LVMH’s watch and jewelry maisons saw organic growth of 2 per cent in Q3 2025, driven by Tiffany & Co. and Bulgari, the company said in an update published yesterday.
It follows two consecutive quarters of zero growth for the sector.
Overall, the French luxury conglomerate reported quarterly organic growth of 1 per cent (up to EUR 18.3bn) across its 75 maisons, led by fashion and leather goods. In Q1 it fell by 3 per cent and in Q2 by 4 per cent.
Total revenue for the watch and jewelry sector was EUR 2.3bn for the quarter, and EUR 7.4bn for the first nine months of 2025.
LVMH, which owns Bvlgari, Tiffany & Co., Chaumet, Fred, Repossi, TAG Heuer, Hublot and Zenith, does not provide figures on a brand-by-brand basis.
It said Tiffany & Co had “continued the successful enhancement of its iconic lines and the global rollout of its store concept inspired by The Landmark in New York”. And it reported high levels of traffic and revenue at its new stores in Milan and Tokyo.
LVMH said sales across all sectors were down year-on-year in Japan and stable in Europe and the US and up in Asia.
The conglomerate “showed good resilience and maintained its powerful innovative momentum despite a disrupted geopolitical and economic environment,” it said.
Anglo American CEO Duncan Wanblad says the sale of De Beers will involve one or two shortlisted buyers alongside the government of Botswana, rather than the usual two-round selection process.
Wanblad (pictured) told the Financial Times Metals and Mining Summit (held in London and virtually): “This isn’t going to be the classical first round, second round sale process that you would ordinarily receive for businesses of this type.
“What we are planning to do is now move into the second round with one or two of the potential selected buyers that came through the first round with us and work with the government of Botswana in finalising an agreement that works not only for the potential buyers, but also for Botswana.”
Anglo is expected to raise $3bn to $4bn from the sale of its 85 per cent stake in the loss-making diamond miner. The remaining 15 per cent is owned by the government of Botswana, which wants to secure a majority holding, and to do so by the end of this month.
Angola’s state-owned mining company Endiama has submitted a fully financed offer for a minority stake, as part of a pan-African proposal, which would include Botswana, Namibia, and South Africa.
Former De Beers CEOs Bruce Cleaver and Gareth Penny are leading bidding consortia and there is speculation about interest from Qatari and other Gulf investors.
Botswana is seeking a greater interest in De Beers, and Angola is seeking an interest too. To the mind of diamond luminary Martyn Charles Marriott, this could be an opportunity to return to old strengths and disciplines.
In an article on the website of the International Diamond Manufacturers, Marriott cautions Botswana about going it alone and falling into the trap of yet again putting all its eggs into one basket.
Marriott notes that the current deal Botswana has with De Beers is fantastic in that 80% of mine profits go to Botswana – a level that far surpasses anything in the mining industry anywhere in the world.
Marriott expresses the view that the debate now under way about the future of De Beers presents an opportunity for a return to the discipline and control of the natural diamond market.
Many recall that the best economic viability of the diamond industry took place in the days when it had a stockpile and a quota approach, which kept supply and demand in crucial balance.
In addition, large sums were spent on unforgettable advertising campaigns and the entrenchment of the global diamond engagement ring tradition.
Collaboration is what gave diamonds their old strength; fragmentation is what is causing their current weakness.
Marriott recalls how collaboration led to flow of alluvial diamonds from West Africa being absorbed by the diamond buying offices that were created at source. In addition, Russia recognised the way in which the collaborative approach was good for everyone, from diamond miners through to diamond cutters, diamond traders, and diamond consumers.
It was Marriott, as the then manager of De Beers Dicor, who persuaded the government of Sierra Leone about the benefits of collaboration. This was ahead if his departure from De Beers, which coincided with the discovery of diamonds in Botswana, where he played a key consultancy role from 1970 to 1983.
It was then that Botswana was persuaded that the Central Selling Organisation system could uplift its economy – but with the caveat that the diamonds had to be properly sorted and valued, and production at Botswana’s Orapa was increased to a level that helped Botswana secure a favourable quota. It was also Marriott who initially proposed that the future development of the mines in Botswana should be by an equally shared 50/50 company.
For more than a dozen years, Marriott was a member of Botswana’s negotiating team with De Beers, which secured the very high level of profits that would accrue to the Botswana government from the development of its diamond mines. During the joint development of Jwaneng, he coordinated Botswana’s inputs into the project.
Interestingly, in 1980, even the Australians were persuaded about the merits of the Central Selling Organisation for the Argyle mine.
