Pandora’s New Lab-Grown Diamond Campaign Stars Pamela Anderson

Pandora is expanding its lab-grown diamond offerings, showing off its latest jewels in a new star-studded campaign.

The “Diamonds for All” campaign will highlight some familiar faces, including model and actress Pamela Anderson.

“I like the fact that these are lab-grown diamonds, and knowing the jewelry is crafted from recycled silver and gold makes me feel good about wearing it. It is actually the more radical, kind of glamorous move,” said Anderson.

She’s joined in the campaign by American Sign Language performer Justina Miles, model and Vogue Creative Director-at-Large Grace Coddington, actress Amita Suman, model Precious Lee, model Sherry Shi, and musical artist and dancer Vinson Fraley.

The campaign was shot in New York City by photographer Mario Sorren and directed by Gordon von Steiner.

It celebrates “the breaking of conventions and tells a new diamond story,” said Pandora.

“From ‘diamonds are a girl’s best friend’ to ‘diamonds are everyone’s best friend.’ From ‘diamonds on ring fingers’ to ‘diamonds on every finger.’”

Grace Coddington and cat in Pandora campaign
Model and Vogue Creative Director-at-Large Grace Coddington, a noted cat enthusiast, poses for Pandora’s new campaign with a furry friend.

Mary Carmen Gasco-Buisson, chief marketing officer at Pandora, said the new campaign will help consumers reimagine diamond traditions.

“Our diamonds are not for the few, for a once-in-a-lifetime occasion, or only for giving. They represent personal meaning that each of us can create,” said Gasco-Buisson.

Pandora first announced its move into the lab-grown diamond jewelry market in May 2021, stating it would no longer be using natural diamonds—a stone it, notably, used in only a small percentage of its jewelry—amid its push for “sustainably created” and affordable products.

It introduced its “Pandora Brilliance” collection to the United Kingdom before rolling out to new markets, landing in the United States and Canada last August.

Previously called “Diamonds by Pandora,” the company’s lab-grown diamond line is now called “Pandora Lab-Grown Diamonds.”

Within the U.S. jewelry trade, there is a polarizing debate around lab-grown diamonds, but Pandora has appeared confident in its move into the market.

Luciano Rodembusch, president of Pandora North America, shared his insights on Pandora’s lab-grown diamond collections and the market at large in an email interview with National Jeweler.

“We shifted from mined diamonds to exclusively lab-grown diamonds to lessen the impact on the planet and to deviate from unfair working practices in the mining industry,” he said.

“Because of this shift, we’ve been able to create a collection of diamonds that are more sustainable and more affordable for every consumer.”

Pandora has framed its move into lab-grown diamonds as a push for sustainability, a claim that some in the jewelry industry have taken issue with, but the company has remained firm on its stance.

“We are committed to making lab-grown diamonds more sustainable. Our diamonds are grown, cut and polished using renewable energy at our facilities and have a carbon footprint of only 9.17 kg CO2e per cut and polished carat,” said Rodembusch.

“Consumers will continue to purchase jewelry, and it is our responsibility to reduce our emissions, like with our lab-grown diamond collections, so we can reduce our impact on the planet.”

As noted on the company’s website, the diamonds Pandora uses in its jewelry are grown in the United States. It has been reported that they are grown at De Beers’ Lightbox factory in Gresham, Oregon, though officials from both companies have declined to comment on this claim.

Rodembusch noted Pandora’s second-quarter earnings surpassed analysts’ estimates, which he viewed as a positive signal for lab-grown diamond demand.

“By democratizing diamonds, we created an affordable jewelry line that brings quality, sustainable lab-grown diamonds to everyone, which is what we strive to do as a brand,” he said.

Source: DCLA

Midsize Stones Sluggish at Petra Diamond Tender

Petra Diamonds’ rough prices decreased at its first tender of the fiscal year as the anticipated pickup in demand proved disappointing.

The August trading session brought in $79.3 million from the sale of 696,194 carats, with like-for-like prices — those for similar categories of diamonds — falling 4.3% compared with May, the miner reported Friday.

