engagement ring

Lucara Recovers Rare 37-Carat Pink Diamond from Karowe

Lucara Diamond Corp. has announced the recovery of a rare and unusual pink diamond from its Karowe mine in Botswana.

The 37.42-carat stone, classified as a Type IIa, was unearthed in August and is described as near-gem quality with a distinctive bicoloured appearance. While the majority of the diamond displays an intense pink hue, part of the stone appears partially colourless an exceptionally rare feature.

HB Antwerp, Lucara’s cutting and technology partner, described the discovery as “a rare and remarkable find.” Oded Mansori, co-founder of HB Antwerp, noted:
“This stone has the potential to become one of the most important pink diamonds ever polished. Its intensely rich coloration is a testament to the geological uniqueness of the Karowe mine, and our expertise in the manufacturing process will ensure its vibrant colour is maximised.”

The recovery underscores Karowe’s reputation as a consistent source of exceptional diamonds. Also in August, Lucara recovered a 1,019.85-carat non-gem-quality diamond, the third stone of more than 1,000 carats to be found at Karowe in 2025. This brings the total number of diamonds over 1,000 carats from the mine to nine.

Both diamonds were recovered from the EM/PK(S) section of the deposit using Lucara’s Mega Diamond Recovery (MDR) unit, an advanced X-ray transmission system installed in 2017 to identify and preserve large stones. The MDR is credited with detecting several of Karowe’s most significant recoveries, including the 2,492-carat diamond discovered in August 2024—the second-largest rough diamond ever found.

Meanwhile, Lucara has announced a $10 million drawdown from its $63 million standby loan facility with Nemesia, its largest shareholder, to address short-term funding needs for the Karowe underground expansion project. The $683 million project, now scheduled for completion in the first half of 2028, is expected to extend the mine’s life to at least 2040.

Lucara President and CEO William Lamb said the arrangement reflects the company’s commitment to financial prudence while advancing the underground project.
“This funding mechanism demonstrates the continued confidence and support of our major shareholders in Lucara’s long-term strategy and in the exceptional value potential of the Karowe mine, including the ongoing recovery of some of the world’s most significant diamonds.”

Sotheby’s to Sell 31.86 carat Pink Diamond in Abu Dhabi

Sotheby’s is to offer for sale the largest fancy vivid orangy pink diamond ever graded, at a debut event in Abu Dhabi in December.

The pear-shaped gem, known as the Desert Rose, weighs 31.86 carats and is expected to fetch $5m to $7m.

It is the jewelry highlight of Sotheby’s inaugural Abu Dhabi Collectors’ Week of exhibitions, sales, masterclasses and panel discussions.

The Desert Rose is part of a single-owner collection of watches and jewelry, including vintage and contemporary signed pieces, that is estimated to raise more than $20m in total.

Among the watch highlights is an exceptionally rare Rolex “Oyster Albino” Daytona, reference 6263, produced in the late 1960s and early 1970s, with an estimate of $500,000 to $1m.

Abu Dhabi Collectors’ Week takes place from 2 – 5 December on Saadiyat Island, just off the Abu Dhabi coast.

It coincides with the Abu Dhabi Grand Prix and features auctions of collector cars, real estate, and international fine art exhibitions.

Source: IDEX

Lab Grown Diamond Market to Hit $44bn

The global lab grown diamond market will grow 60 per cent in the next seven years, from $27.7bn this year to $44.5bn in 2032, according to India-based Coherent Market Insights (CMI).

That represents a compound annual growth rate (CAGR) of 7 per cent annually. It did not provide comparable figures for the natural diamond market, although growth there is expected to be considerably slower.

The CMI report identifies North America as the current market leader, expected to capture roughly 40% of global demand in 2025.

However, it says the Asia-Pacific region, which currently accounts for 40 per cent of lab grown sales, is projected to experience the fastest growth, driven by rapid industrialization and increasing disposable incomes.

China is the biggest producer – accounting for almost half of global production – but most is by HPHT, an older and less sophisticated system than CVD.

Source: IDEX

What Is a Diamond Culet?

The culet is the tiny facet at the very bottom of a diamond’s pavilion.

When looking closely at a diamond’s cut, one feature that often goes unnoticed is the culet. Though small, this detail plays a role in both the durability and the overall appearance of a stone.

Defining the Culet

The culet is the tiny facet at the very bottom of a diamond’s pavilion. Traditionally, it was cut to protect the fragile tip of the diamond from chipping or damage. In modern cutting, many diamonds are fashioned with either a very small culet or none at all, creating what appears to be a sharp point.

