US Watch and Jewelry Sales Dip in January

Sales of watches and jewelry in the US dipped in January, for the first time in well over a year. They were 3.0 per cent less than the previous January, according to the latest figures from the US Department of Commerce.

In addition, revisions to November and December sales figures now show slower growth than originally reported.

Figures based on actual through-the-till transactions, rather than estimates, put sales at +2.6 per cent and +1.5 per cent respectively, rather than the revised figures of +3.0 per cent and +4.0 per cent.

Sales of watches and jewelry had been in positive growth since October 2023, and they peaked last September and October at around 10 per cent. Prior to that they’d been in overall decline since October 2022.

Source: DCLA

Elizabeth Taylor’s Jewelry Highlights to be Auctioned

Jewelry from the collection of screen icon Elizabeth Taylor are to be sold at a Beverly Hills auction.

The highlight is a ruby, diamond, and gold necklace (pictured) with lion’s face design and matching earrings. Estimate $100,000 to $200,000.

There’s also a 1935 Art Deco emerald and diamond brooch – old mine-cut and European cut – mounted in platinum and gold, with an estimate of $20.000 to $30,000.

And a gold and diamond Star of David pendant necklace designed by Theo Fennell and marking her conversion to Judaism in 1959. Estimate $20,000 to $30,000.

They’ll be offered for sale at Bold Luxury: The Limelight Edit auction by Julien’s Auctions, on 27 March 27 at The Peninsula Beverly Hills, along with fashion and other items owned by Marilyn Monroe, Cher, Victoria Beckham and Amy Winehouse.

“Bold Luxury is not just an auction — it’s an invitation to step into the limelight and own a tangible piece of cultural history,” said Martin Nolan, co-founder and executive director of Julien’s Auctions.

Source: DCLA

HB Antwerp to Cut Lucara’s 1,094 carat Rough Diamond

The 1,094-carat Seriti diamond recovered last September from Lucara’s Karowe mine, in Botswana, is now in Belgium, where it will be cut by HB Antwerp as part of an ongoing partnership.

HB, founded in 2020, cut the 1,758-carat Sewelo diamond and the 549-carat Sethunya diamond – both of which were recovered at Karowe and both of which were bought by Louis Vuitton.

Exact prices were not disclosed, although Lucara did say last month that the Sethunya and the 1,080 carat Eva Star, sold for a combined $54m. HB gave no details of a buyer for the Seriti.

Seriti is the world’s sixth largest rough diamond, and the sixth +1,000-ct diamond recovered at Karowe.

HB says it will use “groundbreaking technology, traceability, and expertise to unlock the full brilliance of nature’s most exceptional creations”.

That includes its proprietary Hyperloupe technologies, designed specifically for large (up to 6,000 carats) and complex diamonds.

HB has a 10-year contract with Lucara to cut all its +10.8-cts stones. They account for around 70 per cent of the miner’s revenue.

Source: Idex

$127m Diamond Loss for Rio Tinto

Rio Tinto reported a $127m loss for 2024 from its Diavik diamond mine, in Canada, as weak market conditions led to “fixed cost inefficiencies”.

That compares with underlying earnings of $26m in 2023. Rio Tinto’s diamond sector generated $297m of revenue during the year, a 37 per cent drop on $444m the previous year.

The British-Australian multinational emailed over 1,300 employees last September, offering them voluntary separations to reduce operating costs as it prepares to close the mine next year.

In its Full Year Results 2024 the company noted the tragic loss of four Diavik workers and two air crew when a plane headed for the mine crashed last January.

Rio Tinto reported a 17 per cent drop in production, from 3.3m carats in 2023 to 3.4m carats in 2024.

The company acquired full ownership of the mine in November 2021 after it bought out a 40 per cent stake from Dominion Diamond Mines.

Source: DCLA

Cost-Cutting Helps Sarine Return to Profit

Sarine says cost reductions and efficiency improvements allowed it to reverse a $2.8m loss in 2023 into a $1.1m profit in 2024.

But the Israel-based diamond tech company said revenue dipped 8 per cent to $39.2m amid ongoing difficult market conditions – primarily weak demand in China and “continuing disruption from lab-grown diamonds”.

Sarine said it was recouping some of the costs invested in adapting its rough planning technologies for lab growns, and had also benefitted from opening a GCAL by Sarine lab in India, largely grading lab growns.

As party of its “aggressive business streamlining and cost cutting”, the company plans to relocate its manufacturing activities to India, its main market.

Looking to the future, it said demand for natural diamonds is likely to remain “constrained” throughout 2025, although markets for both natural and lab grown would become more distinct.

“It is our belief that diamond jewellery retailing will settle on a new equilibrium in the near term, with natural diamonds trending towards a significant market share especially in the bridal segment and LGD dominating the fashion jewellery segment.”

Source: DCLA

Environmental Backlash over Diamond Foundry Factory

Diamond Foundry, which has just opened a lab grown factory in Trujillo, western Spain, is facing an environmental backlash over claims it uses more water than the entire 8,500-population town where it is located.

Residents at a meeting earlier this month were told the new facility, built with $85m of European Union cash, was estimated to consume more than 730,000 cubic meters of water annually.

The huge facility will produce at least 4m carats a year and create 300 jobs. But environmental groups are concerned about the factory’s water usage, which is, they say “completely unsustainable”.

“There would be enough water for the diamonds but the population of Trujillo would have to buy jugs at the supermarket to drink, shower, cook, etc,” says an article in

Diamond Foundry, a Silicon Valley startup with Leonardo Dicaprio, star of the Blood Diamond movie, among its backers, is valued at $1.8bn.

“The water supply to Diamond Foundry is, once again, also in question, as it would cause serious supply problems for drinking water for the population of Trujillo and its surroundings,” according to the El Salto local news website.

It says the building is one of the first industrial projects in the world powered entirely by solar electricity and insists it holds the necessary permits to use reclaimed water from local treatment plants.

Source: DCLA

Botswana, De Beers sign overdue diamond deal

Botswana’s government signed on Tuesday a long-delayed diamond mining and sales agreement with Anglo American unit De Beers, the world’s leading diamond producer by value.

As part of the deal, Botswana’s share of the diamonds produced by Debswana, a 50-50 joint venture between the country’s government and De Beers, will increase from 25% to 50%. Botswana will receive 10 billion pula ($712 million) in development funding, in line with a provisional 10-year arrangement reached in 2023.

The agreement, in negotiations since 2018, also extends the mining licenses for Debswana until 2054. Previously, the licenses were set to expire in 2029.

The signing of the contract had stalled under former President Mokgweetsi Masisi but was prioritized by President Duma Boko, who took office last October.

Botswana, the world’s largest producer of rough diamonds by value, depends on the sector for the bulk of its national revenue. President Boko, however, has voiced concerns that the industry is not generating enough employment opportunities.

While Debswana’s diamond production accounts for 80% of Botswana’s exports, the country has struggled to diversify beyond mining. Despite a relatively high annual per capita income of $7,820 — exceeding that of oil-rich Gabon and South Africa, the continent’s biggest economy—job creation remains limited.

The deal comes at a crucial time for De Beers, as its parent company, Anglo American, considers spinning out the diamond business through a sale or initial public offering. Analysts warn that weak global diamond prices could complicate such a move.

Botswana remains integral to De Beers’ operations, supplying 70% of its annual rough diamonds. The government also holds a 15% stake in De Beers, underscoring the long-standing strategic partnership between the two parties.

Source: Mining.com