From 1985 through to the end of the century, Marriott was heavily involved in the restoration of the Angolan diamond industry, as consultant and valuer to Endiama, the article in on the website of International Diamond Manufacturers recalls.
In this instance, as production in Angola was then small, Marriott initially advocated sales by tender amid the build up a successful sales procedure that was eventually undermined by corruption.
The establishment of the Kimberley Process also came about with Marriott help, but unfortunately, in 1986, the diamond world began to disrupt. Argyle and De Beers ceased their cooperation. The Russians became increasingly independent, and Canadian mines opted to market their production separately.
Now synthetic diamonds are adding to the competition.
Meanwhile, Martyn’s two sons, Luke and Benjamin Marriott, are continuing worldwide valuing and have developed eValuer, a system of pricing and valuing diamonds.
“I relate all the above to demonstrate the experience that leads me to write this article concerning a possible future for the natural diamond industry based on cooperation between the African producers,” Marriott writes.
“I must admit that I found no enthusiasm for my ideas for African cooperation during my time working for the Government of Botswana. Moreover, at the end of my work there, I was at odds with its policy. I did not believe in the move towards local processing. I felt it unlikely that local establishments could compete with the industry as it stood, particularly the Indians. I preferred a sovereign wealth fund, further development of the cattle industry, tourism, and concentration on developing other industries. I felt that the pressure on De Beers for local processing could equally well be used on them and Anglo American to develop other industries.
“However, times change. Botswana is seeking a greater interest in De Beers, and Angola is seeking an interest too. To my mind, this could be an opportunity to return to old strengths and disciplines. Some sort of OPEC for diamonds that could provide a basis for the future,” Marriott proposes.
Two men have been arrested in India, accused of a sophisticated online fraud in which they obtained diamonds worth $542,000.
They and their accomplices allegedly posed as genuine US-based buyers on the RapNet trading platform.
They negotiated the purchase of diamonds from six traders in Surat, had the stones shipped, then disappeared without paying.
Police in Surat say they have arrested two men from the city – named as Nikunj Ambaliya and Mitul Goti – and are pursuing eight other suspects.
Officers were first alerted by trader Sanjay Goti, who sold a $90,000 diamond to man who identified himself as Arson Isaco.
Payment was due within seven days. But Goti became concerned when “Arson Isaco” made excuses, then switched off his phone and failed to pay.
Five other traders subsequently came forward with similar accounts, relating to six diamonds.
Goti said he’d contacted a number of diamond firms in Surat and had confirmed that a buyer of that name existed.
The accused men posed as employees of US diamond firms and took delivery of the diamonds in Dubai, Hong Kong, and Bangkok, said Karanraj Vaghela, of Surat police.
“After investigations, we arrested Nikunj Ambaliya and Mitul Goti, and identified Chetan Suthar and Anuj Shah as co-accused. These four, along with six others, conspired to cheat reputed diamond traders in an international diamond fraud.”
Sotheby’s sales of fine jewelry and watches in Paris raised over $10.9m (EUR 9.3m) last week – the best results for the twin events since 2018.
It was the fourth consecutive white glove sale – an auction in which no lot is left unsold – for fine watches, and nearly half the 269 jewelry lots exceeded their pre-auction high estimates.
Sotheby’s said the results demonstrated “continued strength in the market” and confirmed the strong and growing position of its jewelry department on the international stage.
Notable highlights included a 10.68 carat Kashmir sapphire and diamond ring that sold for $761,000 (EUR 698,500) – more than twice its high estimate -and a Burmese sapphire and diamond Cartier ring with an 18.25-carat sapphire that realized $609,000 (EUR 558,800).
Two lots sold for more than five times their high estimates a diamond pendant that fetched $45,400 / EUR 43,000 (estimate $6,300 to $8,400 / EUR 6,000 to 8,000) and a pair of deGrisogono black and white diamond earrings that sold for $40,000 / EUR 38,000 (estimate $5,300-$7,400 / EUR 5,000 to 7,000).
A Cartier yellow gold wristwatch with bracelet gifted to Joseph Losey, the American film and theater director, by his close friend Elizabeth Taylor and accompanied by an unsigned cigar box gifted by another friend the famous French actor Alain Delon, circa 1967, sold for $111,000 (EUR 95,250).
The Antwerp World Diamond Centre (AWDC) has publicly expressed frustration over the stalled $100m-plus global campaign to promote natural diamonds, agreed in Angola almost four months ago.
It says there is no time to waste in implementing the breakthrough Luanda Accord, in which African diamond producers pledged one per cent of their rough export sales to fund promotions by the Natural Diamond Council (NDC).
They call on producer nations, the NDC, and industry partners worldwide to take the next decisive step: to release the pledged funds, to activate the agreed framework, and to begin the campaign.
