News

Hundreds of Layoffs at Loss-Making Ekati

Hundreds of workers have been laid off at the loss-making Ekati diamond mine, in Canada’s Northwest Territories, as owners Burgundy say falling prices have made some of its operations “sub-economic”.

Open pit work at Point Lake kimberlite pipe has been suspended, although operations are continuing at the underground Misery mine 2km away.

Burgundy, the Australian miner that bought Ekati for $136m in 2023, said yesterday (Wednesday 16 July) that “several hundred employees and contractors” were affected, but did not provide an exact figure.

The company requested a trading halt on the Australian Securities Exchange ahead of the layoff announcement.

Workers reportedly learned of the job losses when rotation flights to the remote were cancelled on Wednesday morning – ahead of the actual announcement.

The job losses at Ekati follow layoffs elsewhere in diamond mining, notably the loss of several hundred more jobs at the state-owned Zimbabwe Consolidated Diamond Company (ZCDC).

Ekati, together with Canada’s two other mines – Diavik and Gahcho Kue – is facing the possibility of closure before the end of its lifetime because of dwindling prices. Diavik is due to close in 2029.

Diamond mining is key to NWT’s economy, representing over a quarter of its GDP, but miners have been hit hard by the downturn. Diavik mine lost CAD 127m (USD 94.6m) in 2024.

Source: IDEX

Signet Slips in NRF Retail Rankings

Signet slipped from 67th to 69th place in the NRF’s annual rankings of the biggest grossing retailers in the US.

Sales shrank by 5 per cent, down to $6.21bn, according to National Retail Federation figures released last Thursday (10 July).

Signet, the world’s largest retailer of diamond jewelry, which includes Kay Jewelers, Zales, Jared and Banter by Piercing Pagoda, peaked in 56th position in 2023.

In 2020, when the Covid pandemic hit, it was 98th, in 2021 it was 78th and in 2022 it was 66th.

Walmart tops the 2025 NRF list, as it has done without exception since the 1990s, with US retail sales of $568.70 bn, representing a year-on-year sales growth of 7 per cent.

Amazon is second ($273.66bn, 9 per cent growth) and Costco is third ($273.66bn, 4 per cent growth).

The list, compiled by data, research, and analytics company Kantar, presents “a picture of ongoing, steady trends and few real surprises,” said NRF.

“In the midst of economic and political uncertainty, perhaps there’s some comfort in a ‘relatively static’ retail environment.”

In a separate ranking, National Jeweler magazine’s annual State of the Majors report published in May, Signet remained the biggest-grossing jeweler in North America.

Sales slipped from $6.7bn in 2023 to $6.3bn, according to figures obtained by National Jeweler. Watch and jewelry sales at second-placed Walmart were down slightly from $3.58bn to $3.52bn.

Source: IDEX

IGI Stands by 4Cs Grading for Lab Growns

IGI says it has no plans to stop grading lab growns for color and clarity.

Its announcement yesterday (14 July) comes weeks after its biggest rival, GIA, said it would start grading lab growns simply as “standard” or “premium”.

IGI (International Gemological Institute) started lab grown grading in 2005 and says it will carry on applying the 4Cs “to prevent industry and consumer confusion”.

The move, detailed in a press release headlined “IGI Reaffirms Commitment to 4Cs Grading for all Diamonds,” puts clear blue sky between it and GIA.

More than half the diamonds graded by IGI are now lab growns – 54 per cent according to its latest financial update. Meanwhile, the vast majority of GIA’s business is in grading natural stones.

In its statement IGI said: “This affirmation (that it will continue applying the universal 4Cs grading to all diamonds, whether natural or lab-grown) comes as many in the industry grapple with the unprecedented shift by others to a different, diluted scale for lab grown diamonds sent to their locations.”

Last month GIA, which started grading lab growns in 2006, said it would no longer score them for color or clarity because the vast majority fall into such a narrow range that the nomenclature is no longer relevant.

Source: IDEX

Retailer Buys Canadian Diamond Project

Arctic Blue shows a fluorescent diamond under UV light.

Canadian retailer Arctic Blue has bought a controlling interest in the WO Diamond Project, in Northwest Territories, where explorations are at an advanced stage.

Arctic Blue Diamonds Ltd, a private diamond company that specializes in the rare blue fluorescent diamonds, says it operations at the mine could involve the use underwater remote mining (URM) technology.

It said had acquired an 89.7 per cent interest in the WO Diamond Project, primarily from Peregrine Diamonds, a subsidiary of De Beers Canada, for an undisclosed sum.