The slowdown was primarily due to flagging prices for rough between 2 and 10.8 carats, which dropped 14% on a like-for-like basis. Prices for diamonds under 2 carats rose 1% to 2%, Petra noted.

While the tender saw strong attendance, “demand was more muted than we had expected in exiting the summer holiday period,” explained Petra CEO Richard Duffy. “The expected seasonal improvement in demand was evident for higher-quality 10.8-carat-plus stones, with solid prices realized. [However,] this was offset by slower demand for 2- to 10-carat size ranges.”

The miner did not sell any exceptional stones during the tender, it reported, though it did garner $1.7 million for a 20.9-carat yellow diamond from its Cullinan deposit.

Overall sales value rose 88% from May’s $42.1 million but slid 23% from the equivalent tender a year earlier, which took place in September 2022. Sales volume was up 49% from May and 34% year on year, while the average price jumped to $114 per carat from the previous tender’s $90.

The August tender did not include any output from the Williamson mine; Petra plans to sell material from that site at its September sale. However, the latest round did feature all the rough Petra had chosen to defer in June, when it postponed its sixth tender due to the sluggish market.

The August sale also contained 75,880 carats of goods that Petra had withdrawn from the May tender due to low bids. Prices for those goods were largely unchanged from May’s offers, but Petra expects demand to rise in the coming months.

“As we enter a seasonally stronger period [that] includes Diwali, Thanksgiving, Christmas and the Chinese New Year, we remain optimistic that jewelry demand will improve and provide some support to prices over the balance of the calendar year,” Duffy said.

Main image: Ore processing at the Williamson mine.

Source: DCLA

Agape Diamonds Receives Warning over Lab-Grown Disclosure

A US advertising watchdog has called on e-tailer Agape Diamonds to make the origins of its synthetic and simulated stones clearer.

The recommendation came from the National Advertising Division (NAD) of BBB National Programs — a nonprofit that helps businesses self-regulate — after the National Diamond Council (NDC) challenged Agape’s claims, the NAD reported last week.

Agape’s promotional material, including how it was presenting products for sale on its website, did not clearly and conspicuously disclose the origins of its stones, the NDC had argued, according to the NAD. As such, the council claimed, the online retailer and lab-grown manufacturer was violating the Federal Trade Commission (FTC) guidelines on jewelry marketing.

Agape changed its advertising across its website and social media in response to the NDC’s complaint, and the NAD declared the company’s modified disclosures effective and consistent with the FTC rules. However, other online advertising lacked “clear and conspicuous” origin disclosure, the watchdog said.

Race to the Bottom? Retailers’ Lab-Grown Doubts

The NAD urged Agape to rectify this by including words such as “simulated” or “lab-grown” immediately before the words “diamond” or “stone,” with “equal conspicuousness so as to clearly disclose the nature and origin of the product and the fact that it is not a mined gemstone.”

Agape and the NDC were unavailable for comment on Sunday. In its advertiser statement to the NAD, Agape said it was “committed to accurate and truthful advertising, as recommended by NAD and as codified in the federal regulations and enforced by the FTC.”

Source: DCLA

India’s Titan Company Buys Out CaratLane for $557M

Indian jewelry giant Titan Company will up its stake in e-tailer CaratLane to 98%, acquiring the share it didn’t already own for INR 46.21 billion ($557.2 million).

Titan, which already owns 71% of the online jewelry retailer, plans to buy an additional 27% in an all-cash deal, it said Saturday in a notice to the Bombay Stock Exchange (BSE). It intends to complete the buyout by October 31, subject to requisite approvals.

The deal values CaratLane at INR 170.01 billion ($2.05 billion), according to Rapaport calculations.

Incorporated in 2007, CaratLane operates in India and in the US through a local subsidiary. Titan first took a stake in the business in 2016.

Source: DCLA

Lucara Unearths 692ct. Rough at Karowe

Lucara Diamond Corp. has recovered a 692.3-carat diamond from its Karowe mine in Botswana, the second massive rough from the deposit this month.

