Margot Robbie Revives Hollywood Jewellery History Wearing Elizabeth Taylor’s Iconic Taj Mahal Diamond

 

At the world premiere of Wuthering Heights in Los Angeles, Margot Robbie delivered a masterclass in red-carpet storytelling by wearing one of the most legendary jewels in history: Elizabeth Taylor’s heart-shaped Taj Mahal Diamond, set in its iconic Cartier necklace.

The choice was far more than a glamorous nod to vintage jewellery. By adorning the historic diamond, Robbie underscored director Emerald Fennell’s vision of Wuthering Heights as not merely a faithful adaptation of Emily Brontë’s gothic novel, but a stylised homage to Old Hollywood passion, excess and epic love stories. On screen, Robbie and Jacob Elordi embody the turbulent romance of Catherine and Heathcliff—off screen, the Taj Mahal Diamond evokes one of cinema’s most famous real-life love affairs: Elizabeth Taylor and Richard Burton.

A Masterstroke of Method Dressing

The inspired jewellery moment was orchestrated by Robbie’s stylist, Andrew Mukamal, renowned for his meticulously curated fashion narratives, including the global Barbie press tour. The concept began months earlier, when The Elizabeth Taylor Estate invited Mukamal to explore its unparalleled jewellery archives.

“We were thrilled when Andrew got in touch, and we offered him the Taj Mahal Diamond for Margot Robbie to wear to the world premiere of Wuthering Heights,” said Tim Mendelson, Trustee of The Elizabeth Taylor Estate.
“Elizabeth deeply cherished the symbolism of jewellery. No other piece in her collection is more powerfully associated with epic, undeniable and tempestuous love that transcends time—even death—than the Taj Mahal Diamond.”

The Taj Mahal Diamond: A Jewel of Legendary Love

Few diamonds carry a narrative as rich as the Taj Mahal Diamond. Often described as a talisman of enduring devotion, the jewel perfectly mirrors the emotional intensity associated with both Wuthering Heights and Taylor’s own life.

Elizabeth Taylor and Richard Burton’s famously tempestuous romance began on the set of Cleopatra in 1962 and quickly became one of the most scrutinised relationships of the 20th century. Their love was marked not only by passion and public drama, but by extraordinary jewels, including the 69.42-carat Taylor-Burton Diamond, the 33.19-carat Krupp Diamond (later renamed the Elizabeth Taylor Diamond), and the Taj Mahal Diamond itself.

An Origin Rooted in Eternal Devotion

The romance of the Taj Mahal Diamond stretches back centuries. The heart-shaped, table-cut diamond is inscribed in Parsi with the words “Love is Everlasting”, alongside the name of Nur Jahan, wife of Mughal Emperor Jahangir. The jewel was later passed to their son, Emperor Shah Jahan, who is believed to have gifted it to his beloved wife, Mumtaz Mahal.

Following Mumtaz Mahal’s death in childbirth in 1631, Shah Jahan commissioned the construction of the Taj Mahal, one of the world’s most enduring monuments to love. Completed over 20 years, the white marble mausoleum remains a masterpiece of Islamic art—and the emotional origin of the diamond’s name and symbolism.

Cartier Craftsmanship and Elizabeth Taylor’s Ownership

In 1971, Cartier acquired the Taj Mahal Diamond, mounting it in jade and accenting it with table-cut diamonds and red gemstones. Celebrated Cartier designer Alfred Durante later created a woven gold and ruby necklace inspired by the original silk cord, complete with rondelles, an adjustable slide and a distinctive tassel.

The jewel was presented to Richard Burton and Elizabeth Taylor in 1972 by Cartier president Michael Thomas during a stopover in New York. Burton ultimately gifted the necklace to Taylor for her 40th birthday during a lavish celebration in Budapest, attended by cultural icons including Princess Grace Kelly, Ringo Starr and Michael Caine.

