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The Indian government will allow companies to import a portion of natural polished diamonds under 0.25 carats free of duty under a program that went into effect this week. The Diamond Imprest Authorization scheme is open to businesses with “two-star” export status or higher that ship out at least $15 million worth of goods per […]
Kering saw strong sales in its jewelry and watch divisions in 2024, even as a “difficult year” for the group led to a downturn in other segments. Sales at Kering’s “other houses” category — which includes jewelry and watches as well as other fashion products — slipped 8% on a reported basis to EUR 3.22 […]
The London Diamond Bourse (LDB) has debuted a digital community to help connect trade members, allowing them to network, share knowledge and gain support. LDB president David Troostwyk originally created the platform, CiviGem, as a tool for the exchange after seeing a need for a centralized digital community to strengthen industry ties. The bourse is now […]
Importers that bring jewelry containing diamonds into the United States will have to specify the gems’ “country of mining” beginning in April, according to rule changes posted last month by U.S. Customs and Border Protection (CBP). “Country of mining” is defined as “where the diamonds were mined, extracted, produced, or manufactured wholly or in part.” (Current rules require information […]
The De Beers Group has published its first results for 2024 and its outlook for 2025. Group sales in 2024 were $3.3 billion, down 23% on 2023. Volume sales were down 28% on 2023, despite a 3% increase in average prices, reflecting the resilience of higher-value stones. Value sales were down 25%. Diamond production in […]
The US jewelry market was on a roller coaster ride in 2024. While overall sales rose, key components underperformed. Natural diamonds lost some of their sparkle, but those that did opt for them were willing to dig deep into their pockets and pay more. That was not the only departure from Econ 101 mainstays. Demand […]
The pair will work together to support independent retailers in India with marketing assets, training materials, and other tools. De Beers Group and the Gem & Jewellery Export Promotion Council have partnered to promote natural diamonds in India. From left to right are Paul Rowley, executive vice president of diamond trading at De Beers Group; […]
Lab-grown diamond companies are marketing their products in ways that could damage consumer confidence in the overall industry, World Jewellery Confederation (CIBJO) president Gaetano Cavalieri said during a keynote address to the 2024 Global Gems & Jewelry Development Conference last month in Hainan, China. “The early decision to benchmark laboratory-grown diamond prices against the price of natural diamonds…proved […]
Revenue at Richemont’s jewelry brands grew in the third fiscal quarter amid a resurgence of demand in all regions, primarily the Americas and Europe. Sales at Cartier, Van Cleef & Arpels, Buccellati, and Vhernier climbed 14% year on year to EUR 4.5 billion ($4.63 billion) for the three months that ended December 31, the Swiss […]
These sleuths of the jewelry world play an important role in the trade. Experts in the field share their experiences and wisdom. Appraisers are the behind-the-scenes enforcers of responsible jewelry stewardship, from the intangible aspects like discretion and reputation, to the quantifiable ones like fair market value and retail replacement value assessments. These cool-headed sleuths […]
The outgoing year was clearly a particularly challenging one. It required diamond industry companies to reconsider their future and created an opportunity to pivot towards reinventing diamonds as a true luxury item. The coming year should be the year of realignment. in 2024, the diamond industry, from producing countries to retailers, was rattled in 2024. […]
“Beyond these chaotic rocks and ramparts that make up the citadel, and which silently descend all the way down, the outer wall of the city – the crenellated wall maintained by the Nizam – snakes off into the distance as it continues to draw the outlines of what was Golconda, Golconda of the marvelous diamonds.” […]