Exclusive
Diamond market crash is Africa’s opportunity, not its crisis – M'zée Fula Ngenge
Global natural diamond supply is forecast to fall below 95 million carats this year, the lowest since 1987. For Dr. M'zée Fula Ngenge, chairperson of the African Diamond Council (ADC), this is not a death knell but a clarion call. In an exclusive...
Yesterday
Tracr passes 5 million rough diamonds milestone as De Beers expands provenance push
De Beers Group's blockchain-enabled traceability platform Tracr reached a significant milestone in 2025, with more than 5 million rough diamonds individually scanned and registered, up from 2.8 million cumulative registrations reported in 2024. The...
28 september 2026
South African diamonds head to Hong Kong: SDT partners with BRINKS for JGW 2026
South Africa’s State Diamond Trader (SDT) has confirmed the country's participation in Jewellery & Gem World Hong Kong (JGW) 2026 through a partnership with BRINKS. SDT marketing and communication manager Tsholofelo Gopolang Tselapedi...
14 september 2026
David Benderly: PermaScribe seeks to put trust mark on diamond table, not just girdle
In this interview with Rough & Polished’s Mathew Nyaungwa, PhotoScribe Technologies president and chief executive David Benderly explains how PermaScribe differs technically from conventional laser inscription, its potential to strengthen security, and...
31 august 2026
The great reset: Paul Zimnisky on supply catharsis, De Beers' bargain and the case for natural diamonds
The natural diamond industry is in the throes of its most profound reset in a generation. Supply is plunging to its lowest level since 1987 and De Beers—once valued at over $9 billion—is reportedly being sold for as little as $1 billion.
Lab-grown...
10 august 2026
Palladium wants to jump onto the ‘last’ bandwagon of hydrogen energy industry
10 april 2023
The price of palladium, after reaching an all-time high of $3,117 per ounce in early March last year, fell to $1,500 by March 2023. While major producers in South Africa and the Americas are facing increasing operational difficulties and the risk of sanctions on the Norilsk Nickel supplies has not disappeared, the situation looks even more worrisome on the demand side. The former main driver - the tightening of emission standards - is offset by the expansion of electric vehicles and the decline in the share of gasoline-powered vehicles (with internal combustion engines, ICE), which will limit the need for palladium. Suki Cooper, Director of Precious Metals Research at Standard Chartered, came to the disappointing conclusion “This is likely to be the start of palladium’s market share falling.” Norilsk Nickel, the major palladium producer with a market share of more than 40%, believes that expanding the scope of application of this metal can reverse the negative trend. While the threat to palladium comes from the electrification, an area of the ‘green’ economy, the salvation may come from its another area - hydrogen energy. This emerging market could solve the problem of climate change by offering one of the ways to drastically reduce carbon emissions. One of the main beneficiaries of this trend is platinum, similar in properties to palladium, used in fuel cells. However, detailed studies on the prospects of palladium in this area are still to be made in the future, as can be shown by the dynamics of this precious metal’s price.
Historical content in diamond marketing
03 april 2023
In February this year, the Rapaport industry website published the first article (three in total) in a cycle about “The Industry’s Russia Crisis”. Here is a quote from this very interesting publication: “By the spring of 1955, geologist Yuri Khabardin was excited to come across a foxhole in a ravine that exposed blue earth, indicating high diamond content. (See “Alrosa the Diamond Fox” in the July 2013 issue of Rapaport Magazine). Much was at stake, with the directive to find diamonds coming from the highest levels. Joseph Stalin recognized the need for industrial diamonds to help rebuild Russia after the war, and he knew he couldn’t rely on De Beers goods for fear they might boycott supply to the Soviet Union. From that initial discovery of the Mir mine, Yakutia emerged as arguably the most diamondiferous region in the world.” It should be noted that in the summer (and not in the spring) of 1955, when the team headed by Yuri Khabardin discovered the Mir diamond pipe, Joseph Stalin had been dead for more than two years, and therefore, the Russia’s need for industrial diamonds hardly bothered him. But the Soviet leadership could well rely on their friendship with De Beers: in 1951-1953, in circumvention of the COCOM requirements, the USSR purchased industrial diamonds from Britain at dumping prices in the quantity sufficient for future 15 years, and that quantity of industrial diamonds was by an order of magnitude more than the USSR received under Lend-Lease during World War 2. And really, Yakutia became (potentially) the most diamondiferous region in the world, however not after the discovery of the Mir diamond pipe, but after the discovery of 14 more primary deposits in the same year.
The development of the Russian jewellery market in recent years
27 march 2023
In recent years, Russian jewellers have maintained a strong position in the domestic gold jewellery market with their own production by volume (in tonnes) at a level of at least 96% of the market. A correct assessment of the real dynamics of the silver jewellery production using the official statistics of the Federal Assay Chamber is impossible because for the Russian silver products manufacturers, the hallmarking of silver items is not mandatory. But compared to the “pre-pandemic” years of 2017-2019, the silver goods imports remained approximately the same, which may indicate an actual increase or at least the same output by the Russian manufacturers, given the growth in the total share of silver goods market. According to the Russian Federal State Statistics Service’s data, there was also a growth by value, with a market downfall in 2020. In 2019, a COVID-19 pandemic broke out in the world, the price of gold (and other precious metals) rose by 2020, reaching a new level. Thus, the growth in the jewellery production by value (in roubles) in 2021-2022 is primarily due to the increased cost of precious metals in items and the higher production costs caused by inflationary processes that affected the jewellery production expenditures. This also explains the smaller market downfall in 2020.