From Elizabeth Taylor to Margot Robbie: A New Chapter in Jewellery History

More than fifty years later, the Taj Mahal Diamond continues to captivate. Worn choker-style by Margot Robbie, with the tassel trailing elegantly down her back, the necklace once again became the centre of attention—sparking conversations, admiration and awe, just as it did when Elizabeth Taylor first wore it.

By choosing this extraordinary diamond, Robbie has added a new chapter to one of jewellery history’s greatest love stories, proving that truly iconic jewels are not just objects of beauty, but vessels of memory, emotion and timeless romance.

For the diamond world, moments like these reaffirm why provenance, craftsmanship and history remain as valuable as the gemstones themselves.

Source: DCLA

For the World’s Most Exceptional Diamonds, Price Lists Simply Don’t Apply

 

A new Natural Diamond Council report reveals why record-breaking diamonds operate in a market beyond conventional valuation models

At the very top end of the diamond market, traditional pricing frameworks cease to function. Per-carat benchmarks, standard price lists, and even established scarcity models lose relevance when value is driven not by comparables, but by the willingness of elite buyers to secure assets of extreme rarity.

This rarefied segment is the focus of Record-Breaking Diamonds, a new report by the Natural Diamond Council (NDC), which examines the largest, most valuable natural diamonds ever discovered, cut, and sold. Drawing on mining data, gemmological research, and global auction results, the report offers a detailed analysis of how extraordinary rarity reshapes value within the natural diamond supply chain.

A Century Without a Challenger

One of the report’s most striking observations is the prolonged absence of truly massive diamonds following the 1905 discovery of the Cullinan in South Africa. Weighing an unprecedented 3,106.75 carats, the Cullinan established a benchmark that would stand unchallenged for more than 110 years. Until 2015, no gem-quality diamond exceeding 1,000 carats was recovered anywhere in the world.

That changed with the discovery of the 1,109-carat Lesedi La Rona at Botswana’s Karowe mine. Its recovery marked a turning point. Since then, at least nine rough diamonds weighing over 1,000 carats have been unearthed, including two exceptional finds exceeding 2,000 carats: the 2,488-carat Motswedi in 2024 and a 2,036-carat near-gem-quality rough diamond recovered in July 2025. Both originated from Karowe, with Motswedi now ranking as the second-largest gem-quality rough diamond ever discovered.

Technology, Not Abundance

The increased frequency of such discoveries does not signal a sudden abundance of large diamonds. Rather, it reflects a fundamental shift in extraction technology. The widespread adoption of X-ray Transmission (XRT) technology has transformed diamond recovery by identifying stones based on density before ore enters the crushing circuit. This significantly reduces the risk of fracturing large diamonds during processing.

Lucara Diamond Corp.’s Karowe mine — which installed XRT technology in 2015 and introduced a Mega Diamond Recovery (MDR) system two years later — accounts for the majority of exceptional stones recovered in the past decade. Other operations employing similar systems, including the Cullinan mine and Lesotho’s Letšeng deposit, have also reported a measurable increase in large, high-value diamonds.

Even so, diamonds weighing more than 1,000 carats remain extreme statistical outliers, even with the most advanced recovery methods.

The Superdeep Advantage

Size alone does not define value at this level. Many of the diamonds highlighted in the NDC report belong to the rare Type IIa category, meaning they contain no measurable nitrogen impurities. These chemically pure stones represent only a tiny fraction of global diamond production.

Some Type IIa diamonds form at extraordinary depths — between 360 and 750 kilometres beneath the Earth’s surface, according to the Gemological Institute of America (GIA). These “superdeep” diamonds belong to the CLIPPIR population (Cullinan-like, Large, Inclusion-poor, Pure, Prismatic, Irregular, Resorbed). Formed under extreme pressures in nitrogen-poor environments, they grow slowly and uninterrupted, resulting in unusually large, highly transparent crystals with minimal internal defects.