The white, type IIa stone came from the EM/PK(S) unit in the south lobe, known for its large, high-quality rough, Lucara said Monday. The miner found the diamond via its XRT unit, which uses X-ray technology to identify huge stones in large pieces of ore before they get broken up.

The new discovery is the fourth diamond over 300 carats that Lucara has unearthed so far this year, including one earlier this month: a high-quality white, type IIa rough weighing 1,080.1 carats, which the miner announced on August 8.

In addition, “this stone is the 20th diamond larger than 100 carats recovered during 2023 at Karowe,” said Lucara CEO William Lamb. “The recovery of large diamonds from the EM/PK(S) lithology of the south lobe strongly supports our expectations for the underground project.”

Lamb, who replaced Eira Thomas as CEO earlier this month, will lead the continued development of Karowe’s underground expansion. The miner invested $683 million in the project, which it believes will extend the mine’s life until at least 2040, 15 years beyond the original 2025 closure date.

In its most recent results, Lucara announced a 21% drop in its second-quarter revenue to $41.1 million amid a slowdown in market demand. Profit slid 60% to $5 million.

Source: DCLA

Former De Beers Chairman Julian Ogilvie Thompson Dies

Mr Julian Ogilvie Thompson

Julian Ogilvie Thompson, former chairman and CEO of De Beers as well as of its parent company, Anglo American, died on August 11 aged 89.

Ogilvie Thompson, a South African native, first joined Anglo American in 1956. He was promoted to personal assistant to then chairman Harry Oppenheimer a year later, De Beers told Rapaport News. In 1966, he joined the board of De Beers, and he became deputy chairman in 1982. Three years later, Ogilvie Thompson took over as executive chairman of De Beers, while Oppenheimer’s son, Nicky, filled his previous role.

In 1997, Ogilvie Thompson retired as chairman but remained deputy chairman until stepping down from the company in 2002. He was committed to supporting the development of young leaders from across Africa, forming an 18-year affiliation with the Mandela Rhodes Foundation, which offers scholarship and leadership programs to youth throughout the continent.

“Julian Ogilvie Thompson — often known in the business simply as JOT — was a hugely influential figure in the history not only of De Beers and Anglo American, but also in the broader South African landscape,” a De Beers spokesperson said. “As the former chairman and chief executive of both Anglo American and De Beers, and as a proud South African, he played a key role in shaping both companies and the nation.”

Source: DCLA

Alrosa Diamond Sales Unaffected by Sanctions

Alrosa’s diamond sales have been unaffected by sanctions, according to the company’s first published set of financial results since Russia invaded Ukraine in February 2022.

First-half sales for 2023 were RUB 188.2 billion ($1.9 bn), up 0.2% from RUB 187.8bn ($1.9 bn), for H1 of 2022, and up 3.5 per cent on H1 of 2021. Net profit for H1 2023 was down 35 per cent year-on-year to RUB 55.57bn ($562.5m).

More detailed breakdowns of diamond sales are marked as being restricted by decree of the Government of the Russian Federation.

The US has imposed banking restrictions and sanctioned direct imports of Russian diamonds. But Russian stones polished elsewhere are not sanctioned.

The G7 countries were expected to impose restrictions when they met in May, but instead announced plans to consider a traceability solution.

India and Dubai have not imposed restrictions on Russian diamonds.

In its interim financial statement, Alrosa, the state-controlled diamond miner, says: “Ongoing geopolitical tensions in the region have escalated significantly as the situation regarding Ukraine continues to evolve, which remains highly volatile.

“The sanctions against Russia, in turn, have caused economically unjustified costs in a number of foreign economies, disrupted the efficiency of supply chains and trade flows.”

Source: DCLA

De Beers Loosens Buying Rules as Inventories Accumulate

De Beers will allow sightholders to defer up to half of rough purchases to early next year amid sluggish consumer demand and high midstream stockpiles, market insiders told Rapaport News Wednesday.

