Sarine reported a $3.9m loss for FY2025, as lab grown sales soared in the US and weak sentiment persisted in China.
The Israel-based diamond grading tech company saw full year revenue dip by 25% to $29.6m.
But it sees some cause for optimism. Moving its manufacturing and support operations to India shift will save around $1.5m a year, it says.
There are early signs of the natural diamond demand rebounding, and it is tentatively exploring diversification into opportunities beyond diamonds.
The company recently acquired a 33% share in Kitov.ai, a company pioneering AI-powered computer-aided design (CAD), as it aims to expand to non-diamond sectors.
It also says that as part of its diversification plans it is at the very preliminary stages of exploring opportunities related to industrial applications of lab growns, and possible partnerships with banks or lenders to help them offer loans to diamond, gemstone, and jewelry businesses.
Sarine dominates the rough planning market, and serves as an effective wellbeing indicator for the midstream diamond manufacturing sector.
“FY2025 was another difficult year for the natural diamond polishing industry,” it says in its latest update. Lower quantities of natural diamonds flowing through the value chain directly impact its revenue.
“Capital equipment sales were depressed by contracting polishing activity in India, offset somewhat by new facilities opening in African producing countries.”
Sarine’s $3.9m loss for 2025 follows on from a small profit in 2024 ($1.1m) and a $2.8m loss in 2023.
Source: IDEX, as lab grown sales soared in the US and weak sentiment persisted in China.
The Israel-based diamond grading tech company saw full year revenue dip by 25% to $29.6m.
But it sees some cause for optimism. Moving its manufacturing and support operations to India shift will save around $1.5m a year, it says.
There are early signs of the natural diamond demand rebounding, and it is tentatively exploring diversification into opportunities beyond diamonds.
The company recently acquired a 33% share in Kitov.ai, a company pioneering AI-powered computer-aided design (CAD), as it aims to expand to non-diamond sectors.
It also says that as part of its diversification plans it is at the very preliminary stages of exploring opportunities related to industrial applications of lab growns, and possible partnerships with banks or lenders to help them offer loans to diamond, gemstone, and jewelry businesses.
Sarine dominates the rough planning market, and serves as an effective wellbeing indicator for the midstream diamond manufacturing sector.
“FY2025 was another difficult year for the natural diamond polishing industry,” it says in its latest update. Lower quantities of natural diamonds flowing through the value chain directly impact its revenue.
“Capital equipment sales were depressed by contracting polishing activity in India, offset somewhat by new facilities opening in African producing countries.”
Sarine’s $3.9m loss for 2025 follows on from a small profit in 2024 ($1.1m) and a $2.8m loss in 2023.
Justin and Hailey Bieber made a dazzling return to the Grammy Awards in 2026, stepping onto the red carpet for the first time in four years adorned in a combined 162 carats of high jewellery diamonds. The couple attended the ceremony in Los Angeles wearing standout creations by renowned jeweller Lorraine Schwartz, reaffirming diamonds’ enduring status as the ultimate red-carpet statement.
Hailey Bieber commanded attention in a strapless Alaïa gown, elevated by a striking 30-carat pear-shaped diamond pendant suspended from a sleek silver choker. She paired the necklace with statement diamond earrings totalling 20 carats and a 12-carat diamond cocktail ring, showcasing a refined balance of elegance and bold design. Her look was completed with a slicked-back updo and understated makeup, allowing the exceptional stones to remain the focal point.
Justin Bieber complemented Hailey’s brilliance with a custom Balenciaga suit, finished with a 100-carat diamond-encrusted chain necklace. The substantial carat weight and pavé-style setting delivered maximum impact, reflecting the growing trend of high-carat diamond jewellery in contemporary men’s fashion.
Beyond the glamour, the couple also wore “ICE Out” pins in solidarity with ongoing protests against U.S. Immigration and Customs Enforcement, a gesture echoed by several other artists on the night.
The 2026 Grammys marked a milestone return for the Biebers following the birth of their son, Jack. Justin received multiple nominations, including Album of the Year and Best Pop Vocal Album for Swag, as well as Best Pop Solo Performance for “Daisies.”
For DCLA, moments like these highlight not only the spectacle of celebrity jewellery, but also the importance of accurate diamond grading, carat verification, and craftsmanship at the highest level. Red-carpet appearances continue to influence global perceptions of diamond value, rarity, and desirability—making independent certification and expert assessment more relevant than ever in today’s market.
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.
