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.
Lucara Diamond Corp. has announced the recovery of a rare and unusual pink diamond from its Karowe mine in Botswana.
The 37.42-carat stone, classified as a Type IIa, was unearthed in August and is described as near-gem quality with a distinctive bicoloured appearance. While the majority of the diamond displays an intense pink hue, part of the stone appears partially colourless an exceptionally rare feature.
HB Antwerp, Lucara’s cutting and technology partner, described the discovery as “a rare and remarkable find.” Oded Mansori, co-founder of HB Antwerp, noted: “This stone has the potential to become one of the most important pink diamonds ever polished. Its intensely rich coloration is a testament to the geological uniqueness of the Karowe mine, and our expertise in the manufacturing process will ensure its vibrant colour is maximised.”
The recovery underscores Karowe’s reputation as a consistent source of exceptional diamonds. Also in August, Lucara recovered a 1,019.85-carat non-gem-quality diamond, the third stone of more than 1,000 carats to be found at Karowe in 2025. This brings the total number of diamonds over 1,000 carats from the mine to nine.
Both diamonds were recovered from the EM/PK(S) section of the deposit using Lucara’s Mega Diamond Recovery (MDR) unit, an advanced X-ray transmission system installed in 2017 to identify and preserve large stones. The MDR is credited with detecting several of Karowe’s most significant recoveries, including the 2,492-carat diamond discovered in August 2024—the second-largest rough diamond ever found.
Meanwhile, Lucara has announced a $10 million drawdown from its $63 million standby loan facility with Nemesia, its largest shareholder, to address short-term funding needs for the Karowe underground expansion project. The $683 million project, now scheduled for completion in the first half of 2028, is expected to extend the mine’s life to at least 2040.
Lucara President and CEO William Lamb said the arrangement reflects the company’s commitment to financial prudence while advancing the underground project. “This funding mechanism demonstrates the continued confidence and support of our major shareholders in Lucara’s long-term strategy and in the exceptional value potential of the Karowe mine, including the ongoing recovery of some of the world’s most significant diamonds.”
Sotheby’s is to offer for sale the largest fancy vivid orangy pink diamond ever graded, at a debut event in Abu Dhabi in December.
The pear-shaped gem, known as the Desert Rose, weighs 31.86 carats and is expected to fetch $5m to $7m.
It is the jewelry highlight of Sotheby’s inaugural Abu Dhabi Collectors’ Week of exhibitions, sales, masterclasses and panel discussions.
The Desert Rose is part of a single-owner collection of watches and jewelry, including vintage and contemporary signed pieces, that is estimated to raise more than $20m in total.
Among the watch highlights is an exceptionally rare Rolex “Oyster Albino” Daytona, reference 6263, produced in the late 1960s and early 1970s, with an estimate of $500,000 to $1m.
Abu Dhabi Collectors’ Week takes place from 2 – 5 December on Saadiyat Island, just off the Abu Dhabi coast.
It coincides with the Abu Dhabi Grand Prix and features auctions of collector cars, real estate, and international fine art exhibitions.
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.
Lucara Diamond Corp has announced the recovery of two notable stones from its 100% owned Karowe Mine in Botswana during August 2025.
The most significant find is a 1,019.85 carat non-gem diamond, recovered through Lucara’s Mega Diamond Recovery unit. This marks the ninth diamond weighing over 1,000 carats to be recovered from Karowe, and the third such discovery in 2025 alone. In addition, the company reported the recovery of a 37.42 carat near-gem pink Type IIa diamond.
Both stones were recovered from processing EM/PK(S)1 material — the same unit that has produced the majority of the world’s largest recorded natural diamonds.
William Lamb, President and CEO of Lucara, stated that drawing $10 million from the company’s Standby Undertaking with its largest shareholder was a strategic step to ensure financial flexibility during the ongoing Underground Project (UGP) capital programme. He added that the recovery of such exceptional diamonds continues to demonstrate the long-term value potential of Karowe and the ongoing confidence of Lucara’s shareholders.