When viewed under magnification, a culet may look like a small circle in the centre of the diamond’s table (the flat top surface). Grading reports will often describe it using terms such as “None,” “Very Small,” “Small,” or “Medium.”

The Purpose of the Culet

Durability: The culet prevents the diamond’s pointed tip from breaking during setting or daily wear.

Light Performance: A well-proportioned culet has little to no effect on brilliance, but if the culet is too large, it can be visible through the table, appearing as a dark spot.

Aesthetic Tradition: Older cuts, such as Old European or Old Mine cuts, often feature larger culets, which are considered a hallmark of antique diamonds.

What if the Diamond Has No Point at the Bottom?

In modern cutting, some diamonds are designed without a defined point or traditional culet at the base. Instead of tapering to a sharp tip, the pavilion may finish with a flattened surface or an elongated structure.

This is sometimes informally described as a linear culet—a feature where the bottom of the stone forms a line or edge rather than a point.

Linear Culet – Not Standard Terminology

It’s important to note that “linear culet” is not a recognised term in official diamond grading systems. Laboratories such as GIA (Gemological Institute of America) or DCLA (Diamond Certification Laboratory of Australia) will not use this terminology on grading reports. Instead, they simply describe the culet as “None,” “Pointed,” or with size descriptors.

However, for a novice jeweller and clients, the term linear culet can be a helpful way of communicating what the eye perceives — especially in cases where the diamond clearly does not come to a point. Using this descriptive language provides clarity in conversation, even if it doesn’t appear on formal certificates.

Conclusion

The culet may be one of the smallest aspects of a diamond, but it reflects both the stone’s cutting tradition and the cutter’s intention to balance brilliance with durability. Whether pointed, open, or even described informally as linear, the culet is a fascinating detail that connects modern diamonds with centuries of cutting history.

GIA to Ditch 4Cs Lab Grown Grading from October

GIA says the switch to grading lab grown diamonds simply as “premium” or “standard” will take on 1 October.

The lab announced an end to full 4Cs color and clarity reports in June, but did not say at the time when the change would take effect.

In a statement yesterday (26 August) it also laid out the criteria it will use to distinguish Premium lab growns from Standard. Diamond that don’t meet all the minimum criteria for Standard will not receive a GIA assessment.

Premium diamonds must meet all these criteria:

Clarity – Very, Very Slightly included and higher
Color – D
Polish, symmetry – Excellent
Cut grade – Excellent (round brilliant cut diamonds only)

Standard diamonds must meet all these criteria:

Clarity – Very Slightly included
Color – E-to-J
Polish – Very Good
Symmetry – Very Good (or Good for fancy shapes)
Cut grade – Very Good (round brilliant cut diamonds only)

GIA will charge $15 per carat, with a minimum fee of $15. Evaluation fee for diamonds below the minimum criteria is $15.

“Using descriptive terms for the quality of laboratory-grown diamonds is appropriate as most fall into a very narrow range of color and clarity,” said Pritesh Patel, GIA president and CEO.

“Because of that, GIA will no longer use the nomenclature created for natural diamonds to describe what is a manufactured product.”

Meanwhile rival lab IGI (International Gemological Institute) insists it will carry on with 4Cs grading for lab growns “to prevent industry and consumer confusion”.

Source: IDEX

Gemfields Recovers its Biggest Ever Emerald

Gemfields has recovered a huge 11,685-carat (2.3kg) emerald – the biggest from its Kagem mine, Zambia, and possibly the biggest in the world.

The gemstone, called Imboo (the ‘buffalo’ in the local Bemba and Lamba dialects), eclipses the 7,525-carat Chipembele (the ‘rhino’), which was recovered at Kagem in July 2021, and which was recognized by Guinness World Records in April 2022 as the largest uncut emerald crystal recovered from a mine.

In January 2025, Almighty Gems in Coimbatore, India, displayed what it described as a record-breaking single emerald stone weighing 53,750 carats. But it has yet to be officially verified by an independent authority.

The newly-recovered Imboo emerald is being offered for sale at the Gemfields auction in Bangkok which runs until 11 September.

Jackson Mtonga, grading manager at the Kagem sort house, said: “In my 30 years at Kagem, I’ve rarely seen such a remarkable formation of large, high-quality crystals. This is a true masterpiece carved by nature’s hand.”

Imboo was discovered at Kagem’s Chama pit on 3 August by geologist Dharanidhar Seth, and Justin Banda, a veteran chiseller.