“Luanda was supposed to be the turning point,” say AWDC chairman Isi Morsel and vice chairman Ravi Bhansali (pictured) in a hard-hitting open letter published today (9 October). “It can still be – but only if we move from promises to action.
“The agreements are signed. The budgets are pledged. Yet implementation has stalled. The funds have not been transferred. The campaign has not begun. And the clock is ticking.”
The Luanda Accord, described as a potential turning point for the sector, aims to rebuild consumer trust and interest in natural diamonds over lab growns, by emphasizing their origin, authenticity, and community impact.
“We understand that bureaucratic processes take time,” say Morsel and Bhansali in their letter. “But time is exactly what we do not have. Every delay weakens the credibility of the commitment we all made together.
“Let us be clear: this is not about assigning blame. It is about living up to a collective commitment. We therefore urge all signatories to the Luanda Accord – producer nations, the Natural Diamond Council, and industry partners worldwide – to take the next decisive step: release the pledged funds, activate the agreed framework, and begin the campaign.”
Full text of the letter:
Luanda Was a Breakthrough. But Diamonds Can’t Wait Forever.
By Isi Morsel and Ravi Bhansali – Chairman and Vice Chairman, Antwerp World Diamond Centre (AWDC)
A few months ago in Luanda, something remarkable happened.
For the first time in decades, our industry stood united – producers, manufacturers, traders, and policymakers. Africa’s leading diamond nations. India’s powerful trade bodies. Belgium’s leadership. The UAE’s dynamic hub. We came together, and we signed.
The Luanda Accord was not just another declaration. It was a concrete commitment to act – to protect and promote the story of natural diamonds through a global, African led marketing initiative. Producer countries pledged to contribute 1% of their rough export revenues to a collective fund, exceeding $100 million, to be managed transparently by the Natural Diamond Council. The goal: to educate consumers, inspire the next generation, and clearly distinguish natural diamonds from synthetics.
That day in Luanda, there was real momentum. Real hope. For once, words were turning into action.
But today, four months later, that momentum is fading.
The agreements are signed. The budgets are pledged. Yet implementation has stalled.
The funds have not been transferred. The campaign has not begun. And the clock is ticking.
We are entering the most crucial season of the year – the global gifting season – when the world looks for symbols of love, authenticity, and permanence. If we don’t act now, we will miss this moment. And in our industry, missed moments don’t just mean lost sales – they mean lost livelihoods.
Because natural diamonds are not just luxury products. They are the economic backbone of producing nations. They build schools in Botswana, fund hospitals in Angola, feed families in Namibia, and provide opportunities for thousands of polishers and artisans from Surat to Johannesburg.
That is the real story of natural diamonds – a story of people, pride, and purpose. A story no laboratory can replicate.
But the world won’t hear that story unless we tell it.
While we hesitate, lab-grown diamonds are flooding the market with billions in advertising. Algorithms are replacing emotion with price. Influencers — often uninformed — are redefining the narrative in ways that undermine everything our industry stands for.
Luanda was supposed to be the turning point. It can still be – but only if we move from promises to action.
We understand that bureaucratic processes take time. But time is exactly what we do not have. Every delay weakens the credibility of the commitment we all made together.
Let us be clear: this is not about assigning blame.
It is about living up to a collective commitment.
We therefore urge all signatories to the Luanda Accord – producer nations, the Natural Diamond Council, and industry partners worldwide – to take the next decisive step: release the pledged funds, activate the agreed framework, and begin the campaign.
Luanda can still stand as a true milestone – the moment when our industry turned unity into action.
Because the diamond story is, above all, a human story. And the world needs to hear it – now.
A spectacular 6.95-carat fancy vivid purplish pink Golconda diamond will lead The Geneva Jewels Auction: V, as Phillips Geneva prepares to offer an extraordinary collection of jewels once owned by the legendary Vanderbilt family, once America’s richest dynasty.
Among the highlights is a Tiffany & Co. 42.68-carat sugarloaf Kashmir sapphire and diamond brooch, estimated at US$1 million to US$1.5 million, alongside a step-cut Kashmir sapphire and diamond ring weighing 18.09 carats (estimate US$2.2 million to US$2.8 million). The sale also features a stunning pair of brilliant-cut diamond ear studs, weighing 8.00 and 8.28 carats, both graded D colour, VVS1 clarity, with an estimate of US$600,000 to US$850,000.
The Vanderbilt name is synonymous with immense wealth and American industrial power. The family’s fortune began with Cornelius Vanderbilt, who, at age 16, borrowed $100 from his mother to start a ferry service in 1810. He later built a shipping and railroad empire that made him the richest man in the United States, worth about $100 million at his death in 1877 — equivalent to at least $185 billion today.
