Gem Diamonds’ Large Stone Recoveries Lift Quarterly Revenue

 

reported quarterly revenue of US$32.1 million for the period ending 31 March 2026, supported by the continued recovery and sale of exceptional large diamonds from its Letšeng mine in Lesotho.

The company achieved an average price of US$1,501 per carat at its first export sale of the year, representing a 17% increase from the previous quarter. Although total carats sold declined 21% to 16,727 carats, Gem Diamonds deferred part of its production into the second quarter.

A key contributor to revenue was the sale of 10 diamonds larger than 10.8 carats, including a remarkable 191.82 carat Type IIa white diamond. These stones generated US$7 million during the quarter, with the balance of the parcel still to be sold.

Gem Diamonds highlighted that four exceptional stones sold for more than US$1 million each, contributing a combined US$9.9 million in revenue. The highest value achieved during the quarter was US$32,908 per carat for a 52.24 carat white diamond.

The company also recovered two additional stones exceeding 100 carats during the quarter, including another 191.82 carat diamond and a 100.71 carat faint yellow diamond scheduled for sale in the second quarter.

Production at the Letšeng mine remained weighted towards the lower grade Main Pipe in line with the mine plan, while contribution from the higher value Satellite Pipe was reduced. Ore treated declined 3% quarter on quarter to 1.33 million tonnes, while total carat recovery increased 3% to 21,605 carats.

The results continue to demonstrate the resilience of the high value large diamond market, even as broader polished diamond demand and consumer spending remain under pressure globally.

Gem Diamonds stated that all operational and financial metrics remain within its 2026 guidance.

Source: DCLA

Botswana and Angola Governments Join WFDB as Industry Seeks Closer Producer Links

 

The governments of Botswana and Angola have officially become affiliated members of the World Federation of Diamond Bourses in a significant move that strengthens ties between major diamond producing nations and the global trading sector.

The announcement was made on 18 May during the WFDB International Summit held in Gaborone.

Although neither country currently operates a fully established standalone diamond bourse, both nations have sought representation within the WFDB due to the critical role diamonds play in their economies. Botswana remains the world’s second largest producer of natural diamonds, while Angola continues to expand its position as a major African diamond producer and trading hub.

This marks the first time governments have been admitted into the WFDB, which represents the world’s leading diamond bourses and trading centres. Botswana and Angola have initially been granted affiliate membership status, with both countries expected to participate as full WFDB members at the World Diamond Congress 2026 in Singapore this July.

Bogolo Kenewendo, Botswana’s Minister of Minerals and Energy, said the membership demonstrates the country’s commitment to international co operation, responsible industry growth, and strengthening the position of natural diamonds in an increasingly competitive market shaped by synthetic stones.

For Botswana, direct engagement with the trading community is expected to enhance collaboration around transparency, traceability, and the differentiation of natural diamonds from lab grown products.

Diamantino Azevedo, Angola’s Minister of Mineral Resources, described the move as an important step in deepening Angola’s engagement with the international diamond trade while supporting broader industry collaboration. Angola has spent several years developing plans for its own diamond exchange as part of wider reforms aimed at modernising the country’s diamond sector.

Kimberley Process Faces Renewed Criticism Ahead of Mumbai Meeting

Meanwhile, the Kimberley Process has come under renewed pressure from civil society groups ahead of last week’s intersessional meeting in Mumbai.

The Kimberley Process Civil Society Coalition issued a strongly worded assessment criticising what it described as another failed reform cycle. The group argued that the KP continues to struggle with redefining conflict diamonds, addressing compliance concerns, and delivering meaningful transparency measures.

Farai Maguwu, vice coordinator of the KP Civil Society Coalition, said the natural diamond industry often focuses on competition from lab grown diamonds while failing to confront long standing structural issues within the sector itself.

He stated that the Kimberley Process must move beyond “superficial marketing adjustments” and instead become more transparent, accountable, and capable of responding to modern diamond related abuses.

