India’s cut and polished exports fell sharply in October to $1.026bn, down 27 per cent year-on-year and down 25 per cent on the previous month, according to new figures from GJEPC (Gems and Jewellery Export Promotion Council).
Exports peaked in September at $1.368bn, as manufacturers raced to beat US deadlines. They then fell back in October to around where they were in July and August.
The US imposed a 25 per cent tariff on 7 August, rising to 50 per cent on 27 August. The grace period (25 rather than 50 per cent) for goods in transit before August 27, ended on 17 September.
“The decline in overall exports in October was mainly due to demand being pushed forward before the US tariff was implemented,” GJEPC chairman Kirit Bhansali told the PTI news agency.
“Most of the stocking up for the festivals took place before August 27, therefore, in October the demand was down.”
Overall gross exports of all gems and jewelry fell by 30.6 per cent year-on-year to $2.168bn, that’s a drop of 25.6 per cent compared with the previous month.
The Glowing Rose, a 10.08-carat vivid pink diamond that was expected to sell for around $20m was pulled from Sotheby’s High Jewelry Sale in Geneva last week.
It was withdrawn prior to the sale on 12 November. A notice on the Sotheby’s website simply says: “This lot is no longer available.”
The cushion-modified brilliant VVS2 stone (pictured), set in a platinum band featuring baguette and brilliant cut white diamonds, would have been only the third vivid pink cushion-cut diamond over 10 carats to come to auction in the last 10 years.
It was cut from a 21-carat Type IIa rough stone recovered in 2023, from a mine in Angola and was due to appear at auction for the first time.
Two days earlier (10 November) another pink diamond pulled from another sale, The old-cut Golconda 6.95-carat fancy vivid purplish pink diamond was due to lead the sale was withdrawn by Phillips from its Geneva Jewels Auction: V event, in agreement with the consignor.
The Sotheby’s High Jewelry Sale generated around $37m, with 94 per cent of lots sold and 98 per cent of the sold lots exceeding their estimates.
Top lot was a 4.50-carat internally flawless oval mixed-cut fancy vivid blue diamond that achieved more than $5.9m.
De Beers Global Sightholder Sorting a parcel of rough diamonds over a light box using a hand loupe.
Angola has signalled its intention to buy back the 85% stake in De Beers currently held by Anglo American, in a move that has immediately captured global industry attention. The proposal, made through Angola’s state-owned diamond company Endiama, comes at a time when the diamond sector has struggled to regain momentum after the downturn that began in 2022.
The announcement positions Angola decisively on the world stage. The country produced 10.7 million carats in the first nine months of the year and is targeting a record 14.8 million carats by 2025. According to the Kimberley Process, Angola’s expected 14 million carats in 2024 place it above Botswana in rough-diamond output for the first time in two decades. This surge, driven by the vast Catoca open-pit mine and other major deposits, underscores Angola’s long-term strategy of advancing local beneficiation and resource industrialisation.
Against this backdrop, Endiama has formally expressed interest in acquiring Anglo American’s controlling stake as the parent company restructures and divests assets following its 2024 strategic review. Should the transaction proceed, it would mark one of the most consequential ownership shifts in the diamond industry’s modern history.
Complicating the landscape is Botswana’s position. The country currently holds the remaining 15% stake in De Beers and announced in September its intention to increase its shareholding to more than 50%. Botswana relies heavily on diamonds, which account for roughly one-third of government revenue and 80% of exports, while Angola is seeking to reduce dependence on oil through expansion of its mining sector.
The implications of an Angolan takeover are far-reaching. De Beers remains one of the world’s most influential suppliers of rough diamonds, with 2024 revenues of US$2.7 billion and a valuation near US$4.9 billion. Its sales cycles, production planning, and market guidance shape between one-quarter and one-third of global rough supply, giving the company significant influence over pricing, availability, and the high-end jewellery pipeline.
A shift in control could potentially redirect more value-added processes to Africa, including sorting, cutting, and polishing — areas historically dominated by centres outside the continent. Increased localisation could boost employment, strengthen regional economies, and reshape supply-chain dynamics at a time when Botswana has reduced output and seen fiscal pressure rise, while Angola’s production profile continues to accelerate.
However, questions remain. Angola has stated that the acquisition would not be funded through its national budget, leaving the structure and financing mechanism yet to be clarified. Diplomatic tension with Botswana is another risk factor, particularly if competing bids emerge or national interests collide.
On a global scale, the outcome could introduce both opportunity and volatility. Greater African control over rough supply may support local markets, but the broader diamond industry continues to face challenges, including subdued demand, geopolitical instability, and mounting competition from lab-grown diamonds, which have disrupted consumer expectations and pricing patterns.
If Angola’s bid succeeds, it would mark a historic realignment of influence within the natural-diamond sector — one with the potential to reshape trade flows, pricing dynamics, and the strategic balance of power for years to come.
A 6.17-carat fancy pink diamond is expected to fetch up to $1.8m in an online auction.
The Angelina belonged to Willa Dean Lyon, wife of Maj Gen William Lyon, and was named after their granddaughter.
Maj Gen Lyon was a successful businessman and real estate magnate from Southern California who built over 100,000 homes across the US. He died in 2020, aged 97. His wife died last year, aged 92.
The VVS2 oval modified brilliant diamond is set in an 18k white and rose gold ring, with about 1.00-cts of near-colorless diamonds.
It is being sold by Heritage Auctions, based in Dallas, as part of its Holiday Fine Jewelry Signature Auction, which closes on 3 December. The estimate is $1.2m to $1.8m.
According to the Fancy Color Research Foundation (FCRF), fancy pinks have appreciated by roughly 116 per cent over the past decade, outpacing all other fancy color categories for their investment potential.
