Tuesday, 1 April 2025

Diavik recovers 158.20 carat ‘miracle of nature’ diamond

158.20 carat 'miracle of nature' diamond

One of the largest gem-quality yellow diamonds ever discovered in Canada, has been unearthed from Rio Tinto’s Diavik Diamond Mine.

The 158.20-carat rough diamond is one of only five yellow diamonds weighing more than 100 carats ever unearthed at Diavik in its 22-year history, stated a release.

158.20 carat ‘miracle of nature’ diamond

Diavik’s production primarily consists of white gem quality diamonds, with less than one percent of its production yielding rare yellow diamonds.

Diavik Diamond Mines Chief Operating Officer Matt Breen stated: “This two-billion-year old natural Canadian diamond is a miracle of nature and testament to the skill and fortitude of all the men and women who work in Diavik’s challenging sub-Arctic environment.”

Patrick Coppens, sales and marketing GM for Rio Tinto’s diamonds business, stated: “The beauty and purity of Diavik diamonds continues to excite passions amongst all who see them and we look forward to following the onward journey of this very special diamond.”

Monday, 31 March 2025

Diamond miner Lipari begins trading on Cboe Canada

Braúna diamond mine

Canadian diamond miner Lipari Mining has officially begun trading on the Cboe Canada stock exchange following the completion of its recently announced reverse takeover.

“Listing on Cboe Canada marks a major milestone in our company’s growth,” CEO Ken Johnson stated in a news release Monday, adding that the exchange’s global footprint would allow the company to broaden its shareholder base and increase market visibility.

Shares of Lipari Mining traded at C$0.57 at Monday’s open, for a market capitalization of approximately C$83.7 million ($58.5 million).

Formerly known as Golden Share Resources, the company announced last month that it is acquiring Lipari Diamond Mines (LDM) and its assets in Angola and Brazil through an RTO, following which LDM shareholders would own nearly all (96.7%) of the combined company’s shares.

Prior to closing the transaction, LDM raised approximately $3.62 million through a private placement of subscription receipts to support the future development of its two diamond assets.

In Angola, Lipari owns a 75% equity interest in Tchitengo diamond project, encompassing 30 known kimberlite deposits. The Tchiuzo kimberlite represents the most developed, having already been taken to pre-feasibility by Sociedade Mineira de Catoca and ALROSA in 2013 after spending a reported $35.6 million.

In an earlier news release, CEO Johnson said the company has planned a bulk sampling program at Tchiuzo to follow up on the confirmatory drilling completed by LDM last year. This is targeted to produce a representative parcel of rough natural diamonds for evaluation and making a production decision.

Lipari also owns 100% of the Braúna diamond mine located in the state of Bahia, Brazil. Since entering commercial production in July 2016, the mine has produced nearly 1.2 million carats of natural rough diamonds from 6.54 million tonnes of kimberlite mined, for an average production grade of 18.2 cpht. Operations are now focused on the transition of the mine from an open pit to an underground operation.

According to Johnson, the mine is ramping back to full capacity, with the transition to underground mining largely completed. “Our first sale of diamond production from our underground operation is expected in April,” he added.

Source: DCLA

Sunday, 30 March 2025

Guilty: Deloitte Director Bought Pink Diamonds on Company Credit Card

A former director of the Deloitte auditing company in Australia has admitted claiming almost AUD 2.8m ($1.8m) in fraudulent work expenses to buy pink diamonds, high-end art and other luxuries.

Melbourne, Australia – County court building

A former director of the Deloitte auditing company in Australia has admitted claiming almost AUD 2.8m ($1.8m) in fraudulent work expenses to buy pink diamonds, high-end art and other luxuries.

Paul Quill, 45, used his corporate credit card to make the purchases from 2016 to 2022, passing some of them off as payments for stationary, postage, photocopying and court fees. He admitted two counts of obtaining financial advantage by deception.

The County Court of Victoria, in Melbourne, heard last Thursday (27 March) that among the sums stolen was AUD 682,587 ($429,000) from Joe Gutnick’s Merlin Diamonds, the mining company that was wound up in 2020 after a series of losses.

The court heard that Quill lost control after the breakdown of a relationship. He will be sentenced on 15 April.

He was dismissed in 2022 after his crime was revealed during a routine audit. Deloitte said at the time that it would make sure all clients were repaid in full.

Source: IDEX

Thursday, 27 March 2025

Revenue Down, Stores Closed at Chow Sang Sang

Chow Sang Sang

Chow Sang Sang suffered a net loss of 74 of its 1,032 stores last year, amid weak demand, record-high gold prices and an economic slowdown in China, as well as Hong Kong and Macau.

China’s third biggest jewelry retailer (by revenue) saw sales for the year to 31 December 2024 fall by 15 per cent to HKD 21.18bn ($2.72bn).

Same-store sales were down 38 per cent on the mainland and 24 per cent in Hong Kong and Macau, primarily due to a drop in diamond demand. Profit slid 20 per cent to HKD 805.6m ($103.6m).