When Per-Carat Logic Breaks Down

In this ultra-exclusive segment, pricing behaves differently. Per-carat values no longer scale predictably with size. A defining example is Lucara’s 2016 sale of the 812.77-carat Constellation diamond, which achieved US$63.1 million — the highest price ever paid for a rough diamond. Its per-carat value far exceeded any precedent for an uncut stone, reflecting buyer confidence in its exceptional quality and cutting potential.

Colour, Rarity, and Market Psychology

In the polished market, the 59.60-carat CTF Pink Star remains the most expensive diamond ever sold at auction, achieving HKD 553 million (US$71.2 million) at Sotheby’s Hong Kong in 2017. While the headline price set the record, later sales demonstrated that per-carat value is often the more telling indicator of demand.

In 2022, the 11.15-carat Williamson Pink Star sold for HKD 453.2 million (US$57.7 million), equating to more than US$5 million per carat — the highest per-carat price ever achieved by a diamond.

A similar phenomenon is evident in the blue-diamond category. Despite selling six years apart, the 14.62-carat Oppenheimer Blue (Christie’s Geneva, 2016) and the 15.10-carat De Beers Blue (Sotheby’s Hong Kong, 2022) each realised US$57.5 million, underscoring how rarity and desirability can outweigh minor differences in size or clarity.

Yellow diamonds, by contrast, trade at a substantial discount to pinks and blues, even in exceptional sizes. While the leading pink and blue diamonds regularly exceed US$1 million per carat, none of the top five yellow diamonds have reached that level. The highest-ranked example, the 100.09-carat Graff Vivid Yellow, sold for US$16.8 million in 2014 — approximately US$168,000 per carat.

Diamonds Beyond the Market

Not all record-breaking diamonds remain commercial assets. Some are removed from circulation entirely and repositioned as cultural or institutional icons. The 45.52-carat Hope Diamond, donated by Harry Winston to the Smithsonian Institution in 1958, has been viewed by more than 100 million visitors, making it one of the most publicly encountered diamonds in history.

Similarly, the 140.64-carat Regent Diamond at the Louvre serves not as a tradable asset, but as a benchmark of scale, rarity, and historical significance. Such exhibition stones continue to influence market perception, anchoring contemporary record prices within a much longer narrative of natural-diamond rarity.

As the NDC report makes clear, when diamonds reach this echelon, value is no longer governed by price lists or formulas. Instead, it is shaped by geology, technology, history, and the enduring human desire to possess the truly irreplaceable.

Source: DCLA

Tiffany & Co. Bird on a Flying Tourbillon – Azure Blossom: Where High Jewellery Meets Haute Horology

 

When evaluating contenders for the high jewellery watch category, brilliance alone is never enough. True excellence lies in the seamless fusion of exceptional gem-setting and serious watchmaking, where artistry and mechanical innovation speak with one voice. As a watch-focused publication, the benchmark is uncompromising — and this year, Tiffany & Co. has met it with remarkable confidence.

The Tiffany & Co. Bird on a Flying Tourbillon – Azure Blossom stands as a masterclass in this rare union. At first glance, the eye is drawn to the diamond-set bird, poised delicately on the edge of a flying tourbillon and surrounded by a vivid garden of appliqué lacquered blossoms. While the watch builds upon Tiffany’s inaugural flying tourbillon introduced last year, this Azure Blossom interpretation elevates the concept into the realm of true high jewellery horology.

The timepiece is a showcase of the maison’s virtuosity across multiple crafts: champlevé enamelling, lacquer work, miniature gold sculpture and, most notably, diamond setting — an area in which Tiffany & Co. has long reigned supreme. In total, the watch is set with 771 diamonds in a variety of cuts and sizes, a process that demanded over 100 hours of meticulous hand-setting. Snow setting dominates the dial and case decoration, a technically exacting method that renders the metal nearly invisible, allowing the diamonds to appear as if floating on the surface.