Source: IDEX

Michael Hill Revenue Flat in Challenging Market

Australia-based jewelry retailer Michael Hill International says revenue for FY 2025 – the year to 29 June 2025 – was broadly flat compared with the previous year, down 0.2 per cent to AUD 643.7m (USD 431.3m).

Trading conditions remained challenging, it said, with the addition of volatile gold and diamond prices and US tariffs.

However group sales for the first seven weeks of FY 2026 were up 3.0 per cent year-on-year, and same store sales were up 3.2 per cent.

The company has 287 stores (down from 300 last year) in Australia, New Zealand and Canada, including low-price retailer Bevilles, Medley, and its new luxury business TenSevenSeven.

“Global economic uncertainty and challenging retail trading conditions persisted across all markets, with full year sales, gross margin and earnings broadly in line with prior year,” the company said in its Full Year Results, published yesterday (25 August).

Michael Hill chair Rob Fyfe paid tribute to CEO Daniel Bracken, aged 57, who died suddenly in February, and to founder Sir Michael Hill who died of cancer, aged 86, in July.

Source: IDEX

Will Taylor Swift’s Engagement Ring Spark a Revival of Old Mine Cut Diamonds?

Taylor Swift and Travis Kelce’s engagement has captured global attention but it’s the diamond on Swift’s finger that has the jewellery world talking. The ring, created by Kindred Lubeck of Artifex Fine Jewelry, showcases what appears to be an old mine cut diamond, set in a delicate yellow gold bezel band. Its vintage charm, impressive size, and famous wearer have already made it one of the most talked-about engagement rings of the year.

What Makes Old Mine Cut Diamonds Special?

Old mine cuts are antique diamonds, hand-cut in the 18th and 19th centuries, before modern technology standardised proportions. Each one is truly unique, known for:

Chunky facets that give off a soft, romantic sparkle.

A high crown and small table, creating depth and character.

An open culet, a tiny facet at the bottom that adds to its antique charm.

Unlike today’s round brilliants, no two old mine cuts are ever the same—making them a perfect choice for those who want something one-of-a-kind.

The Value of Swift’s Diamond

Experts estimate Taylor’s diamond to be between 8 and 15 carats, with valuations ranging anywhere from USD $400,000 to over $1 million depending on its exact specifications. While few engagement ring budgets stretch quite that far, her choice highlights a rising trend: a return to antique and vintage stones.

Why Are Couples Choosing Antique Cuts?

In recent years, there’s been a growing interest in diamonds with personality and heritage. With the rise of lab-grown diamonds offering affordability and size, many buyers are instead turning to antique stones for uniqueness and history. As one jeweller put it: “Antique stones offer character you simply can’t replicate.”

A Timeless Trend

Taylor Swift’s engagement ring has brought the old mine cut back into the spotlight, and for many couples, it’s a reminder that engagement rings don’t have to follow the latest modern style. Choosing an antique cut is about more than sparkle—it’s about individuality, history, and wearing a diamond with a story.

At the Diamond Certification Laboratory of Australia (DCLA), we see growing demand for antique diamonds, and we understand why. They’re rare, distinctive, and timeless—just like the love stories they represent.

Global Diamond Market Turmoil: Botswana Declares Health Emergency, India Faces Tariff Shock, Zimbabwe Strengthens Ties with India

The volatility in the global diamond industry is beginning to have severe humanitarian and economic consequences across producer and manufacturing nations. Recent developments highlight the fragility of economies that rely heavily on diamonds, and the urgent need for market stability.

Botswana: Diamond Slump Triggers Public Health Emergency

Botswana, the world’s leading diamond producer by value, has declared a public health emergency after revenues from diamond sales halved in 2024. Production is expected to fall by at least 25 per cent this year, leaving the government with severe financial shortfalls.

Earlier today (25 August), President Duma Boko announced the emergency, citing a critical shortage of essential medicines. To address the crisis, 5 billion pula (USD 348m) has been reallocated from other government funds, while the state-owned Botswana Development Corporation has pledged 100 million pula (USD 7.3m). The president has also appealed to pension and insurance funds for support.

The military has been mobilised to distribute urgently needed medical supplies to rural areas. The Ministry of Health has identified shortages in medicines for hypertension, cancers, diabetes, asthma, eye conditions, tuberculosis, sexual and reproductive health, and mental health.

Although President Boko has referred to “market challenges” in official statements, local and international media have directly linked the crisis to collapsing diamond revenues, underlining the nation’s heavy dependence on the industry.