Chow Sang Sang did not rule out further store closures. “Under the present economic climate, it would be prudent to continue our physical store network consolidation,” it said its Annual Results.

“In 2024, uncertain economic conditions coupled with record-high gold price exerted significant pressure on jewellery demand in both Mainland China, and the Hong Kong and Macau markets, resulting in a 15 per cent year-on-year decline in turnover.

“Continuing our efforts to consolidate the store networks, we opened 48 and closed 122 stores, mostly in Mainland China.”

Source: DCLA

Wednesday, 26 March 2025

The Future of Laboratory-Grown Diamonds

The Future of Laboratory-Grown Diamonds

The Future of Laboratory-Grown Diamonds: Market Trends and Industry Outlook

Laboratory-grown diamonds have experienced rapid growth over the past decade, transforming the diamond industry by offering an ethical and cost-effective alternative to natural diamonds. With advances in technology, increasing consumer acceptance, and shifting industry dynamics, lab-grown diamonds are poised to play an even greater role in the future of the jewelry market. But what does the future hold for this evolving sector? Let’s explore key trends, challenges, and opportunities shaping the future of lab-grown diamonds.

The Rise of Laboratory-Grown Diamonds

The Future of Laboratory-Grown Diamonds

The market for lab-grown diamonds has expanded significantly in recent years, driven by improvements in production techniques such as Chemical Vapor Deposition (CVD) and High-Pressure High-Temperature (HPHT) methods. These technological advancements have enhanced the quality, size, and affordability of synthetic diamonds, making them increasingly appealing to consumers and jewelers alike.

According to industry reports, lab-grown diamonds now account for a growing percentage of global diamond sales, with some estimates suggesting they could reach 10-15% of the market within the next few years. As consumer awareness continues to rise, major retailers and brands have started incorporating lab-grown diamonds into their collections, further legitimizing their place in the luxury jewelry sector.

Sustainability and Ethical Considerations

The Future of Laboratory-Grown Diamonds

One of the strongest selling points for lab-grown diamonds is their sustainability. Unlike mined diamonds, which require extensive land excavation and energy consumption, lab-grown diamonds offer a more environmentally friendly alternative. Many consumers, particularly younger generations, are increasingly drawn to the ethical benefits of lab-grown diamonds, as they avoid the environmental and human rights concerns associated with traditional diamond mining.

In response, major diamond producers have begun investing in sustainability initiatives to differentiate their products, but the perception of lab-grown diamonds as the more responsible choice continues to gain traction. Companies that focus on transparency, renewable energy, and carbon-neutral production methods are likely to see significant growth in this space.

Market Challenges and Consumer Perceptions

The Future of Laboratory-Grown Diamonds

Despite their advantages, lab-grown diamonds face challenges that could impact their long-term viability. One of the primary concerns is price depreciation. Unlike natural diamonds, which historically retain value over time, lab-grown diamonds are subject to rapid price declines due to the scalability of production. This could impact their investment appeal and influence consumer purchasing decisions.

Another challenge is brand positioning. While some consumers fully embrace lab-grown diamonds as a legitimate alternative, others still view them as an inferior substitute to natural diamonds. The luxury market thrives on exclusivity, and natural diamonds continue to carry a certain prestige that lab-grown stones may struggle to match.

Industry Response and Future Outlook

The Future of Laboratory-Grown Diamonds

Recognizing the shifting landscape, traditional diamond companies have taken various approaches to the rise of lab-grown diamonds. Some, like De Beers, have launched their own lab-grown diamond lines at competitive prices, while others focus on marketing the rarity and uniqueness of natural diamonds. As the industry adapts, we may see a clearer segmentation between high-end natural diamonds and more accessible, everyday lab-grown options.

Looking ahead, technological advancements will continue to shape the future of lab-grown diamonds. Improvements in production efficiency, clarity, and customization could further increase consumer demand. Additionally, the growing acceptance of lab-grown diamonds in sectors beyond jewelry—such as electronics, quantum computing, and industrial applications—will expand their market potential.

The future of lab-grown diamonds is bright, with continued growth expected in both the jewelry and industrial sectors. While challenges remain, the ethical appeal, affordability, and technological advancements in lab-grown diamonds position them as a formidable force in the market. As consumer preferences evolve, the diamond industry will need to adapt, ensuring that both natural and lab-grown diamonds coexist in a dynamic and competitive landscape.

Source: DCLA

Tuesday, 25 March 2025

Botswana’s Economic Outlook Now Negative, says S&P

Botswana's economy is heavily reliant on diamonds.

Botswana’s economic outlook has been downgraded from stable to negative by S&P Global Ratings (S&P) on account of low demand for diamonds.

It forecasts a steep rise in government debt unless there is a substantial increase in diamond prices or significant fiscal intervention.

Botswana’s economy is heavily reliant on diamonds. They account for around 80 per cent of its export earnings and a third of total budget revenues.

De Beers and the Botswana government finally reached agreement last month on the long-term mining and rough sales deals, but sales by their joint venture, Debswana, were down by 52 per cent for the first three quarters of 2024, and there a few signs of a sustained recovery in demand.

