De Beers sold $700m worth of rough diamonds across its two sights in the three months to 30 September – more than tripling the $213m recorded during the same period last year.
In the third quarter of 2024, the company held only one sight, having cancelled the August session due to weak demand.
During the Q3 2025 sights, specific assortments were offered at discounted prices. De Beers no longer provides sight by sight updates.
It noted that trading conditions “continued to be challenging,” although consumer demand for natural diamond jewelry remained broadly stable, particularly in the US.
The company said progress seen in the first half of 2025 was hindered by newly imposed US tariffs on diamond imports from India, according to its production report published on 28 October.
However, it welcomed the recent exemption granted for natural diamond imports from countries participating in “aligned partner” trade agreements, announced last month.
Meanwhile, quarterly production increased year-on-year by 38 per cent, to 7.7m carats, although it is down 5 per cent for the year to date (17.9m carats).
Production guidance for 2025 is unchanged at 20 to 23m carats.
Alrosa plans to extract gold from its diamond-bearing alluvial deposits in Mirny, in Russia’s Sakha Republic.
The move comes as demand for natural diamond continues to slide, and gold prices reach record highs.
Alrosa, Russia’s state-controlled miner, announced on Friday (24 October) that it was “considering extracting gold as a byproduct during diamond mining at the Mirny-Nyurba Mining and Processing Division”.
Gold was first found in the area in 2020 and Alrosa says a team of geologists has so far recovered 433kg of it.
The proposal is that gold will be recovered as a byproduct from diamond-bearing sands and placer deposits (accumulations of valuable minerals) in the Mirny area. Alrosa will use existing processing facilities.
In 2024, the company bought the Degdekan gold deposit in the Magadan region – in a notable departure from its core activity of diamond mining.
It said it would invest over $100m in the project, which is expected to produce about 3.3 tonnes of gold annually when it reaches full capacity around 2030.
Swiss watch exports to the US plunged by more than 55 per cent in September, in what the Federation of the Swiss Watch Industry Exports (FHS) described as a “huge correction”.
Foreign sales surged in the weeks before the US introduced a 39 per cent tariff on Swiss imports on 7 August, as manufacturers front-loaded shipments.
Since then exports to the US have slumped, down by 23.9 per cent in August and now by 55.6 per cent in September.
“Without this expected but nonetheless extraordinary development, Swiss watch exports would have grown by 7.8%,” the FHS said in its latest update.
Hong Kong and China both saw a marked reversal of fortunes, from double-digit declines in August to double-digit increases in September. But that wasn’t enough to outweigh the US plunge.
Total Swiss watch exports fell by 3.1 per cent during the month to CHF 2.0bn (USD 2.5bn). The UK became the single biggest buyer, with imports up 15 per cent to CHF 173m ($218m), an 8.7 per cent market share.
The overall decline took cumulative exports for the first nine months of the year to CHF 19.0bn (USD23.9bn), an overall decline of 1.2 per cent.
Treasures that once belonged to Napoleon Bonaparte are to be offered for sale by Sotheby’s Geneva on 12 November.
Details of the auction were revealed on Friday (24 October), less than a week after the devastating raid on the Louvre, in which items from the French crown jewels, valued at over $100m, were stolen.
Highlight of the Royal & Noble Jewels Sale is Napoleon’s unique brooch featuring old mine and mazarin-cut diamonds that was pinned to his hat during the 1815 Battle of Waterloo.
At its center is a large oval diamond weighing 13.04 carats, surrounded by nearly 100 old mine-cut diamonds arranged in two concentric rows.
The brooch was seized by the victorious Prussian army as the defeated Napoleon fled.
It appears for the first time at auction with an estimate of CHF 120,000 to 200,000 (USD 150,000 to 250,000).
“In his haste to flee Waterloo, where his armies had been overwhelmed by the combined forces of the British and Prussian armies, Napoleon had to abandon some of his carriages when they got stuck in a muddy road a few miles away from the battlefield – including the carriage containing those precious belongings,” Sotheby’s said.
Three days later the brooch was presented to Prussian King Friedrich Wilhelm III as a battle trophy.
It remained within the House of Hohenzollern for centuries, and passed down to emperors of Germany. It has been part of a different private collection for the last few years.
A remarkable two-coloured natural diamond has been discovered in Botswana, astonishing experts with its size and formation. The gem half pink and half colourless weighs an impressive 37.41 carats and measures approximately 24.3 x 16 x 14.5 millimetres, according to the Gemological Institute of America (GIA).
The GIA describes the stone as having formed in two distinct geological stages. Sally Eaton-Magaña, Senior Manager of Diamond Identification at the GIA, explained that the pink section likely began as colourless before undergoing plastic deformation possibly caused by a mountain-forming event millions of years ago. This natural deformation altered the crystal lattice, giving rise to the diamond’s vivid pink hue. The colourless section, in contrast, appears to have formed later under more stable conditions.