After three challenging years marked by geopolitical disruption, shifting trade routes, and weakened consumer confidence, the global diamond industry is beginning to stabilise and recover. While price volatility persists in certain segments, demand is gradually rebuilding, particularly across the world’s primary luxury markets. Industry professionals broadly agree that the recovery remains uneven, but the direction is clear: a slow yet meaningful turnaround is underway.
Senior figures within the international jewellery trade point to improving economic sentiment as a key catalyst behind renewed interest in diamonds. Changing consumer behaviour is also playing a central role. Natural diamonds continue to dominate global engagement ring sales, retaining their status as the benchmark for long-term value and emotional significance. However, competition from lab-grown diamonds is intensifying, and the market share gap is narrowing.
In major Western markets, lab-grown diamonds are gaining traction, particularly among younger buyers who place greater emphasis on size, clarity, and price accessibility than on tradition. This generational shift is reshaping purchasing decisions and influencing how value is assessed at the point of sale.
Pricing dynamics underscore this transformation. Over the past year, prices for smaller natural diamondsespecially those under one carat have experienced notable declines. At the same time, lab-grown diamond prices have fallen even further, driven by rapid technological advancements and expanding production capacity. Together, these opposing movements have redefined the competitive landscape, prompting consumers to compare value propositions more closely than ever before.
While challenges remain, the combination of stabilising demand, evolving consumer preferences, and market-driven price realignment suggests the diamond industry has entered the early stages of recovery, with long-term implications for both natural and lab-grown sectors.
Jewelry sales in the US grew by 1.6 per cent during the 2025 holiday period, outpacing last year’s 0.8 per cent rise as consumers showed renewed confidence.
Stable inflation also boosted discretionary spending, as shoppers gravitated toward meaningful gifts over short-lived trends.
But the modest uptick in jewelry sales was still well below the 3.9 per cent recorded by Mastercard SpendingPulse across all retail sectors (except automotive) from November 1 through December 21. The figure for 2024 was 3.1 per cent.
“Consumers demonstrated flexibility and confidence this season, shopping early, leveraging promotions, and investing in meaningful experiences and wish-list items,” said Michelle Meyer, chief economist, Mastercard Economics Institute.
“They also blended online and in-store shopping to find the best deals and maximize convenience.”
Mastercard SpendingPulse measures in-store and online retail sales across all forms of payment, including cash, checks, and credit cards.
A passenger arriving on a flight into Mumbai was found to have $280,000 of diamonds concealed in their body.
Customs officials at the city’s Chhatrapati Shivaji Maharaj International Airport (pictured) were alerted through routine profiling, spot checks and the Advance Passenger Information System (APIS)which requires airlines to share details of all passengers on international flights.
The seized diamonds weighed a total of 894.6 carats and were valued at Rs 2.52 crore (USD 280,000), according to Mumbai Customs.
No further details of the diamonds, the passenger, or their port of departure were disclosed.
The diamonds were among a number of seizures made on 30 and 31 December at the same airport, including gold and cannabis.
Earlier in December, a passenger was caught with Rs 43.97 lakh (USD 53,000) of cut diamonds hidden in a suitcase as they prepared to board a flight to Bangkok.
People smuggling diamonds into India are generally trying to evade import duties on rough stoners, or bypass Kimberley Process certification requirements.
Diamond-set watches from Cartier, Van Cleef & Arpels, Jaeger-LeCoultre and Graff represent the pinnacle of high jewellery watchmaking. With dials, cases and bracelets lavishly adorned with hundreds sometimes thousands of diamonds, these exceptional creations are true show-stoppers, blending technical mastery with extraordinary gem-setting artistry.
Both bold and refined, these spectacular ladies’ timepieces come from some of the world’s most prestigious watch and jewellery maisons. Almost entirely cloaked in diamonds, they are designed to command attention while maintaining an unmistakable sense of elegance.
Cartier’s iconic Baignoire watch traces its origins back to 1958, when it was first introduced as the Ovale cintre. Officially renamed in 1973, the modern mini jewellery version features a quartz movement and is set with hundreds of brilliant-cut diamonds, reaffirming its status as a timeless symbol of refined luxury.
Graff’s Tilda’s Bow diamond watch adds a distinctly feminine flourish. Accented by a graceful ribbon-inspired motif on one side, this statement piece features a pavé-set dial and a triple-row diamond bracelet, seamlessly combining softness with striking brilliance.
