engagement ring – The Diamond Certification Laboratory of Australia (DCLA)

Tanzania’s Williamson Diamonds goes totally Pink

London-listed and South Africa-active Petra Diamonds has sold its entire shareholding in Williamson Diamonds of Tanzania, plus all shareholder loans owed to it, to Pink Diamonds Investments, also of Tanzania.

Pink diamonds are known for their pink hue, ranging from light to deep rose.

The up-to-$16-million transaction has obtained Tanzanian Fair Competition Commission approval for Williamson ownership now vesting entirely with Pink, a Taifa affiliate, which is viewed as possessing the technical and financial capability to conduct operations for the benefit of stakeholders.

With more than three decades of mining-related experience, Taifa’s working relationships extend to mining majors such as De Beers, Barrick and AngloGold Ashanti, and the company is now entering a phase of exclusive ownership of an asset where about 1 100 people are employed, most of them Tanzanian.

The mine’s reserves and resources as of June 30 were reported as 37.17-million carats. With liquidity challenges continuing, further capital investment will be required.

Twenty per cent of any distributable cash generated annually by Williamson will be payable by Pink Diamonds to Petra until the selling price is met, Petra joint interim CEO Vivek Gadodia outlined in a release to Mining Weekly, in which he wished Pink all of the best as its takes over the mine, the kimberlite pipe of which was discovered by Canadian geologist John Williamson in 1940 and which led to ongoing operation since then, making it one of the world’s oldest continuous operating diamond mines. Its yield of 19-million-plus diamond carats includes a 54.5 ct Williamson pink diamond that was presented to British royalty in 1947.

Meanwhile, Petra, with the Cullinan and Finsch underground diamond mines in South Africa, is focusing on value rather than volume at a time when diamond-mining headwinds are tending to dominate the headlines and the usual sale of rough diamonds at acceptable prices is reportedly proving difficult.

This has resulted in the stockpile of rough diamonds held by De Beers, for example, rising to $2-billion, which, according to a report in the Financial Times, is the biggest hold back of rough diamonds since the financial crisis of 2008.

Source: Miningweekly

Sierra Leone’s largest diamond miner shuts down, laying off more than 1,000 workers

Koidu Limited, Sierra Leone’s largest diamond producer, has halted operations and laid off nearly its entire local workforce of more than 1,000 employees following a protracted dispute over pay and working conditions.

Workers at the mine went on strike in December 2024 but suspended their walkout to allow negotiations. They then walked out again in early March.

The firm, a subsidiary of Octea Limited, was founded by Israeli billionaire Beny Steinmetz’s BSG Resources.

Charles Kainessie, president of the Koidu Limited Workers’ Union, told Reuters that only a small number of workers were still employed at the company’s head office in Freetown.

Sierra Leone’s labour ministry has received copies of summary dismissal letters for more than 1,000 employees, it said in a statement on May 6.

Kainessie told Reuters that workers had only been receiving 30% of the value of their salaries because they were pegged to the US dollar but paid in the local currency, and the company was using an exchange rate from 2016.

He also said workers lacked access to adequate toilet facilities and drinking water.

Koidu Limited declined to comment on the allegations. Its head of corporate affairs, Ibrahim Turay, said he was “restricted from making any comments on the issue for now”.

The shutdown could impact global diamond markets, already facing supply constraints from major producers, including India. Koidu Limited’s exports are around $100 million, according to industry sources.

First Lady
Koidu has accused Sierra Leone’s First Lady, Fatima Bio, who hails from the area where Koidu operates, of fanning the flames of the dispute.

Fatima Bio visited the area after the walkout in March and addressed the workers, criticizing the firm in remarks the company has rejected as false.

Following her visit, she said in a social media post that Koidu had been “unjust to the workers for far too long”.

Gustaf Fredrik Bodin, a Koidu Limited director and its general counsel, responded in a May 6 letter addressed to Fatima Bio accusing her of unlawful interference, incitement, defamation and causing damage to Koidu Limited and Octea Limited.

Neither the First Lady nor her office responded to Reuters‘ requests for comments on Koidu’s accusations and threat of legal action.

The letter, seen by Reuters, said Koidu Limited had suffered financial losses exceeding $16 million from the strike, and that it would need $20 million to restart operations.

It demanded a public retraction from Fatima Bio for her statements and a written commitment that she will make no further threats against the company.

Sierra Leone Information Minister Chernor Bah told Reuters that “everything is being done to resolve the impasse.”

Source: Mining.com

Rare 10.3-Carat ‘Mediterranean Blue’ Diamond Sells for $21.5 Million at Sotheby’s Geneva Auction

A rare 10.3-carat fancy vivid blue diamond, known as The Mediterranean Blue, has sold for an astonishing $21.5 million (17.9 million Swiss Francs) at Sotheby’s High Jewellery Auction in Geneva. This exceptional gemstone not only topped the auction but was also the headline piece of Sotheby’s week-long jewellery sales in Switzerland.