Despite downgrading its economic prospects, S&P left Botswana’s long-term foreign and domestic currency sovereign credit rating unchanged at BBB+ and its short-term rating at A-2.

“The negative outlook is on account of S&P’s expectation that weak global demand for diamonds and depressed prices will continue to suppress Botswana’s exports and fiscal position, therefore, delaying government’s fiscal consolidation agenda and the rebuilding of buffers,” said the Bank of Botswana in a statement.

It highlighted the fact that S&P said the newly-elected government’s commitment to reducing unemployment, diversifying the economy and increasing social support, while maintaining fiscal prudence, also had a positive impact to the ratings.

Source: DCLA

Monday, 24 March 2025

Swarovski Returns to Profit, Doubles Lab Grown Sales

Swarovski Created Diamonds Doubles Lab Grown Sales

Swarovski returned to profit after five years, saw its 2024 revenue grow by 6 per cent and doubled its sales of lab grown diamonds.

The private, family-owned Austrian company said it was now recovering from losses during the COVID years and beyond, and said its turnaround was now “in full motion”.

The Swarovski Crystal Business, with 2,300 outlets globally, reported EUR1.9bn ($2bn) revenue for the year ending 31 December 2024.

It did not provide a detailed breakdown, but said it had achieved record sales in the US and its home market in Austria, despite “a difficult trading environment”.

Sales of Swarovski Created Diamonds more than doubled, it said, again without providing numbers.

CEO Alexis Nasard, said the company’s LUXignite strategy – transforming Swarovski into a modern “pop” luxury brand – was blending its iconic heritage with contemporary cultural relevance.

“In 2025, instability in our operating environment will likely persist, but as we celebrate our 130th anniversary our focus will remain on the disciplined execution of our strategy, with continued focus on superlative creativity, strategic investments, and financial rigor,” he said.

“Swarovski’s turnaround is in full motion, with another year of major progress, including strong organic growth and significant improvements in EBIT and cash, driven by record brand desirability, appealing product collections, and an immersive retail experience.”

Source: DCLA

Sunday, 23 March 2025

China’s Diamond Market Rebound Sparks Optimism for Indian Exports

The Chinese diamond market, second only to the US, is showing early signs of recovery, sparking optimism in India's diamond industry

The Chinese diamond market, second only to the US, is showing early signs of recovery, sparking optimism in India’s diamond industry. According to the Gem and Jewellery Export Promotion Council (GJEPC), this shift could reshape the global diamond manufacturing landscape.

China’s economic slowdown and declining marriage rates had severely impacted its diamond market, valued at approximately USD 9 billion. In 2023, diamond sales in China generated around USD 5.7 billion, but analysts project growth to USD 7.2 billion by 2030. Over the past two years, demand has dropped by as much as 50%, with wholesale diamond prices falling 40%. This downturn significantly affected India, which exports nearly a third of its cut and polished diamonds to China.

The impact was evident in India’s February 2024 gems and jewellery exports, which declined by 23.49% to USD 2.42 billion (Rs 21,085 crore), driven by weak demand from both the US and China. To counter this, GJEPC participated in the Hong Kong International Diamond, Gem & Pearl Show (DGP) earlier this month, showcasing 71 exhibitors across 116 booths in categories such as Loose Diamonds, Lab-Grown Diamonds, and Fine Jewellery.

Hong Kong, a key hub for India’s diamond trade, played a vital role in strengthening global ties. GJEPC Chairman Kirit Bhansali noted that stabilising prices and renewed Chinese demand are promising signs for the global diamond industry. He emphasized that India’s strong manufacturing capabilities and adaptability put it in a favorable position for long-term growth.

After a prolonged slump, buyers are now accepting current price levels, leading to steadier sales. GJEPC Vice Chairman Shaunak Parikh believes this renewed demand could shift India’s diamond manufacturing back towards natural diamonds. Industry insights indicate a resurgence, particularly in smaller diamonds, though a full-scale revival is still some way off.

According to Ajesh Mehta, Convener of the Diamond Panel at GJEPC, this year’s Hong Kong trade shows marked the first positive development in four to five years. While Chinese demand hasn’t returned to previous highs, price stabilisation and increased movement in smaller diamonds are encouraging. “Confidence is slowly returning, especially in diamonds below 10 points and dossier sizes,” Mehta said.

A shift in Chinese consumer preferences is also influencing the market. Retailers are now incorporating smaller diamond accents in gold jewellery instead of featuring diamonds as centrepieces. However, Mehta believes this trend is temporary, predicting a gradual return of confidence in larger stones, such as 30 to 50 points.

Beyond China, emerging markets like Cambodia, Vietnam, Brazil, and Venezuela are showing growing interest in larger stones. While they cannot replace China’s dominance, they are contributing to new demand pockets.

Devansh Shah, Partner at Venus Jewel, observed an increase in inquiries at the Hong Kong trade shows from diverse markets, including Europe, Australia, the US, and the UAE. He noted that Chinese and Far East buyers remain highly quality-conscious, with round brilliant diamonds attracting strong interest, while larger fancy cuts and 3-carat-plus rounds were available on an order-only basis.