His son, William Henry Vanderbilt, further doubled that fortune to over $200 million (around $370 billion in today’s terms). However, the family’s wealth gradually dispersed over subsequent generations, with the combined net worth of the Vanderbilt descendants now estimated at around $200 million.
The Geneva Jewels Auction: V, featuring The Vanderbilt Family Jewels, will take place on 10 November at Phillips Geneva, marking a rare opportunity for collectors to acquire pieces linked to one of America’s most storied families.
A rare Fabergé masterpiece — the Winter Egg, crafted in 1913 from rock crystal and adorned with 1,660 diamonds — is set to reclaim its world record with an estimated sale price exceeding $27 million when it goes under the hammer at Christie’s London on 2 December.
Commissioned by Tsar Nicholas II as an Easter gift for his mother, the Dowager Empress Maria Feodorovna, the exquisite egg was designed by Alma Theresia Pihl, one of only two female artists to ever design for the House of Fabergé.
Standing four inches tall, the Winter Egg opens to reveal a platinum trelliswork basket of carved quartz flowers, each delicately set with rose-cut diamonds and demantoid garnet centres, resting on a base of gold moss. The egg itself sits upon a rock-crystal plinth shaped like melting ice, symbolising the transition from winter to spring — a theme often celebrated in Fabergé’s Imperial creations.
The piece will be the centrepiece of The Winter Egg and Important Works by Fabergé from a Princely Collection sale. Christie’s confirmed the estimate is “in excess of £20 million” (US$26.9 million).
The Winter Egg has twice held the world record for a Fabergé piece sold at auction — fetching $9.1 million in Geneva in 1994 and $9.6 million in New York in 2002. The current record holder, the Rothschild Egg, achieved $11.9 million at Christie’s London in 2007, a benchmark the Winter Egg is now poised to surpass.
Between 1885 and 1916, the House of Fabergé produced 50 Imperial Easter Eggs, with 43 known to survive today. Most reside in museum collections, while only seven, including the Winter Egg, remain in private hands — making this sale a landmark moment for collectors and historians alike.
Alrosa is to invest RUB 20bn ($240m) digging deeper to extend the life of the vast underground Udachny mine, just outside the Arctic Circle, until at least 2055.
Mining will eventually take place more than 1km below the surface, extracting 4.1m tonnes of ore annually. The target horizon – the level where mining operations are planned – is 1.13 km below the surface ( at an absolute elevation of -780 m, when taking the surface elevation as a baseline).
Alrosa CEO Pavel Marinychev says annual profit from the planned expansion is estimated at almost RUB 6bn ($73m) a year.
Udachny opened as open-pit mine in 1967 and switched to underground operations in 2014, producing over 10 per cent of Alrosa’s total output. It was due to reach the end of its life in 2039.
Alrosa said the investment committee had approved the project. Udachny is one of the world’s largest kimberlite pipes. Trucks take over 30 minutes to reach the bottom, currently 680 metres below the surface.
“The implementation of the investment project will enable us to significantly extend the duration of mining at the deposit, which currently produces more than 10 per cent of Russian rough diamonds,” said Marinychev.
“From 2025 through 2055, 4.1 million tonnes of ore will be mined here annually and profit is estimated at almost 6 billion rubles per year.”
The US has agreed to ditch its 15 per cent tariff on imports of diamonds polished in Antwerp and elsewhere in the EU.
They will be zero-rated, following intensive lobbying from the AWDC (Antwerp World Diamond Centre).
The exemption, made in a US executive order, means Antwerp’s 350 or so diamond polishers are now subject to zero tariffs on US imports, while the thousands of polishing units in India are currently subject to a 50 per cent tariff.
The 15 per cent tariff was introduced on 1 September as part of a global move announced by US President Donald Trump. The new diamond exemption is effective retroactively from that date.
AWDC described it as a “tremendous boost for the Antwerp diamond industry,” one which could pave the way for other diamond countries to negotiate lower tariffs with the US.
CEO Karen Rentmeesters (pictured) said: “The agreement is of vital importance and strengthens our competitiveness as both a trading and polishing hub. For goods of European origin – polished in Antwerp – which account for half of all polished diamond exports to the U.S., the 15 per cent tariff will no longer apply.
“By setting this precedent, we have opened the door for other diamond-producing and polishing countries to negotiate similar arrangements in the near future.”
Diamonds polished in an EU country are now included on the list of exemptions summarized in so-called ‘Annex II,’ which outlines products that can be exempted once a bilateral trade agreement with the U.S. is reached.
