According to data from the GJEPC, trade in India was down across the board comparing April to July figures in 2024 to the same period in the previous year:

• Overall exports of gems & jewellery declined 11% to US$9.7bn
• Overal imports of gems & jewellery declined 1.5% to nearly US$7bn
• Imports of rough diamonds declined 16% to US$4.3bn
• Exports of polished diamonds declined 19% to US$5.7bn
• Exports of polished lab-grown diamonds declined nearly 7% to US$414.6m

Notably in July, comparing to July 2023:

According to JCK News, Botswana's mining minister Moagi told local parliament that the government is looking into increasing a planned buy-in of HB Antwerp, originally stated to be 24% for US$65m, implying HB Antwerp's valuation stood at US$278m at that time. According to Moagi, that same amount of investment would now warrant a 49.9% stake, citing the current depressed market as a reason for HB Antwerp's value to have decreased. 

In times of economic uncertainty, with rising interest rates and inflation, alternative investments outside of traditional assets such as stocks or cash, are increasingly popular with the world's rich and wealthy. Research by the Wealth Enhancement Group highlights US investors highlights a particular growing interest in classic cars and exceptional - mostly fancy colored - diamonds among high-net-worth individuals, with the latter taking up 8th position in the top 10 of alternative investment.

In a letter to its clients, Petra Diamonds has announced it is postponing its August viewing and sale of South African production in Johannesburg until further notice, to avoid unnecessary supply of rough to the market, which has been suffering from weak demand for several months now.

In an extensive analysis, Rapaport's Joshua Freedman takes stock of market sentiment in India and the US. While Indian manufacturers are feeling the pinch of bloated inventories, weak demand and sharp declines in polished prices, struggling to sell even at reduced prices, US traders have more flexibility in aligning supply to actual demand, Rapaport states.

According to recently released Kimberley Process statistics, in 2023, Russia became the largest producer of rough diamonds in terms of value, jumping over Botswana, despite sanctions on Russian diamonds by the G7. Total value of Russian rough production amounted to US$3.61bn, for a volume of 37.3m ct, compared to Botswana's total production value of US$3.28bn, for a total of 25.1m ct. 

Photo credit: Envato Elements

Times of India reports representatives of India's diamond industry have asked government to come up with a payment system that would facilitate transactions between India and Russia. According to the report Indian traders now conduct payments in ruble or yuan through Dubai and China, as US$ payments are heavily restricted due to Western sanctions and currency conversions from rupee to ruble are much more difficult. 

Photo credit: Envato Elements

De Beers 4th sight cycle revenues totaled US$380m, a 21% drop from US$479m achieved in the 4th cycle of 2023 and -15% from sight n°3 this year, translating in a 17% decrease in revenues from sales (US$ 1.63bn this year vs US$1.97bn in 2023) year-to-date. The lower sales figures correspond with current market sentiment and add to the turbulence surrounding a potential sale of the diamond entity of Anglo American. 

Photo credit: Anglo American Plc

Antwerp mourns the loss of industry veteran Willy Rotti, former President of the Diamantclub of Antwerp and honorary President of the Belgian Federation of Diamond Bourses who passed away on May 22. The Rotti family, one of the founding families of the Diamantclub of Antwerp, is a well-known name in the industry and has been active in the diamond industry for over 120 years.

Lucapa, the Australian listed miner with operations in Angola (Lulo) and Lesotho (Mothae) is looking to divest its 70% stake in the Mothae mine after a review of its asset portfolio by the recently restructured Lucapa board of directors.

Lucara Diamond in its Q1 2024 release reports total revenues of US$41.1m, slightly down y-o-y from US$42.8m. A total of 93,560ct were sold through its different sales channels, including through the renewed 10-year sales agreement with HB for specials (10.8ct+ rough diamonds) produced, with so-called "top-up payments" resulting in US$4.9m of the total revenues. In total 160 "specials" (5.1% of total cts) were recoverd in Q1, 3 of which larger than 100ct and one larger than 300ct.

The Financial Times reports on the developing story of the unsolicited bid of Australia-listed BHP on London-listed mining conglomerate Anglo American, which includes the diamond mining branch De Beers, naming potential suitors. BHP's bid was rejected earlier this week by Anglo's board but says it is safe to assume BHP might counter with an improved proposal, while other candidates may well offer a competing bid.

India's Gem and Jewellery Export Promotion Council (GJEPC) reports the overal exports of polished diamonds in FY2024 dropped 25.23% to nearly US$16bn from US$22bn in the previous financial year. GJEPC cites a slowdown in the US market due to high interest rates and slower than anticipated post-covid market conditions in China. LGD exports decreased 13.79% to US$1.4bn compared to US$1.6bn a year earlier. 

_{(photo Envato Elements)}

According to the GJEPC on April 18, a group from De Beers Group and and the Republic of Botswana’s minister of minerals and energy Lefoko Maxwell Moagi visited the Bharat Diamond Bourse in Mumbai. The delegation met with members of the Gem and Jewellery Export Promotion Council to discuss strengthening diamond trade ties with India. Desipite recent ongoing negotitations between the mining giant and the Botswana government regarding the renewal of their decades-long collaboration, this public display of solidarity was quite noteworthy, potentially indicating some headway on the matter. 

Petra announces the results of Tender 4 of FY 2023, at which 505,398 carats were sold for a total of US$72.1 million from Petra’s South African operations.

