De Beers – Page 2

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.

Will US Tariffs Threaten the World’s Largest Diamond Cutting Hub?

In Surat, India’s famed “Diamond City”, where 14 out of every 15 natural diamonds are cut and polished, a deepening crisis is unfolding.

For Kalpesh Patel, a 35-year-old owner of a small diamond cutting and polishing unit, this year’s Diwali could mark more than just a festival of lights — it may signal the lights going out on his eight-year-old business. Patel employs 40 workers transforming rough stones into polished gems destined primarily for the United States. But with the recent announcement by US President Donald Trump of a 50% tariff on imports from India — taking the total duty on cut and polished diamonds to 52.1% — the industry’s already fragile state may tip into collapse.

The US is India’s largest export market for diamonds, accounting for over one-third of total shipments. In the 2024–25 financial year, India exported $4.8 billion worth of cut and polished diamonds to the US, out of a total $13.2 billion worldwide. For many small and medium-sized manufacturers in Surat, Ahmedabad, and Rajkot — employing more than two million people — this trade lifeline is now under severe threat.

An Industry Already Under Pressure

The tariffs arrive on top of multiple recent challenges. The COVID-19 pandemic slowed global luxury demand, the Russia-Ukraine conflict restricted access to rough diamonds, and the G7 ban on Russian stones further strained supply chains. Salaries for many diamond workers in Gujarat have already been halved in recent years, with some forced into poverty-level incomes. Tragically, industry unions report dozens of suicides linked to the ongoing downturn.

Lab-grown diamonds have added to the pressure, offering consumers a lower-priced alternative — often just 10% of the cost of natural diamonds — and proving difficult to distinguish without professional laboratory testing, such as that provided by DCLA. This shift in consumer preference is eating into the market for natural stones, further squeezing margins for cutters and polishers.

Declining Trade Figures

According to the Gem and Jewellery Export Promotion Council (GJEPC), India imported $10.8 billion worth of rough diamonds in 2024–25, a 24% drop from the previous year. Exports of cut and polished natural diamonds fell nearly 17% year-on-year.

Industry leaders warn that if the new US tariffs remain in place, as many as 200,000 workers could lose their jobs in Gujarat alone.

Ripple Effects Beyond India

The impact will not be confined to India. US jewellers — around 70,000 businesses — will also feel the pressure as higher prices could dampen consumer demand. This could disrupt supply chains, delay deliveries, and push customers towards alternative products.

Finding a Way Forward

Some in the industry see an opportunity to strengthen domestic demand and diversify exports towards Latin America, the Middle East, and other emerging markets. India’s domestic gems and jewellery market is projected to grow from $85 billion to $130 billion within two years, offering a potential buffer.

For now, though, the threat is real and urgent. Without relief on tariffs, support for natural diamond certification, and a coordinated strategy to protect jobs, the world’s biggest cutting and polishing centre risks losing its global dominance — and with it, a key part of the natural diamond supply chain.

As Patel puts it, “Without help, the business will lose its shine forever.”

South Africa Joins Luanda Accord to Promote Natural Diamonds

South Africa is to sign up to the milestone Luanda Accord, which is funding a global campaign to promote natural diamonds.

It joined the governments of Angola, Botswana, Namibia, Sierra Leone and the Democratic Republic of the Congo, in June in pledging to contribute 1 per cent of the value of their rough sales annually.

But the move was only approved South Africa’s cabinet last week. Minister in the Presidency Khumbudzo Ntshavheni and confirmed the decision on 7 August, committing 1 per cent of the annual revenues generated from rough diamond sales to a global marketing fund led by the Natural Diamond Council (NDC).

South Africa, the world’s sixth biggest diamond producing nation by value, saw sales down by 21 per cent last year amid the global slowdown.

The country’s mining minister mining minister Gwede Mantashe was listed as a signatory to the Luanda Accord in an official communique after the agreement.

But a conflicting Reuters report said South Africa did not actually sign at the time and has only done so now.

The Luanda Accord is seen as a potential turning point for the sector, aiming to rebuild consumer trust and interest in natural diamonds over lab growns, by emphasizing their origin, authenticity, and community impact.

It will highlight the positive economic and social contributions of the natural diamond industry to producing nations and their communities.

Governments of the African diamond producing nations have been joined by the Antwerp World Diamond Centre (AWDC), African Diamond Producers Association, India’s Gem and Jewellery Export Promotion Council (GJEPC) and the Dubai Multi Commodities Centre (DMCC).

Source: IDEX

Petra to Refinance as Sales Slide by a Third

Petra Diamonds has announced plans for a major refinancing program – together with a 33 per cent slide in revenue for FY2025.

