photo credit: Envato Elements

Tiffany Stevens, previously serving as CEO of the Jewelers Vigilance Committee (JVC) this week assumed the role of Chief Business Officer and Head of Sustainability of the International Gemological Institute (IGI) for North America. Building on years of experience in sustainability matters, including leading JVC in guiding jewelers on sanctions and transparent supply chains, Stevens says to be excited to advance gemology education, promote transparency and responsibility in her new role at IGI. 

In the wake of Antwerp World Diamond Centre's Board elections held two weeks ago, the organization today announces the confirmation of Isidore Mörsel as President of the Board. Mörsel succeeds himself while Ravi Bhansali, who is joining AWDC's Board for the first time, was appointed Vice-President.

Rio Tinto has completed a 3.5 megawatt (MW) solar power plant at its Diavik Diamond Mine in Canada’s Northwest Territories, the largest off-grid solar facility in Canada’s territories. Featuring 6,620 panels, the plant generates 4.2 million kilowatt-hours annually, cutting diesel use by one million liters per year and cutting greenhouse gas (GHG) emissions by 2,900 tonnes of CO2 equivalent—comparable to removing 630 cars from the road.

As of September 1 of this year, Frenchman Louis Ferla, who has already been CEO of Vacheron Constanin since 2017, will assume the role as CEO of Cartier. He thus succeeds Cyrille Vigneron who, after eight successful years at the head of this Maison, has decided to retire. Mr. Vigneron does not disappear from the scene, as he will continue to assume the role of Chairman of Cartier Culture & Philanthropy. 

Lucapa announces a conditional Sale and Purchase agreement has been reached with Lephema Executive Transport Ltd, having provided long-term mining services to the mine, for its 70% stake in the Mothae mine in Lesotho. Mid May, Lucapa announced its plans to divest the Lesotho operation in favor of focusing on the miner's assets in Australia and Angola.

the Gemological Institute of America (GIA) has announced a pilot program for jewelry reports, which will include metal verification, links to existing loose diamond GIA grading reports and clarity, color and carat of other diamonds. Customers will be able to choose to add services such as new engravings or a 360° video. Interested parties can register on a waiting list. 

Today, the EU has adopted the 14th package of sanctions against Russia, including ‘grandfathering’.

Election fever has been peaking the past few days in Antwerp. On June 17 and 18, voters from across the Antwerp diamond industry were able to cast their votes for their favorite candidates for the new Board of Directors of the Antwerp World Diamond Centre (AWDC). During these elections, it is the 6 directors representing the trade who are elected. Over 1309 votes where submitted, a record turnout according to the AWDC. In the meantime, the votes are counted and the winners of these important elections are known.

The six candidates with the highest number of votes are:

At the JCK Las Vegas Sustainability Summit, the Watch and Jewellery Initiative 2030 (WJI 2030) launched the Nature Roadmap, a framework designed to guide the global watch and jewellery industry in addressing the biodiversity crisis. The roadmap outlines essential steps: Assess, Commit, Transform, and Disclose.

Gem Diamonds has announced the recovery of an exceptional 172.06ct Type II white rough diamond, the seventh 100+ct diamond recovered at its Letšeng mine this year alone. 

In a surprising move, Botswana President Masisi yesterday left the country to join industry stakeholders at the 2024 JCK Las Vegas show. Botswana finds itself in the middle of a perfect storm of challenges: De Beers' parent company Anglo American recently became the target of potential take-over bids, which led to Anglo announcing plans to spin off its diamond business.

Gem Diamonds Limited, the company that owns 70% of the Letseng mine in Lesoto, announced today the discovery of a 212.49ct Type II White Diamond. This remarkable stone was brought to the surface on May 28 and it is the sixth diamond weighing more than 100 carats to be unearthed this year from that mine.