Tariffs Turmoil: India Edging Towards Last-Minute US Deal

India today appeared to be edging towards a last-minute “mini trade deal” that could see the US back down on its proposed 27 per cent reciprocal tariffs.

President Donald Trump said earlier today on Tuesday said that the US was was “close to making a deal with India,” with just hours left before the deadline at 12.01am EST on Wednesday 9 July.

Such a deal would come as a huge relief for the country’s diamond industry, which has been largely paralyzed by three months of uncertainty since President Donald Trump made his “Liberation Day” speech on 2 April.

A deal between the two countries would be limited in scope, according to reports, but would likely cover diamonds.

It could include a partial rollback of reciprocal tariffs imposed by the US earlier this year, but the 10 per cent baseline tariff on most goods is expected to remain.

If no deal is reached, the tariffs will automatically take effect from 1 August.

So far only the UK and Vietnam have managed to reach a full deal – and China a partial deal – ahead of the 9 July deadline.

Source: DCLA

Surat Trade Show Moves to Smaller Venue

The Carats 2025 trade show is switching to a smaller venue amid the ongoing diamond industry downturn.

The three-day B2B event, organized by the Surat Diamond Association (SDA), will take place at Avadh Utopia lifestyle club and hotel, in Surat, rather than the 1.5m sq ft Surat International Exhibition and Convention Centre (SIECC) where it has been held previously.

Only 73 exhibitors have registered for the event, which opens on 11 July, according to Times of India, compared to 118 last year.

Organizers said the move was in response to participants’ preferences, rather than lower exhibitor numbers. Many diamond manufacturers expressed a preference for a venue with hotel facilities.

SDA says in an Instagram post that it’s expecting over 7,000 visitors and over 200 buyers. In 2024 it reported 10,000 visitors.

“This milestone attendance underscores the exhibition’s position as a leading platform for showcasing innovation and excellence in diamond industry,” said SDA Jagdishbhai Khunt at the time.

Source: DCLA

Lab Growns: France Rejects Call to Drop “Synthetic” Label

The French government is standing by its legal requirement that lab grown diamonds carry a “synthetic” label.

Its finance ministry rejected a renewed call, presented by member of parliament Olivia Gregoire (pictured) on behalf of the lab grown lobby.

Gregoire, minister delegate for small and medium-sized enterprises, trade, crafts, and tourism, sought a review of the mandatory label “synthetic diamond,” arguing that the term might unfairly stigmatize lab grown diamonds.

The ministry responded last week, saying it stands by a policy that has been in place since January 2002, designed to prevent consumer confusion and to ensure transparency in the diamond market.

The decision was welcomed by the natural diamond lobby as a victory. The lab grown sector expressed disappointment but acknowledged that the ruling provides regulatory clarity.

Under French law, lab grown diamonds can only be referred to as “diamant de synthese” or “synthetique” – “synthetic diamond” or “synthetic”.

The terms “diamant de laboratoire” and “diamant de culture” – “laboratory diamond” and “cultivated diamond” – are banned.

The rule on synthetics was also challenged, unsuccessfully, in October 2023. French retailers must designate as “synthetic” any stones that were entirely or partly man-made.

The term “laboratory diamond” can only be used for sales and advertising outside France.

Source: DCLA

US Jewelry Spending Up 10%, says Citibank

 

Spending on luxury jewelry in May was up by 10.1 per cent, according to Citigroup.

The figure is strikingly at odds with the US Department of Commerce, which puts the year-to-year figure for May at just 2.9 per cent.

Citi, the third biggest bank in the US, bases its analysis of its 10m-plus US credit card holders. The Department of Commerce uses its own estimates, then revises its figures based on actual through-the-till transactions.

Citi also says luxury watch spending increased by 14.7 per cent. The Department of Commerce put the figure at 2.4 per cent.

Citi said the overall spend on luxury goods was weak but recovering in May, down 1.7 per cent year over year, compared with a 6.8 per cent decline in April and 8.5 per cent in March.

Luxury jewelry has consistently outperformed other luxury segments, such as handbags and apparel, since September 2024, according to the Citi data.

Jewelry was the only category to see both an increase in average spend per customer and a rise in the number of individual customers in May 2025.

Consumers are increasingly choosing jewelry over handbags and other luxury goods, which have seen less innovation and sharper price hikes.

Source: DCLA

David Beckham’s Unique Diamond-Set Tudor Black Bay Chrono At Wimbledon

 

Sir David Beckham has one of the most recognizable wrists in the world. With tattoos reaching down to his fingers, it’s impossible to mistake his wrist for anyone else’s (even when he “accidentally” leaks an off-catalog Rolex). But not only was Beckham sporting something new and special at Wimbledon this weekend, he was doing so on a different wrist than usual—and he was more than happy to show it off.