The UK-based miner, which has recently sold off two of its four diamond mines, is facing substantial financial and operational challenges.

It is proposing an extension of senior secured bank debt and notes due early next year to 2029 and 2030 respectively, together with a $25m rights issue.

The moves are designed to preserve cash, extend debt repayment timelines, and ensure Petra can continue investing in its two remaining core mines – Cullinan and Finsch, both in South Africa.

Petra’s latest sales results, published on the same day (8 August) as its refinancing package, show some positive momentum in the market with like-for-like rough diamond prices from its latest tender, but revenue for Q4 was down 49 per cent year-on-year to $50m.

Revenue for FY2025 was $206m, down 33 per cent year-on-year from $309m and net debt increased to $264m.

“We would once again like to acknowledge the resilience shown by our employees in navigating a very difficult period for the company and the diamond sector as whole,” the company said in its Q4 and FY 2025 Operating Update.

Meanwhile, in its refinancing proposal Petra said: “Petra has, over the past 18 months, been focused on an internal restructuring that has resulted in a simpler and more streamlined business and operating model.

“This has included the sale of the Koffiefontein and Williamson mines, multiple labour restructuring initiatives and an optimisation and smoothing of the group’s capital development profiles.”

Source: IDEX

Tanishq Offers “First” In-Store Diamond Evaluation

*Tanishq Showroom in Iselin, New Jersey*

Indian jewelry retailer Tanishq is introducing in-store diamond evaluation some of its 500-plus outlets, as part of an ongoing partnership with de Beers.

Customers will be able to see proof that the diamond they’re buying is natural rather than lab grown, thanks to the De Beers SynthDetect machine, which works with loose and mounted stones.

They can also have diamonds tested with Lightscope, which measures light performance, and with other equipment for performance, inclusions, and laser markings.

Tanishq, part of the Titan group, says the launch of its Diamonds Expertise Centres is designed to give customers greater peace of mind by presenting complex gemological data as simple, visual insights. It says the centers are a “first of a kind initiative”.

The first three are in Bengaluru, but the company plans to expand them to 200 stores this year and eventually to all its outlets.

Ajoy Chawla, CEO at Tanishq, said: “Our aim is to set a new standard in natural diamond retail â€” one that goes beyond traditional display and transforms the buying journey into a transparent, educational, and truly immersive experience.”

Last August Tanishq and De Beers jointly announced that they’d be working together to promote natural diamonds in India, now the world’s second biggest diamond market.

The partnership leverages Tanishq’s retail presence and De Beers’ expertise and proprietary diamond verification technology.

Source: IDEX

Double Whammy: Trump Hikes India Tariff to 50%

US President Donald Trump today (6 August) doubled the tariff on all imports from India to 50 per cent, as a punishment for its oil purchases from Russia.

India’s diamond industry, already reeling from confirmation last week of a 25 per cent reciprocal tariff, is in shock that their goods will be subject to a second 25 per cent surcharge.

“I find that the Government of India is currently directly or indirectly importing Russian Federation oil,” Trump said in an executive order.

“Accordingly, and as consistent with applicable law, articles of India imported into the customs territory of the United States shall be subject to an additional ad valorem rate of duty of 25 per cent.”

The first 25 per cent tariff comes into force tomorrow (Thursday 7 August) and the new, punitive tariff is applicable three weeks from now, on 27 August.

The US is the single largest destination for Indian diamonds and gems, accounting for nearly $10bn or about 30 per cent of India’s annual gems and jewelry exports.

Industry leaders were already warning of the dire consequences of a 25 per cent tariff. Now they are facing an unprecedented body blow with the introduction of a 50 per cent double-tariff.

India’s Ministry of External Affairs said in a statement today that the tariffs were “unfair, unjustified and unreasonable”.

It defended its Russian oil purchases, saying they were “based on market factors and done with the overall objective of ensuring the energy security of 1.4 billion people of India”.

The US imposition of an extra tariff was, it said, “extremely unfortunate”.

Source: IDEX

The Kao Legend Collection: A Rare Suite of Pink Diamonds from Lesotho

The Kao Legend Collection represents an extraordinary achievement in diamond cutting and curation. Cut from a single 108.39-carat pink diamond crystal unearthed at the renowned Kao Mine in Lesotho, this suite features seven magnificent pink diamonds each documented in detail by the GIA Monograph.

At the heart of the collection lies the Kao Legend, a 20.49-carat diamond graded Fancy Intense Purplish Pink by the Gemological Institute of America (GIA). The accompanying diamonds in the collection range in colour from Fancy Intense Purplish Pink to Faint Pink, showcasing a delicate and rare spectrum of pink hues.