Pink diamonds are among the rarest gems on Earth, prized for their beauty and scientific intrigue. Unlike coloured diamonds that owe their hue to trace elements or radiation exposure, pink diamonds result from structural distortions within the crystal lattice. This phenomenon must occur under highly specific pressure and temperature conditions too little deformation and the diamond remains colourless; too much and it turns brown.
“It’s a geological balancing act like Goldilocks,” noted Curtin University geologist Luc Doucet, referencing the fine threshold that determines a diamond’s colour outcome.
What makes this new discovery even more extraordinary is its size. While other bi-coloured diamonds have been documented, they are typically no larger than 2 carats. The 37.4-carat specimen from Botswana represents a significant leap in both scale and scientific importance.
The diamond was unearthed at Lucara Diamond Corporation’s Karowe mine, one of the world’s most productive sources of exceptional diamonds. The Karowe mine has previously yielded some of the most celebrated finds in modern history, including the 2,488-carat “Motswedi” diamond, the second-largest rough diamond ever recovered, and the 62-carat “Boitumelo” pink diamond.
This latest discovery further cements Botswana’s position at the forefront of the global diamond industry and provides scientists with another remarkable glimpse into the complex natural processes that create the Earth’s most coveted gemstones.
Chow Tai Fook (CTF) says sales across its 6,000 outlets rebounded in the three months to 30 September as gold price surged, following on from five consecutive quarters of decline.
China’s biggest jewelry retailer (by store count) said the Q2 2026 results “marked a significant turning point of our business”.
Growth in retail sales value (RSV) for the quarter was 4.1 per cent, after five quarters with an average decline of over 18 per cent.
The recovery was driven by CTF’s 151 non-Mainland stores, most of them in Hong Kong and Macau, which reported an RSV growth of 11.4 per cent.
Sales at its 5,663 stores in Mainland China rose by a more modest 3.0 per cent.
Overall CTF benefited from soaring gold prices, which saw a significant increase in the average selling price of gold jewlery and gold products sold by weight and at fixed prices.
In its Unaudited Key Operational Data, the Hong Kong-based company said its signature collections had sustained strong sales momentum, and it had continued to make steady progress in its brand transformation.
During the quarter, CTF closed 300 under-performing stores.
“Our current priorities on retail network management remain unchanged, which are to sustain market leadership and enhance the overall financial health of our retail network by maximising store productivity,” the company said.
A crisis is unfolding in Lesotho’s diamond-mining heartland as the Storm Mountain Diamonds (Pty) Ltd (SMD) warns that its operations at the Kao Mine could cease without urgent intervention placing nearly 800 jobs and large swathes of local economic activity at serious risk. What’s happening?
The Kao Mine is operated by Storm Mountain Diamonds, which is jointly owned by Namakwa Diamonds Limited (75 %) and the Government of Lesotho (25 %). The mine is located in the Butha-Buthe district.
In a statement dated mid-October 2025, SMD warned that without government support especially in respect of tax and royalty burdens the mine may be forced to shut operations.
Workers’ union Independent Democratic Union of Lesotho (IDUL) says that nearly 97 % of the mine’s workforce are citizens of Lesotho, and 34 % come from villages surrounding the mine.
The broader context: the global diamond market is weak, prices have fallen significantly and Lesotho’s mining sector is under severe pressure.
Why is this so critical?
The mine is one of Lesotho’s largest private employers. If operations halt, the impact on direct jobs, local procurement, and supporting businesses will be severe.
According to one report, the total economic significance of the mine is more than M1 billion (approx. US$57 million) in local economic activity. (While exact figure in Lesotho maloti not given in all sources, the correspondence to US$57 million was mentioned in the briefing.)
Given the high reliance on the mine in the region, a closure would have knock-on effects: families losing incomes, local shops and services losing customers, and the region’s economy contracting.
Royalties & tax burdens: SMD complains that the flat royalty rate applied even when the mine is loss-making adds cost layers it cannot sustain.
Predictability of investment conditions: The mine accuses the Lesotho Revenue Services (RSL) of not honouring prior mining agreements that guaranteed more stable conditions, thus undermining the investment climate.
Global market factors: The drop in diamond demand especially from major consumer markets and accompanying low prices are dampening profitability.
Cost structure & capital needs: SMD reports that despite an efficiency expansion (a High-Pressure Grinding Roll installation), it faces annual waste-stripping capital needs of around M150 million. Without that, ore reserves will be exhausted.
What is being done?
SMD has informed its workforce of possible cost-cutting measures, including a 30 % reduction in employment costs and a 20 % overall cost cut.
The union (IDUL) is calling on the government’s Ministry of Natural Resources and the Ministry of Trade, Industry & Business Development to immediately engage with SMD and negotiate solutions.
The mine remains operational for now but warns that without urgent lifelines, a shutdown is imminent. what happens if it shuts down?
Direct job losses: ~800 workers employed by the mine could lose their employment.
Indirect impact: With many workers from surrounding villages, local businesses that serve them (shops, services, transport) will face reduced demand.
Regional economy: The Butha-Buthe district and adjacent areas stand to lose significant economic income tied to the mine’s operations and spend.