The”WO” in the WO Diamond Project stands for “West of”, as in west of the Ekati diamond mine (owned by Australia-based Burgundy Diamond Mines).

The WO Project, currently on care and maintenance, encompasses eight mining leases covering 5,815 hectares located about 11km off the seasonal ice road, 23km from the Diavik diamond mine and 53km from the Ekati diamond mine.

It hosts DO27, one of the largest diamond-bearing kimberlite pipes in Canada, with an indicated mineral resource of 18.2m carats. It has a surface area of about 9 hectares and lies below a shallow lake.

Based on independent rough diamond price indices, the average prices for DO27 diamonds are projected at $90 – $100 per carat.

“The extremely soft nature of the DO27 ore also opens the potential for the deployment of Underwater Remote Mining (URM) technology,” said Arctic Blue executive chair Patrick Evans.

He said it offered exceptionally low capital and operating cost opportunities, and was the most sustainable form of mining, with minimal impact on the environment.

Source: IDEX

Fluorescence

Fluorescence in Diamonds: What It Is and How It Affects Your Diamond
Fluorescence in diamonds refers to the glow that a diamond emits when exposed to ultraviolet (UV) light. When a diamond has fluorescence, it can show a blueish glow (or, in rare cases, other colours) under UV light. This phenomenon is due to the presence of trace elements, typically boron or nitrogen, in the diamond’s crystal structure.

How Fluorescence Works in Diamonds
Ultraviolet Light Exposure:

Fluorescence occurs when a diamond is exposed to UV light—such as sunlight, certain types of lamps, or black lights—which excites the molecules in the diamond and causes them to emit visible light in a blue hue.
Intensity of Fluorescence:

The level of fluorescence can range from none to very strong. This is graded as follows:
None: No fluorescence under UV light.
Faint: The diamond shows a very slight fluorescence.
Medium: Noticeable fluorescence, but not very strong.
Strong: The diamond emits a noticeable glow when exposed to UV light.
Very Strong: The diamond gives off an intense glow in UV light.
Color of Fluorescence:

Graff’s 129-ct Psychedelic Tribute to 1963

Graff has unveiled a high jewelry suite – a necklace, bracelet, and earrings – crafted from 7,790 diamonds, with a total weight of 129 carats.

It is called 1963 and went on display last week at Paris Haute Couture Week.

It is described as a “bold tribute to the decade in which the House of Graff was founded” (although Graff’s own website says it was actually founded in 1960).

The pieces showcase concentric oval patterns of oval, baguette, and round stones, recalling the psychedelic art and fashion of the decade.

“This is one of the most intricate and technically challenging high jewellery suites we have ever created, embodying our pursuit of absolute beauty and perfection,” said Francois Graff, CEO of Graff Diamonds and son of Laurence (now retired, aged 87).

Source: IDEX

Alrosa Starts Mining at New Kimberlite Pipe

Alrosa has started operations at additional kimberlite pipe at its Lomonosov deposit, one of the largest diamond mines in Russia.

The state-run miner said on Tuesday (8 July) that the Karpinsky-2 pipe, one of six at Lomonosov, held more than 40m tonnes of diamond bearing ore.

Its subsidiary, Severalmaz, already mines two other pipes at the site in Arkhangelsk, northwestern Russia – Arkhangelskaya and Karpinsky-1 – and is now mining Karpinsky-2.

Alrosa, currently sanctioned by the G7 nations, said in March that it was suspending production at four low-margin mines – Zapolyarny, Magnitny, Khara-Mas and Ochuos – because of a “deep crisis” in the industry.

It is also selling a large proportion of its output to Gokhran, the state repository of precious metals and gemstones.

Gokhran has historically functioned as a buffer, stockpiling diamonds during market downturns and selling them back when demand recovers, for example, during the 2009 financial crisis.

Source: IDEX

$17m Diamond Heist, Namdia Criticized over New Security

A Namibian member of parliament has criticized security arrangements made at Namib Desert Diamonds (Namdia), following a $17m armed raid in January.

Job Amupanda claims the state-owned diamond marketing company subsequently appointed an unqualified security consultant, and hired his son to install a new security system.

Namdia said in a statement that it had “taken note of recent social media posts containing unsubstantiated allegations,” but did not categorically deny all claims.

Amupanda, an opposition MP known for actively challenging state-owned enterprises, is also asking why Namdia’s was using Neldan, an Angola-based security company, at the time of the raid.

And he has voiced doubts over the adequacy of Namdia’s security upgrades after the heist.