Jaeger-LeCoultre’s platinum 101 Secrets watch transcends both trends and seasons. Concealing a delicate mother-of-pearl dial, the piece is embellished with more than 1,000 diamonds meticulously set along the bracelet and case sides an extraordinary demonstration of precision and craftsmanship.
Van Cleef & Arpels draws inspiration from the Art Deco “white period” of the 1930s with its À Cheval high jewellery watch. Reflecting the era’s preference for white gold paired with diamonds, the design pays homage to a defining moment in jewellery history, favouring refined monochrome elegance over the coloured gemstones of earlier decades.
Together, these diamond-encrusted watches showcase the seamless union of haute joaillerie and fine watchmaking where time is measured not only in seconds, but in brilliance and craftsmanship.
A rare imperial Fabergé masterpiece lavishly adorned with platinum and 4,500 diamonds has achieved a remarkable £22.9 million at auction in London, establishing a new world record for any Fabergé artwork.
The famed Winter Egg was commissioned in 1913 by Emperor Nicholas II of Russia as an Easter gift for his mother, Dowager Empress Maria Feodorovna. Considered one of the most spectacular creations by the House of Fabergé, the piece showcases masterful artistry: a flawless rock crystal shell, intricately engraved to resemble winter frost, embellished with a delicate snowflake motif and shimmering diamonds.
Christie’s confirmed that the £22,895,000 sale price surpasses the previous Fabergé auction record by more than £13 million a benchmark also set by Christie’s in 2007 with the sale of the Rothschild Egg for £8.9 million. Remarkably, this is the third time the Winter Egg has broken the world record for a Fabergé creation.
“Today’s result reaffirms the enduring significance of this masterpiece, celebrating the rarity and brilliance of what is widely regarded as one of Fabergé’s finest creations,” said Margo Oganesian, Christie’s Head of Fabergé & Russian Works of Art.
Only a limited number of Imperial Eggs remain in private ownership, making this sale a landmark moment for collectors and institutions worldwide.
A Tumultuous Century of Provenance
Following the fall of the Russian monarchy in 1917, the Winter Egg was moved to the Kremlin Armoury and later included in Soviet sales of royal treasures during the 1920s.
Over its journey through history:
Purchased by Wartski of London in the early 20th century for just £450
Sold privately in 1934 for £1,500
Considered lost between 1975–1994
Re-emerged at Christie’s in 1994, achieving a record 7,263,500 Swiss francs (£6.8 million)
Set a new record once more in 2002 at $9,579,000 (£7.1 million)
Today’s sale firmly cements its status as one of the most coveted objets d’art ever created.
Celebrating Excellence in Diamond Craftsmanship
With its extraordinary diamond detail and technical precision, the Winter Egg continues to define the pinnacle of artisanal luxury. Each stone carefully set into platinum reflects the superior craftsmanship that has made Fabergé synonymous with imperial elegance.
For DCLA, iconic pieces such as this highlight the enduring importance of diamond quality, authentication, and expert certification ensuring that history and value are preserved for future generations.
The UK’s Serious Fraud Office (SFO) decided not to investigate the luxury diamond jewelry brand Vashi, which subsequently collapsed in 2023 with debts of $220m, according to the BBC.
The company gained attention for its innovative approach to selling high-quality diamonds directly to consumers, and for its flamboyant founder, chairman and CEO Vashi Dominguez. But it was declared bankrupt in April 2023 after a court ruling forced it into liquidation.
But the company’s former chief technology officer John Ames reportedly warned the SFO that Vashi was defrauding investors and falsifying accounts in May 2022, almost a year earlier.
The SFO decided not to investigate, according to a BBC report, despite documentation which allegedly showed the company had made sales worth £5.5m ($7.2m) in 2020, rather than the £53.6m ($70m) boasted of in marketing materials and filed in the company accounts.
Mr Ames contacted the SFO in May 2022. In an online form he said: “I discovered (Vashi) to be defrauding their investors, they are also likely to be misstating information on their statutory reporting, both through inflated stock holdings and failing to provide details on revenue sources.”
Dominguez reportedly left for Dubai on the day the company went into liquidation. His whereabouts are not known.
Dominguez (pictured) attracted investment from high-profile backers, including mobile phones billionaire John Cauldwell, and Nick Wheeler, founder of British shirtmaker Charles Tyrwhitt.
The Spanish-born entrepreneur also had a flair for self-publicity, positioned himself as a diamond expert in national newspapers and appeared with celebrities on TV.
