Russian diamond producer Alrosa announced Friday that it finished the two year cutting process of the country’s largest ever diamond a 100 carat vivid yellow stone named New Sun.
New Sun was cut from a billion year old 200 carat rough diamond, which was unearthed from an ancient riverbed at the Ebelyakh mine in the Far East republic of Sakha (Yakutia).
Alrosa said 15 of Russia’s top jewelers worked meticulously to “achieve the perfect balance between light, color and the play of shades.”
“Thanks to the highest skill of Russian experts, the diamond has acquired impeccable proportions that accentuate its depth and brightness of its sunny hue,” the company said.
The cutting process marks a “new stage” in the development of the Russian Cut, a gem cutting technique known for its precision and brilliance, Alrosa said.
“New Sun is one of the most significant events in the gemstone industry in recent years, highlighting Russia’s high status in the global diamond industry,” the company said.
Last month, Alrosa announced the temporary suspension of operations at several less profitable sites, reducing annual production by less than 1 million carats. The company still plans to produce 29 million carats of diamonds in 2025.
Alrosa, which is under an EU and G7 import ban, is the world’s largest diamond mining company by volume. It cut production by 2.8% to 34.6 million carats in 2023 and by 4.6% to 33 million carats in 2024.
India’s diamond industry is in shock today after the US imposed 26 per cent reciprocal tariffs on all its exports.
That’s almost double the 13.3 per cent predicted by India’s Global Trade Research Initiative before yesterday’s news (2 April).
Traders, manufacturers, exporters and others in India’s diamond industry are still struggling to process the scale of the announcement, made by President Donald Trump in what he called his Liberation Day speech, outlining tariffs that would boost domestic industry and “make America wealthy again”.
He said US tariffs would be roughly half those charged by each of its trade partners. India charges the US 52 per cent, he said, a figure that includes currency manipulation.
“The [gems and jewellery] trade is expected to come at a standstill as US importers will assess whether to place orders with Indian jewellery exporters,” said Kirit Bhansali, chairman of the Gem and Jewellery Export Promotion Council, reacting to the news.
“The tariff is higher than expected,” Colin Shah, managing director of Kama Jewelry. “It is quite severe and will affect exports.”
The US represents over 30 per cent of all India’s gem and jewelry exports, worth $10bn a year. Exports of loose diamonds to the US which currently attract no import duty – and gold jewelry, which is charged at 5.5 per cent to 7 per cent. The US has a trade deficit of $46bn with India.
Trump announced a raft of tariffs on trade partners around the world, claiming the US had been losing out for decades.
“They (India) are charging us 52 per cent and we charge almost nothing for years and years and decades,” said Trump during his announcement.
For decades, the president said, the US “has been looted, pillaged, raped and plundered by nations near and far, both friend and foe alike”.
The White House said India imposed “uniquely burdensome” non-tariff barriers. Removing them would increase US exports by at least $5.3bn annually.
The US announced a baseline tariff of 10 per cent on all countries (except Canada and Mexico), to be implemented on 5 April. Additional tariffs (as high as 49 per cent for Cambodia) will be introduced on 9 April for targeted countries.
One of the largest gem-quality yellow diamonds ever discovered in Canada, has been unearthed from Rio Tinto’s Diavik Diamond Mine.
The 158.20-carat rough diamond is one of only five yellow diamonds weighing more than 100 carats ever unearthed at Diavik in its 22-year history, stated a release.
Diavik’s production primarily consists of white gem quality diamonds, with less than one percent of its production yielding rare yellow diamonds.
Diavik Diamond Mines Chief Operating Officer Matt Breen stated: “This two-billion-year old natural Canadian diamond is a miracle of nature and testament to the skill and fortitude of all the men and women who work in Diavik’s challenging sub-Arctic environment.”
Patrick Coppens, sales and marketing GM for Rio Tinto’s diamonds business, stated: “The beauty and purity of Diavik diamonds continues to excite passions amongst all who see them and we look forward to following the onward journey of this very special diamond.”