David Beckham’s Unique Diamond-Set Tudor Chronograph at Wimbledon

First spotted in a reel posted by Adrian Barker of Bark and Jack, David Beckham has a new gift from Tudor to celebrate his 50th birthday—a unique Black Bay Chrono with a black lacquer dial, diamond indices, and case, bezel, and bracelet set with round diamonds. The legendary footballer has been a global brand ambassador for Tudor since 2017 and has show a lot of love for the brand, and it’s big sibling brand Rolex over the years, but its not often that we see unique watches out of “the Crown” or “the Shield” (though contrary to popular belief, they do exist) which makes this celebrity watch spotting historically noteworthy.

Barker was kind enough to send a few photos from his brief interaction with Beckham, and with them, we can pick out several interesting details about the one-of-a-kind piece. First, the black lacquer dial has been completely stripped of printing aside from the Tudor logo, “Tudor Genève,” and “Swiss Made” at the bottom. There is no minute track, and the subdials have also been stripped of numerals, resulting in a plain white reverse panda dial with small and long hash marks.

The bezel stands out with an unconventional design rarely seen on watches. The channel-setting of the round diamonds is done in pairs, with two rows of diamonds going all the way around. That, combined with the round diamond hour markers on sterilized black lacquer, gives a distinctly vintage feel that is more pronounced than you would get with a baguette-set diamond bezel. The lugs are set, as are the center links of the five-link bracelet.

There’s also rumor that the watch has two birthday candles in place of the number ”2” on the date wheel, for his birthday of May 2. The watch is cased in stainless steel and Beckham seems to be enjoying his new Tudor, even if he has to wear it on his left wrist for now. His right wrist (which he usually wears his watches on) is out of commission for a little bit as he recovers from surgery on a decades-old injury. Hoping he can recover quickly to wear his new watch in good health.

Lead photo credit Getty Images and Adrian Barker/Bark and Jack.

Source: DCLA

Two Jailed after Pandora and Amazon Smash Counterfeit Network

 

A collaboration by Pandora, the world’s biggest jewelry brand, and the e-commerce platform Amazon, has smashed a sophisticated counterfeiting network in China and led to the jailing of two crime bosses.

It also led to the seizure of thousands of fake Pandora jewelry items in a raid by Chinese law enforcement.

Pandora began investigating the source of counterfeit jewelry from China in 2020 after a series of customs seizures.

“It worked with counterfeit crimes unit at Amazon to identify two sellers operating a large-scale counterfeit network.

The probe led to the arrest and conviction of two people in March of this year. They were jailed for a combined total of five years and fined by a court in Shanghai for selling counterfeit items in several European countries.

Pandora, the Danish jeweler best known for its charm bracelets, said it was “committed to protecting our brand from the threat of counterfeit products”.

Peter Ring, senior vice president and general counsel at Pandora, said: “By combining our global brand protection expertise with Amazon’s investigative capabilities, we supported local law enforcement in dismantling a sophisticated criminal network.

“This case marks an important step forward in our ongoing efforts to safeguard the integrity of our brand and the quality our customers expect and trust us to deliver.”

Kebharu Smith, director of Amazon’s counterfeit crimes unit, said: “Counterfeiting is one of the oldest crimes in history, and we’re tackling it with our cutting-edge proactive tools and technology.

“Our collaboration with Pandora successfully dismantled a ring of bad actors, removing counterfeits from the broader supply chain.”

Source: DCLA

Bezos Gives Bride a $5m Pink Diamond

Amazon founder Jeff Bezos gave his new bride a pink 30-carat diamond engagement ring, valued at up to $5m.

He wed Lauren Sanchez in Venice, in a lavish three-day extravaganza (27 to 29 June) that reportedly cost $50m.

Bezos, worth an estimated $244bn, gave the ring to Sanchez, a journalist, philanthropist and helicopter pilot, when he proposed on his superyacht, Koru, two years ago.

The diamond, a cushion-cut pink diamond estimated to be about 30 carats, is set on a platinum band, secured by four prongs, with small stones set into the band and two pave halos. It was reportedly designed by US celebrity jeweler Lorraine Schwartz.

Experts put its value at $3m to $5m, depending on the exact specifications.

Sanchez reportedly wore an even larger white diamond at the wedding.

Bezos, aged 61, and Sanchez, 55, were both marrying for the second time.

Source: DCLA