Intense Bidding War Over a Fancy Vivid Blue Diamond
The auction, livestreamed globally, saw a fierce bidding battle that began at 9 million Swiss Francs. Within the first minute, the price surged to 13 million, eventually narrowing to two determined phone bidders. After two and a half minutes of competitive bidding, the final hammer price landed at 15 million Swiss Francs, with additional premiums pushing the total sale price to $21.5 million.

The winning bidder was represented by Frank Everett, Vice Chairman of Jewelry, Americas at Sotheby’s. The blue diamond had been estimated at $20 million prior to the auction.

From Cullinan Mine to Record Sale
The Mediterranean Blue diamond was cut from a 31.94-carat rough blue diamond discovered in 2023 at the legendary Cullinan mine in South Africa, a source renowned for producing some of the world’s most important blue diamonds. Sotheby’s revealed that the rough stone underwent a full year of study before undergoing a meticulous six-month cutting and polishing process to achieve its final cushion modified brilliant-cut form.

Global Tour Boosted Demand
Sotheby’s launched a worldwide exhibition tour of the blue diamond, beginning with its unveiling at their inaugural show in Abu Dhabi. It was then displayed across the Middle East, Asia, and the United States, generating significant interest from collectors and high-net-worth buyers. The gem was showcased alongside seven other ultra-rare diamonds and gemstones, with the total collection valued at over $100 million.

A Defining Stone of the Season
Quig Bruning, Sotheby’s Head of Jewelry for the Americas & EMEA, described the diamond as a milestone for the season:

“It is undoubtedly the defining stone of the season and ranks among the top blue diamonds we have ever sold. The excitement it generated during its global tour reflects the increasing demand for rare, investment-grade diamonds and a growing flight to quality among collectors.”

$3.3m Loss as Brilliant Earth Customers Spend Less

Brilliant Earth, which sells both natural and lab grown diamonds

Brilliant Earth, the US-based “ethical jeweler”, reported a $3.3m net loss for the first quarter of 2025, as customers opted for less pricey goods.

The total number of orders rose by over 12 per cent (40,525 to 45,535) but the average value fell by more than 14 per cent ($2,402 to $2,062).

Brilliant Earth, which sells both natural and lab grown diamonds, said net sales were down 3.5 per cent to $93.9m.

“We’re pleased with our first quarter performance, which demonstrates the continued strength and resilience of our business model as we delivered our 15th consecutive quarter of profitability as a public company,” said CEO Beth Gerstein, referring to its adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) of $1.1m, rather than its $3.3m GAAP (Generally Accepted Accounting Principles) net loss.

Gerstein said Q1 engagement ring sales had increased year-on-year, fine jewelry bookings had enjoyed a double-digit boost and sales in the two weeks to Valentine’s Day broke company records.

Brilliant Earth, based in San Francisco, California, and Denver, Colorado, was founded as an online-only business in 2005 and went public in 2021. Since then it has opened 41 bricks and mortar stores.

Source: IDEX

De Beers Shuts Down Lightbox Lab-Grown Diamond Brand to Refocus on Natural Diamonds

De Beers Group, the global diamond mining leader, has announced the closure of its lab-grown diamond (LGD) jewellery brand, Lightbox, marking a strategic pivot back to natural diamonds. The decision comes as part of the company’s broader Origins Strategy, launched in May 2024, to streamline operations and prioritise high-return business areas.

End of the Road for Lightbox

Launched in 2018, Lightbox was positioned to differentiate lab-grown diamonds from natural ones by offering transparent linear pricing at $800 per carat. However, the LGD market has undergone significant change. Wholesale prices for lab-grown diamonds in the jewellery sector have dropped by around 90%, pushing the market toward a cost-plus pricing model. This sharp decline in value has ultimately led De Beers to discontinue Lightbox.

In addition to market pressures, De Beers cited weakening demand and uncertainty around tariffs as contributing factors behind the closure. Discussions are currently under way for the sale of Lightbox’s assets, including its remaining inventory.

Reaffirming Commitment to Natural Diamonds

Al Cook, CEO of De Beers Group, emphasised that the decision to close Lightbox reflects the company’s long-term strategy to focus on natural diamonds, where brand heritage and enduring value remain strong.

“The persistently declining value of lab-grown diamonds in the jewellery market underscores the growing distinction between factory-made stones and natural diamonds,” Cook said.
“Global competition, especially from low-cost Chinese producers, and falling prices driven by US supermarkets, show that prices are likely to continue dropping. Lightbox played a role in clarifying the difference in value between lab-grown and natural diamonds.”

