Love that lasts: natural diamonds continue to win hearts, with 2.1% growth in speciality jeweller sales

 

Diamonds embody enduring love, making them the natural choice for marking a relationship. In 2025, the average price of natural diamond jewellery grew by 10%, reflecting demand for the rare, precious stones. Consumers continue to value diamonds for their unique qualities, natural origins and timeless versatility as a symbol of life’s most cherished moments and enduring legacy. Valentine’s Day is expected to be sparkly this year!

Released today, 12 February 2026, by the Natural Diamond Council (NDC) in partnership with Tenoris, the Natural Diamond Trends: A 2025 Overview report uncovers U.S. consumer preferences in natural diamond jewellery. It provides an overview of 2025 that reveals the styles, qualities and buying occasions that will shape the diamond jewellery industry in the coming years. To create this report, NDC used data collated by Tenoris from over four million jewellery transactions by 2,500 speciality jewellers across the US.

The ultimate Valentine’s Gift: natural diamonds

The report found that in 2025, Valentine’s Day and Mother’s Day accounted for 16% of annual sales of natural diamonds. In 2026, natural diamonds are set to bring just as much sparkle to special occasions.

Over the next two years, the love for natural diamonds is only expected to grow. The report takes insights from the De Beers commissioned US Natural Diamond Tracker Study 2025 conducted by Ipsos, which found that more than 40% of women and 50% of men anticipated to purchase or receive natural diamond jewellery in the next 24 months.

“Together, Gen Z and Millennials now represent the majority of diamond jewellery demand globally — and they are the most influential force shaping the future of the category. With the current emphasis on personal expression and bespoke details, consumers have more ways than ever to choose a piece that reflects a shared story. In a world of replication and simulation, emotion is what makes natural diamonds irreplaceable,” says Amber Pepper, CEO of the Natural Diamond Council.

Their versatility in both subtle everyday pieces or dramatic showstoppers means they work for every style. The Pinterest Predicts 2026 report supports the view that individuality will drive demand for unique jewellery designs and vintage-inspired pieces. It highlights nostalgia and self-expression as key themes.

In 2025, the average total carat weight for jewellery sold on Valentine’s Day was 0.59 carats, with round brilliants the favourite shape and non-bridal rings the top category. Engagement jewellery also plays a meaningful role: Valentine’s Day marks the close of the US engagement season, with 47% of couples getting engaged between November and February, according to The Knot.

Engagement ring trends

For those getting engaged around Valentine’s Day, it’s likely the natural diamond will be a round brilliant in shape. They made up 62% of diamond engagement unit sales in US, according to the report.

Through 2025, an array of celebrity engagements also showcased a range of personalised settings, as well as use of fancy shapes. The likes of Selena Gomez, Taylor Swift, Georgina Rodriguez and Zendaya all revealed sparking elongated shaped diamonds for their engagement rings. The classic, elongated marquise shape saw a 12% year-on-year growth, and with many celebrity endorsements through 2025, it is likely to remain in high esteem through 2026 and beyond.

“Natural diamonds have been around for billions of years and adored by people for millennia. Formed by time. carried by nature. chosen to mark life’s most profound moments. Not only are they here to stay, but the trend is for iconic natural diamonds that will capture attention, win hearts, and help us express ourselves with authenticity,” adds Amber Pepper.

Read about these natural diamond consumer trends and more in the NDC report release today, Natural Diamond Trends: A 2025 Overview.

Download the report here: naturaldiamonds.com

About the Natural Diamond Council  

The Natural Diamond Council (NDC) is a not-for-profit organisation committed to inspiring and educating consumers on the real, rare and responsible values of natural diamonds and the positive global impact of the industry. Our Only Natural Diamonds platform is the authoritative publisher on all things natural diamonds including myth-busting facts, celebrities and pop culture, epic diamonds and jewellery trends, engagements and weddings, and diamond buying guides. In addition, we provide marketing, promotional, and educational services to brands, designers and retailers, encouraging them to amplify the values and integrity of natural diamonds. 