Although the Chinese market’s resurgence remains gradual, it presents growth opportunities for India’s diamond cutting, polishing, and export sectors. With strategic planning and market adaptability, India is well-positioned to navigate this evolving landscape and sustain long-term industry growth.

Source: DCLA

Thursday, 20 March 2025

Lucapa Diamond Secures Majority Stake in Lulo JV, Strengthening Its Position in Angola

Lucapa Diamond Secures Majority Stake in Lulo

Lucapa Diamond Company, an ASX-listed diamond miner, has finalised its mineral investment contract (MIC) for the Lulo joint venture (JV) in Angola, increasing its stake from 39% to a controlling 51%. The contract now awaits formal approval from Angola’s Ministry of Mineral Resources and Petroleum.

The Lulo JV is focused on kimberlite exploration at the highly prospective Lulo concession. This latest agreement, reached after a three-day negotiation in Angola, was finalised with JV partners Endiama, Rosas & Petalas, and Lucapa, marking a significant milestone for the company.

Lucapa’s managing director and CEO, Alex Kidman, highlighted the strategic importance of securing a majority stake, stating that this move enhances Lucapa’s share of any future exploration success. He also emphasized Angola’s commitment to the project, recognizing Lulo as one of the country’s most significant diamond ventures.

Meanwhile, bulk sampling operations continue at Lulo, with stockpiling from site L130/01 already underway. Further sampling is planned at key targets, including L349, L137, and L130, as the company intensifies its search for Lulo’s exceptional diamonds.

Source: DCLA

Wednesday, 19 March 2025

The 10.3 Carat ‘Mediterranean Blue’ Diamond Could

Sotheby’s to Auction Exceptionally Rare 10.3-Carat Fancy Vivid Blue Diamond

Sotheby’s to Auction Exceptionally Rare 10.3-Carat Fancy Vivid Blue Diamond

Fancy vivid blue diamonds exceeding 10 carats are among the rarest gemstones in the world, and Sotheby’s is set to present one at its High Jewellery sale in Geneva on 13 May.

Known as “The Mediterranean Blue,” this extraordinary 10.3-carat fancy vivid blue diamond – the highest grading for a blue diamond – has been assessed by the Gemological Institute of America (GIA) with a VS2 clarity rating. It is also classified as a Type IIb diamond, a category that accounts for less than 0.5% of all diamonds, according to the auction house.

This cushion-shaped modified brilliant diamond is expected to be a highlight of the auction, with an estimated value of around $20 million.

“Any vivid blue diamond is a significant discovery, but one as mesmerising as this, especially over 10 carats, is truly newsworthy,” said Quig Bruning, Sotheby’s Head of Jewellery, Americas & EMEA. “The Mediterranean Blue’s remarkable size, elegant cushion cut, and striking ocean-blue hue place it among the most important blue diamonds to appear on the market in recent years.”

Before the auction, The Mediterranean Blue will be unveiled on 8 April at the Bassam Freiha Art Foundation in Abu Dhabi, a remarkable dune-shaped architectural structure. This non-profit institution, founded by philanthropist and art collector HE Bassam Said Freiha, houses an extensive collection of Orientalist art. The foundation is located on Saadiyat Island, home to renowned cultural landmarks such as the Louvre Abu Dhabi and the upcoming Guggenheim Museum. This marks Sotheby’s first public exhibition in Abu Dhabi since 2009, with further details on the unveiling to be announced in the coming weeks.

A Diamond of Remarkable Origin
Sotheby’s revealed that The Mediterranean Blue was cut from a 31.94-carat rough diamond, discovered in 2023 at the Cullinan mine in South Africa. The transformation into a finished gem involved a year of meticulous study, followed by six months of precise planning and cutting.

Blue diamonds of substantial size and exceptional quality rank among the most valuable gemstones ever sold at auction. In fact, two of the three most expensive diamonds ever auctioned were blue diamonds. Most of these rare gems originate from the Cullinan mine, which has produced some of the world’s most famous diamonds, including the 530-carat Great Star of Africa, the largest faceted colourless diamond ever discovered.

Historic Blue Diamonds from the Cullinan Mine
Other legendary blue diamonds sourced from the Cullinan mine include:

The Blue Moon of Josephine – A 12.03-carat, cushion-cut, internally flawless fancy vivid blue diamond, which sold for $48.5 million (over $4 million per carat) at Sotheby’s Geneva in 2015.
The De Beers Blue – A 15.10-carat, step-cut fancy vivid blue diamond, which fetched $57.5 million at Sotheby’s Hong Kong in 2022.
The De Beers Millennium Blue – A 10.10-carat, oval-shaped, internally flawless diamond, which sold for $31.8 million at Sotheby’s Hong Kong in April 2016.
The Oppenheimer Blue – A 14.62-carat fancy vivid blue diamond that holds the world auction record for a blue diamond at $57.5 million, sold by Christie’s in Hong Kong in May 2016.
According to the GIA, only 0.3% of all diamonds submitted for grading annually exhibit a predominantly blue colour, and of these, very few are classified as fancy vivid blue weighing over 10 carats.