This cycle includes a US$7 million Exceptional Stone2 from the Cullinan Mine and US$4.3 million of Finsch diamonds sold during H1 FY 2023, both of which were reported in our Interim Results announcement during February 2023. No sales for Williamson were recorded in this cycle given the operations at the mine are still suspended.

Antwerp’s Sahag Arslanian joins the Armenian Jewellers Association as its newly appointed Vice President. He is currently director of the Arslanian Group as well as vice president of the Antwerp World Diamond Centre.

According to Reuters, Petra Diamonds invited merger and acquisition proposals on Monday, with CEO Richard Duffy saying the industry would benefit from consolidation.

"We have got opportunities to grow organically but given that we are through this restructuring and we have a much more robust balance sheet, we would be willing to consider consolidation if it makes value sense," Duffy told Reuters in an interview on the sidelines of the Investing in African Mining Indaba in Cape Town.

According to a statement released by the country’s financy minister in Gabarone, Botswana expects economic growth of 4% during 2023 while targeting medium-term growth of 5.7%. The government plans to use this windafall in proceeds to beef up infrastructural investments around the country.

According to the National Retail Federation (NRF), consumer spending in the U.S. may reach as high as $25.9 billion this year on Valentine’s Day gifts ranging from gold jewellery to clothes to fine chocolates.
Of the nearly $26 billion, roughly 21% is forecast to be spent on jewellery, representing $5.5 billion. Clothing could fetch 19%, or around $5 billion.

Overall, luxury goods retailers could be headed for a strong Valentine’s sales season if estimates prove accurate.
That would make 2023 the second-best year for sales since the NRF began tracking this data.

After a nearly 12-year negotiation, the High Court of Zimbabwe has granted a default order against the Minister of Mines and Mining Development, relating to a historic parcel of 129,400-carats of rough diamonds, which will be released to AIM UK-listed Vast Resources.

The company expects to receive the signed court order in coming days, following which Vast will clean and value the diamonds for the purpose of selling through a tender.
Vast will then determine the final quality assortment of the parcel once the diamonds are in its possession.

Round prices fell yet again during January amid continued hesitancy in the markets, although fancies fared much better. Overall demand remains slow, sentiment is weak, and manufacturing in India is still well below full capacity. Estimates for the number of workers laid off in Surat vary between 10,000 and 20,000. China scrapped its zero-COVID policy in December, which has freed up trade and travel, but has seen infection levels well above anything the country has ever experienced.

Amid the threat of a looming financial recession for the diamond sector in Surat, the GJEPC now seeks a new series of policies they believe will add to manufacturing revenues. This has been another of a late series of attempts by the GJEPC to counter-act the pressures facing India’s diamond sector since the decline of Russian imports and the closure of the Chinese marketplace. 

Sarine Technologies has signed a strategic cooperation agreement with the Delgatto Diamond Finance Fund (DDFF) that will enable DDFF to “significantly” increase the amount of capital it provides to the rough sector, as well as expand the types of structures it offers enable more efficient rough diamond financing, starting from January 15th.

The Chinese conglomerate Fosun, best known as being the largest shareholder of insurer Ageas, is considering selling its majority stake in International Gemological Institute (IGI). The deal could value the Antwerp-based diamond evaluator at around 200 million euros, the Bloomberg news agency learned from sources close to the file.
In October, Fosun announced that it plans to sell up to $11 billion in assets to improve its liquidity position. In addition, Fosun would now, together with Deutsche Bank, evaluate the possibility of selling its 80 percent stake in IGI.

India’s gem and jewellery exports have seen an increase of 8.26 percent in the current financial year, thanks in part to the Comprehensive Economic Partnership Agreement (CEPA). The Indian government has taken several steps to support the gem and jewellery industry, including the implementation of a simplified regulatory framework for exports through e-commerce, reduced duties for the import of diamonds and a new gold monetization policy.

Anglo American PLC said Wednesday that rough-diamond sales by its majority-owned De Beers Group fell in 2022's 10th sales cycle compared with the previous cycle.
The FTSE 100 mining company said De Beers sold $410 million worth of diamonds in the 10th sales cycle of the year compared with $454 million in the ninth cycle. In the 10th cycle of 2021, it sold $336 million worth of diamonds.

According to market analysis firm Seeking Alpha, Signet’s management seems to be doing all the right things - whether it's making smart acquisitions, divesting a risky sub-prime financing business, shutting underperforming stores, or maintaining strong margins.

Newfield Resources has entered into an asset purchase and sales agreement with DelGatto Diamond Finance Fund (DDFF) for an initial amount of $1.2-million (before costs), payable within 12 months from future diamond sales, to assist with the continued development of the company’s Tongo diamond mine, in Sierra Leone, and for general working capital.
Newfield took over Tongo in March 2018 when it acquired London-based Stellar Diamonds for $23.6m. Before that the mine was owned by Israeli diamantaire Beny Steinmetz, through Koidu Holdings, in which he held a controlling stake.

Fintech company Luxus this week launched a platform where it plans to offer investment grade diamonds, fractionalized into smaller shares, modeled after fractionalized investing models such as the art platform Masterworks. The first diamond the company wants to list is an Argyle pink valued at US$400k, divided into 2,000 shares of US$200 each, pending SEC approval this month. Luxus gathered US$2.5m in seed money last summer and is the brainchild of former Blackstone managing director Dana Auslander and luxury PR specialist Gretchen Gunlocke Fenton.