NDC is a global organisation whose members’ operations span four continents and 10 countries including Canada, South Africa and Botswana. Their operations support the livelihood of 10 million people worldwide.  

NDC operates out of offices in New York, Shanghai, Mumbai and Antwerp, with satellite teams in the UK and France. 

Source: DCLA

Botswana's State-owned diamond company turns to contract sales to manage tough market

 

Botswana’s State-owned Okavango Diamond Company plans to increase the share of diamonds it sells to contracted buyers as a way to navigate a depressed global diamond market, acting MD Lipalese Makepe said on Wednesday.

Contract diamond sales are more predictable compared with auctions and tenders that are highly competitive and often lead to price volatility.

Surplus supplies, falling demand and the rising popularity of lab-grown diamonds have weighed on rough diamond prices in recent years. Economic slowdown has also led to reduced diamond sales.

Until last year, the state diamond marketing company mainly sold its gems through auctions and tenders because a clause in Botswana’s contract with De Beers had prevented Okavango Diamond Company from directly competing with it.

CONTRACT SALES BEGAN WITH A PILOT LATE LAST YEAR
ODC was able to begin contract sales after the Botswanan government signed a new agreement with De Beers in February 2025.

“We piloted the contracts in November and December with an average of 14 customers,” Makepe told Reuters on the sidelines of an African mining conference in Cape Town. The number of contracted customers has risen to 32, she added.

“We plan to sell about 50% of our Debswana allocation by value,” she added, referring to ODC’s allocation of production from Botswana’s diamond mining company. Initially the plan was to sell 40% by contract.

Makepe said the balance of its allocation will be sold through the normal ten auctions a year and strategic partners as well as citizen-owned companies.

ODC could also pursue special auctions, Makepe said, despite last year’s inconclusive attempt.

The company sold about three-million carats in 2025 from over four-million carats of its allocated supply, according to Makepe, and 2026 sales are likely to be in the same range in line with their allocation from Debswana.

ODC’s rough diamond allocation from Debswana – Botswana’s joint venture with De Beers – increased to 30% from 25% and will reach 40% at the end of the 10-year agreement.

De Beers, the world’s largest diamond company by value, is a unit of Anglo American, which has been seeking to sell it ahead of its mega merger with Canadian miner Teck Resources.

Anglo American CEO Duncan Wanblad, also speaking on the sidelines of the Indaba conference, told Reuters he was prioritising the sale, most likely to a consortium given the lack of big strategic diamond players in the current market.

Source: DCLA

Tiffany & Co. Honours Jean Schlumberger’s Legacy with the Launch of the Enamel Watch

 

At January’s LVMH Watch Week, Tiffany & Co. unveiled a striking new chapter in its modern horological journey with the launch of the Tiffany & Co. Enamel Watch—a jewellery-inspired timepiece that celebrates the enduring legacy of legendary designer Jean Schlumberger.

The presentation highlighted the renewed momentum behind Tiffany’s watchmaking since the 2021 appointments of Anthony Ledru, President and CEO, and Nicolas Beau, Vice President of Tiffany Horlogerie. Together, they bring decades of experience from esteemed maisons such as Chanel and Cartier, redefining Tiffany’s position at the intersection of high jewellery and fine watchmaking.

A Watch Rooted in Jewellery Heritage

Among the women’s timepieces presented—though, as Beau himself demonstrates, Tiffany watches transcend gender—the Enamel Watch stands apart for its direct lineage to Tiffany’s jewellery archives. The design draws inspiration from Schlumberger’s iconic Croisillon bangle, first introduced in the early 1960s and renowned for its bold use of colour, texture and visual rhythm.

Jean Schlumberger, who began designing for Tiffany & Co. in the 1950s, revolutionised modern jewellery by treating colour and surface decoration as expressive elements rather than embellishments. In 1962, he revived the rare paillonné enamel technique—a 19th-century craft involving the layering of hand-cut gold or silver leaf beneath translucent enamel. The result was jewellery that was unapologetically vibrant, designed to be stacked, seen and celebrated.

