Author: Steven Joseph

After prolonged discussions, the European Commission appears to be moving closer to implementing a significant ban on the import of diamonds from Russia. This measure, part of a wider series of sanctions that include an oil price cap, marks the 12th sanctions package aimed at Moscow. With discussions underway, this proposal seeks unanimous approval from all 27 EU member states and could be finalised in the coming weeks. Set to be effective from January 1, 2024, the ban specifically targets direct imports of Russian diamonds. A critical component of the sanctions includes the establishment of a traceability mechanism from March.…

In its ninth cycle of sales for 2023, the De Beers Group reported a provisional rough diamond sales value of $80 million. This figure, subject to final adjustments, compares with $200 million in actual sales for Cycle 8 of 2023 and a significantly higher $454 million in the corresponding cycle of the previous year. These numbers reflect the ongoing volatility in the diamond market. CEO’s Market Analysis Al Cook, CEO of De Beers Group, commented on the current economic climate’s impact on the diamond sector. “Macro-economic challenges continue to affect the diamond sector. The retail recovery in China remains slow.…

The Birmingham Assay Office (BAO) has proudly unveiled a sterling silver candelabra in celebration of its 250th anniversary. This unique piece will join the esteemed historical Silver Collection housed at the Birmingham Assay Office. Craftsmanship and Collaboration The candelabra, a testament to local craftsmanship, was crafted by local silversmith L J Millington, who are based in Birmingham’s Jewellery Quarter. The design process was a collaborative effort, with engineering specialist R F Bevan & Co Ltd working closely with Millington. The design of the candelabra was inspired by the 250th-anniversary logo, a creation of Caitlin Beale, a student from Birmingham City…

Tiffany & Co. has announced the launch of its latest jewelry collection, Tiffany Forge. The collection, crafted from sterling silver, is inspired by the idea that every individual forges their own unique path in life, while an open-link design motif throughout the collection draws inspiration from designs found in the Tiffany Archives. This new collection pays homage to Tiffany & Co.’s longstanding tradition of crafting sterling silver pieces, a material deeply rooted in the brand’s history. Notably, over a hundred years ago, Tiffany & Co. established the U.S. standard for sterling silver purity. The signature open-link motif of the Tiffany…

Irish jewellery brand Chupi has announced the opening of its new flagship store on Clarendon Street, Dublin, slated for October 18 – a significant expansion for the brand. The flagship will housed in the historic 250-year-old Powerscourt Townhouse, formerly occupied by French Connection.. Spread across a sprawling 4,500 sq ft, the ground floor dedicates 107.86 sqm to retail space featuring three street-facing windows. A golden arch window at the end of Diamond Alley showcases a jewel box exhibiting Chupi’s fine jewellery. The second floor, covering 345 sqm, is set to house studio and office space, with a customer-facing area for…

JCK has been honored with the title of the “Greatest Show of 2022” by Trade Show Executive’s Gold 100 at an event held in San Diego in September. The award is a recognition of JCK’s outstanding contributions to the trade show industry and its excellence in providing a platform to connect, engage and explore the latest trends and innovations in the jewellery sector. Organized by RX, JCK 2022 was a return to form – showcasing outstanding attendance, effective marketing strategies and robust sales – driving the event to beat budgets and exceed the attendance figures of 2019 pre-Covid. This remarkable…

The World Jewellery Confederation (CIBJO) and the International Grown Diamond Association (IGDA) have officially declared their collaboration to maintain consumer trust in the jewellery industry and its products. The formal partnership is intended to streamline the development of standards, procedures, and terminologies, with transparency as its guiding principle. A Formal Partnership On June 25, 2023, the collaboration was established as a Memorandum of Understanding (MOU). This MOU was signed by Gaetano Cavalieri, President of CIBJO, and Joanna Park-Tonks, President of IGDA, during the National Association of Jewellers’ NAJ Summit in Birmingham, UK. Strengthening the Laboratory Grown Diamond Committee As part…

Nivoda, a B2B diamond marketplace, has secured USD $11 million in its Series A funding round. The funding round was led by Headline, a global venture capital firm, and has allowed Nivoda to set its sights on further expanding its service offering and enhancing its customer experience​. Following the arrival of new Nivoda chief product officer James Morgan, who joined the company from Amazon Prime Europe in October 2022, Nivoda has outlined plans to expand its product range to include coloured gemstones. Additionally, the company will focus on introducing shorter delivery times and new payment and credit options to its…

The Bank of England (BoE) has announced a 0.25% rise in its policy interest rate, bringing it to 4.5%. This marks the twelfth consecutive increase in UK interest rates, driven by persistent inflation that has consistently surpassed the central bank’s expectations. Headline Consumer Price Index (CPI) inflation remained above 10% in March, significantly higher than in mainland Europe or the US. Inflation Forecast Revised Upwards The Monetary Policy Report (MPR) was published alongside the latest decision, detailing the BoE’s current assessment of inflation and the economic outlook. Notably, the BoE has revised its growth and inflation forecasts upwards. The GDP…

Everledger, the Australian-based blockchain company, has regrettably entered voluntary administration after an expected funding round failed to materialise. The company, which specialises in tracking the provenance of diamonds and other luxury goods, was placed into administration after it was unable to meet its debt obligations. Everledger, founded in 2015 by Leanne Kemp, has been an industry pioneer in utilising blockchain technology to ensure transparency in the supply chains of diamonds, art, high-end fashion, wine, and even luxury automobile manufacturing. Among its high-profile partnerships were luxury fashion brand Alexander McQueen and automaker Ford, with whom it collaborated to track electric vehicle…

The full day footfall data from the Coronation of His Majesty King Charles III on May 6 shows a mixed picture for UK retailers. Overall, retail destinations across the UK experienced a 20.6% drop in shoppers compared to the previous Saturday (April 29). This dip was even more pronounced between 10 am and 3 pm during the ceremony and parade, with footfall plunging by 24.6%. However, it wasn’t all gloomy news for retailers. Despite the overall downturn, some key shopping hotspots witnessed a surge in footfall, according to data from MRI Springboard. London’s Knightsbridge, for instance, bucked the trend with…

Rio Tinto, the owner of the now-closed Argyle mine in East Kimberley, Australia, has recently revealed the Argyle Rose. The Argyle Rose is priced at A$2 million and will be exclusively available for purchase through the designers Solid Gold Diamonds, located in Perth. The piece showcases the last diamonds mined from the Argyle mine, including rare pink and blue diamonds. A Captivating Masterpiece The centrepiece of the Argyle Rose is a 1.36 carat fancy deep pink radiant-cut diamond. This is one of only twelve diamonds with a colour grading of 1P from the last 30 years of Argyle’s production. Surrounding…

The RapNet Diamond Index (RAPI™), a leading global diamond pricing index, reported a 2.4% drop for 1-carat polished diamonds in April. This decrease has brought the index down to 7,159 as of May 1st, compared to its 7,543 standing at the start of the year. Diamond prices across other sizes also exhibited weakness, with only 0.30-carat diamonds showing some stability. Dampened Demand in Major Markets This downturn in diamond prices is primarily due to sluggish demand in the US and China, the world’s leading markets for diamond jewellery. Avi Krawitz, Senior Analyst at Rapaport, explains, “Polished trading was quieter than…