What truly distinguishes the Bird on a Flying Tourbillon – Azure Blossom is its unwavering connection to Tiffany & Co.’s design heritage. The sculpted bird is a direct reference to the legendary Bird on a Rock brooch, created in 1965 by Jean Schlumberger. Handcrafted from 18K white and yellow gold, the bird is set with 70 diamonds, contributing to a total diamond weight of 3.8 carats across the piece.

While Schlumberger’s bird remains eternally poised, the mechanical theatre beneath it is anything but static. The flying tourbillon completes a full rotation every 60 seconds, capped by a wafer-thin sapphire dome that is faceted like a diamond and rotates in perfect synchrony. The result is a hypnotic display of motion, light and depth.

Powering the watch is the Artime Calibre AFT24T01, a movement finished entirely by hand to the highest standards of haute horology. Bevelled edges, satin-brushed surfaces and mirror-polished components are complemented by diamond-set decorative plates. Two high-polished star-shaped bridges — a subtle nod to Tiffany’s iconic six-prong diamond setting — anchor both the tourbillon and the hours-and-minutes display, reinforcing the maison’s visual identity at every level.

Ultimately, the Bird on a Flying Tourbillon – Azure Blossom triumphs not through spectacle alone, but through coherence. Every element — from gem-setting to movement architecture — speaks the same refined language, one deeply rooted in Tiffany & Co.’s heritage. In a category that demands both poetry and precision, this extraordinary timepiece delivers both with rare elegance.

Source: DCLA

Botswana Diamonds Secures Eight New Prospecting Licences, Expands into Copper Exploration

 

Aim- and BSE-listed Botswana Diamonds has been awarded eight new prospecting licences covering approximately 7,000 km² in north-western Botswana, marking a strategic expansion into copper exploration, with additional potential for gold and other critical minerals.

The licences, valid until 31 December 2028, were identified through an extensive AI-driven analysis of the company’s 95,000 km² Botswana-focused exploration database. This dataset includes comprehensive geophysical survey information, which highlighted strong prospectivity for copper, alongside indications of gold and energy-transition metals.

The same proprietary AI technology has previously delivered notable success in diamond exploration, identifying six previously unreported kimberlite-prone areas for which Botswana Diamonds also holds licences.

The company said the move into copper reflects ongoing weakness in the global diamond market, combined with robust and growing demand for copper and other minerals critical to the global energy transition.

Botswana Diamonds highlighted Botswana’s stable operating environment and strong geological potential, noting active copper mining and exploration in the country. Established operators include MMG and Sandfire Resources, while exploration activity is also being undertaken by Cobre, which has a joint venture with BHP, as well as Kavango Resources, Galileo Resources and Aterian.

Initial discussions have already commenced with potential partners regarding joint venture opportunities to advance exploration across the newly awarded licences. The company plans to undertake close-spaced geophysical and geochemical surveys to define priority drill targets.

Despite the diversification, Botswana Diamonds confirmed it remains committed to its core diamond strategy and will continue to monitor market conditions and capital deployment into its diamond assets.

Chairperson John Teeling said the latest AI analysis had delivered “exceptional results”, following the earlier identification of kimberlite-prone ground that led to the discovery of six previously unknown anomalies.

“The outcomes were outstanding. We have now secured eight prospecting licences covering many of these areas. Copper and other energy-related minerals are critical to the energy transition for a greener future,” Teeling said on 26 January.

He added that while the diamond market is currently under pressure, the company’s long-term focus on diamonds remains unchanged.

“These market conditions will improve, and this strategy allows us to continue progressing as a mining company while remaining committed to diamonds over the longer term. In the meantime, there has been strong third-party interest in both our technology and our results, creating clear potential to advance these licences efficiently through partnerships and structured exploration programmes,” Teeling said.

Source: DCLA

De Beers to Release “A Diamond Is Forever” Book Celebrating a Century of Natural Diamond Legacy

 

De Beers is set to release A Diamond Is Forever, a new luxury book exploring the evolution of the company’s natural diamond marketing and its profound influence on global culture, romance, and society. The book will be published next week by Assouline, a renowned publisher of high-end illustrated volumes.