Translating Paillonné Enamel into Watchmaking

The Enamel Watch translates this expressive jewellery language directly onto the wrist. Its dial is composed of two distinct elements: a fixed, diamond-set central disc and a rotating outer enamel ring that echoes the Croisillon bangle. The signature 12 cross-stitch motifs, rendered in yellow gold, are not static hour markers. Instead, they move freely with the wearer’s motion, introducing a subtle yet playful sense of visual disruption—an approach entirely in keeping with Schlumberger’s wit and design philosophy.

There is deep historical precedent for this craftsmanship. Tiffany & Co. has produced enamelled objects since the late 19th century, including watches, chatelaines and table clocks. Paillonné enamel, however, occupies an especially rarefied position within this tradition. Nearly lost by the mid-20th century, the technique is now practised by only a handful of specialists worldwide.

For the Enamel Watch, the enamel ring alone requires approximately 55 hours of meticulous hand decoration. Gold elements are added only after the enamel work is complete, with the piece undergoing multiple firings to achieve its remarkable depth of colour and luminosity.

Cultural Significance and Modern Execution

Schlumberger’s Croisillon bangles were more than decorative objects; they were cultural symbols. Worn by icons such as Jacqueline Kennedy Onassis, they helped cement Tiffany & Co.’s position at the crossroads of American elegance and European craftsmanship. This lineage is central to the Enamel Watch’s identity. Rather than borrowing decorative techniques from contemporary watchmaking, Tiffany places timekeeping firmly within a jewellery tradition that predates much of the modern luxury watch industry.

Mechanically, the watch employs a high-precision quartz movement, a deliberate and pragmatic choice aligned with the piece’s purpose. This is not a watch designed to showcase complications, but one that prioritises visual artistry through enamel, diamonds and gold. A discreet push-button time adjustment integrated into the caseback preserves the purity of the silhouette, while extensive diamond setting across the case, dial and clasp reflects Tiffany’s mastery of its core métiers.

A Distinct Voice within the LVMH Portfolio

The Tiffany & Co. Enamel Watch stands apart even among its LVMH stablemates. It is neither a technical showcase nor a volume-driven release. Instead, it serves as a reminder that Tiffany’s watchmaking heritage is rooted not in complications or manufacture status, but in the creation of objects designed to be worn, admired and remembered.

For collectors and connoisseurs alike, the Enamel Watch is a compelling expression of Tiffany & Co.’s unique ability to unite high jewellery craftsmanship with contemporary horology—while remaining unmistakably true to its historic identity.

Source: DCLA

Pandora Opts for Platinum Plated Jewelry as Silver Prices Surge

 

Pandora is introducing platinum-plated jewelry to reduce its reliance on sterling silver, after silver prices more than doubled over the past year.

The Danish company, best known for its charm bracelets, has developed a new platinum plating process that builds on its proprietary Pandora Evershine metals alloy core, using a very thin layer of the precious metal over an alloy base.

In the first quarter of 2026, Pandora will pilot a curated selection of platinum plated versions of its best selling bracelets across 30 stores and online in northern Europe, ahead of a wider global rollout in the second half of 2026 that will also include a selection of charms.

“With this innovation, we can navigate the new realities of raw material costs while offering consumers precious metal jewellery that is exceptionally well suited for everyday wear,” said Pandora CEO Berta de Pablosa Barbier. The company said silver and gold prices had surged over the past year.

Platinum is significantly more expensive per ounce than silver but has seen comparatively stable price movements recently, and because Pandora uses only a very thin plated layer over an alloy core, the products remain economically viable.

In a July 2025 consumer study of 23,000 people, 78 per cent recognized platinum as a precious metal, compared to 69 per cent for sterling silver, underscoring its appeal as a premium white metal.