Canadian diamond miner Lipari Mining has officially begun trading on the Cboe Canada stock exchange following the completion of its recently announced reverse takeover.
“Listing on Cboe Canada marks a major milestone in our company’s growth,” CEO Ken Johnson stated in a news release Monday, adding that the exchange’s global footprint would allow the company to broaden its shareholder base and increase market visibility.
Shares of Lipari Mining traded at C$0.57 at Monday’s open, for a market capitalization of approximately C$83.7 million ($58.5 million).
Formerly known as Golden Share Resources, the company announced last month that it is acquiring Lipari Diamond Mines (LDM) and its assets in Angola and Brazil through an RTO, following which LDM shareholders would own nearly all (96.7%) of the combined company’s shares.
Prior to closing the transaction, LDM raised approximately $3.62 million through a private placement of subscription receipts to support the future development of its two diamond assets.
In Angola, Lipari owns a 75% equity interest in Tchitengo diamond project, encompassing 30 known kimberlite deposits. The Tchiuzo kimberlite represents the most developed, having already been taken to pre-feasibility by Sociedade Mineira de Catoca and ALROSA in 2013 after spending a reported $35.6 million.
In an earlier news release, CEO Johnson said the company has planned a bulk sampling program at Tchiuzo to follow up on the confirmatory drilling completed by LDM last year. This is targeted to produce a representative parcel of rough natural diamonds for evaluation and making a production decision.
Lipari also owns 100% of the Braúna diamond mine located in the state of Bahia, Brazil. Since entering commercial production in July 2016, the mine has produced nearly 1.2 million carats of natural rough diamonds from 6.54 million tonnes of kimberlite mined, for an average production grade of 18.2 cpht. Operations are now focused on the transition of the mine from an open pit to an underground operation.
According to Johnson, the mine is ramping back to full capacity, with the transition to underground mining largely completed. “Our first sale of diamond production from our underground operation is expected in April,” he added.
A former director of the Deloitte auditing company in Australia has admitted claiming almost AUD 2.8m ($1.8m) in fraudulent work expenses to buy pink diamonds, high-end art and other luxuries.
Paul Quill, 45, used his corporate credit card to make the purchases from 2016 to 2022, passing some of them off as payments for stationary, postage, photocopying and court fees. He admitted two counts of obtaining financial advantage by deception.
The County Court of Victoria, in Melbourne, heard last Thursday (27 March) that among the sums stolen was AUD 682,587 ($429,000) from Joe Gutnick’s Merlin Diamonds, the mining company that was wound up in 2020 after a series of losses.
The court heard that Quill lost control after the breakdown of a relationship. He will be sentenced on 15 April.
He was dismissed in 2022 after his crime was revealed during a routine audit. Deloitte said at the time that it would make sure all clients were repaid in full.
Chow Sang Sang suffered a net loss of 74 of its 1,032 stores last year, amid weak demand, record-high gold prices and an economic slowdown in China, as well as Hong Kong and Macau.
China’s third biggest jewelry retailer (by revenue) saw sales for the year to 31 December 2024 fall by 15 per cent to HKD 21.18bn ($2.72bn).
Same-store sales were down 38 per cent on the mainland and 24 per cent in Hong Kong and Macau, primarily due to a drop in diamond demand. Profit slid 20 per cent to HKD 805.6m ($103.6m).
Chow Sang Sang did not rule out further store closures. “Under the present economic climate, it would be prudent to continue our physical store network consolidation,” it said its Annual Results.
“In 2024, uncertain economic conditions coupled with record-high gold price exerted significant pressure on jewellery demand in both Mainland China, and the Hong Kong and Macau markets, resulting in a 15 per cent year-on-year decline in turnover.
“Continuing our efforts to consolidate the store networks, we opened 48 and closed 122 stores, mostly in Mainland China.”
Botswana’s economic outlook has been downgraded from stable to negative by S&P Global Ratings (S&P) on account of low demand for diamonds.