Named after one of the most iconic advertising slogans in history, A Diamond Is Forever celebrates the cultural, artistic, and emotional legacy of natural diamonds — nature’s oldest treasure and one of humanity’s most enduring symbols of love and commitment.

De Beers is widely credited with transforming diamonds from an exclusive luxury reserved for society’s elite into a universal symbol used to mark life’s most important romantic milestones and personal achievements. Prior to the 1930s, diamond jewellery was exchanged discreetly within elite circles, with luxury houses maintaining strictly private client relationships. De Beers reshaped this narrative, positioning diamonds at the heart of modern romance.

In 1947, De Beers copywriter Frances Gerety coined the legendary phrase “A Diamond Is Forever,” embedding the gemstone into global consciousness as a lasting promise of love, endurance, and emotional significance. The slogan appeared across archival print advertising, magazine spreads, and celebrity endorsements, cementing the diamond’s place in popular culture.

The book also highlights De Beers’ historic collaborations with celebrated artists such as Pablo Picasso, Salvador Dalí, and Raoul Dufy, drawing parallels between the rarity of diamonds and the genius of fine art. These campaigns elevated diamonds beyond jewellery, reinforcing their artistic and cultural value while preserving a sense of exclusivity.

During the 1960s, Hollywood icons including Elizabeth Taylor and Marilyn Monroe further amplified the glamour of diamonds, while the company’s influential 1990s “Shadows” campaign — set to Karl Jenkins’ Palladio — captured the gemstone’s timeless, authentic, and eternal nature.

Over the past two decades, De Beers has periodically retired and revived the famed slogan, most recently reintroducing it in late 2023 as part of a refreshed “Seize the Day” campaign, originally launched in the 1990s.

According to the publisher, the story of diamonds is one of both transformation and continuity. In recent years, the narrative has expanded to include provenance, sustainability, and ethical stewardship, reinforcing the natural diamond as a symbol not only of beauty and permanence, but also of responsibility and conscience.

A Diamond Is Forever spans 240 pages and features 180 illustrations. Presented as a hardcover book housed in a luxury slipcase, it will retail for USD $195 and is scheduled for release on January 30.

Source: DCLA

Botswana Warns Diamond Oversupply Threatens Economic Growth

 

Botswana has warned that a growing diamond oversupply is set to weigh heavily on economic growth, as weak global prices and intensifying competition from lab-grown stones continue to suppress demand.

The world’s second-largest diamond producer after Russia is currently holding nearly double its permitted diamond stockpile, highlighting the severity of the downturn in the natural diamond market. Diamonds account for approximately one-third of Botswana’s GDP, making the sector critical to national economic stability.

According to the finance ministry’s 2026/27 Budget Strategy Paper published on Tuesday, Botswana held around 12 million carats of rough diamonds at the end of December, significantly above the government’s 6.5 million-carat ceiling.

“This suggests that, over the short term, production is expected to remain broadly unchanged until inventory levels are drawn down closer to minimum allowable thresholds, creating room for additional output,” the ministry said.

The prolonged slump has been exacerbated by weaker demand in the United States and China — the world’s two largest diamond markets — where retailers have scaled back orders amid growing consumer preference for lower-priced lab-grown diamonds.

Trade pressures are also adding to market strain. A 15 percent US tariff on diamonds, along with higher duties in key trading hubs such as India, is expected to prolong price weakness and further compress margins. The finance ministry described these developments as a “source of concern”.

Rough diamond prices are forecast to average $99.3 per carat, sharply lower than $128.8 in 2024. The ministry warned that any further decline during the current financial year could significantly reduce mineral revenues below current projections.

Mineral revenues are expected to fall to 10.3 billion pula ($770 million) in 2025/26, well below the long-term average of 25.3 billion pula. The shortfall, officials cautioned, is likely to persist over the medium to long term, with the possibility of a permanent structural decline.

