Patek Philippe will reportedly hike watch prices by 15 per cent tomorrow (Monday 15 September) in response to US reciprocal tariffs.
If confirmed, it will be Patek Philippe’s third price rise in the US this year, according to the WatchPro website.
Prices were increased in January because of soaring gold prices and the strength of the Swiss franc, and in April as a response to the US announcement of across-the-board tariffs.
Authorized dealers will also have their margins cut. Patek Philippe will be the first Swiss watchmaker to raise prices since the US introduced 39 per cent tariffs on 7 August.
Watchmakers rushed to export their goods ahead of the tariff deadline, resulting in a 6.9 per cent increase during July.
But price increases in the near future are almost inevitable as the reciprocal tariffs bite and stocks need replenishing.
One of the lowest-priced Patek Philippes, the $26,000 stainless steel Patek Philippe Aquanaut Ref. 5167A-001 (pictured) will cost $30,000 if the price increases take place.
An Indian national has been jailed for seven years in Vietnam after he admitted smuggling diamonds worth $320,000 into the country.
Dapale Alkesh Kashinath, 28, said he’d been paid INR 10,000 ($120) by his employer, a Mumbai-based diamond company, to take the stones into the country without declaring them at customs.
Vietnam charges import duties of up to 27 per cent on polished diamonds and jewelry. VAT and other taxes may also apply.
It was Kashinath’s sixth or seventh smuggling trip. He would meet buyers at hotels and hand over the goods once they’d supplied coded and symbols agreed in advance with his employer.
He was apprehended at Tan Son Nhat International (pictured), Vietnam’s largest airport, in Ho Chi Minh City in October 2024.
X-rays of luggage revealed he had 15 plastic bags, containing 362 natural diamonds, hidden inside two candy boxes.
Kashinath was sentenced to seven years in prison last Friday (5 September) at Ho Chi Minh City People’s Court. An application to pay a fine instead was rejected.
Signet reported increased sales for Q2, as consumers increasingly opted for lab growns over natural diamonds.
It said 14 per cent of all the fashion jewelry items it sold during the quarter were lab grown – twice as many as the same period last year, and higher than Signet’s own expectations.
Total sales for the 13 weeks to 2 August were $1.5bn, up 3.0 per cent, and same store sales increased by 2.0 per cent, Signet said in its Second Quarter Fiscal 2026 Results.
Kay, Zales, and Jared the retailer’s three largest brands together delivered a combined 5 per cent same-store sales growth.
Adjusted operating profit for the quarter rose over 20 per cent reaching $85m, with a 24 per cent year-over-year gain.
Lab growns are viewed as a “category extender for fashion” and demand is most prominent in lower-priced products and fashion jewelry.
“Our second quarter results were driven by the expansion of on-trend fashion assortment and effective promotion and pricing strategies,” said J.K. Symancyk, Signet’s CEO.
Joan Hilson, chief operating and financial officer, said: “Reflecting second quarter results, expectations for the third quarter, and current tariff landscape, we’re raising our Fiscal 2026 guidance.
“This updated guidance also includes share repurchases to date and assumes a measured consumer environment.”
The modest increase largely reflects a rush by exporters to get their goods into the US before the tariff deadlines and retailers stockpiling for the same reason.
It offsets low consumer demand, which is being compounded by ongoing anxiety over US reciprocal tariffs which are expected to force up prices.
Average monthly growth in watch and jewelry sales so far, for the first seven months of this year, has been around 0.6 per cent, compared to over 5 per cent last year.
Sales in June were down 0.9 per cent, a figure that has been revised up from the original -1.7 per cent, based on actual transactions rather than estimates.
Exports of Swiss watches were up 6.9 per cent, largely driven by manufacturers front-loading their shipments to avoid 39 per cent US tariffs.
In a world where modern technology has made diamond cutting more precise than ever, there has been a surprising revival of one of the oldest styles in diamond history – the old mine cut. Once considered outdated compared to today’s brilliant cuts, these antique gems are now finding favour among collectors, jewellery designers, and couples searching for something truly unique.
A Glimpse into History
The old mine cut originated in the 18th and 19th centuries, long before advanced cutting technology existed. Cut by hand, often by candlelight, each stone carries its own distinctive character. With their cushion-like shapes, high crowns, and larger culets, old mine cuts reflect the craftsmanship of a bygone era. These diamonds were the predecessor to today’s modern round brilliant and are often set in antique or Victorian-era jewellery.
The Allure of Imperfection
Unlike modern cuts that maximise sparkle through precision, old mine cut diamonds are celebrated for their individuality. Their facets were designed for softer, romantic light sources like candlelight, giving them a warmer, more subtle glow. For many buyers, this charm lies in their imperfections – no two are exactly alike.
Sustainability and Authenticity
As sustainability becomes increasingly important in jewellery, old mine cut diamonds are seen as an eco-conscious choice. They are recycled treasures, requiring no new mining, which makes them especially appealing to ethically minded consumers. Owning one also means owning a tangible piece of history – a connection to a time when diamonds were cut entirely by hand.
Modern Designers Embrace the Vintage Appeal
Jewellery houses and bespoke designers are incorporating old mine cut diamonds into contemporary settings, blending antique beauty with modern design. Their romantic look pairs well with minimalist mountings, allowing the character of the stone to shine through. Many brides-to-be are also choosing them for engagement rings, preferring their vintage charm over mass-produced, uniform cuts.
A Market on the Rise
With limited supply and growing demand, old mine cut diamonds are becoming more sought after. Collectors appreciate their rarity, while younger generations value their individuality and authenticity. This resurgence has pushed prices higher, making them not just a sentimental choice, but also a potentially wise investment.
The revival of old mine cut diamonds reflects a broader trend in the jewellery world: a desire for uniqueness, sustainability, and authenticity. Far from being a relic of the past, these antique diamonds are back in vogue – and for many, they represent the perfect blend of history and timeless beauty.
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.
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.
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.
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.
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.
