Hot Off The Diamond Press

2026-01-27 Featured

Priestly Demolition Inc. has secured a contract to provide demolition services for the closure phase of Rio Tinto’s Diavik mine in Canada’s Northwest Territories. The mine is scheduled to close in early 2026, with demolition activities set to begin later this year, the company said.

Black in Jewelry Coalition has appointed five new members to its board, the organization said on LinkedIn. The appointees are Thomas Davis, Monalisa DePina Ray, Jamie Batiste, Nicole Batumike, and Lavina Hunt-Lewis, bringing expertise across business development, communications, retail, advocacy, responsible sourcing, and global operations.

India’s rough diamond imports fell 9% to $11.12 billion in 2025, according to data from the Gem & Jewellery Export Promotion Council (GJEPC). Polished exports declined by the same margin to $12.53 billion. Both segments recovered in the second half compared with 2024, following sharp declines in the first six months.

Rio Tinto reported diamond production rose 43% year on year to 1.1 million carats in the fourth quarter of 2024. Full-year recoveries at the Diavik mine, the group’s only diamond asset, increased 61% to 4.4 million carats. Output for the year was affected by the transition to underground mining at the A21 kimberlite pipe, Rio Tinto said.

Watches of Switzerland has acquired an 88% stake in Deutsch & Deutsch, a family-owned luxury watch and jewelry retailer based in Texas. Deutsch & Deutsch operates four showrooms that generated about $67 million in revenue in 2024, with profitability in line with Watches of Switzerland’s existing US business. The deal brings Watches of Switzerland’s US portfolio to 25 showrooms, the group said.

Richemont has agreed to sell specialist watchmaker Baume & Mercier to Italy’s Damiani Group, the Swiss luxury group said. The acquisition will expand Damiani’s hard luxury portfolio. Financial terms were not disclosed, and the transaction is expected to close in summer 2026.

Chow Tai Fook reported an 18% year-on-year rise in retail sales for the fiscal third quarter ended December 31. Same-store sales increased 21% in mainland China and 14% in Hong Kong and Macau. Volumes declined, but higher average selling prices drove growth, with gem-set jewelry transactions up 11% to HKD 8,900.

The Natural Diamond Council has admitted Angola’s parastatals Endiama and Sodiam as members, following the country’s commitment to category marketing under the Luanda Accord. The move comes after the companies met NDC’s legal and regulatory requirements and Angola made its financial contribution to the council.

Amaar Jewels has acquired Australia-based Secrets International, which trades as Secrets Shhh, Rapaport reported. Amaar Jewels is a privately owned jewelry group headquartered in Dubai. The deal transfers most of the retailer’s store network to the buyer and safeguards the jobs of more than 100 employees, according to the report.

Enhanced Retail Funding, a division of investment firm Gordon Brothers, has agreed to acquire Lugano Diamonds & Jewelry following the retailer’s Chapter 11 bankruptcy filing in November, National Jeweler reported. The sale was approved on December 31, with Lugano saying the bid represented “the highest or otherwise best offer.” Financial terms were not disclosed.

Stuller Inc. has named Taylor Burgess as its chief merchandising, marketing and sales officer. Burgess, who joined the jewelry wholesaler in 2013 from the fashion apparel industry, has played a key role in shaping its merchandising strategy, the company said.

De Beers reduced prices for weaker categories of rough diamonds at its January sight, Rapaport reported. The company also changed the presentation of its price list, removing the category breakdown to make its rough boxes less commoditized. Sightholders estimated that prices for 4- to 8-grainer (1- to 2-carat) rough were cut significantly, while some suggested that adjustments were made in the 2- to 4-carat range.

Lucara Diamond Corp. has applied to the Toronto Stock Exchange for a financial hardship exemption to complete a CAD 165 million private placement without shareholder approval. The deal involves issuing about 1.03 billion shares at CAD 0.16 each to fund liquidity needs and advance the Karowe underground project, with support from the Lundin Family Trust. The company said the financing is critical to address near-term financial pressure.

Botswana’s diamond inventory stood at 12 million carats in December, nearly double the government’s 6.5 million-carat target, according to a Finance Ministry budget strategy paper. The ministry said the pace of economic recovery hinges on a rebound in diamond demand and the speed at which excess stock can be reduced. Diamond revenues are expected to remain below historical levels of BWP 20 billion to BWP 30 billion ($1.48 billion to $2.22 billion), resulting in a persistent 10% shortfall in total mineral revenue.

Trans Atlantic Gem Sales (TAGS) sold all 500,000 carats of Zimbabwe rough diamonds offered at its January tender, with 50 of the 130 participating companies winning lots. Higher-quality goods performed in line with market expectations, while lower-priced material continued to attract limited interest, the tender house said.

Chow Tai Fook has opened a new store in Bangkok, marking another step in its international expansion and push into global luxury retail hubs. The group said the appointment as brand ambassador of Chinese actor Yang Yang is aimed at engaging new audiences and strengthening emotional connections with overseas consumers. Chow Tai Fook plans to open additional stores in Australia and Canada before June and is targeting entry into the Middle East within the next two years.

Belgium’s diamond trade declined for a fourth straight year in 2025, with polished exports down 23% to $6.18 billion and imports falling 19% to $6.33 billion, the AWDC reported. Activity in Antwerp picked up in December after a EU–US trade deal saw the United States scrap import tariffs on diamonds from the European Union. Rough trade remained weak, with imports down 22% to $3.29 billion and exports falling 26% to $3.19 billion for the year.