Two men have been arrested in India, accused of a sophisticated online fraud in which they obtained diamonds worth $542,000.
They and their accomplices allegedly posed as genuine US-based buyers on the RapNet trading platform.
They negotiated the purchase of diamonds from six traders in Surat, had the stones shipped, then disappeared without paying.
Police in Surat say they have arrested two men from the city – named as Nikunj Ambaliya and Mitul Goti – and are pursuing eight other suspects.
Officers were first alerted by trader Sanjay Goti, who sold a $90,000 diamond to man who identified himself as Arson Isaco.
Payment was due within seven days. But Goti became concerned when “Arson Isaco” made excuses, then switched off his phone and failed to pay.
Five other traders subsequently came forward with similar accounts, relating to six diamonds.
Goti said he’d contacted a number of diamond firms in Surat and had confirmed that a buyer of that name existed.
The accused men posed as employees of US diamond firms and took delivery of the diamonds in Dubai, Hong Kong, and Bangkok, said Karanraj Vaghela, of Surat police.
“After investigations, we arrested Nikunj Ambaliya and Mitul Goti, and identified Chetan Suthar and Anuj Shah as co-accused. These four, along with six others, conspired to cheat reputed diamond traders in an international diamond fraud.”
Two extraordinary diamonds from South Africa have provided scientists with a rare glimpse into the hidden chemistry of Earth’s mantle—nearly 300 kilometres beneath the surface.
A research team from the Hebrew University of Jerusalem has identified the first direct evidence of nickel-iron metallic alloys and nickel-rich carbonates at these extreme depths. The discovery was made by examining tiny inclusions preserved inside diamonds from the Voorspoed mine in South Africa.
Diamonds as Nature’s Record Keepers
While diamonds are prized for their beauty, their true scientific value often lies in what they conceal. Inclusions—whether microscopic minerals or metallic alloys—serve as natural records of deep-Earth processes that would otherwise remain invisible.
“These diamonds act as tiny time capsules, preserving a rare chemical reaction that would otherwise disappear,” explained lead researcher Yaakov Weiss.
The inclusions confirm the diamonds’ origins in the deep upper mantle and shallow transition zone, at depths of 280–470 kilometres.
Unlocking Diamond Formation
The study revealed an unusual coexistence of nickel-iron alloy and nickel-rich carbonate within the same inclusions. Normally, these materials would react instantly and could not exist side by side. Their preservation points to a process known as a metasomatic redox-freezing reaction, in which oxidised, carbon-rich melts infiltrate metal-bearing mantle rock.
This finding strengthens the theory that diamonds can form from reactions between carbonates and reduced metals in the mantle—a mechanism first suggested by evidence at shallower depths.
It may also explain why some natural diamonds contain nickel atoms within their crystal structure, solving a mystery that has long puzzled geologists.
Insights into Volcanoes and Kimberlites
The implications extend beyond diamond formation. The reactions preserved within these inclusions suggest that the mantle becomes enriched with elements like carbon and potassium. This enrichment may be a critical step in generating kimberlite magmas—the volcanic eruptions that transport diamonds to the surface.
A Scientific Treasure
For the DCLA, this discovery highlights yet another dimension of diamond’s significance. Beyond their role as treasured gems, diamonds are windows into Earth’s inaccessible depths, preserving geological secrets for millions of years.
As Yaakov Weiss put it: “Diamonds act as tiny time capsules, capturing a moment of mantle chemistry in action.”
An Indian national has been jailed for seven years in Vietnam after he admitted smuggling diamonds worth $320,000 into the country.
Dapale Alkesh Kashinath, 28, said he’d been paid INR 10,000 ($120) by his employer, a Mumbai-based diamond company, to take the stones into the country without declaring them at customs.
Vietnam charges import duties of up to 27 per cent on polished diamonds and jewelry. VAT and other taxes may also apply.
It was Kashinath’s sixth or seventh smuggling trip. He would meet buyers at hotels and hand over the goods once they’d supplied coded and symbols agreed in advance with his employer.
He was apprehended at Tan Son Nhat International (pictured), Vietnam’s largest airport, in Ho Chi Minh City in October 2024.
X-rays of luggage revealed he had 15 plastic bags, containing 362 natural diamonds, hidden inside two candy boxes.
Kashinath was sentenced to seven years in prison last Friday (5 September) at Ho Chi Minh City People’s Court. An application to pay a fine instead was rejected.