However, World Diamond Council president Ronnie VanderLinden offered a far more optimistic assessment following the conclusion of the meeting.

VanderLinden praised the co operation shown by participants and said the KP demonstrated its ability to work through difficult issues under pressure. He also commended India’s leadership and its focus on the “3Cs” vision of Confidence, Credibility, and Compliance.

He added that the industry must now find the determination to modernise the definition of conflict diamonds so it better reflects current global realities and expectations surrounding responsible sourcing and ethical trade.

Source: DCLA

India Hikes Gold Tariff from 6% to 15%

 

India has more than doubled tariffs on gold and silver – up from 6% to 15% – in a move aimed at easing pressure on its foreign exchange reserves.

The increase took effect on 13 May, just three days after Prime Minister Narendra Modi called on people to stop buying gold for a year, as part of a broader austerity program.

The Gem & Jewellery Export Promotion Council (GJEPC) warned that increased tariffs would result in higher prices rather than lower imports.

Jewellery retailers believe limiting the volumes imported, rather than raising duties, would be more effective.

Stocks in Kalyan Jewellers and Thangamayil Jewellery fell by around 6% on the day in response to the news.

“As expected, the government has raised duties to curb the current account deficit. However, this could affect demand, as gold and silver prices were already elevated,” said Surendra Mehta, national secretary of the India Bullion and Jewellers Association.

India is the world’s second biggest gold buyer after China. The new 15% tariff on gold and silver imports comprises a 10% basic customs duty and a 5% Agriculture Infrastructure and Development Cess (AIDC).

Source: DCLA

Zimbabwe Pushes for Higher Diamond Output Despite Global Market Pressures

 

Zimbabwe is aiming to increase diamond production to 5 million carats in 2026 through its state owned miner, the Zimbabwe Consolidated Diamond Company, despite mounting challenges across the global diamond sector.

The ambitious production target comes at a time when the international diamond market continues to face severe pressure from geopolitical instability, weakening consumer demand, the rapid rise of synthetic diamonds, and declining rough diamond prices. While most producers have experienced price declines of between 26% and 35%, Zimbabwe’s lower quality rough production has been hit far harder, with prices collapsing from highs of US$79 per carat to as low as US$22 per carat.

According to ZCDC chief executive Douglas Zimbango, Zimbabwean goods have suffered disproportionately due to a combination of product profile limitations, geopolitical tensions, synthetic diamond competition, market collusion, and what he described as an unsatisfactory sales framework.

“The international diamond market remains in a downturn,” Zimbango told lawmakers in Mutare, adding that Zimbabwe’s rough production now typically trades within a price range of US$22 to US$34 per carat. This compares unfavourably with higher quality producers achieving average rough prices closer to US$100 per carat.

Official figures show Zimbabwe sold 784,764 carats during the first quarter of 2026, representing an 11% decline in volume compared with the same period last year. Revenue performance weakened even further, with total sales value falling approximately 29% to US$21.6 million.

Despite the deteriorating pricing environment, Zimbabwe continues to pursue higher production volumes as part of a broader national economic strategy. Since commencing operations in 2016, ZCDC has extracted more than 26.5 million carats.

The country’s sovereign wealth vehicle, Mutapa Investment Fund, which owns ZCDC, has recently undertaken a restructuring of its mining interests in an effort to improve operational efficiency. This includes the creation of five new entities and the reorganisation of Kuvimba Mining House.

The Diamond Price Paradox

Zimbabwe’s current position highlights a growing structural problem within the global natural diamond industry. Unlike previous downturns driven largely by cyclical demand weakness, the present market correction reflects a far deeper transformation in the sector.

The rapid expansion of laboratory grown diamonds, combined with shifting consumer attitudes and global economic uncertainty, is forcing the industry to reassess the long term value proposition of natural diamonds. Producers operating within lower quality rough categories are facing the greatest pressure, as increased production volumes no longer guarantee higher revenues.