“The attributes of The Mediterranean Blue, weighing 10.3 carats and sitting within the most sought-after fancy colour range, make it a truly exceptional diamond,” the GIA stated in Sotheby’s announcement.

This extraordinary gem is expected to draw significant attention from collectors and investors when it goes under the hammer in Geneva this May.

Source: DCLA

Tuesday, 18 March 2025

New Diamond Verification Device Introduced Natural Vs. Lab Grown Diamonds

A new device, the DiamondProof, can rapidly and reliably distinguish natural diamonds from laboratory-grown diamonds and other diamond simulants.

A new device, the DiamondProof, can rapidly and reliably distinguish natural diamonds from laboratory-grown diamonds and other diamond simulants.

One of the most common misconceptions in the ongoing debate between natural and non-natural diamonds is that it’s impossible to tell the difference between the two. Research shows that almost half of consumers are unaware that laboratory-grown diamonds (LGDs) can be detected from their natural counterparts. For consumers who are investing in diamonds and diamond jewelry, this means there is perhaps a lack of assurance that they are getting what they think they are paying for. This spring, with the introduction of a new verification device, the DiamondProof, to retail stores for the first time, consumers will be able to make informed purchasing decisions and distinguish natural diamonds from non-natural diamonds, like LGDs and other diamond simulants, with a zero percent ‘false positive rate’.

Developed by the De Beers Group, the DiamondProof technology can detect the distinct chemical compositions of natural diamonds, allowing for precise and rapid identification. Early adopters of the DiamondProof include some of the largest jewelry retailers in the U.S., and the device will also be available in several independent retail outlets to ensure that any diamond consumer can try out the technology and gain assurance on their jewelry, or diamonds they are planning to purchase. The first DiamondProof prototype instrument was unveiled last June at the JCK show in Las Vegas, the premier jewelry expo for retail professionals. Many quickly jumped on board and ordered the device for their stores, noting the ability to rapidly and easily screen both loose diamonds as well as stones set in jewelry. “Natural diamonds and lab-grown diamonds are two fundamentally different products. Natural diamonds are rare, one-of-a-kind miracles of nature that come to us from the earth through heat, pressure, and time.” notes CEO of De Beers Brands Sandrine Conseiller. “This incredible journey is what makes them the ultimate marker of life’s most profound emotional moments. Consumers should be able to have confidence in such a meaningful purchase, and DiamondProof allows retailers to offer them greater peace of mind. We are in a new era of transparency at retail, and customers deserve to know what they are buying.”

“By rapidly and reliably identifying whether a diamond is natural, DiamondProof is instrumental in enhancing consumer confidence in natural diamond purchases. Consumers deserve clarity and having DiamondProof available in retail settings helps them make informed decisions while appreciating the unique value and story behind each natural diamond. With decades of leadership in synthetic-detection technology, we are committed to providing the level of transparency that consumers expect,” stated Sarandos Gouvelis, SVP, of Pricing, Product and Technology Development at De Beers Group. For anyone looking to evaluate and verify their diamond jewelry or looking for assurance in new diamond purchases, a major retailer near you will soon have a DiamondProof available.

Source: DCLA

Monday, 17 March 2025

Sierra Leone’s First Lady Joins Diamond Protest

Sierra Leone’s First Lady Joins Diamond Protest

The first lady of Sierra Leone has joined protests against owners of the Koidu diamond mine, supporting strike action and demanding pay rises and improved working conditions.

Fatima Maada Bio, wife of president Julius Maada Bio, publicly highlighted the demands of workers and posted a message on her official X (formerly Twitter) account.

“As a proud daughter of the soil, I joined my brothers and sisters working at the Koidu Limited Mining Company in Kono Town to peacefully protest,” she wrote.

“Our collective action aimed to urge Koidu Limited to enhance working conditions and provide better services for all employees.”

She said among the key demands were recognition of the union, living allowances, a 30 per cent salary increment, overtime compensation, the provision of incentives, access to safe drinking water, and freedom of financial choice.

“This protest is a call to action for the company to improve the working conditions and provide better services. We believe that these demands are reasonable and essential for maintaining the well-being and dignity of workers.”

Workers at the mine have long complained about low wages, poor working conditions, and alleged racism, and protests have, in the past, turned violent.

Koidu, a subsidiary of the Octea Diamond Group, was the first to begin commercial diamond operations after the country’s 11-year civil war in 2003.

In a statement on what it described as the “illegal strike action” last week, Koidu Limited said: “Our absolute priority remains the safety and wellbeing of our employees and the community. We maintain our position of zero tolerance to any violence, intimidation or incitement thereof. The government of Sierra Leone has offered the full support of its security forces.”

The company said it wanted to engage in direct negotiations as soon as possible to address all of these concerns, but could only do so if the industrial action is called off immediately.

“Failure to work within the laws of Sierra Leone, as well as the continuing of incitement of actions to obstruct workers from returning to work (particularly violence), is likely to result in the withdrawal of all staff from the mine on the grounds of safety.