National investment climate: A closure could send negative signals to investors in Lesotho’s mining sector emphasising risk in royalty/tax unpredictability and commodity-market exposure.
Comments from the sides
May Rathakane, Secretary-General of IDUL: “For government to watch silently while so many livelihoods hang in the balance is a betrayal of the working class… Lesotho cannot claim to promote investment and industrialisation while suffocating its most productive sectors through bureaucracy and political bias.”
SMD Chairman Robert Cowley: In a memo he said “low diamond prices now appear to be permanent and the company must adapt… the possibility of closure has been actively considered.”
The plight of the Kao Mine is a stark illustration of how commodity-driven regions can face rapid economic distress when global markets shift, and domestic policy burdens accumulate. With hundreds of jobs and millions in local economic activity at stake, the next steps by both the mine’s owners and the Lesotho government could determine whether an important mining operation survives or becomes another employment and investment casualty.
The question now is: will the government intervene in time to shore up the mine and if so, on what terms? Operators and workers alike are waiting.
On Sunday, October 19, 2025, the world’s most famous museum became the scene of a real-life thriller. Paris’ The Louvre’s Apollo Gallery, home to priceless crown jewels and some of the most extraordinary diamonds ever mined, was brazenly targeted by masked thieves. Using a mechanical ladder and cutting through reinforced glass panes, the robbers reached the gallery around 9:30 a.m. local time and disappeared in 7 minutes with their haul.
What makes this heist especially fascinating is the connection to Andhra Pradesh’s Golconda mines, historically the source of some of the world’s most coveted diamonds. Several of these legendary stones, including the Regent, Hortensia, and Sancy, are housed in the Apollo Gallery of the Louvre.
Golconda diamonds on display at the Louvre The most famous of the Golconda gems in the Apollo Gallery is the Regent Diamond, weighing 140 carats. This legendary stone was once embedded in Napoleon’s coronation sword and has a dramatic history. It was smuggled out of India by an enslaved man, who hid the diamond in his leg to secure his escape, only to be fatally attacked by the merchant who purchased it. Despite its storied past and supposed curse, officials have confirmed that the Regent was not stolen during the recent heist, according to the BBC.
Another historic gem, the Hortensia Diamond, is a 20-carat pink diamond renowned for its rare hue. Its status following the robbery remains uncertain, adding a layer of intrigue to the heist.
Beyond these, several other diamonds in the Apollo Gallery, including those set in tiaras and necklaces, are believed to have been mined in Golconda, India. During the 18th and 19th centuries, India was the world’s largest supplier of natural diamonds, and these stones reflect the country’s historic significance in the global luxury and jewellery world.
Indian internet calls for reclamation The Louvre heist has reignited conversations about repatriation, which means the idea of returning cultural treasures to their countries of origin. India, with its centuries-old legacy of diamond mining and craftsmanship, has seen many of its prized Golconda gems travel to European royal collections.
Since news of the robbery broke, netizens on X and Instagram have been vocal about India reclaiming its historic treasures. Posts and threads highlight the legendary journey of diamonds like the Regent, Hortensia, and more from the mines of Golconda to European royal courts. Many users argue that these jewels are not just luxury items but symbols of India’s rich heritage that belong at home. Others have called the heist a reminder of why cultural artefacts should be protected, and, if possible, returned to their country of origin.
The Louvre Museum in Paris was broken into on Sunday morning at opening time, by a group of hooded intruders who made off with antique jewelry that once belonged to Emperor Napoleon. The world-famous museum, which welcomed 9 million visitors from around the world in 2024, remains closed for the rest of the day.
The Louvre has yet to make an official statement, but Agence France-Press reports in vairous French media titles that the group accessed the museum from the Quais François Mitterand, used an external goods lift and breaking first-floor windows to get to the gallery they were interested in, where they broke open display cases. The incident occurred shortly after 9:30am.
According to Le Parisien newspaper, working with AFP, the intruders took advantage of building work that is ongoing at the Louvre to enter and made their way to the Galerie Apollon. While one of them kept watch, two men broke into display cases using chainsaws and made off with nine pieces of jewelry, including brooches, necklaces and tiaras worn by Empress Josephine, that were displayed in the Napoleon and French Sovereigns display cases.
The incident took place in the space of 7 minutes, French Interior Minister Laurent Nunez told the radio station France Inter this morning. One of the jewels – a crown belonging to Emperess Eugénie – was later found outside the Louvre, damaged.
The total value of the stolen goods has yet to be estimated, but the biggest diamond in the collection, the 140-carat Regent diamond, is safe. With the price of gold now topping $4,100/oz, speculation has begun as to whether the items will be dismantled, melted down and sold as raw materials, or find their way into the hands of private collectors. In mid-September the Museum of Natural History in Paris was robbed of several specimens of rough gold, thought to represent $70,000 and described at the time as “an invaluable loss for research and.
According to Rachida Dati, the French Minister of Culture who was at the Louvre with police and museum teams on Sunday morning, “no-one was injured” during the incident at the world’s most-visited museum.
