2023: a year of changes for the diamond industry

Marianne Riou

Dear readers,

Today’s Lettre explores all the latest news and summarizes many of the expected changes in the diamond industry for 2023.

At the beginning of this year, we will be treated to a ballet of musical chairs at the head of our industry’s groups and institutions. Al Cook is due to take up his post at De Beers Group on February 20, after several years at Equinor in Norway, where he implemented a carbon neutrality strategy, which is a significant achievement for a group of this size and given the issues of sustainable development that concern us all! And this is not the only change planned at the top of De Beers…

Melanie Grant becomes the RJC’s Executive Director. A seasoned wordsmith (she worked as a journalist for 20 years), who will, as one of her major tasks, have to find the right words to convince the jewelry industry of the importance of ethical and sustainable development practices and standards.

In this regard, the World Jewellery Confederation is launching the CIBJO Academy, an educational program for consumers and jewelry professionals on standards and terminology.

The GCAL and IGI grading labs may also change hands. For more information, we recommend you read the articles below.

Finally, there are still some lessons and assessments to be drawn from 2022.

According to NRF figures, retail sales in the U.S. are up 7% for the year compared to 2021. A good figure, illustrating consumer mood, which we can reflect on in view of a more than satisfactory holiday season.
The Richemont group reported 11% year-on-year growth in jewelry sales in the third quarter, driven by very good results from the Buccellati, Cartier and Van Cleef & Arpels jewelry and fine jewelry Maisons.

As for us, we take a look at the Echo Culture Awards, an excellent initiative from the Maison of Chaumet!

Happy reading and enjoy your week

Source Rubel & Ménasché