The policy paper also warned that the extended weakness in the global diamond market “poses a significant threat” to economic growth. Botswana’s economy is forecast to contract by nearly 1 percent in 2025, following a 3 percent decline the previous year.

“Compounding this situation is the decline in foreign reserves and government savings, which is further constraining fiscal space and limiting exchange-rate policy options,” the ministry said.

Once among the poorest nations in the world, Botswana was transformed economically following the discovery of diamonds in the 1960s. Today, it is one of several African governments and businesses seeking a greater stake in De Beers, the world’s leading diamond producer.

Mining giant Anglo American has announced plans to divest from De Beers as the industry grapples with a prolonged downturn and structural shifts in global diamond demand.

Source: DCLA

Botswana’s Diamond Stockpile Nearly Doubles as Prolonged Price Slump Pressures Economy

 

Botswana’s diamond stockpile has surged to almost double its targeted inventory levels as the global slump in gem prices shows little sign of easing, underscoring the mounting pressure on the world’s second-largest diamond-producing nation by volume.

According to Botswana’s Ministry of Finance, the country held an estimated 12 million carats of diamonds at the end of December 2025, nearly twice the government’s allowable inventory threshold of 6.5 million carats. The elevated stockpile reflects weak demand, subdued pricing, and limited scope for increasing production in the near term.

Botswana’s economy is forecast to contract by nearly 1% in 2025, following a 3% decline in 2024, with the downturn largely attributed to the collapse in diamond prices. The market has been weighed down by a surge in lab-grown diamond supply, cautious consumer spending, and softer demand across key luxury markets.

The price weakness has already had tangible operational consequences. Debswana, the 50:50 joint venture between the Government of Botswana and De Beers that accounts for roughly 90% of the country’s diamond sales, was forced to temporarily suspend production at several mines last year in response to unfavourable market conditions.

Despite these challenges, Botswana produced 18 million carats in 2024, second only to Russia, according to data from the Kimberley Process Certification Scheme. However, the finance ministry cautioned that elevated inventory levels will limit any meaningful increase in output until stockpiles are reduced closer to minimum allowable levels.

“This suggests that, over the short term, production is expected to remain broadly unchanged, until inventories are drawn down, creating room for additional production,” the ministry stated in its 2026/27 Budget Strategy Paper. As a result, economic growth will remain constrained unless the non-mining sectors deliver stronger performance.

Diamonds remain the backbone of Botswana’s economy, typically contributing around one-third of national revenues and approximately 75% of foreign exchange earnings. However, external pressures are compounding domestic challenges. Botswana’s diamond exports to the United States are now subject to a 15% tariff, while the prospect of higher tariffs in other major consuming markets, including India, risks prolonging the downturn in prices and compressing industry margins.

“These developments may ripple through to mining operations,” the ministry warned, noting that any sustained slowdown in diamond production would directly reduce government fiscal revenues.

Reflecting the sharp decline in sales, Botswana’s mineral revenues are projected to fall to 10.3 billion pula ($729 million) in 2025/26, well below the historical annual average of 25.3 billion pula. The figures highlight the scale of the challenge facing both the diamond sector and the broader economy as Botswana navigates a prolonged period of market weakness.

For the global diamond industry, Botswana’s swelling stockpile serves as a stark indicator of the structural pressures reshaping the market — from shifting consumer preferences to the growing impact of lab-grown alternatives — and reinforces the importance of restoring balance between supply and demand.

Source: DCLA

De Beers Confirms 2026 Sight Dates and Cuts Rough Diamond Prices as Global Market Pressures Intensify

 

De Beers has released its 2026 sight schedule, confirming it will maintain its traditional 10 rough diamond sales over the 12-month period, providing a degree of operational continuity amid prolonged uncertainty across the global diamond industry.

