The Argyle Phoenix Sets Historic Benchmark as Antwerp Trade Rebounds

 

The Argyle Phoenix Redefines Rarity at Auction

At the 2024 Phillips Geneva Auction, the extraordinary Argyle Phoenix Diamond achieved a landmark result, selling to renowned diamantaire Laurence Graff for CHF 3.8 million (approximately USD 4.2 million). This equates to an exceptional USD 2.7 million per carat more than double its pre-sale estimate.

The result established two significant auction records simultaneously: the highest price ever achieved for a fancy red diamond and the highest price per carat for any diamond of its kind at auction.

For Graff, whose career has been defined by acquiring the world’s most exceptional gemstones, the purchase is emblematic. Stones of this calibre particularly natural reds are not simply rare; they are effectively non-recurring assets in the global market.

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The Rarest of the Rare: Natural Red Diamonds

To understand the significance of the Argyle Phoenix, one must place red diamonds within the broader hierarchy of gemstone rarity.

According to the Gemological Institute of America, fewer than 0.4% of all diamonds graded over the past two decades qualify as “fancy colour.” Within this already rare category, red diamonds stand alone at the pinnacle. Fewer than thirty true natural red diamonds are believed to exist worldwide not annually, but in total known supply.

Unlike other fancy colour diamonds, which derive their hues from trace elements, red diamonds owe their colour to a phenomenon known as crystal lattice distortion. Under extreme geological conditions, the atomic structure of the diamond is altered, affecting how light is absorbed and reflected. While similar processes produce pink diamonds, red diamonds represent the most intense and rare expression of this structural transformation.

The rarity is so profound that scientific study remains limited; nature produces these stones too infrequently for comprehensive analysis. As such, natural red diamonds remain among the least understood and most coveted gemological phenomena.

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Antwerp Diamond Trade Shows Signs of Recovery

Meanwhile, the global diamond trade is demonstrating early signs of stabilisation, particularly in Antwerp, historically one of the world’s most important diamond centres.

Figures released by the Antwerp World Diamond Centre indicate that total diamond trading volume rose by nearly 20% in the first quarter of 2026 compared with the same period in 2025. This marks a continuation of the recovery that began cautiously in late 2025.

CEO Karen Rentmeesters attributes the improvement to a combination of structural reforms and shifting geopolitical dynamics. Measures such as streamlined visa processes for international traders and the formal recognition of diamond cutters and sorters as critical occupations have enhanced Antwerp’s competitiveness.

Additionally, increased cooperation between Belgian and broader European institutions has reinforced the trading hub’s stability and appeal.

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Geopolitical Shifts Reshape Trade Flows

Global geopolitical tensions are also influencing the movement of diamond trade activity. Ongoing instability in the Middle East has made alternative centres, such as Antwerp, more attractive to international diamantaires seeking operational certainty.

This shift is further supported by notable supply-side developments, including large-scale auctions such as those conducted by Congolese producer SACIM, which recently sold over 288,000 carats of rough diamonds in Antwerp.

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Market Pressures Persist

Despite improving trade volumes, pricing remains under significant pressure. Rough diamond prices declined by approximately 27% in the first quarter of 2026 compared with the previous year.

This downturn is primarily driven by subdued demand for polished diamonds, compounded by the growing market share of synthetic alternatives and residual inventory build-up following the 2022 market peak.

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DCLA Perspective

From a DCLA standpoint, the divergence within the diamond market is becoming increasingly clear. At the very top end, ultra-rare natural diamonds such as the Argyle Phoenix continue to command record-breaking prices, driven by extreme scarcity and collector demand.

Conversely, the broader commercial market faces structural challenges, including shifting consumer preferences and increased competition from lab-grown diamonds.

This bifurcation underscores a critical trend: rarity, provenance, and natural origin are becoming more important than ever in defining long-term value within the global diamond industry.

Source: DCLA

Clock is Ticking on Luanda Accord, says AWDC

The Antwerp World Diamond Centre (AWDC) has publicly expressed frustration over the stalled $100m-plus global campaign to promote natural diamonds, agreed in Angola almost four months ago.

It says there is no time to waste in implementing the breakthrough Luanda Accord, in which African diamond producers pledged one per cent of their rough export sales to fund promotions by the Natural Diamond Council (NDC).

They call on producer nations, the NDC, and industry partners worldwide to take the next decisive step: to release the pledged funds, to activate the agreed framework, and to begin the campaign.

“Luanda was supposed to be the turning point,” say AWDC chairman Isi Morsel and vice chairman Ravi Bhansali (pictured) in a hard-hitting open letter published today (9 October). “It can still be – but only if we move from promises to action.

“The agreements are signed. The budgets are pledged. Yet implementation has stalled. The funds have not been transferred. The campaign has not begun. And the clock is ticking.”