De Beers plans to reinvest resources from Lightbox into marketing campaigns and initiatives that enhance the global appeal of natural diamonds.

Support for Customers and Partners

As Lightbox operations wind down, De Beers will ensure a smooth transition for employees, suppliers, retail partners, and other stakeholders. Warranties and after-sales services for existing Lightbox purchases will continue to be honoured during the closure period.

Synthetic Diamonds to Power Innovation

While De Beers exits the LGD jewellery space, it remains invested in the future of synthetic diamonds in industrial and technological applications. Element Six, a De Beers subsidiary and former supplier to Lightbox, will continue developing lab-grown diamond solutions for sectors such as semiconductors, optics, and quantum technology.

Element Six will centralise its chemical vapour deposition (CVD) production in Oregon, USA, as part of its plan to strengthen global partnerships and fuel innovation across high-tech industries.

Rare 10-Carat Blue Diamond Could Fetch $20 Million at Sotheby’s Geneva Auction

A remarkable 10-carat blue diamond, dubbed the “Mediterranean Blue Diamond,” is expected to achieve up to $20 million when it goes under the hammer at Sotheby’s in Geneva on 13 May. The diamond, which boasts the highly coveted “fancy vivid blue” colour grade, represents one of the most prized and rare categories in the world of coloured diamonds.

Discovered in 2023 at South Africa’s famed Cullinan mine, the Mediterranean Blue was originally a rough diamond weighing an impressive 31.94 carats. What followed was an extraordinary journey — a full year of study, including precise analysis to maximise both beauty and value, and six months of planning and expert cutting to reveal the gem in its final cushion-shaped form.

Sotheby’s, which is overseeing the auction, describes the diamond as a standout in its class. Jessica Wyndham, head of high jewellery at Sotheby’s Geneva, remarked, “The market for coloured diamonds continues to go from strength to strength.” Indeed, blue diamonds of this size and calibre are vanishingly rare, and collectors around the world are likely to compete fiercely for the chance to own such an exceptional gem.

Fancy vivid blue is the highest grading for coloured diamonds, denoting a saturation and purity of colour that few stones ever achieve. The Mediterranean Blue, with its intense oceanic hue and exceptional clarity, is a testament to nature’s rarity and human craftsmanship.

Over the years, similar diamonds have fetched extraordinary prices. In 2016, the “Oppenheimer Blue,” a 14.62-carat fancy vivid blue diamond, sold for a staggering $68.7 million at Christie’s in Geneva, setting a world record for any fancy vivid blue diamond sold at auction. That same year, another exceptional blue stone — a 24.18-carat intense blue diamond also mined from the Cullinan site — sold for $25 million, reinforcing the global appetite for ultra-rare coloured diamonds.

The Cullinan mine, known for producing some of the world’s most famous diamonds — including parts of the Cullinan I and II, which are part of the British Crown Jewels — has once again proven its status as a source of legendary stones.

With demand for coloured diamonds surging, particularly among high-net-worth collectors and investors seeking portable, tangible assets, the upcoming sale of the Mediterranean Blue Diamond is expected to draw worldwide attention.

Its appearance at auction not only marks a rare opportunity to acquire a gem of unmatched beauty and provenance, but also reflects the continuing strength and allure of the coloured diamond market — where rarity and story combine to create lasting value.

Auction House Pulls Fake Pink Diamond from Sale

A leading auction house was shocked to discover a pink diamond it planned to sell was actually a fake.

The gem was sent to the Institute of Diamonds – the De Beers diamond grading and verification division – ahead of the sale.

It was examined there and found to be a forgery, De Beers CEO Al Cook said in a LinkedIn post to his 42,500 followers.

“At first glance, the stone looks beautiful. It even has an inscription on the side which claims its a diamond,” he said.

But a combination of experts and sophisticated detection machines confirmed the stone was not actually diamond.

“As soon as our team looked at the stone, they suspected it was a fake,” said Cook in a follow-up to his original post.

“The certification inscription on the side had led the auction house to believe it was real.”

He also said: “Our team was quite excited to see this extraordinary stone and actually very sad when it turned out to be a fake.

“Luckily the fraud was stopped before an auction customer paid a vast sum of money!”

Cook didn’t provide further details, and De Beers declined to elaborate.

In his original post Cook said: “Henry Smith from our Institute of Diamonds confirmed that this pink stone was a forgery. ‘It had even been lasered with a fake inscription’.

“Henry explained that the auction house was shocked, but ‘cases like this emphasise the critical role of advanced detection technologies’.”

Cook also said in his post that De Beers was ramping up production of DiamondProof, the verification device aimed specifically at retailers that was showcased at JCK last year and which is now available in the US.

He said it can distinguish a natural diamond from a lab-grown or moissanite in a few seconds.