In a post on X (formerly Twitter) that has been viewed 25,000 times, he said Namdia “brought in a guy as a security consultant, who doesn’t have any qualifications and without following procurement procedures.

“He also doesn’t have a job description. He had his son install a security system.”

Aside from Amupanda’s criticisms, the police warned Namdia of a possible imminent heist before it happened, and advised the company to be vigilant and upgrade security.

Francis “Gosh” Eiseb, aged 57, a senior security supervisor at Namdia, was killed during the heist.

Six suspects, three from the same family – George, Charmaine and Bino Cloete – have since been arrested in connection with the raid.

A relative of the Cloetes – a security guard believed to have taken the diamonds at the scene – remains at large.

Namdia’s CEO, chief operations officer, and security manager remain suspended pending the outcome of an investigation.

In a media statement Namdia said it had implemented critical security upgrades, but said it couldn’t provide details.

It accepted, as Amupanda claimed, that it bypassed procurement procedures, but said it was allowed to do in critical situations.

Namdia also said it had appointed a new security consultant, but gave no details of his qualifications or suitability.

“Prior to this appointment, security services had been provided by Neldan, a Namibian-registered company with operations in several countries, including Angola,” it said. “That contract, however, had come to its natural conclusion.”

Source: IDEX

Tariffs Turmoil: India Edging Towards Last-Minute US Deal

India today appeared to be edging towards a last-minute “mini trade deal” that could see the US back down on its proposed 27 per cent reciprocal tariffs.

President Donald Trump said earlier today on Tuesday said that the US was was “close to making a deal with India,” with just hours left before the deadline at 12.01am EST on Wednesday 9 July.

Such a deal would come as a huge relief for the country’s diamond industry, which has been largely paralyzed by three months of uncertainty since President Donald Trump made his “Liberation Day” speech on 2 April.

A deal between the two countries would be limited in scope, according to reports, but would likely cover diamonds.

It could include a partial rollback of reciprocal tariffs imposed by the US earlier this year, but the 10 per cent baseline tariff on most goods is expected to remain.

If no deal is reached, the tariffs will automatically take effect from 1 August.

So far only the UK and Vietnam have managed to reach a full deal – and China a partial deal – ahead of the 9 July deadline.

Source: IDEX

Surat Trade Show Moves to Smaller Venue

The Carats 2025 trade show is switching to a smaller venue amid the ongoing diamond industry downturn.

The three-day B2B event, organized by the Surat Diamond Association (SDA), will take place at Avadh Utopia lifestyle club and hotel, in Surat, rather than the 1.5m sq ft Surat International Exhibition and Convention Centre (SIECC) where it has been held previously.

Only 73 exhibitors have registered for the event, which opens on 11 July, according to Times of India, compared to 118 last year.

Organizers said the move was in response to participants’ preferences, rather than lower exhibitor numbers. Many diamond manufacturers expressed a preference for a venue with hotel facilities.

SDA says in an Instagram post that it’s expecting over 7,000 visitors and over 200 buyers. In 2024 it reported 10,000 visitors.

“This milestone attendance underscores the exhibition’s position as a leading platform for showcasing innovation and excellence in diamond industry,” said SDA Jagdishbhai Khunt at the time.

Source: Idex

Lab Growns: France Rejects Call to Drop “Synthetic” Label

The French government is standing by its legal requirement that lab grown diamonds carry a “synthetic” label.

Its finance ministry rejected a renewed call, presented by member of parliament Olivia Gregoire (pictured) on behalf of the lab grown lobby.

Gregoire, minister delegate for small and medium-sized enterprises, trade, crafts, and tourism, sought a review of the mandatory label “synthetic diamond,” arguing that the term might unfairly stigmatize lab grown diamonds.

The ministry responded last week, saying it stands by a policy that has been in place since January 2002, designed to prevent consumer confusion and to ensure transparency in the diamond market.

The decision was welcomed by the natural diamond lobby as a victory. The lab grown sector expressed disappointment but acknowledged that the ruling provides regulatory clarity.

Under French law, lab grown diamonds can only be referred to as “diamant de synthese” or “synthetique” – “synthetic diamond” or “synthetic”.

The terms “diamant de laboratoire” and “diamant de culture” – “laboratory diamond” and “cultivated diamond” – are banned.

The rule on synthetics was also challenged, unsuccessfully, in October 2023. French retailers must designate as “synthetic” any stones that were entirely or partly man-made.

The term “laboratory diamond” can only be used for sales and advertising outside France.

Source: IDEX