“This will result in the ceasing of all operations; an existential threat to the mine itself.”

Source: DCLA

PS: Sierra Leone: The Original Blood Diamonds

Sierra Leone, a West African nation blessed with abundant natural resources, is synonymous with the term “blood diamonds”—a phrase that evokes images of conflict, human suffering, and illicit trade. These diamonds, also known as conflict diamonds, played a devastating role in the country’s brutal civil war from 1991 to 2002, financing rebel groups and fueling atrocities. Understanding Sierra Leone’s blood diamond history is essential to appreciating the industry’s evolution and the ongoing efforts to prevent such tragedies from recurring.

The Rise of Blood Diamonds

Sierra Leone’s diamond wealth has long attracted fortune seekers and corporations, but it also became a curse. Diamonds were first discovered in the country in the 1930s, and by the 1950s, Sierra Leone had established itself as a significant diamond producer. However, much of the mining was conducted informally, leading to smuggling and corruption.

The real tragedy began in 1991 when the Revolutionary United Front (RUF), a rebel group, launched a war against the government. The RUF quickly realized that controlling diamond mines meant securing a near-endless source of funding for weapons and operations. The group forced civilians, including children, into grueling labor in the mines, extracting diamonds that were then smuggled through neighboring countries and sold on international markets. These diamonds were used to purchase arms, prolonging the conflict and leading to widespread atrocities, including mutilations, mass killings, and child soldier recruitment.

International Response and the Kimberley Process

By the late 1990s, reports detailing the horrors of Sierra Leone’s blood diamonds gained global attention. The international community, led by the United Nations, took action to curb the trade of conflict diamonds. The Kimberley Process Certification Scheme (KPCS) was introduced in 2003 to prevent blood diamonds from entering the legitimate market. The initiative requires diamond-producing nations to certify that their exports are conflict-free, aiming to eliminate the link between diamonds and violence.

While the Kimberley Process has reduced the trade of conflict diamonds, criticisms remain regarding its effectiveness. Loopholes, weak enforcement, and the continued smuggling of diamonds in war-torn regions highlight the need for ongoing reforms.

The Present and Future of Sierra Leone’s Diamond Industry

Since the end of the civil war in 2002, Sierra Leone has made significant strides in stabilizing its diamond sector. The government has implemented stricter regulations, and international oversight has increased. Today, diamonds remain a crucial part of Sierra Leone’s economy, providing jobs and revenue. However, challenges such as illegal mining, corruption, and poor working conditions persist.

Ethical sourcing initiatives, including Fair Trade diamonds and blockchain technology for traceability, are helping to ensure that diamonds from Sierra Leone and other regions are mined responsibly. Companies and consumers are increasingly demanding conflict-free diamonds, putting pressure on the industry to maintain transparency and ethical practices.

Sierra Leone’s tragic history with blood diamonds serves as a stark reminder of the potential dark side of the diamond trade. While progress has been made, the industry must remain vigilant to prevent history from repeating itself. For consumers, choosing diamonds certified as conflict-free and supporting ethical mining initiatives can contribute to a future where diamonds symbolize love and commitment, rather than conflict and suffering.

The legacy of blood diamonds in Sierra Leone is a painful one, but it also highlights the resilience of its people and the ongoing global efforts to ensure that diamonds never again finance war and human suffering.

Sunday, 16 March 2025

Job Losses at Tiffany Subsidiary in Antwerp

A subsidiary of Tiffany & Co plans to lay off 26 of its 42 staff in Antwerp amid the ongoing slump in demand.

A subsidiary of Tiffany & Co plans to lay off 26 of its 42 staff in Antwerp amid the ongoing slump in demand.

Laurelton Diamonds, a De Beers sightholder, was established in 2002 to procure rough diamonds, and to cut, polish and supply polished stones to its own jewelry manufacturers. It has operations in Belgium, Vietnam, Canada, Botswana, South Africa and beyond.

The company, wholly owned by Tiffany, blames the possible job losses on weak demand from China and the US, together with competition from lab growns.

“For the workforce the news came as a bolt out of the blue,’ said Yves Toutenel of the Christian ACV union ((Algemeen Christelijk Vakverbond), according to VRT, the Flemish public broadcaster.

“In 2018, the company closed its cutting plant in Antwerp. At that time, 20 staff were laid off. Laurelton now intends to make 18 blue-collar staff and eight white-collar workers redundant by the autumn.”

He said he feared Laurelton was making redundancies too quickly and said there were early signs that the diamond industry could be recovering.

Source: DCLA

Thursday, 13 March 2025

High-Value Recoveries Drive up Gem Revenue

Underlying EBITDA almost doubled to $29.7m and profit for the year increase from $1.6m to $8.1m.

Gem Diamonds saw revenue and profits increase in FY2024, as high-value recoveries more than made up for persistent downward pressure of the diamond market.

In its Full Year 2024 Results published today (13 March), the UK-based miner reported a 10 per cent increase in revenue to $154.2m, largely driven by the sale of 13 +100-cts diamonds from its Letseng mine, in Lesotho.