Natural diamonds vs synthetic: The limits of compromise
20 march 2023
The ecological potential of synthetic diamonds, which is so often talked about, turns out to be not so unambiguous. The slogan "A diamond is forever", invented in 1947 by De Beers, is no longer a mantra for modern women. What was unthinkable until recently is becoming a reality today. When choosing a piece of jewelry with a symbol of eternal love – a natural diamond, it is likely that you will be offered to purchase a jewel with a synthetic stone.
“Programme 7” and polished diamond generic marketing
13 march 2023
According to the Belgian Ministry of Economy, in January 2023, Belgium imported €132 million worth of Russian rough diamonds, which was higher than the €97 million in January 20221. But it was in January 2023 that Belgian Prime Minister Alexander De Croo told the world that “Russian diamonds are blood diamonds”. Perhaps, such an original combination of trading practices and political declarations indicates De Croo’s intention to run for the presidency of Romania and move the European diamond hub to the residence of the legendary vampire Count Dracula where “blood diamonds” would naturally blend in. But joking aside, we are once again dealing with the cynicism that has always been characteristic of the global market for natural rough and polished diamonds. In the 1920s, the Bolsheviks flooded the market with polished diamonds confiscated from the Russian population; the number of stones was comparable to the annual rough diamond production at that time, and they were sold at discounts of tens of percent from their market prices. It was an open trade in stolen goods, and not a single world-famous diamond dealer resisted the temptation to join in the super-profitable trade. So, ethically pure ‘as child’s tears’, De Croo did not demonstrate anything new - he simply continued the established tradition.
PGMs: The exciting bunch
06 march 2023
I'm sure you've heard it: platinum is on the agenda with projected market deficit in 2023 and an anticipated rise in its industrial consumption in a long run. And although palladium's performance may be lackluster, it is still a major trade commodity. However, the scope of platinum group metals (PGMs) lies beyond those two stellar members of the family. Among the four 'ugly ducklings' are rhodium, osmium, ruthenium and iridium, and if you look closely, they may actually appear to be beautiful little swans, and very rare ones at that. The market share and volume of these elements may comprise just a fraction of that of palladium alone, but it is nigh impossible to substitute them for anything else. Moreover, to get your hands on these four PGMs, in most cases you have to turn to producers directly which means that usually, only industrial buyers and professional investors remain primary consumers. That said, not all PGMs are created equal. Some are critical for various hi-tech industries, while others have seen virtually no price fluctuations or new uses for decades. Still, PGMs are quite exciting to look into in terms of their varying applications and recent market dynamics. We will briefly touch upon platinum and palladium markets and focus more on those PGMs that are not a usual focus of attention for investors. But first, let us assess the current state of PGM markets.
Keeping on mulling over the strange “law of intent” adopted in Russia and related to the circulation of precious metals and precious stones
27 february 2023
We continue the discussion of Federal Law No. 41-FZ “On Precious Metals and Precious Stones” dated March 26, 1998 (hereinafter referred to as 41-FZ) and amended to become Federal Law No. 607-FZ of December 29, 2022, and 71% of new norms of the amended law will enter into force on March 1, 2024 only.
A once in a lifetime chance for lab-grown diamonds
20 february 2023
“Russian diamonds are blood diamonds”. This dramatic statement was made at the end of January by Belgian Prime Minister Alexander De Croo. At the same time, De Croo announced the creation of some global “tamper-proof” system to track the circulation of natural rough diamonds which would supposedly prevent Russian ‘blood’ diamonds from entering international markets1. De Croo’s position can be regarded as making overtures to a number of radical EU members (primarily Poland and the Baltic countries) that demand an immediate ban on the trade in Russian rough diamonds in Europe and accuse Belgium of trying to torpedo such sanctions. Belgium, in its turn, is not at all eager to impose sanction on Russian diamonds reasonably thinking that in this case they will easily move from Antwerp to Middle East and Asian markets. From a tactical standpoint, De Croo seems to have taken the right and timely step. Indeed, establishing a system of global control over the movement of natural rough diamonds will take a long time, two or three years for sure. The probability of normalizing Russian-Ukrainian relations over this period is quite high, and by the time the ‘De Croo tamper-proof system’ is launched, Russian rough diamonds will most likely regain the required legitimacy. Until then, it will be ‘business as usual,’ with the hardliners asked not worry because “we are working on this subject”. The diamond market has a wealth of experience in circumventing and overcoming all kinds of sanctions, and De Croo’s maneuver fits into this glorious tradition. But there is one problem.
Challenges and future outlook: The role of gold in sustainable clean energy investments
13 february 2023
Gone are the days when investing was reserved for the elite with hoards of cash. As investing becomes more accessible, more people seek investment opportunities to supplement their income, build a nest for retirement and grow their wealth. Having money invested wisely can have tremendous benefits in the long term when you may not be able to work or need access to more funds. Your investments may also save you from needing instant debt consolidation loans to help manage your debt. While investing has become more inclusive, the type of investment vehicle you choose matters.
Diamond is Forever? More like Diamond is for Everyone
06 february 2023
Let's face it: lab-grown diamonds are gaining a wider acceptance on the market each year, and the trend is here to stay. With manufacturers ramping up production despite some signs of an oversupply, there is no slowing down for lab-grown diamond (LGD) consumption, and the bridal category, previously dominated by natural stones, is now being gradually overtaken by man-made diamonds.