India: Tariffs Threaten 150,000 Diamond Jobs

In India, which processes the vast majority of the world’s diamonds, the industry faces a fresh crisis as the United States prepares to double tariffs on polished stones from 25 per cent to 50 per cent on 27 August.

The Diamond Workers Union Gujarat (DWUG), which represents a large section of Surat’s workforce, has warned Prime Minister Narendra Modi that the tariff hike could wipe out 150,000 to 200,000 jobs – nearly a fifth of India’s diamond workforce.

DWUG is urging the government to revive the Ratnadeep Scheme, originally introduced in 2008–09 during the global financial crisis. The scheme provided retraining opportunities and a daily stipend for unemployed diamond workers.

The union has also raised alarm over rising distress among workers, noting that at least 80 unemployed diamantaires have taken their lives in the last two years.

Zimbabwe: Building Closer Trade Links with India

While Botswana and India face mounting pressures, Zimbabwe is positioning itself to deepen diamond trade relations with India.

Vice President Constantino Chiwenga recently visited Surat to explore direct trade agreements that would bypass intermediaries. He also invited Indian investors to consider joint ventures in Zimbabwe’s mineral processing and industrial sectors.

With US tariffs on Zimbabwean diamonds set at 15 per cent – compared to India’s new 50 per cent rate – Zimbabwe sees an opportunity to attract Indian buyers and investors.

During the visit, Chiwenga met with leaders of Hari Krishna Exports to discuss partnerships aimed at moving Zimbabwe further up the value chain, from rough exports to local cutting, polishing, and manufacturing. Such developments could create significant employment opportunities, build local expertise, and reduce poverty in diamond-producing communities.

The Bigger Picture

These three stories highlight the immense global impact of diamond market fluctuations. For producer nations like Botswana and Zimbabwe, as well as manufacturing hubs like India, the stakes are not merely financial – they are deeply social and humanitarian.

The current instability underscores the importance of transparent, sustainable, and diversified diamond economies, alongside stronger international collaboration, to secure both industry resilience and the livelihoods of millions who depend on it.

De Beers and Blockchain: Revolutionising Diamond Tracking – But What About the Other 95%?

The diamond industry has long sought to improve transparency and accountability in how stones are tracked from mine to market. Historically, this relied on paper certificates and manual verification, which were open to forgery, loss, or human error. In recent years, blockchain technology has been introduced as a potential game-changer, offering an immutable digital record of a diamond’s provenance.

From Certificates to Blockchain

Where traditional certificates only provided a snapshot at one point in time, blockchain creates a permanent digital ledger that records every transaction across the supply chain. By using cryptography and decentralisation, platforms like De Beers’ Tracr system provide real-time verification and an unbroken chain of custody for participating diamonds.

For newly mined stones, this represents an important step forward in consumer confidence. Every registered diamond receives a unique digital identity, effectively becoming a “digital twin” of the physical gem. As the diamond travels through cutting, polishing, wholesale, and retail, each transfer is logged and verifiable.

The Limitation: 95% of Diamonds Already in Public Hands

However, while blockchain provides strong assurances for newly mined diamonds, it is important to recognise its limits. More than 95% of all natural diamonds ever mined are already in private hands in jewellery, collections, and across secondary markets. These stones, already in circulation, were never registered on blockchain platforms and therefore cannot be retrospectively traced using this technology.

This means the vast majority of diamonds in existence today remain outside blockchain systems. While blockchain strengthens transparency for future production, it does not solve the challenges of verifying provenance for the overwhelming supply of diamonds already circulating globally.

Why This Matters for Consumers

For buyers and sellers in the secondary market, blockchain is not yet a universal solution. Laboratory expertise remains essential in verifying authenticity, grading, and ensuring consumer protection. At DCLA, as the official CIBJO laboratory for Australia, we recognise the critical role of independent certification. Accurate grading and unbiased reporting remain the foundation of consumer trust particularly for stones not captured by blockchain.

The Future of Diamond Transparency

De Beers’ blockchain initiative is a milestone that may eventually become standard practice across the industry. It addresses many historical weaknesses in tracking systems and aligns with modern consumer demand for ethical sourcing. But for now, blockchain is only part of the answer. The larger challenge remains: how to ensure transparency and trust for the diamonds already in circulation, which make up the majority of the world’s natural supply.

At DCLA, we believe blockchain should be seen as a complementary tool not a replacement for independent laboratory grading and certification. Only by combining robust science with innovative digital systems can the diamond industry achieve true transparency.