Source: DCLA

Historic Crown of Empress Eugénie to Be Restored After Louvre Heist

 

The Louvre Museum has released striking images of a historic crown once worn by Empress Eugénie, following its dramatic recovery after a high-profile jewellery heist at the Paris landmark. The crown, abandoned by thieves during their escape, was discovered crushed and badly deformed—but remarkably, largely intact.

The jewel-encrusted crown forms part of France’s imperial heritage and dates back to the Second French Empire (1852–1870), when Eugénie de Montijo reigned alongside her husband, Emperor Napoleon III. A noted style icon of her era, Empress Eugénie was instrumental in reviving court jewellery traditions inspired by earlier monarchies, commissioning elaborate pieces that blended imperial symbolism with exceptional gemstone craftsmanship.

The crown itself is a masterwork of 19th-century high jewellery, adorned with 56 emeralds and more than 1,350 diamonds, and originally surmounted by eight golden eagles—a powerful imperial emblem echoing Napoleonic authority. Such pieces were not merely ornamental; they were statements of political power, wealth, and France’s dominance in the decorative arts.

During the robbery in October last year, thieves escaped with an estimated €88 million worth of jewels, but were forced to abandon the crown after attempting to remove it through a narrow opening cut into the display case. This crude extraction caused significant deformation, flattening and damaging the metal structure. Despite this, the Louvre has confirmed that the crown retains all of its emeralds and all but ten of its diamonds. One golden eagle remains missing.

Crucially, museum experts report that the crown is “nearly intact” and can be restored without the need for reconstruction, preserving its original materials and craftsmanship. An expert restoration committee, led by Louvre president Laurence des Cars, has been appointed to oversee the delicate conservation process—an effort that will rely heavily on historical jewellery-making techniques and forensic gem analysis.

The heist also involved the theft of eight additional jewels, including a diamond tiara belonging to Eugénie. While investigations continue, the fate of the remaining pieces remains unknown.

For gemologists and historians alike, the incident underscores both the vulnerability and resilience of historic jewellery. Beyond its dramatic recovery, the crown of Empress Eugénie stands as a rare surviving example of imperial French jewellery—an object whose value lies not only in its diamonds and emeralds, but in its irreplaceable cultural and historical significance.

At DCLA, such cases highlight the importance of expert gemstone documentation, certification, and conservation, ensuring that historic jewels can be accurately studied, restored, and preserved for future generations.

Source: DCLA

Anglo flags third De Beers writedown as Teck merger looms

 

Anglo American is weighing a third writedown of De Beers in as many years as weak diamond prices persist and the miner advances asset sales ahead of its merger with Canada’s Teck Resources.

The century-old group said on Thursday it was reviewing the carrying value of its diamond business after average realized prices fell in 2025, warning the unit is likely to be lossmaking again.

The potential impairment comes as Anglo moves to finalize the sale of non-core assets, including De Beers. At the same time, the miner is preparing to merge with Teck in a transaction approved by shareholders and regulators late last year, creating Anglo Teck (official named confirmed).

The company booked a $2.9 billion impairment on De Beers in February last year, following a $1.6 billion writedown in 2024. Anglo, which owns 85% of the diamond company, offered few details on a sale process, saying only that it was “progressing.”

In a fourth-quarter production update, Anglo said diamond trading conditions “continued to be challenging” amid industry weakness, geopolitical tensions and tariff uncertainty. It said lower prices and market conditions could lead to an impairment when full-year results are released.

Diamond prices have come under pressure from weaker consumer demand in China and competition from cheaper, lab-grown stones. De Beers’ average realized price fell 7% to $142 per carat in 2025, driven by a 12% drop in the average rough price index.

Anglo said the decline was exacerbated by selling inventory below cost, largely lower-value goods. Adjusted for that mix, the equivalent price index reduction would have been 25% year on year, suggesting some underlying resilience in the market.