In a world where modern technology has made diamond cutting more precise than ever, there has been a surprising revival of one of the oldest styles in diamond history – the old mine cut. Once considered outdated compared to today’s brilliant cuts, these antique gems are now finding favour among collectors, jewellery designers, and couples searching for something truly unique.
A Glimpse into History
The old mine cut originated in the 18th and 19th centuries, long before advanced cutting technology existed. Cut by hand, often by candlelight, each stone carries its own distinctive character. With their cushion-like shapes, high crowns, and larger culets, old mine cuts reflect the craftsmanship of a bygone era. These diamonds were the predecessor to today’s modern round brilliant and are often set in antique or Victorian-era jewellery.
The Allure of Imperfection
Unlike modern cuts that maximise sparkle through precision, old mine cut diamonds are celebrated for their individuality. Their facets were designed for softer, romantic light sources like candlelight, giving them a warmer, more subtle glow. For many buyers, this charm lies in their imperfections – no two are exactly alike.
Sustainability and Authenticity
As sustainability becomes increasingly important in jewellery, old mine cut diamonds are seen as an eco-conscious choice. They are recycled treasures, requiring no new mining, which makes them especially appealing to ethically minded consumers. Owning one also means owning a tangible piece of history – a connection to a time when diamonds were cut entirely by hand.
Modern Designers Embrace the Vintage Appeal
Jewellery houses and bespoke designers are incorporating old mine cut diamonds into contemporary settings, blending antique beauty with modern design. Their romantic look pairs well with minimalist mountings, allowing the character of the stone to shine through. Many brides-to-be are also choosing them for engagement rings, preferring their vintage charm over mass-produced, uniform cuts.
A Market on the Rise
With limited supply and growing demand, old mine cut diamonds are becoming more sought after. Collectors appreciate their rarity, while younger generations value their individuality and authenticity. This resurgence has pushed prices higher, making them not just a sentimental choice, but also a potentially wise investment.
The revival of old mine cut diamonds reflects a broader trend in the jewellery world: a desire for uniqueness, sustainability, and authenticity. Far from being a relic of the past, these antique diamonds are back in vogue – and for many, they represent the perfect blend of history and timeless beauty.
The diamond industry has long sought to improve transparency and accountability in how stones are tracked from mine to market. Historically, this relied on paper certificates and manual verification, which were open to forgery, loss, or human error. In recent years, blockchain technology has been introduced as a potential game-changer, offering an immutable digital record of a diamond’s provenance.
From Certificates to Blockchain
Where traditional certificates only provided a snapshot at one point in time, blockchain creates a permanent digital ledger that records every transaction across the supply chain. By using cryptography and decentralisation, platforms like De Beers’ Tracr system provide real-time verification and an unbroken chain of custody for participating diamonds.
For newly mined stones, this represents an important step forward in consumer confidence. Every registered diamond receives a unique digital identity, effectively becoming a “digital twin” of the physical gem. As the diamond travels through cutting, polishing, wholesale, and retail, each transfer is logged and verifiable.
The Limitation: 95% of Diamonds Already in Public Hands
However, while blockchain provides strong assurances for newly mined diamonds, it is important to recognise its limits. More than 95% of all natural diamonds ever mined are already in private hands in jewellery, collections, and across secondary markets. These stones, already in circulation, were never registered on blockchain platforms and therefore cannot be retrospectively traced using this technology.
This means the vast majority of diamonds in existence today remain outside blockchain systems. While blockchain strengthens transparency for future production, it does not solve the challenges of verifying provenance for the overwhelming supply of diamonds already circulating globally.
Why This Matters for Consumers
For buyers and sellers in the secondary market, blockchain is not yet a universal solution. Laboratory expertise remains essential in verifying authenticity, grading, and ensuring consumer protection. At DCLA, as the official CIBJO laboratory for Australia, we recognise the critical role of independent certification. Accurate grading and unbiased reporting remain the foundation of consumer trust particularly for stones not captured by blockchain.
The Future of Diamond Transparency
De Beers’ blockchain initiative is a milestone that may eventually become standard practice across the industry. It addresses many historical weaknesses in tracking systems and aligns with modern consumer demand for ethical sourcing. But for now, blockchain is only part of the answer. The larger challenge remains: how to ensure transparency and trust for the diamonds already in circulation, which make up the majority of the world’s natural supply.
At DCLA, we believe blockchain should be seen as a complementary tool not a replacement for independent laboratory grading and certification. Only by combining robust science with innovative digital systems can the diamond industry achieve true transparency.