The miner sells approximately 90% of its rough diamond output to approved sightholders, who commit to purchasing set volumes of rough diamonds in exchange for consistent and predictable supply. In line with this strategy, De Beers has confirmed it will extend its current sightholder agreement through 30 June 2026, ensuring stability within its sight system during a challenging market environment.

The extended contract continues to regulate De Beers’ rough diamond sales, which are sourced from its wholly owned and joint-venture mining operations in Botswana, Namibia and South Africa. Sales will continue to be conducted in these producing countries.

In a minor operational adjustment, De Beers announced that the April and September 2026 sights will be shortened to four days, compared with the traditional five-day format.

De Beers 2026 Sight Dates

• Sight 1: 19–23 January
• Sight 2: 23–27 February
• Sight 3: 23–27 March
• Sight 4: 27–30 April
• Sight 5: 25–29 May
• Sight 6: 6–10 July
• Sight 7: 17–21 August
• Sight 8: 22–25 September
• Sight 9: 26–30 October
• Sight 10: 30 November–4 December

De Beers Cuts Rough Diamond Prices Amid Weak Demand

Alongside the announcement of its 2026 sight calendar, De Beers has reportedly cut rough diamond prices, reflecting mounting pressure from weak demand, surging lab-grown diamond supply and ongoing trade disruptions.

The January reduction marked the company’s first official price cut since December 2024, following months of quietly offering discounts while maintaining official list prices above prevailing market levels. At the first regular sight of the year, De Beers implemented price reductions on rough stones larger than three-quarters of a carat, according to industry sources.

The exact scale of the price cuts remains unclear, as De Beers has adjusted its billing structure and altered the composition of its diamond boxes, making direct comparisons difficult. Under the sight system, De Beers sets prices and indicates expected purchase volumes for sightholders, a structure that continues to give the miner significant influence over the rough diamond market, despite buyers retaining the technical right to refuse goods.

Industry Downturn and Structural Challenges

The global diamond industry is experiencing one of its deepest downturns in decades, with demand and prices for natural diamonds declining sharply from 2023 through 2025. Miners have been forced to scale back production and reassess long-term strategies as market conditions deteriorate.

A major structural challenge has been the rapid rise of lab-grown diamonds, whose prices have collapsed in recent years. This has enabled lab-grown stones to capture increasing market share, particularly in the bridal jewellery segment, undercutting natural diamonds across key consumer categories.

China, once a vital growth engine for diamond jewellery, has become a significant drag on demand due to a slowing economy and declining marriage rates. At the same time, geopolitical pressures, including tighter sanctions on Russian diamonds, ongoing tariff threats and global trade frictions, continue to disrupt the diamond supply chain.

Trade Tensions Add Pressure to India’s Diamond Sector

Further uncertainty has emerged from US–India trade tensions, which have weighed heavily on India’s diamond industry. Under President Trump, US tariffs on a range of Indian imports — including gems and jewellery — were raised to as high as 50%, creating additional headwinds for global diamond flows.

The impact has been particularly acute given India’s central role in the industry. The country cuts and polishes around 90% of the world’s diamonds by volume, while the United States remains its largest export market, accounting for approximately one-third to nearly half of India’s diamond and jewellery exports.

As the official CIBJO laboratory for Australia, DCLA continues to closely monitor developments in rough supply, pricing dynamics and certification standards, as the natural diamond sector navigates a period of profound structural change.

Source: DCLA

The Farnese Blue Diamond: Three Centuries Through Europe’s Royal Courts

 

The Farnese Blue occupies a rare position among historic natural diamonds. It is not merely a gemstone with provenance, but a silent participant in more than three centuries of European political power, dynastic ambition, revolution, and exile. For most of its existence, it remained known only to a small circle of royal descendants, absent from public record and scholarly examination.

That secrecy ended in 2018 when the 6.16-carat pear-shaped natural Fancy Dark Gray-Blue diamond appeared unexpectedly at Sotheby’s Geneva. Its emergence stunned historians and gem specialists alike. Offered publicly for the first time in its recorded history, the Farnese Blue achieved USD $6.7 million—well above estimate—before being acquired by an anonymous buyer. With that sale, one of Europe’s most historically significant diamonds passed from royal custody into the modern market.