Zimbabwe remains one of the world’s largest diamond producing nations, accounting for approximately 3% of global supply and ranking seventh globally by production capacity. However, the widening gap between output growth and declining per carat values exposes the increasingly difficult economics confronting many diamond producing regions.

While Zimbabwe’s operational capacity continues to expand, the industry now faces a critical challenge: producing more diamonds in a market where the value of rough supply continues to deteriorate.

Source: DCLA

6.03 Carat Internally Flawless Blue Diamond Unsold at Major Geneva Auction

 

A rare 6.03 carat fancy vivid blue internally flawless diamond failed to secure a buyer at the recent Sotheby’s Geneva High Jewelry Sale, despite carrying a pre sale estimate between USD $9 million and $12 million. The exceptional blue diamond was the headline lot of the May 12 auction held at the Mandarin Oriental in Geneva.

Although the blue diamond remained unsold, the auction itself was considered a strong success, achieving more than USD $30 million in total sales with 93% of lots sold. Sotheby’s reported its highest participation levels in a Geneva jewellery sale in more than five years, with an average of more than five bidders competing for each sold lot.

Collectors from over 30 countries participated in the auction, with strong interest from buyers across the United States, Asia, Europe and the United Kingdom. Fancy coloured diamonds, important gemstones and signed vintage jewellery continued to dominate buyer demand.

According to Jessica Wyndham, Head of High Jewelry at Sotheby’s Geneva, collector appetite for coloured gemstones remains exceptionally strong, while white diamonds are also experiencing renewed demand. Signed jewellery from iconic maisons, particularly bold 1970s and 1980s designs from Bulgari, significantly exceeded expectations during the sale.

The top performing lot of the auction was a perfectly matched pair of unmounted diamonds, each weighing 18.38 carats. Both diamonds were graded Type IIa and D colour, with one graded flawless and the other internally flawless. The pair sold for more than USD $3.2 million. The diamonds were sourced by De Beers from Botswana’s renowned Jwaneng Mine as part of a collaboration with Sotheby’s showcasing exceptional provenance diamonds.

Another standout lot was the “Peacock of Ceylon,” a remarkable 102.4 carat unheated cushion cut sapphire, which achieved nearly USD $2 million at auction.

A further highlight included a 4.12 carat pear shaped fancy pink internally flawless diamond ring, which sold for USD $1.4 million. The Type IIa diamond, graded by the Gemological Institute of America, featured excellent polish and was mounted between tapered baguette diamond shoulders.

The failure of the vivid blue diamond to sell highlights the increasingly selective nature of today’s high end gemstone market, where rarity alone is no longer enough to guarantee a record result.

Source: DCLA

UK Advertising Standards Ruling Targets Lab Diamond Marketing

 

Two online jewellery retailers have been ordered to amend their advertising after the United Kingdom’s Advertising Standards Authority (ASA) ruled that their use of the word “diamond” without clear qualification was misleading to consumers.

According to a report published by the Financial Times, the ASA found that online retailers Linjer and Novita Diamonds breached advertising standards by failing to adequately disclose that the products promoted in paid Google and Meta advertisements were laboratory grown rather than natural diamonds.

The advertisements, which ran in January, were challenged by the Natural Diamond Council and the London Diamond Bourse, both of which argued that consumers could reasonably interpret the term “diamond” to refer to natural diamonds unless otherwise specified.

The ASA ruled that future advertising must include clear and prominent qualifiers such as “synthetic”, “laboratory grown”, or “laboratory created” whenever describing non natural diamond products.

Amber Pepper, CEO of the Natural Diamond Council, described the decision as “a victory for consumers”, while London Diamond Bourse president David Troostwyk said the ruling delivered a strong message that misleading advertising practices would not be tolerated within the jewellery sector.

Linjer stated that it had not realised the advertisements breached the code and confirmed it would work with its marketing agency to ensure appropriate terminology is used in future campaigns. Novita Diamonds maintained that it did not consider its advertising misleading, although it has since amended its advertisements to place the word “lab” before “diamonds” for greater clarity.