The Luanda Accord, described as a potential turning point for the sector, aims to rebuild consumer trust and interest in natural diamonds over lab growns, by emphasizing their origin, authenticity, and community impact.

“We understand that bureaucratic processes take time,” say Morsel and Bhansali in their letter. “But time is exactly what we do not have. Every delay weakens the credibility of the commitment we all made together.

“Let us be clear: this is not about assigning blame. It is about living up to a collective commitment. We therefore urge all signatories to the Luanda Accord – producer nations, the Natural Diamond Council, and industry partners worldwide – to take the next decisive step: release the pledged funds, activate the agreed framework, and begin the campaign.”

Full text of the letter:

Luanda Was a Breakthrough. But Diamonds Can’t Wait Forever.

By Isi Morsel and Ravi Bhansali – Chairman and Vice Chairman, Antwerp World Diamond Centre (AWDC)

A few months ago in Luanda, something remarkable happened.

For the first time in decades, our industry stood united – producers, manufacturers, traders, and policymakers. Africa’s leading diamond nations. India’s powerful trade bodies. Belgium’s leadership. The UAE’s dynamic hub. We came together, and we signed.

The Luanda Accord was not just another declaration. It was a concrete commitment to act – to protect and promote the story of natural diamonds through a global, African led marketing initiative. Producer countries pledged to contribute 1% of their rough export revenues to a collective fund, exceeding $100 million, to be managed transparently by the Natural Diamond Council. The goal: to educate consumers, inspire the next generation, and clearly distinguish natural diamonds from synthetics.

That day in Luanda, there was real momentum. Real hope. For once, words were turning into action.

But today, four months later, that momentum is fading.

The agreements are signed. The budgets are pledged. Yet implementation has stalled.

The funds have not been transferred. The campaign has not begun. And the clock is ticking.

We are entering the most crucial season of the year – the global gifting season – when the world looks for symbols of love, authenticity, and permanence. If we don’t act now, we will miss this moment. And in our industry, missed moments don’t just mean lost sales – they mean lost livelihoods.

Because natural diamonds are not just luxury products. They are the economic backbone of producing nations. They build schools in Botswana, fund hospitals in Angola, feed families in Namibia, and provide opportunities for thousands of polishers and artisans from Surat to Johannesburg.

That is the real story of natural diamonds – a story of people, pride, and purpose. A story no laboratory can replicate.

But the world won’t hear that story unless we tell it.

While we hesitate, lab-grown diamonds are flooding the market with billions in advertising. Algorithms are replacing emotion with price. Influencers — often uninformed — are redefining the narrative in ways that undermine everything our industry stands for.

Luanda was supposed to be the turning point. It can still be – but only if we move from promises to action.

We understand that bureaucratic processes take time. But time is exactly what we do not have. Every delay weakens the credibility of the commitment we all made together.

Let us be clear: this is not about assigning blame.

It is about living up to a collective commitment.

We therefore urge all signatories to the Luanda Accord – producer nations, the Natural Diamond Council, and industry partners worldwide – to take the next decisive step: release the pledged funds, activate the agreed framework, and begin the campaign.

Luanda can still stand as a true milestone – the moment when our industry turned unity into action.

Because the diamond story is, above all, a human story. And the world needs to hear it – now.

Yours Sincerely,

Isidore Morsel

President AWDC

Ravi Bhansali

Vice President AWDC

Source: DCLA

HRD to Stop Grading Lab Growns

Belgium’s HRD lab says it will no longer grade lab grown diamonds.

It wants to create what it calls a “clear distinction between natural and synthetic diamonds”.

HRD, a subsidiary of the Antwerp World Diamond Centre (AWDC), says it is the first lab to stop lab grown certification, although it will still issue certificates for jewelry containing lab growns.

The move, announced yesterday (18 June) follows GIA’s decision earlier this month to grade lab growns only as “premium” or “standard”, without scores for color or clarity.

It further emphasizes the distinction between natural and lab grown diamonds.

“As of 2026, we will no longer issue quality certificates for loose synthetic diamonds intended for commercial use,” said Ellen Joncheere, CEO of HRD Antwerp.

“In limited cases, we will continue to analyze synthetic diamonds, but strictly for research purposes. Jewellery containing synthetic stones will still be eligible for certification.”

HRD started grading lab growns in 2013, albeit with fewer grades of color and clarity than natural diamonds. In 2019 it aligned lab growns with natural stones, a move that appeared to signal greater parity between the two sectors.

Karen Rentmeesters, CEO of parent company AWDC, said: “By becoming the first diamond lab in the world to take an explicit and exclusive stance in favour of natural diamonds, HRD Antwerp is sending a strong signal.

“A clear distinction between natural and synthetic diamonds is essential to strengthen consumer trust and help safeguard the future of natural diamonds.”

Source: IDEX