De Beers sold 5.9 million carats in the fourth quarter, up from 4.6 million a year earlier, lifting revenue to $571m from $543m. Even so, Anglo said it was undertaking an impairment review that could result in another writedown.

Exit hurdles
The prolonged slump complicates Anglo’s efforts to exit De Beers. Chief executive Duncan Wanblad said only that the sale was moving forward. A consortium led by former De Beers managing director Gareth Penny is seen as a frontrunner, though Botswana, which owns 15% of the company, has said it wants to take control.

Namibia has also expressed interest, and former chief executives Bruce Cleaver and Penny have been mentioned as potential buyers.

The De Beers sale forms part of a restructuring unveiled in 2024. Anglo demerged its platinum arm, Amplats (now Valterra), in June 2025, while the planned sale of its Australian metallurgical coal mines stalled after Peabody Energy (NYSE: BTU) walked away following a fire at Moranbah North.

Wanblad said on Thursday that the formal sale process for steelmaking coal was “progressing well,” without naming alternative buyers or addressing potential compensation from the US firm.

Copper reality check
Copper remains central to the Anglo-Teck investment case, but near-term output expectations have softened. Anglo cut its 2026 copper guidance to 700,000 to 760,000 tonnes from 760,000 to 820,000 tonnes, citing lower grades at several operations.

It also trimmed 2027 guidance to 750,000 to 810,000 tonnes, including at Collahuasi in Chile, which Anglo and Teck plan to integrate with Teck’s neighbouring Quebrada Blanca mine. For the longer term, the group added new guidance for 2028 of 790,000 to 850,000 tonnes.

A 15-km (9.3-mile) conveyor would be built to feed Collahuasi’s high-quality ore into QB’s new processing plants. (Click on map to enlarge)
Copper production in 2025 was 695,000 tonnes, roughly flat year on year and at the lower end of guidance. Goldman Sachs said output missed its estimate by 5%, with Anglo’s Quellaveco mine in Peru falling short by 10% on lower-than-expected grades. Collahuasi’s underperformance was already known, while Los Bronces in Chile ended the year strongly.

Adjusting for Collahuasi, the underlying miss narrows to about 2%, which Goldman said better reflects what the market had already priced in.

A sharp rise in copper prices in recent months has renewed interest in the metal and helped spur merger talks between rivals, including the once again abandoned merger between Rio Tinto (ASX, LON: RIO) and Glencore (LON: GLEN).

With ageing mines delivering lower grades and new projects costly and slow to develop, copper dealmaking has become more attractive as supply constraints tighten across the sector.

Source: DCLA

IDEX Price Report: Further Drops for Rounds and Fancies

 

Price drops dominated yet again both for rounds and fancies during January, as US tariffs on India and the continuing rise of lab growns took their toll.

Rounds

Among 1.00-cts to 1.24-cts, the price of almost all G+ and VVS2+ goods fell. 0.80-cts to 0.89-cts also saw price drops in most G+ and VVS1+ goods.

There were many more drops in goods 1.25-cts to 5.99-cts, albeit with some clusters of increase in 3.00-cts to 4.99-cts. Very limited activity in goods under 0.79-cts.

Fancies

Price drops more pronounced than among rounds in 2.00-cts to 3.99-cts, but less so in 4.00-cts to 5.99-cts. Overall, still a month of significant decline.

There was a large cluster of price drops among 1.50-cts to 1.99-cts, notably in I+ and SI1+ goods. Little significant activity in fancies under 0.69-cts.

Highlighted changes

Rounds

0.80-0.89 ct. D-E / IF-VS1 -1.5-5.0%

1.00-1.24 ct. D-G / IF-VVS1 -1.0-3.0%

2.00-2.99 ct. G-J / VS1-2 -1.0-3.0%

Fancies

0.70-0.79 ct. D-E / IF-VS -1.5-6.0%

1.25-1.49 ct. D-H / IF-VVS1 -1.0-5.5%

4.00-4.99 ct. K-M / VVS2-VS2 +1.0-2.0%

Source: DCLA