The miner wrote to customers on Friday, informing them that they could avoid buying parts of their allocations of 1-carat goods and larger for the rest of 2023, the sources said on condition of anonymity. The allowance is 25% by value for some boxes and 50% for others, and applies to sights 8 to 10 — which will take place in September, October and December.

The rule does not apply to the August sight, which runs this week in Botswana, they added.

De Beers does not usually let sightholders defer more than one box per category of rough diamonds in each half year. In normal circumstances, failure to buy can affect access to goods in future intention-to-offer (ITO) periods — the yearlong session for which allocations are planned.

The new concession is unusual because it allows buyers to push off purchases to a new ITO. De Beers did not specify when the final deadline would be in early 2024, the sources said.

However, it told clients they must buy at least 65% of the non-deferred goods or the deferred stones will count as refusals, the sources explained.

The move comes amid persistent weak retail sales in the US and China. Manufacturers have been carrying large inventories of the less salable polished, especially in the 0.30- to 2.99-carat sizes that originate from rough above 0.75 carats. 

“There is already a buildup of polished, and therefore there is enough…to fulfill the demand for the holiday,” said one of the sources. “[De Beers will] keep [the rough] for you rather than sightholders needing to buy it and store it themselves.”

Rough prices were stable at this week’s sight, while the buyback policy remains unchanged, the market participants noted. This allows clients to sell up to 10% or up to 30% of purchases back to De Beers, depending on the category.

“We continue to provide sightholders with elements of supply flexibility to support their business needs in response to evolving demand plans,” a De Beers spokesperson commented.

Source: DCLA

Pandora introduces lab-grown diamond collections

Pandora has announced the introduction of three new lab-grown diamond collections, deviating from traditional jewellery styles and embracing original designs.

These new offerings are aimed at catering to a broader range of customers, in what the Danish jewellery manufacturer and retailer calls its ‘mission to Democratise Diamonds’.

Unveiling the new collections
The recently introduced collections include Pandora Nova, which showcases round brilliant and princess cut stones. Notably, Pandora Nova introduces an exclusive four-prong setting that enhances the diamond’s visibility.

The Pandora Era collection reimagines timeless, classic designs while Pandora Talisman offers five pendant designs that provide an elevated version of the beloved charm jewellery.

All collections feature high-quality lab-grown diamonds with excellent cut, near colourless and VS+ clarity. These diamonds are available in various carat weights and set in either 14-carat white gold, 14-carat yellow gold, or sterling silver.

Expansion and global availability
Pandora’s commitment to democratising diamonds extends to its geographical reach. Following their successful launch in the UK, US and Canada, Pandora Lab-Grown Diamonds will now be introduced to Australia, Mexico and Brazil.

This expansion aligns with Pandora’s mission to provide high-quality, affordably priced jewellery with exceptional craftsmanship.

The company’s CEO, Alexander Lacik, expresses the ambition to reach a wider audience around the world and further establish its presence in the market.

Cultural icons and campaign
Pandora plans to introduce the new collections to the public through an upcoming campaign featuring a lineup of cultural icons. The campaign’s unveiling is scheduled for 29 August.

According to Pandora’s Chief Marketing Officer, Mary Carmen Gasco-Buisson, these collections and the associated campaign emphasise the brand’s distinctive perspective on diamonds.

The aim is to position diamond jewellery not just for special occasions but as an everyday adornment that adds a touch of joyful sparkle to any setting.

Environmental considerations and sustainability
Lab-grown diamonds are identical to mined diamonds in terms of characteristics and grading standards. Pandora’s commitment to environmental sustainability is evident in its practices.

Since August 2022, the company’s Lab-Grown Diamonds collections have been produced using 100% renewable energy, significantly reducing their carbon footprint compared to traditionally mined diamonds.

Pieces crafted since the same time period are set in 100% recycled silver and gold, aligning with Pandora’s goal of using exclusively recycled materials for crafting by 2025.

Global availability and pricing
The new collections will be introduced on 29 August and will be available in more than 700 stores across the US, Canada, the UK and Australia starting from 31 August.

