News
Botswana, De Beers suitor near deal on ownership stakes – report
Botswana and a consortium leading the race to acquire De Beers are close to agreeing on their future ownership stakes, potentially clearing the way for Anglo American to exit the diamond miner, according to Bloomberg.
Today
Petra Diamonds subsidiary ordered to wind up over unpaid tax
Petra Diamonds has confirmed that a winding-up order has been made against its wholly owned indirect subsidiary, Petra Diamonds UK Treasury Limited (PDUK Treasury), following a petition by HM Revenue & Customs.
Today
LVMH’s watches & jewellery division revenue rose 8% in the first nine months of 2026
The Watches & Jewellery division of the French conglomerate LVMH, home to over 75 world-renowned luxury brands, recorded an 8% organic revenue growth during the first nine months of 2026 thanks to strong jewellery demand, despite a challenging economic...
Today
Russian companies to increase investment in PGM exploration by 17% in 2026
In 2026, Russian companies will increase their investment in the exploration of platinum group metals (PGM) by 17%, with the total reaching nearly 2 billion rubles ($23 million), the Russian Ministry of Natural Resources and Environment...
Today
Diamond jewellery sales in India set to increase 15% - 20% on sharp rise in gold prices
Indian diamond jewellery retailers anticipate a 15% - 20% increase in sales during the 2026 festive season, driven primarily by the sharp rise in gold prices which prompts consumers to consider diamond jewellery in more affordable price range...
Yesterday
For engagement rings, are natural diamonds on the way out?
23 october 2020
(livemint.com) - A new crop of jewelry makers using lab-grown and recycled diamonds, as well as recycled metals, appeal to millennials and other customers who like knowing exactly where their purchases come from. Could the trend foretell a permanent shift?
In merger dispute, Tiffany’s shows what’s wrong with American business
22 october 2020
(econotimes.com) - With LVMH, the world’s largest luxury goods conglomerate, unleashing a counter-lawsuit against Tiffany & Co., the bitter fight about what was supposed to be one of the biggest mergers in the luxury goods sector in recent times enters the next round. The suit claims that Tiffany executives “mismanaged” their company during the coronavirus pandemic, leaving it with “dismal” future prospects. LVHM also claims that the jeweler is therefore no longer the vibrant firm it once was when the merger deal was originally agreed last November, making it impossible for the French group to go through with it.
World’s Largest Known Vivid Purple-Pink Diamond Could Fetch $38 Million
21 october 2020
(forbes.com) - A 14.83-carat fancy vivid purple-pink internally flawless diamond will be the top lot at Sotheby’s Geneva Magnificent Jewels and Noble Jewels auction on November 11. It is the largest vivid purple-pink diamond ever offered at auction. Its estimate is $23 - $38 million. Named the “The Spirit of the Rose,” it also is one of the largest internally flawless fancy vivid purple-pink diamonds ever graded by the Gemological Institute of America. Not only has it received the highest color and clarity grades, it also is classified as a Type IIa diamond—chemically the purest of all diamond crystals, often with extraordinary optical transparency. Fewer than 2% of all gem-quality diamonds have earned this classification. The oval-shaped gem was created from a 27.85-carat clear pink rough diamond unearthed three years ago from the Ebelyakh mine in the Republic of Sakha (Yakutia) in northeast Russia, owned by the Russian mining giant, Alrosa. It is the largest pink rough ever mined in Russia. The rough was then cut and polished for a year at the “Diamonds of Alrosa” cutting facility in Moscow. The completed diamond was unveiled in February 2019.
From mining house to home office: SA mining is bidding adieu to HQ
20 october 2020
(miningmx.com) - South Africa’s mining ‘houses’ were so described to convey the sense of sprawling corporatisation that through time came to typify the ownership patterns of country’s mineral resources. But to call a thing a house also implies a physical confidence. Thus, Johannesburg’s Main Street had its tapestried Anglo American headquarters; Fox Street was where Gold Fields of SA resided with its airy, marbled reception in front of which the bust of founder, Cecil John Rhodes, stood, atop a plinth; a piece of statuary that would surely be in jeopardy today. Consolidated Building, opposite the JCI building on Harrison Street (until it was sold for R6m following the company’s dissolution) contained a charming, hand-operated lift, reputed to date from when Johannesburg really was just a mining town. All history now, especially as Anglo American confirmed in an e-mail that it was pressing ahead with its move to new offices in Rosebank from Johannesburg, notwithstanding the adoption of work from home practices that will continue after the Covid-19 pandemic.
In Search of a Plan at the World Diamond Congress
19 october 2020
(diamonds.net) - The Zoom meetings that constituted September’s World Diamond Congress lacked the event’s trademark pizzazz. The biennial conference, which combines the meetings of the World Federation of Diamond Bourses (WFDB) and the International Diamond Manufacturers Association (IDMA), usually involves a lot of cumbersome organizational housekeeping. But it also provides an opportunity to network and showcase the industry’s achievements. For the leadership, it’s a chance to outline the challenges facing the trade and — we assume — strategize for the future as well. Covid-19 forced the 2020 congress to take place in a virtual format on September 15 to September 16. It also brought a sense of urgency to the discussions, with heightened expectations that the leadership would emerge with a clear plan to navigate this most difficult of crises. All things considered, the three webinars that were open to the public as part of the congress program were disappointing. They didn’t impart the sense of occasion that others have been able to achieve on Zoom. And the keynote presentations — on the Get Diamonds trading platform, the World Diamond Council’s System of Warranties, and the Natural Diamond Council’s new advertising campaign — were given out of context.