Laboratory grown diamonds are manufactured using high pressure high temperature or chemical vapour deposition technology, replicating the crystal structure of natural diamonds through energy intensive industrial processes. Their significantly lower production costs have contributed to rapid market growth in recent years, particularly within the United States jewellery sector.

The Financial Times reported that laboratory grown diamonds now account for approximately 17 per cent of the US retail diamond jewellery market by volume, compared with only 3 per cent in 2020.

The ruling is likely to be viewed as an important development for the natural diamond industry, which has faced increasing price pressure and shifting consumer demand amid the rapid expansion of synthetic diamond sales. For many within the trade, the decision reinforces the importance of accurate terminology, transparency, and consumer confidence in diamond marketing and disclosure standards.

Source: DCLA

Historic Stream Family Collection Heads to Christie’s Auction

 

A remarkable private collection spanning generations of American collectors is set to headline a major auction at Christie’s in New York next month, with expectations that the sale could realise tens of millions of dollars.

The Stream Family Collection was originally assembled by Matilda Geddings Gray, an influential Louisiana oil heiress and respected art patron, before being expanded by her niece, Matilda Gray Stream. Together, the two women built one of the most important private collections of jewellery, Fabergé objects and decorative arts ever to appear at auction.

The collection includes almost 400 pieces featuring works by legendary houses such as Fabergé, Cartier and Tiffany & Co.. Alongside the jewellery are significant examples of silver, porcelain, furniture, paintings, antiquities and glassware.

Among the standout pieces is a rare Fabergé gem set silver rhinoceros automaton dating to around 1900, carrying an estimate of USD $300,000 to $500,000.

The jewellery section reflects a strong Art Deco influence and is led by an exceptional 49.91 carat very light green yellow diamond ring featuring a VS1 clarity old European brilliant cut stone, estimated at USD $500,000 to $700,000.

Other highlights include a Tiffany & Co. Art Deco emerald and diamond bracelet estimated at USD $300,000 to $500,000, together with a Cartier coral, diamond and gold bracelet expected to realise between USD $50,000 and $70,000.

Matilda Geddings Gray began collecting Fabergé in 1933, long before the Russian master became widely recognised in the United States. Her acquisitions included four Imperial Eggs and the celebrated Lilies of the Valley Basket, regarded by many experts as Fabergé’s floral masterpiece.

The live auction, titled A Treasured History: The Stream Family Collection, will take place on 10 June, with an accompanying online sale continuing through to 17 June.

Fancy Colour Diamond Prices Ease Slightly In Q1 2026

The Fancy Color Research Foundation reported a modest decline in fancy colour diamond prices during the first quarter of 2026, reflecting what it described as a stable but highly selective market environment.

According to the latest Fancy Color Diamond Index, overall prices slipped by 0.2 per cent during Q1 2026 following a 0.1 per cent decline in the previous quarter.

Pink diamonds recorded a 0.3 per cent fall across all sizes and intensities during the quarter, while blue diamonds also declined by 0.3 per cent. Yellow diamonds remained unchanged over the quarter but were down 1.2 per cent over the past 12 months.

Despite the softer pricing, the foundation noted that fancy colour diamonds continue to demonstrate resilience, particularly in the highest quality categories where rarity and strong colour saturation remain key drivers of demand.

The strongest performing category during the quarter was 1 carat Fancy Intense Pink diamonds, which rose by 1.9 per cent. The weakest performer was 8 carat Fancy Yellow diamonds, which declined by 1.5 per cent.

Ephraim Zion, managing director of Hong Kong based high jewellery house Dehres, said the market remained highly selective, with buyers focusing increasingly on exceptional stones with standout colour and rarity.

He noted that while headline prices appear relatively stable, the gap between top quality stones and more commercial goods has become increasingly pronounced.

Source: DCLA