Underlying EBITDA almost doubled to $29.7m and profit for the year increase from $1.6m to $8.1m.

Exceptional sales included an 11 carat pink diamond that was sold for $45,537 per carat, a 63 carat Type IIa white diamond that was sold for $41,007 per carat (the highest per carat price of the year) and a 113 carat Type IIa white diamond that was sold for $39,345 per carat.

The number of carats recovered during the year fell 4 per cent to 105,012.

Clifford Elphick, CEO at Gem, said: “2024 was another challenging year for the diamond market with decreasing rough and polished diamond prices. Our relentless focus on factors within our control – cost containment, operational efficiencies and appropriate capital allocation, has yielded pleasing results.”

Looking to the future, the company expects the market to remain under pressure during the year, with signs of a modest recovery in diamond prices.

Source: DCLA

Wednesday, 12 March 2025

52% of Engagement Rings are Now Lab Grown

52% of Engagement Rings are Now Lab Grown


More than half of all couples are now buying a lab grown diamond engagement ring, according to research carried out in January for The Knot wedding website.

A survey of almost 17,000 couples who married in 2024 found that 52 per cent opted for lab grown – the first time the balance has tipped from natural.

The figure for 2023 was 46 per cent and in 2019 it was just 12 per cent.

Couples are now spending less and getting bigger stones, according to the newly-published The Knot 2025 Real Weddings Study.

“The rise in popularity of lab-grown stones is fueling the decrease in the average cost of an engagement ring,” it says.

“2024 served as a continuation of that trend with proposers spending $5,200 on average for their ring. This is a decline from $5,500 in 2023, and $5,800 in 2022.

“Back in 2021, it was $6,000. Lab-grown stones typically begin at a lower price point than mined stones which is reflected in the average cost.

“A proposer purchasing a lab-grown engagement ring could expect to spend $4,900 versus spending $7,600, on average, for a mined diamond engagement ring.”

The average carat weight of an engagement ring bought last year was 1.7 carats, says the study, up from 1.5 carats in 2021.

Source: DCLA

Cleaner Accused of Stealing $1.3m Jewels from Princess


A cleaner has appeared in court in London, charged with stealing diamonds, watches and jewelry worth $1.3m (£1m) from her employer, Princess Firyal of Jordan.
A cleaner has appeared in court in London, charged with stealing diamonds, watches and jewelry worth $1.3m (£1m) from her employer, Princess Firyal of Jordan.

Maria Taborda Henao, aged 69, from Colombia, is accused of stealing the items between February and November 2020 and of selling them through an auction house.

The case against her at Westminster Magistrates’ Court (pictured) was adjourned on Monday (10 March) because there wasn’t a Spanish interpreter in court.

Princess Firyal, aged 80, is a noted humanitarian and philanthropist, and has served as a UNESCO Goodwill Ambassador since 1992. She is the former wife of Prince Muhammad bin Talal, the second son of the late King Talal of Jordan.

The thefts of diamond rings, bracelets, watches and earrings allegedly took place at the princess’s $7.5m home in the exclusive Belgravia area of London. The case will resume next month.

Source: DCLA


Tuesday, 11 March 2025

World’s Biggest Pearl on Display in Toronto

The world's largest pearl - weighing 27.65kg and valued at $98m is currently being displayed at a secret venue in Canada.

The world’s largest pearl – weighing 27.65kg and valued at $98m is currently being displayed at a secret venue in Canada.

The Giga Pearl belongs to Toronto-based artist Abraham Reyes and is being shown as part of his Beneath The Surface exhibition of pearls, diamonds, and other precious stones.

The pearl was created 1,000 years ago by a giant clam, the largest of all bivalve molluscs (soft-bodied sea creatures with a hinged shell).

It has been certified by the GIA as the world’s largest natural blister pearl and holds the Guinness World Record.

Reyes inherited the pearl in 2019 from a great aunt after his grandfather bought it from a fisherman in the Philippines.

“I wanted to educate people about it,” Reyes said. “A lot of people don’t know that these giant clams exist because they’re endemic in the South Pacific. So this is something fascinating for people here in Toronto.”

The location of the Giga Pearl is being kept private for security reasons. 

Source: DCLA

Monday, 10 March 2025

Chopard Unveils Collection from 6,225-ct Emerald

Chopard 6,225 carat Emerald

Chopard has unveiled a high jewelry collection crafted from one of the world’s largest emeralds.

The Swiss jeweler bought the 6,225-carat monster (1.22kg) from Gemfields in 2018 for an undisclosed sum.

The rough emerald, named Insofu -“elephant” in the local Bemba language – has since yielded 850 carats of gem quality emeralds, the first of which now feature in a 15-piece ensemble of necklaces, chokers, rings, earrings, a bracelet, and a watch.

Among the highlights of the Insofu collection are an elephant-shaped pendant with 50 carats of emeralds, and diamonds forming tusks, which can also be worn as a brooch; a Great Gatsby-inspired 4-in-1 necklace featuring a 15.53-carat octagonal emerald and a diamond choker with a 2.50-carat square-cut emerald.