Hong Kong-based jewelry group Luk Fook Holdings reported a 17% year-on-year rise in retail revenue in the third fiscal quarter ended December 31, driven by a 26% increase in average sales value. Same-store sales grew 15%, supported by strong demand for fixed-price gold products, with gem-set fixed-price gold sales surging 66%. Performance in Hong Kong outpaced mainland China during the period.

Richemont maintained its growth momentum in the quarter ending December 31, reinforcing its position among the world’s leading jewelry retailers. Revenue from its jewelry maisons, Buccellati, Cartier, Van Cleef & Arpels, and Vhernier, rose 6% year on year to EUR 4.79 billion ($5.59 billion). At constant exchange rates, sales increased 14%, reflecting another strong festive season, the company said.

Hong Kong’s polished diamond imports rose 15% year on year to $3.18 billion in the third quarter, according to the Diamond Federation of Hong Kong, China, while polished exports slipped 7% to $2.64 billion. Rough imports and exports more than doubled from a year earlier, rebounding from a sharp slump in the third quarter of 2024.

Petra Diamonds recovered a 41.82-carat Type IIb blue diamond at its Cullinan mine in South Africa. The stone appears to be of exceptional quality in terms of color and clarity, the company said, adding that it is analyzing the diamond and assessing the preferred method of sale.

US retail sales rose 3.5% year on year in December, according to the National Retail Federation Retail Monitor, as consumers continued to prioritize holiday spending. Total holiday sales from November 1 to December 31 increased 4.1%.

Angola’s rough diamond sales rose 21% to $1.8 billion in 2025, while sales volume jumped 70% to approximately 17.7 million carats, according to state diamond marketer Sodiam. The growth was driven by increased production at the Luele mine, which began operations in 2024, and came despite a decline in the average sales price.

Pandora reported a 1% year-on-year decline in revenue to DKK 11.9 billion ($1.85 billion), citing weak consumer sentiment, particularly in the US, in a performance update. Operating profit fell 2.4% to DKK 4 billion ($623.7 million). For the full year, revenue rose 2.5% to DKK 32.5 billion ($5.06 billion), while profit declined by the same margin to DKK 7.8 billion ($1.21 billion).

The Diamond Council of America, an education-focused nonprofit serving the jewelry trade, has named a new board of directors, led by chair Jennifer Hamond of Signet Jewelers and vice chair David Bonaparte of Jewelers of America. New board members include Bobbi L. Avery of Day’s Jewelers, Jeffery Bolling of Jeffery B. Jewelers, Britney Phillips of Fred Meyer Jewelers, and Lindsay Salvo of Signet Jewelers.

US consumers spent a record $257.8 billion online between November 1 and December 31, according to Adobe Analytics. Mobile devices accounted for 56.4% of e-commerce transactions, up from 54.5% a year earlier, as strong discounts helped drive online demand over the holiday period, Adobe said.

Titan Company reported group sales rose 40% year on year in the fiscal quarter ended December 31. Domestic jewelry sales climbed 41%, with brands Tanishq, Mia, Zoya and beYon up 40%, while CaratLane grew 42%. The company said revenue growth was driven by higher average selling prices, which offset largely flat buyer growth.

US independent jewelers recorded a 5% year-on-year increase in gross sales in December, according to Edge Retail Academy, as a 12% rise in average transaction value offset a 6% drop in sales volume. Diamond sales declined 4%, with an 11% increase in average ticket size outweighed by a 13% fall in unit sales, the Edge reported. Data provider Tenoris said jewelry sales value rose 5.4% in December while unit sales fell 10%, adding that finished jewelry sales increased 7.5% in 2025, with average spending on diamond jewelry up 10% to $2,739.

Polished diamond prices extended their decline in December, capping a weak year for the sector. Rapaport’s RapNet Diamond Index (RAPI) for 1-carat stones fell 2.3% for the month and 9.9% for the year, while the 0.30-carat and 0.50-carat indices dropped 20% and 26% respectively in 2025. The IDEX Polished Price Index slid 1.7% in December and 10.9% over the full year.

A new feasibility study indicates the proposed underground expansion will extend production at the Karowe mine in Botswana by about 10 years, generating an estimated $3.4 billion from 4.5 million carats, owner Lucara Diamond said. Underground production is planned to follow completion of open-pit operations and is expected to ramp up to full capacity in the first half of 2028. Lucara raised $50.4 million (CAD 70 million) to help fund the project through a private placement backed by its major shareholder, the Lundin Family Trust.

Botswana is considering cooperation with Russia in the diamond sector, foreign minister Phenyo Butale told Russian state news agency TASS. Butale said opportunities could include leveraging Russian expertise in large-scale mining projects and downstream processing to support value creation in Botswana’s diamond industry.

Hong Kong’s sales of jewelry, watches and clocks, and valuable gifts rose 3.6% year on year in November, according to the city’s Census and Statistics Department. Total retail sales increased 6.5% to HKD 33.7 billion, with online sales accounting for 11.2% of the total. Growth was led by electronic and other consumer durable goods, which jumped 38.6% during the month.

The Bureau of Indian Standards unveiled a new diamond disclosure standard tightening rules on terminology and transparency across natural, laboratory-grown, treated and imitation diamonds. The standard limits use of the term “diamond” to natural stones and requires full disclosure for laboratory-grown diamonds, while banning abbreviations such as “lab grown,” “lab created,” or “LGD.” The move aims to curb misleading descriptions and strengthen consumer confidence as India’s diamond jewelry market continues to expand, according to the Gem & Jewellery Export Promotion Council.