News – Page 2

Future of natural diamonds depends on industry unity – WFDB

World Federation of Diamond Bourses (WFDB) president Yoram Dvash has raised concern about the “meteoric” rise in the penetration of synthetic diamonds into the market, which he believes threatens the value and future of the natural diamond.

He explains that synthetic diamonds started as a marginal phenomenon but has become an unprecedented flood. In less than a decade, lab-grown diamonds have grown to comprise 20% of global jewellery sales.

In the US, which Dvash deems the world’s most important jewellery market, most new engagement rings now include synthetic diamonds, owing to their falling prices and the difficulty to distinguish them from natural diamonds.

For Dvash, this trend is not just about displaced natural diamond sales but changes in values and culture. “It is about the loss of the sense of intrinsic worth, wonder and uniqueness that have underpinned the natural diamond for generations,” he says.

He urges all key players in the industry to make a concerted effort on a global scale to restore the natural diamond to centre stage.

Dvash says he is encouraged about the industry recognising the importance of working together to raise the image of the natural diamond, as demonstrated at the WFDB’s President’s Meeting in June.

He mentions that during the event speeches, panels and private conversations, mining companies, international organisations, retailers and diamond exchanges all expressed a willingness to invest more effort and resources to encourage natural diamond consumption.

Some of the commitments made by natural diamond industry members include signing the Luanda Accord, De Beers committing to invest in raising the desirability of natural diamonds through educational and marketing campaigns, and the Natural Diamond Council (NDC) establishing a new educational website to enable jewellery salespeople to be better informed to communicate the unique value of natural diamonds to customers.

The Luanda Accord was signed following the WFDB President’s Meeting by African diamond-producing countries and industry stakeholders. It involves an agreement to pool resources and boost global marketing efforts for natural diamonds.

All parties to the accord have agreed to contribute 1% of their rough diamond sales revenue to a fund managed by the NDC.

The WFDB itself launched a campaign using original videos to promote the emotional significance of natural diamonds.

Dvash expresses gratitude at the industry coming together at this important juncture, especially to uphold natural diamonds as a symbol, not just a product. “Its future depends on our unity,” he concludes.

Source: miningweekly

Thousands of Swiss Watchmakers’ Jobs at Risk

Thousands of Swiss watchmakers are facing an uncertain future from 1 August, when the state-funded furlough program comes to an end.

Employers will have to find a way to pay their salary, or let them go.

The furlough scheme, widely used during the Covid pandemic, was never intended to meet such long-term needs as the ongoing decline in demand for luxury watches.

The industry has been relying heavily on support from the government, which has until now covered 80 per cent of furloughed workers’ salaries.

But a decline in global demand since the second half of 2023 shows little sign of recovery.

Smaller and mid-market brands are feeling the squeeze more than large, high-end brands such as Rolex, Patek Philippe, and may be forced to lay off staff.

Watchmakers avoid permanent job losses wherever possible, because of the difficulties in recruiting skilled workers when demand picks up.

Many watchmaking companies have put workers on short-time working even if they have been able to avoid temporary retrenchments.

Swiss watch exports were down 2.8 per cent by value in 2024, according to the Federation of the Swiss Watch Industry, with sales in China down by almost 26 per cent.

Last September we reported that Girard-Perregaux and Ulysse Nardin, (sold off by the Kering Group), had put 15 per cent of their workforce on short-time working and that 40 companies – mostly tool, machinery or component suppliers – applied for permission to cut their workers’ hours in Jura, one of Switzerland’s 26 cantons.

Source: IDEX

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