Insofu was recovered by London-based Gemfields at its Kagem mine, in Zambia.

At the time Gemfields CEO Ian Harebottle said: “This is a unique find. The Insofu displays wonderful color and good translucency. Its sheer size, rich color and fine protective biotite shell makes it difficult to see deep into the gem.

“However, all indications suggest that the core of the emerald is competent and that it should yield a number of cut gems of significant size.”

Source: DCLA

Sunday, 9 March 2025

Alrosa set to Sell More Rough to Government

Alrosa Rough diamond weighing 390.7 carats

                                       Rough diamond weighing 390.7 carats

The Russian government could buy more rough diamonds from the state-run miner Alrosa, as it faces ongoing G7 sanctions and weak global demand.

The Finance Ministry says it will assess the situation after seeing second quarter results.

Alrosa last week reported a 77 per cent slump in profits for 2024 (down to $223m) and has said it could suspend some less profitable activities and lay off some of its 35,000 workers.

“As we have already said, it is possible that Gokhran will buy some of the stones, said Deputy Finance Minister Alexey Moiseyev, according to a report by the privately-run Interfax news agency.

“At this stage, we are still observing the market dynamics, indeed, it is quite weak, but not much time has passed. In principle, the first quarter is rarely good.”

Alrosa has previously offloaded excess inventory to Gokhran, the Russian State Precious Metals and Gemstones Repository in times of weak demand.

During the financial crisis of 2009 Gokhran bought up $1bn of Alrosa’s diamonds. And it sold back millions of carats in 2022, when a surge in post-lockdown demand outstripped the miner’s production capacities.

Last November it said it would be selling a batch of rough diamonds, including its largest recovery in a decade – an irregular-shaped diamond weighing 390.7 carats

Source: DCLA

Thursday, 6 March 2025

Swallowing Tiffany & Co Diamonds Earrings

Swallowing Tiffany & Co Diamonds Earrings

It’s hard to swallow. In fact most of us would probably choke trying to down over 13 carats of Tiffany’s finest diamonds.

But that, allegedly, is how Jaythan Lawrence Gilder, aged 32, responded when cops in the US finally caught up with him last week.

He swallowed two pairs of earrings that had been stolen a couple of days earlier from the Tiffany & Co store at the Mall of Millenia, in Orlando, Florida, according to an arrest affidavit.

The Orlando Police Department say X-rays taken in custody appear to confirm their suspicions, though at the time of writing they were waiting for nature to take its course.

Gilder allegedly posed as the representative of an Orlando Magic basketball player so that he’d be taken to a private room to view high-value items.

Police said he grabbed a pair of 8.19-carat diamond earrings (valued at $609,500), and a 4.86-carat diamond pair (valued at $160,000) together with a ring valued at $587,000 (no description given).

He then pushed past an employee, according to the arrest affidavit, and escaped in a blue 2024 Mitsubishi Outlander.

Two days later he was apprehended by Florida Highway Patrol troopers who spotted his vehicle. He was arrested on 48 outstanding warrants for other offences, but the officers couldn’t immediately locate the stolen Tiffany jewelry.

While in custody, however, Gilder reportedly asked jail staff whether he was going to be charged with “what’s in my stomach”. A scan revealed “foreign objects” that appeared to be the stolen earrings.

“These foreign objects are suspected to be the Tiffany & Co earrings taken in the robbery but will need to be collected by WCSO (Washington County Sheriff’s Office, Florida) after they are passed through Gilder’s system prior to confirming,” the arrest report states.

It is indeed a bizarre crime, but it is not unique. In fact Joan Hannington, aka The Godmother, perfected the technique of diamond swallowing over a long and notorious criminal career.

It started when she was working in a high-end jewelry store in London in the 1970s. Realizing that the surveillance cameras weren’t working, she took a handful of loose diamonds from the safe on impulse and swallowed them. It later turned out they were worth £800,000.

“Swallowing diamonds was my life, my buzz, my drug,” she later wrote in her memoir I Am What I Am.

For the next 20 years she used the same technique – as described in her second memoir, Joan: The True Story of Britain’s Most Notorious Diamond Thief, and as depicted in the fictionalized 2024 TV series Joan.

She’d visit a jewelry store, posing as a wealthy US tourist, often in a fur coat. She’d flirt outrageously with the salesman, while carefully memorizing her target piece.

She’d later return with a cheap but convincing replica, fake a sneeze as she was viewing the piece for a second time, and swallow the genuine item. She’d then sterilize the stolen gems in a bowl of gin and sell them on to a fence.

Hannington, now aged 68, was sentenced to 30 months for possession of a stolen check book when she was 24,but she says she was never jailed for her diamond swallowing escapades. She does however suffer painful ulcers as a long-term consequence.

Source: DCLA

Diavik recovers 158.20 carat ‘miracle of nature’ diamond

One of the largest gem-quality yellow diamonds ever discovered in Canada, has been unearthed from Rio Tinto’s Diavik Diamond Mine. The 158.2...