It forecasts a steep rise in government debt unless there is a substantial increase in diamond prices or significant fiscal intervention.
Botswana’s economy is heavily reliant on diamonds. They account for around 80 per cent of its export earnings and a third of total budget revenues.
De Beers and the Botswana government finally reached agreement last month on the long-term mining and rough sales deals, but sales by their joint venture, Debswana, were down by 52 per cent for the first three quarters of 2024, and there a few signs of a sustained recovery in demand.
Despite downgrading its economic prospects, S&P left Botswana’s long-term foreign and domestic currency sovereign credit rating unchanged at BBB+ and its short-term rating at A-2.
“The negative outlook is on account of S&P’s expectation that weak global demand for diamonds and depressed prices will continue to suppress Botswana’s exports and fiscal position, therefore, delaying government’s fiscal consolidation agenda and the rebuilding of buffers,” said the Bank of Botswana in a statement.
It highlighted the fact that S&P said the newly-elected government’s commitment to reducing unemployment, diversifying the economy and increasing social support, while maintaining fiscal prudence, also had a positive impact to the ratings.
The Chinese diamond market, second only to the US, is showing early signs of recovery, sparking optimism in India’s diamond industry. According to the Gem and Jewellery Export Promotion Council (GJEPC), this shift could reshape the global diamond manufacturing landscape.
China’s economic slowdown and declining marriage rates had severely impacted its diamond market, valued at approximately USD 9 billion. In 2023, diamond sales in China generated around USD 5.7 billion, but analysts project growth to USD 7.2 billion by 2030. Over the past two years, demand has dropped by as much as 50%, with wholesale diamond prices falling 40%. This downturn significantly affected India, which exports nearly a third of its cut and polished diamonds to China.
The impact was evident in India’s February 2024 gems and jewellery exports, which declined by 23.49% to USD 2.42 billion (Rs 21,085 crore), driven by weak demand from both the US and China. To counter this, GJEPC participated in the Hong Kong International Diamond, Gem & Pearl Show (DGP) earlier this month, showcasing 71 exhibitors across 116 booths in categories such as Loose Diamonds, Lab-Grown Diamonds, and Fine Jewellery.
Hong Kong, a key hub for India’s diamond trade, played a vital role in strengthening global ties. GJEPC Chairman Kirit Bhansali noted that stabilising prices and renewed Chinese demand are promising signs for the global diamond industry. He emphasized that India’s strong manufacturing capabilities and adaptability put it in a favorable position for long-term growth.
After a prolonged slump, buyers are now accepting current price levels, leading to steadier sales. GJEPC Vice Chairman Shaunak Parikh believes this renewed demand could shift India’s diamond manufacturing back towards natural diamonds. Industry insights indicate a resurgence, particularly in smaller diamonds, though a full-scale revival is still some way off.
According to Ajesh Mehta, Convener of the Diamond Panel at GJEPC, this year’s Hong Kong trade shows marked the first positive development in four to five years. While Chinese demand hasn’t returned to previous highs, price stabilisation and increased movement in smaller diamonds are encouraging. “Confidence is slowly returning, especially in diamonds below 10 points and dossier sizes,” Mehta said.
A shift in Chinese consumer preferences is also influencing the market. Retailers are now incorporating smaller diamond accents in gold jewellery instead of featuring diamonds as centrepieces. However, Mehta believes this trend is temporary, predicting a gradual return of confidence in larger stones, such as 30 to 50 points.
Beyond China, emerging markets like Cambodia, Vietnam, Brazil, and Venezuela are showing growing interest in larger stones. While they cannot replace China’s dominance, they are contributing to new demand pockets.
Devansh Shah, Partner at Venus Jewel, observed an increase in inquiries at the Hong Kong trade shows from diverse markets, including Europe, Australia, the US, and the UAE. He noted that Chinese and Far East buyers remain highly quality-conscious, with round brilliant diamonds attracting strong interest, while larger fancy cuts and 3-carat-plus rounds were available on an order-only basis.