What sets this collection apart is not only its shared origin and harmonious beauty but also the diamonds’ classification. All seven are Type IIa diamonds known for their exceptional chemical purity and rarity, comprising less than 2% of all natural diamonds. Type IIa pink diamonds are especially coveted for their remarkable clarity and vibrant colour saturation.

The Kao Mine, one of Lesotho’s most prominent diamond sources, has established a reputation for yielding high-quality pink diamonds. Alongside the Kao Legend, the mine also produced the celebrated Pink Eternity, a 47.80-carat gem of international acclaim.

For gemmologists and collectors alike, the Kao Legend Collection exemplifies nature’s artistry and the pinnacle of diamond excellence.

US Importers to Pay 37% Tariff on Botswana Diamonds

The US is almost certain to go ahead and impose a 37 per cent tariff on all goods imported from Botswana, starting tomorrow 1 August.

That is one of the highest rates of tariff being introduced by the US.

Botswana, the world’s second biggest diamond producer after Russia, has been actively seeking dialogue with the US government to reverse or mitigate the tariff, but without success.

Last month President Duma Boko said tariff imposed on Botswana worsened the already bleak future faced by the diamond industry, and were likely to hinder efforts to grow the African economy.

Most of Botswana’s rough diamonds are sold direct to India, Belgium, and the UAE, but goods worth around $500m annually are exported to the US and will be subject to tariffs. Until now diamonds have been zero-rated.

US importers will have to pay a total of 37 per cent in duties. The reciprocal duty includes the 10 per cent baseline duty that was imposed back in April.

The tariff rules for Botswana, and most other countries, are unlike those for India, where the reciprocal tariff is in addition to the baseline 10 per cent.
US-bound diamonds represent a modest slice of Botswana’s total diamond export business, and most of the country’s diamond revenue is not directly affected by the new US tariff.

It is, however, another blow to a country that relies on diamonds for the vast majority of its export revenue, and that has seen foreign sales halve amid the global downturn.

Source: IDEX

Making a Gold Ring in 18K or Platinum: Understanding the Cost and Weight Differences

When choosing a precious metal for a custom-made ring, the two most popular options are 18-carat gold andWhen choosing a precious metal for a custom-made ring, the two most popular options are 18-carat gold and platinum. Both metals are prized for their beauty, durability, and prestige, but they differ significantly in terms of cost, weight, and long-term maintenance. Whether you’re designing a bespoke engagement ring, a wedding band, or a statement piece, understanding the key differences between 18K gold and platinum will help you make an informed decision.

Material Comparison: 18K Gold vs. Platinum

1. Purity and Composition

18K Gold is made up of 75% pure gold and 25% alloy metals (such as copper, silver, or palladium), which influence its colour and strength. It is available in yellow, white, or rose tones.
Platinum is typically 95% pure, making it denser and more hypoallergenic than gold. It retains its naturally white colour over time without the need for rhodium plating.

2. Weight

Platinum is approximately 60% heavier than gold. For example, a ring that weighs 5 grams in 18K gold would weigh about 8 grams if made in platinum. This weight difference gives platinum rings a more substantial feel but also impacts the price.

Cost Breakdown: Gold vs. Platinum Ring

Example: Classic Solitaire Ring Design

Feature	18K Gold (5g)	Platinum (8g)
Metal Cost per Gram	AUD $123-145	AUD $73 -85
Total Metal Cost	AUD $615–725	AUD $584–680
Crafting Charges	AUD $300–500	AUD $400–600
Total Estimated Cost	AUD $915–1125	AUD $984–1280

Note: These figures are approximations and vary based on ring design complexity, jeweller’s rates, and daily bullion prices.

Why Choose 18K Gold?

Affordable luxury: Gold offers the prestige of a precious metal at a more accessible price.
Colour variety: Choose from yellow, white, or rose tones to suit your personal style.
Classic and timeless: 18K is the standard for luxury jewellery, combining durability with rich colour.

Why Choose Platinum?

Exceptional durability: Platinum is more resistant to wear and ideal for heirloom pieces.
Hypoallergenic: A top choice for sensitive skin.
Low-maintenance: Maintains its natural white lustre without plating.

Choosing between 18K gold and platinum comes down to your budget, lifestyle, and personal preferences. If you’re looking for a lighter, more affordable option with colour flexibility, 18K gold is a great choice. If you value longevity, weight, and purity, platinum may be worth the higher investment.

Either way, a well-crafted ring in either metal will provide a lifetime of beauty and meaning. Always consult with a reputable jeweller to discuss your design and get an accurate quote based on current metal prices.