Selected collections are set to launch in Mexico and Brazil by the end of October 2023, with a comprehensive market rollout anticipated in the first quarter of 2024. Prices for these collections begin at $290.

The Pandora Lab-Grown Diamonds range was formerly known as Diamonds by Pandora.

Source: DCLA

Sarine Profit Nosedives as Global Slump Hits Sales

Sarine Technologies saw a drop in revenue and a sharp slide in earnings for the first half of 2023 as demand for the company’s manufacturing equipment slowed.

Sales declined 24% year on year to $23.7 million in the six months that ended June 30, the Israel-based producer of technology for the diamond industry reported Sunday. Profit plummeted 85% to $953,000, as lower sales and a weaker product mix reduced margins.

High inflation and rising interest rates dented consumer demand, as did a sluggish post-pandemic recovery in China, Sarine explained.

“With a decline in the sale of polished diamonds, and the subsequent reduction of rough diamonds in the pipeline, the midstream effected less manufacturing activities,” the company said. “Appropriately, our traditional business of selling capital equipment and, to a much lesser extent our inclusion scanning services, were affected.”

Recurring revenues — from fees clients pay when they use Sarine systems, such as its Galaxy rough scanners — decreased around 9%. Outright sales of capital equipment — customers’ one-off purchases of machines — fell 40%. “Teething” problems with Sarine’s Meteorite Plus, a scanning machine for small rough stones that launched late last year, also impacted the top line. The company has rectified these issues, it said.

Revenues from services to the retail and wholesale segments, which Sarine calls trade revenues, offset the declines with a 12% rise. This mainly resulted from the acquisition of New York-based Gem Certification & Assurance Lab (GCAL) earlier this year, Sarine said.

Overall prospects for the coming months remain gloomy, the company added.

“As interest rates and inflation are likely to stay elevated and the possibility of a recession in the US is still realistic, overall industry conditions are likely to remain challenging for the rest of [2023],” it said. “Our traditional businesses of selling capital equipment and, to a much lesser extent, our Galaxy scanning services, will remain affected under subdued market conditions.”

Source: DCLA

What Causes Diamonds To Erupt? Scientists Crack the Code

New findings hold the potential to spark future diamond discoveries.

An international team of scientists, led by the University of Southampton, has found that the breakup of tectonic plates is the main driving force behind the generation and eruption of diamond-rich magmas from deep inside the Earth.

This insight could significantly influence the trajectory of the diamond exploration industry, guiding efforts to locations where diamonds are most probable.

Diamonds, which form under great pressures at depth, are hundreds of millions, or even billions, of years old. They are typically found in a type of volcanic rock known as kimberlite. Kimberlites are found in the oldest, thickest, strongest parts of continents – most notably in South Africa, home to the diamond rush of the late 19th century. But how and why they got to Earth’s surface has, until now, remained a mystery.

The new research examined the effects of global tectonic forces on these volcanic eruptions spanning the last billion years. The findings have been published in the journal Nature.

Southampton researchers collaborated with colleagues from the University of Birmingham, the University of Potsdam, the GFZ German Research Centre for Geosciences, Portland State University, Macquarie University, the University of Leeds, the University of Florence, and Queen’s University, Ontario.

Tom Gernon, Professor of Earth Science and Principal Research Fellow at the University of Southampton, and lead author of the study, said: “The pattern of diamond eruptions is cyclical, mimicking the rhythm of the supercontinents, which assemble and break up in a repeated pattern over time. But previously we didn’t know what process causes diamonds to suddenly erupt, having spent millions – or billions – of years stashed away 150 kilometers beneath the Earth’s surface.”

To address this question, the team used statistical analysis, including machine learning, to forensically examine the link between continental breakup and kimberlite volcanism. The results showed the eruptions of most kimberlite volcanoes occurred 20 to 30 million years after the tectonic breakup of Earth’s continents.

Dr. Thea Hincks, Senior Research Fellow at the University of Southampton, said: “Using geospatial analysis, we found that kimberlite eruptions tend to gradually migrate from the continental edges to the interiors over time at rates that are consistent across the continents.”