---

A Golconda Diamond of Exceptional Origin

The Farnese Blue originated in the legendary Golconda mines of India, the world’s most important diamond source for over a millennium. Long before Brazil or South Africa entered the diamond trade, Golconda supplied every known diamond in existence. The Hope Diamond, the Koh-i-Noor, the Regent, and the Wittelsbach-Graff all share this same geographic origin near present-day Hyderabad.

Golconda diamonds travelled ancient trade routes linking Asia and Europe, where merchants competed for stones prized for their exceptional clarity, colour, and crystalline structure. Their rarity and value ensured they were acquired almost exclusively by royalty and the most powerful figures of their time. The Farnese Blue belongs firmly within this elite lineage.

---

A Queen Without a Dowry: Entry Into Spanish Royal History

The Farnese Blue first entered recorded European history through Elisabeth Farnese, Queen consort of Spain. In 1715, King Philip V of Spain grandson of Louis XIV required a new queen. The political climate demanded a bride of royal blood, but without excessive dynastic influence.

Elisabeth, a princess of the Duchy of Parma and a descendant of Pope Paul III, met these requirements precisely. However, Spain’s finances had been devastated by the War of the Spanish Succession, and her father was unable to provide a traditional royal dowry.

To compensate, Spain turned to its global colonies. In August 1715, the so-called “Golden Fleet” departed Cuba carrying gold bullion and precious gemstones gathered for the royal wedding. A hurricane in the Gulf of Florida destroyed nearly the entire fleet, consigning its riches to the sea.

One extraordinary diamond survived.

The governor of the Philippine Islands presented a pear-shaped blue diamond to the new queen. That stone would become known as the Farnese Blue.

---

Three Centuries in Royal Exile

From that moment onward, the Farnese Blue passed quietly through Europe’s most powerful royal houses. Elisabeth Farnese bore seven children and worked tirelessly to secure dynastic influence across the continent. The diamond was likely entrusted to her son Philip, founder of the House of Bourbon-Parma.

It subsequently passed through successive generations: to Ferdinand, to King Louis of Etruria, and then to Charles Louis (King Louis II), who mounted the diamond as a tie pin. Political upheaval forced him into exile under the title Comte de Villafranca, yet he retained the diamond throughout his life.

Upon his death in 1883, the Farnese Blue passed to his grandson Robert, the last ruling Duke of Parma. After losing his throne, Robert sought refuge with his cousin, Emperor Franz Joseph of Austria, taking the diamond with him.

The stone later passed to Prince Elia and his wife, Archduchess Maria Anna of Austria. Her meticulous jewellery inventories proved invaluable to history, preserving the diamond’s provenance with remarkable clarity. Among her collection was a tiara containing diamonds once owned by Marie Antoinette. She incorporated the Farnese Blue still set as a tie pin into that tiara and wore it frequently.

---

Reemergence at Sotheby’s: From Royal Secrecy to Public Record

Following the collapse of the Austrian Empire in 1918, the Farnese Blue disappeared once again from public view. For decades, it remained absent from scholarship and gemological examination.

Its reappearance in 2018 marked a pivotal moment. Now mounted within a colourless diamond halo on a detachable pin, the Farnese Blue was examined and graded by the Gemological Institute of America for the first time. It received an official classification as a natural Fancy Dark Gray-Blue diamond with SI1 clarity.

That same year, Sotheby’s offered the stone at auction for the first time in its three-hundred-year history. The result confirmed what experts already understood: a natural diamond of exceptional rarity, when paired with uninterrupted, well-documented royal provenance, transcends its material value.

The Farnese Blue stands today as one of the most extraordinary surviving diamonds of European royal history an enduring witness to the rise and fall of empires, preserved through centuries by those who understood its significance long before the modern world was permitted to see it.