The legendary Rainbow Collection more than 300 fancy coloured diamonds amassed over four decades by the late Eddy Elzas sold for just above its low estimate at Christie’s Geneva on 11 November, achieving $2.19 million against a pre-sale estimate of $1.98 million to $2.98 million.
Comprising around 350 carats and spanning the full colour spectrum, the collection was once hailed as one of the world’s most extraordinary private assemblages of fancy coloured diamonds. Over the years, press reports placed its value between $60 million and $100 million.
Elzas, affectionately known as “The King of Coloured Diamonds,” famously declined a lavish offer from a Saudi prince who reportedly wished to purchase the collection as a wedding gift for Prince Charles and Lady Diana.
A true pioneer in the fancy colour diamond trade, Eddy Elzas was instrumental in elevating global recognition of coloured diamonds during his 40-year career. He passed away in November 2021 at the age of 79.
Christie’s described the Rainbow Collection as “an impressive collection of unmounted coloured and treated coloured diamonds,” featuring 300 stones across an array of hues and shapes. The lot included 291 GIA reports dated between 2008 and 2025, with diamonds ranging from 0.24 carats to 4.89 carats in yellow, orange, blue, pink, red, brown, and grey tones.
For the DCLA, this sale highlights not only the enduring fascination with fancy colour diamonds but also the evolving market perception of rarity and provenance in today’s auction landscape.
The magnificent 42.68-carat Vanderbilt Sapphire, a gem steeped in the legacy of the Vanderbilt shipping and railroad dynasty, achieved an impressive $3.6 million at Phillips Geneva Jewels Auction: V more than double its high estimate of $1.5 million.
This sugarloaf-cut, unheated Kashmir sapphire, renowned for its velvety royal blue hue, was mounted in a 20th-century Tiffany & Co. brooch of elegant openwork scroll design, accented with white diamonds.
The sapphire was the undisputed highlight of the Geneva sale, held on 10 November, which totalled $17 million with 85% of the 114 lots sold.
While the highly anticipated 6.95-carat Golconda fancy vivid purplish pink diamond was withdrawn by mutual agreement between Phillips and the consignor, other notable results included a 10.08-carat light pink-brown diamond that achieved an auction record for its colour category, selling for $881,000 against an estimate of $650,000.
The event drew over 1,600 visitors to the preview and sale, with bidders from 44 countries, underscoring the strong global demand for exceptional natural gemstones and historic jewels.
Benoit Repellin, Phillips’ Worldwide Head of Jewellery, commented:
“The results of today’s sale attest to the enduring appeal of period jewels and the discerning eye of our international clients. To bring the jewels of the Vanderbilt family to the world’s stage was a moment of profound privilege.”
For collectors and connoisseurs, the Vanderbilt Sapphire’s result reaffirms the continued strength of the market for unheated Kashmir sapphires and heritage pieces with notable provenance a testament to their rarity, beauty, and timeless allure.
The legendaryMellon Blue Diamonda 9.51-carat fancy vivid blue, internally flawless gem sold for$25.5 million USDatChristie’s Magnificent Jewels auctionin Geneva this week. The sale, held at the Four Seasons Hotel des Bergues, drew global attention from elite collectors and gem enthusiasts alike.
The Mellon Blue once belonged to renowned art collector Rachel Lambert “Bunny” Mellon, whose refined taste and cultural influence continue to shape the world of art and jewellery. Despite its exquisite pedigree, the price achieved represents a 22 percent decrease from its previous sale 11 years ago and a nearly 60 percent drop in real value when adjusted for inflation.
Originally auctioned at Sotheby’s in 2014 as part of Mellon’s estate collection, the diamond fetched $32.6 million USD, setting a world record for a blue diamond at that time. Adjusted for inflation, that sum equates to approximately $44.7 million in 2025.
Christie’s had estimated the gem between $20 million and $30 million, and the final sale once again highlighted the continuing prestige of exceptional coloured diamonds despite softer market conditions.
Rahul Kadakia, Christie’s Chairman of Global Luxury and President of Asia Pacific, remarked:
“It was a true honour to offer for sale the exquisite Mellon Blue Diamond here at Christie’s Geneva. It was another notable moment for Christie’s Luxury, evidencing the elite appetite amongst collectors for extraordinary and storied gems.”
The winning bidder, identified only as a collector from Hong Kong, continued the stone’s legacy of global fascination.
While the Mellon Blue once held the world record for a blue diamond, that benchmark has since been overtaken by two other remarkable stones:
The 14.62-carat Oppenheimer Blue, sold at Christie’s in 2016 for $57.5 million USD
The 15.10-carat De Beers Cullinan Blue, sold by Sotheby’s in 2022, also for $57.5 million USD
These historic sales underline the rarity and enduring appeal of fancy vivid blue diamonds, which represent less than 0.1 percent of all diamonds, and of those, fewer than 1 percent qualify as fancy vivid.
Bunny Mellon, who passed away in 2014 at age 103, was celebrated not only for her wealth being heiress to the Listerine and Mellon fortunes but also for her artistry and impeccable taste. She famously designed the White House Rose Garden and curated an impressive art collection that included two Rothko masterpieces, which together realised $76 million USD at auction.
When Christie’s announced the diamond’s return to auction earlier this year, Kadakia described the sale as a tribute to Mellon’s lasting influence, saying her legacy “elevates the Mellon Blue’s allure by tying it to her sophisticated aesthetic and cultural prominence.”
The auction itself was as heated as the competition literally with the auctioneer requesting the windows be opened mid-sale to cool the room as bidding intensified.
About DCLA: The Diamond Certification Laboratory of Australia (DCLA) is the official CIBJO-recognised diamond laboratory in Australia, specialising in independent diamond grading and certification. DCLA ensures the highest international standards of accuracy, integrity, and transparency in diamond evaluation.