Source: IDEX

US Watch and Jewelry Sales Steady Again in March

Watch and jewelry sales in the US remained steady in March, with a slight overall increase of 0.4 per cent, according to the latest US Department of Commerce figures.

Jewelry sales rose slightly, while watch sales dipped, as consumers opted for higher-priced items, but bought fewer of them.

In February overall sales increased by just 0.2 per cent and in January they fell by 1.0 per cent

The US government’s BEA (Bureau of Economic Analysis) reported a 0.7 per cent increase in consumer spending in March, the biggest increase for two years, but said it was largely driven by a rush to buy cars before US reciprocal tariffs forced prices up.

Watch and jewelry sales have been characterized by very modest increases in recent months, following on from a year of sustained growth – 10 per cent or more in some months – as shown below.

Reciprocal US tariffs – announced in April, then paused until July – will almost certainly hit sales, as producers forced to either absorb the costs or pass them on to consumers.

Source: IDEX

De Beers Boss Says Trump’s Diamond Tariffs Do Nothing for U.S. Jobs

The diamond world is facing fresh turbulence following the U.S. government’s decision to impose tariffs on imported diamonds — a move that De Beers CEO Al Cook says does nothing to support American jobs or the economy.

In an exclusive interview with the Financial Times, Cook made it clear: “There are no U.S. diamond mining jobs to protect.” He stressed that these tariffs don’t create employment or benefit the domestic industry — instead, they act as a consumption tax that ultimately punishes the American public.

A Tax on Love, Not a Boost to Industry
The U.S. remains the largest market for diamond jewellery, accounting for about half of global demand, yet it has no significant commercial diamond mining of its own. Every diamond on American soil has been imported — meaning the 10% blanket tariff on all imports, introduced by President Donald Trump, hits the diamond trade especially hard.

Unlike many raw materials that were exempt from the tariffs, diamonds were left out, intensifying the impact on a sector already grappling with declining demand and competition from synthetic alternatives.

According to Cook, the result has been immediate: the trade in natural diamonds briefly ground to a halt. The World Diamond Council echoed his warning, stating that $117 billion in annual revenue and over 200,000 U.S. jewellery jobs could be at risk if diamonds aren’t removed from the tariff list.

“Tariffs on diamonds are not protecting American industry,” Cook emphasised. “They’re just increasing the cost of engagement rings, anniversary gifts, and other sentimental purchases.”

Global Trade Routes Disrupted
What makes diamonds unique is their complex, high-value supply chain. They’re small, easy to transport, and often pass through multiple countries — from mines in Botswana and Angola, to polishing hubs in India, and finally into U.S. jewellery stores. Tariffs disrupt that finely tuned system.

This comes at a particularly sensitive moment for De Beers, as parent company Anglo American prepares for a sale or initial public offering (IPO) of the diamond giant. Despite industry challenges, De Beers is pushing ahead with IPO plans that could launch by early next year.

But the company is feeling the pain too: first-quarter revenue dropped 44% year-on-year to $520 million, reflecting both lower prices and reduced demand. Anglo American has also written down De Beers’ value by $4.5 billion over the past two years.

Hope on the Horizon?
Still, Cook remains optimistic. He believes that over time, U.S. tariffs on diamonds will be lifted. The American government has already granted tariff exemptions for items like smartphones and car components, and Cook is confident natural resources like diamonds will follow suit.

Adding to that optimism are positive developments in U.S.–India trade talks. India polishes over 90% of the world’s diamonds, making it a key link in the supply chain. A favourable trade agreement between Washington and New Delhi could ease the pressure and offer the diamond sector a much-needed reprieve.

In the end, the message from De Beers is clear: Tariffs on diamonds don’t help American workers or industry — they just make life more expensive for consumers. As negotiations progress and the global market adjusts, the diamond world will be watching closely to see whether policymakers come to the same conclusion.

De Beers Sale on Right Track, says Botswana Vice President

Botswana’s vice president says he’s confident that a new buyer will be found for De Beers by the end of the year – and he hinted that the government could substantially increase its own stake, currently 15 per cent.

Ndaba Gaolathe (pictured) said there were countries, funds and companies that all had a “deep interest” in acquiring the 85 per cent share being offered by Anglo American, and he said he was confident they were “on the right track”.

The UK-based miner is selling off De Beers, its diamond division, together with other assets, to focus on copper, its most profitable activity.

Anglo has written down the value of De Beers twice in just over a year, as sales slump and the company descends from profit to loss. It is now valued at $4.1bn, a fraction of the value when Anglo acquired overall control of the company in 2012.

Gaolathe, quoted by Bloomberg News yesterday (30 April) after an interview in Washington, USA, said the Botswana government could increase it take in De Beers (currently 15 per cent) to as much as 50 per cent.

Anglo is seeking to a sale or IPO of De Beers by the end of this year.

Source: IDEX