Geological processes

This discovery prompted the scientists to explore what geological process could drive this pattern. They found that the Earth’s mantle – the convecting layer between the crust and core – is disrupted by rifting (or stretching) of the crust, even thousands of kilometers away.

Dr Stephen Jones, Associate Professor in Earth Systems at the University of Birmingham, and study co-author said: “We found that a domino effect can explain how continental breakup leads to the formation of kimberlite magma. During rifting, a small patch of the continental root is disrupted and sinks into the mantle below, triggering a chain of similar flow patterns beneath the nearby continent.”

Dr. Sascha Brune, Head of the Geodynamic Modelling Section at GFZ Potsdam, and a co-author on the study, ran simulations to investigate how this process unfolds. He said: “While sweeping along the continental root, these disruptive flows remove a substantial amount of rock, tens of kilometers thick, from the base of the continental plate.”

The typical migration rates estimated in models matched what the scientists observed from kimberlite records.

“Remarkably, this process brings together the necessary ingredients in the right amounts to trigger just enough melting to generate kimberlites,” added Dr Gernon.

The team’s research could be used to identify the possible locations and timings of past volcanic eruptions tied to this process, offering valuable insights that could enable the discovery of diamond deposits in the future.

Professor Gernon, who was recently awarded a major philanthropic grant from the WoodNext Foundation to study the factors contributing to global cooling over time, said the study also sheds light on how processes deep within the Earth control those at the surface: “Breakup not only reorganizes the mantle, but may also profoundly impact Earth’s surface environment and climate, so diamonds might be just a part of the story.”

Reference: “Rift-induced disruption of cratonic keels drives kimberlite volcanism” by Thomas M. Gernon, Stephen M. Jones, Sascha Brune, Thea K. Hincks, Martin R. Palmer, John C. Schumacher, Rebecca M. Primiceri, Matthew Field, William L. Griffin, Suzanne Y. O’Reilly, Derek Keir, Christopher J. Spencer, Andrew S. Merdith and Anne Glerum, 26 July 2023, Nature.

Source: DCLA

Zimbabwe stockpiles 300,000 carats of diamonds

The Reserve Bank of Zimbabwe has stockpiled 300,000 carats of diamonds under new regulations which compel miners to pay half of their royalties using commodities, the state-run Sunday Mail reported.

Central bank governor John Mangudya also told the Harare-based newspaper that gold reserves stood at around 350 kilograms, or around $20 million in US dollars. The value of the diamond stockpile is hard to quantify, he added.

Zimbabwe introduced regulations last year that require miners to pay half of their royalties to the government in the commodities themselves and the rest in cash, as the southern African country seeks to build its mineral reserves.

Zimbabwe Consolidated Diamond, and Murowa Diamond, which is owned by Rio Zim, are the only diamond firms operating in the country.

Mining companies that operate in Zimbabwe include units of Impala Platinum, Anglo American Platinum and Sibanye Gold.

Platinum and lithium producers are allowed to pay their royalties in cash.

Source: DCLA

Karowe Mine Yields Massive Rough Diamond Weighing 1.080 carats.

Lucara Diamond Corp. has recovered a 1,080.1-carat rough diamond from its Karowe mine in Botswana, its fourth topping the 1,000-carat mark in eight years.

The white, type-IIA stone came from the site’s south lobe, known for its large, high-quality rough, Lucara said Wednesday.

The diamond showed up in the miner’s Coarse XRT unit, a recovery circuit that uses X-ray technology to identify huge stones in large pieces of ore before they’re broken up.

Since 2015, the south lobe of Karowe’s AK6 kimberlite has yielded three other diamonds in this size class: the 1,109-carat Lesedi La Rona that year, the 1,758-carat Sewelô in 2019, and a 1,174.76-carat clivage diamond in 2021.

“Lucara is extremely pleased to be reporting the recovery of another large, high-quality gem diamond in excess of 1,000 carats,” said Lucara CEO Eira Thomas on Wednesday. “As we progress mining deeper in the open pit and transition to underground mining exclusively in the south lobe, the preponderance of large, high-value stones is increasing.”