Although the Chinese market’s resurgence remains gradual, it presents growth opportunities for India’s diamond cutting, polishing, and export sectors. With strategic planning and market adaptability, India is well-positioned to navigate this evolving landscape and sustain long-term industry growth.
Lucapa Diamond Company, an ASX-listed diamond miner, has finalised its mineral investment contract (MIC) for the Lulo joint venture (JV) in Angola, increasing its stake from 39% to a controlling 51%. The contract now awaits formal approval from Angola’s Ministry of Mineral Resources and Petroleum.
The Lulo JV is focused on kimberlite exploration at the highly prospective Lulo concession. This latest agreement, reached after a three-day negotiation in Angola, was finalised with JV partners Endiama, Rosas & Petalas, and Lucapa, marking a significant milestone for the company.
Lucapa’s managing director and CEO, Alex Kidman, highlighted the strategic importance of securing a majority stake, stating that this move enhances Lucapa’s share of any future exploration success. He also emphasized Angola’s commitment to the project, recognizing Lulo as one of the country’s most significant diamond ventures.
Meanwhile, bulk sampling operations continue at Lulo, with stockpiling from site L130/01 already underway. Further sampling is planned at key targets, including L349, L137, and L130, as the company intensifies its search for Lulo’s exceptional diamonds.
A new device, the DiamondProof, can rapidly and reliably distinguish natural diamonds from laboratory-grown diamonds and other diamond simulants.
One of the most common misconceptions in the ongoing debate between natural and non-natural diamonds is that it’s impossible to tell the difference between the two. Research shows that almost half of consumers are unaware that laboratory-grown diamonds (LGDs) can be detected from their natural counterparts. For consumers who are investing in diamonds and diamond jewelry, this means there is perhaps a lack of assurance that they are getting what they think they are paying for. This spring, with the introduction of a new verification device, the DiamondProof, to retail stores for the first time, consumers will be able to make informed purchasing decisions and distinguish natural diamonds from non-natural diamonds, like LGDs and other diamond simulants, with a zero percent ‘false positive rate’.
Developed by the De Beers Group, the DiamondProof technology can detect the distinct chemical compositions of natural diamonds, allowing for precise and rapid identification. Early adopters of the DiamondProof include some of the largest jewelry retailers in the U.S., and the device will also be available in several independent retail outlets to ensure that any diamond consumer can try out the technology and gain assurance on their jewelry, or diamonds they are planning to purchase. The first DiamondProof prototype instrument was unveiled last June at the JCK show in Las Vegas, the premier jewelry expo for retail professionals. Many quickly jumped on board and ordered the device for their stores, noting the ability to rapidly and easily screen both loose diamonds as well as stones set in jewelry. “Natural diamonds and lab-grown diamonds are two fundamentally different products. Natural diamonds are rare, one-of-a-kind miracles of nature that come to us from the earth through heat, pressure, and time.” notes CEO of De Beers Brands Sandrine Conseiller. “This incredible journey is what makes them the ultimate marker of life’s most profound emotional moments. Consumers should be able to have confidence in such a meaningful purchase, and DiamondProof allows retailers to offer them greater peace of mind. We are in a new era of transparency at retail, and customers deserve to know what they are buying.”
“By rapidly and reliably identifying whether a diamond is natural, DiamondProof is instrumental in enhancing consumer confidence in natural diamond purchases. Consumers deserve clarity and having DiamondProof available in retail settings helps them make informed decisions while appreciating the unique value and story behind each natural diamond. With decades of leadership in synthetic-detection technology, we are committed to providing the level of transparency that consumers expect,” stated Sarandos Gouvelis, SVP, of Pricing, Product and Technology Development at De Beers Group. For anyone looking to evaluate and verify their diamond jewelry or looking for assurance in new diamond purchases, a major retailer near you will soon have a DiamondProof available.