The miner is investing $683 million in Karowe’s underground expansion — a move it says will extend the mine’s life until at least 2040, 15 years beyond the original 2025 closure date.

Source: DCLA

China's Gold Economy: Consumer desire for gold increases, desire for diamonds decreases

In the first half of this year, China consumed nearly 555 tons of gold, up more than 16 percent year-on-year. The trend has been described as a domestic gold craze. But diamonds seem to have lost their attraction, as the market size in China declined to 11.4 billion U.S. dollars in 2022, 2.5 billion dollars less than in 2021. Xu Hua has more from the southern Chinese city of Shenzhen, China’s biggest distribution center for wholesale jewelry.

XU HUA Shenzhen Shuibei Jewelry Market “We’re at Shenzhen’s Shuibei Jewelry Market, the biggest wholesale market of its kind in China. The market has been crowded with consumers from all over the country for months, as international gold prices continue to rise. Let’s go and see what the best seller is here.”

The hustle and bustle of the Shuibei Jewelry Market since the beginning of 2023 marked a strong comeback from last year. With attractive designs, diverse styles and low prices, dozens of deals can be reached in seconds.

YU WANLING Shenzhen Resident “Shuibei is well-known for its gold sales. The quality gold is more reassuring than other places.”

ZHENG CE Shenzhen Resident “We are about to get married. We prefer to buy some gold rather than diamonds for inheritance or for wearing.”

China’s domestic consumption of gold jewelry reached 555 tons in the first half of 2023. Among the gold consumption, the purchase of gold bars jumped 30 percent year-on-year to 146 tons, while that of gold jewelry reached 368 tons, up almost 15 percent from the same period last year.

HAO RUNSONG General Manager, Lidu Gold “In 2023, our gold sales increased by 20-30 percent compared with last year.”

By contrast, the doorways of neighboring diamond stores looked relatively lonely, as the precious gems lost some significant value over the last few months.

LIU JINGLI Manager, Yishidai Jewelry “The retail transaction volume of diamond inlays is relatively low, and the wholesale sales of our diamond inlays is also declining.”

ZHAO LI Director, The Gold Plaza Operation Center “The sales of diamond jewelry have declined slightly, partly due to falling prices, fewer marriages, the impact of cultivated diamonds, and changing buyer behaviour.”

For daily social needs, some consumers looked to art jewelry as an alternative to diamond jewelry.

HUANG WEIJUN Brand Director, Shenzhen REIEN Jewelry “Our sales of art jewelry in the first half of this year have increased by about 300 percent over the whole of last year.”

Some economists say the booming gold sales are a direct reflection of a gloomy economic outlook.

WU HAIFENG Executive Director, Shenzhen Institute of Data Economy “When people feel uncertainty about the future, especially on the economy, especially about the income growth, people will think to change their investments platform from a variety of the financial products to hard currencies such as gold, such as real estate.”

However, Wu says that the real estate market hasn’t looked good since the beginning of the last year, so Chinese consumers and investors have been looking at other products. Wu added proper stimulative policies are still needed to ensure a healthy market and economic rebound. Xu Hua, CGTN, Shenzhen, Guangdong Province.

Source: DCLA

Slower Growth for Fancy Colour Diamond Prices

 

Fancy colour diamonds saw slower growth in the last three months, with an increase of just 0.5 per cent in the FCRF Index, which tracks prices across all colours, sizes and intensities.

That compares with a 1.3 per cent rise during the first quarter of 2023, as reported by the New York-based Fancy Colour Research Foundation, with the biggest increases among yellows.

During Q2, yellows diamonds again drove the increase, with a rise of 6.5 per cent across all categories. Pinks were up 0.2 per cent and blues rose by 0.6 per cent.

The FCRF noted that fancy colour diamonds had again out-performed white diamonds, which saw prices fall 3.5 per cent during the quarter.

Board member Eden Rachminov said: “The first six months of 2023 were intriguing. We experienced notable spikes in certain sub-categories within the yellow category, particularly in the intense and vivid grades with a high inner-grade.

“Meanwhile, the blue and pink categories remained stable. If the world economy continues to maintain its positive momentum, we can anticipate a robust price behavior after the summer.”

The FCRF tracks pricing data for fancy colour diamonds in Hong Kong, New York, Geneva and Tel Aviv.

Source: DCLA

US Blocks $26m of India Diamond Payments to Russia

 

The US has reportedly blocked $26m of payments made by Indian businesses attempting to buy rough diamonds from Russia.

OFAC, the Office of Foreign Assets Control, is said to have instructed banks in recent months to halt the transfer of funds, mostly from UAE subsidiaries of Indian companies.

Neither India nor the UAE has sanctioned rough diamonds from Russia. The US has, although its ban does not apply to diamonds cut and polished outside Russia.

Leaders of the G7 nations concluded their summit in Hiroshima, Japan, in May without the clear mandate to fully sanction Russian diamonds that many had expected.

The US is believed to have halted the bank transfers over suspicions they were being made to sanctioned entities in Russia, but industry representatives in India insist otherwise.

The Gem & Jewellery Export Promotion Council (GJEPC) is lobbying the Indian Ministry of Commerce and the Indian embassy in the UAE to resolve matters.

Vipul Shah, chairman of the Gem and Jewellery Export Promotion Council (GJEPC), told Economic Times: “We are trying to explain to OFAC that the payments were made to non-sanctioned entities and even to some Russian entities well before the sanctions came into place. There is very little direct import of diamonds from Russia.”

The $26m of blocked purchases represent only a small proportion of the average $1.3bn of rough a month that India has been importing from all sources (GJEPC figures for April to June).

Source: DCLA

555ct. Diamond Bought with Illicit Funds, SEC Says

Cryptocurrency mogul Richard Heart allegedly used proceeds from the sale of unregistered securities to buy the 555-carat Enigma diamond, according to the US Securities and Exchange Commission (SEC).

The SEC has charged Heart — who was born Richard Schueler and who created the Hex cryptocurrency token — with selling the securities to raise more than $1 billion from investors. It alleges that Heart and his PulseChain company committed fraud by misappropriating at least $12 million of those funds to purchase luxury items, including sports cars, watches and the diamond.

“Heart called on investors to buy crypto asset securities in offerings that he failed to register,” Eric Werner, director of the SEC’s Fort Worth regional office, said in a statement Monday. “He then defrauded those investors by spending some of their crypto assets on exorbitant luxury goods.”

The Enigma, which is believed to have come from outer space, is the largest faceted diamond of any kind to appear at auction. Heart purchased it from Sotheby’s at a one-off sale in February 2022 for GBP 3.2 million ($4.3 million). At the time, Heart tweeted that he had bought the stone and would rename it the Hex.com diamond as a nod to his cryptocurrency platform, calling it a “match made in heaven.” Hex has a “5555 day club” comprising people who hold 5,555-day Hex stakes — the longest possible stake in the electronic token.

Sotheby’s, which accepted payment for the Enigma, was not mentioned as a defendant in the SEC’s lawsuit.

“Sotheby’s does not comment on individual transactions, but we can confirm we have established due diligence procedures, tailored and updated to take account of our requirements to conduct business in compliance with applicable laws and regulations,” the auction house stated.

Source: DCLA

Anglo announces latest De Beers’ rough diamond sales value

 

Anglo American plc announces the value of rough diamond sales (Global Sightholder Sales and Auctions) for De Beers’ sixth sales cycle of 2023, amounting to US$410 million.

The provisional rough diamond sales figure quoted for Cycle 6 represents the expected sales value for the period 10 and 25 July and remains subject to adjustment based on final completed sales.

Al Cook, CEO of De Beers, said: “In line with seasonal trends, rough diamond sales continued at a lower level during the sixth sales cycle of the year. Participants in the diamond industry’s midstream sector continue to take a cautious approach to purchases in light of ongoing macroeconomic challenges.”

Source: DCLA