Chow Sang Sang suffered a net loss of 74 of its 1,032 stores last year, amid weak demand, record-high gold prices and an economic slowdown in China, as well as Hong Kong and Macau.
China’s third biggest jewelry retailer (by revenue) saw sales for the year to 31 December 2024 fall by 15 per cent to HKD 21.18bn ($2.72bn).
Same-store sales were down 38 per cent on the mainland and 24 per cent in Hong Kong and Macau, primarily due to a drop in diamond demand. Profit slid 20 per cent to HKD 805.6m ($103.6m).
Chow Sang Sang did not rule out further store closures. “Under the present economic climate, it would be prudent to continue our physical store network consolidation,” it said its Annual Results.
“In 2024, uncertain economic conditions coupled with record-high gold price exerted significant pressure on jewellery demand in both Mainland China, and the Hong Kong and Macau markets, resulting in a 15 per cent year-on-year decline in turnover.
“Continuing our efforts to consolidate the store networks, we opened 48 and closed 122 stores, mostly in Mainland China.”
The Future of Laboratory-Grown Diamonds: Market Trends and Industry Outlook
Laboratory-grown diamonds have experienced rapid growth over the past decade, transforming the diamond industry by offering an ethical and cost-effective alternative to natural diamonds. With advances in technology, increasing consumer acceptance, and shifting industry dynamics, lab-grown diamonds are poised to play an even greater role in the future of the jewelry market. But what does the future hold for this evolving sector? Let’s explore key trends, challenges, and opportunities shaping the future of lab-grown diamonds.
The Rise of Laboratory-Grown Diamonds
The market for lab-grown diamonds has expanded significantly in recent years, driven by improvements in production techniques such as Chemical Vapor Deposition (CVD) and High-Pressure High-Temperature (HPHT) methods. These technological advancements have enhanced the quality, size, and affordability of synthetic diamonds, making them increasingly appealing to consumers and jewelers alike.
According to industry reports, lab-grown diamonds now account for a growing percentage of global diamond sales, with some estimates suggesting they could reach 10-15% of the market within the next few years. As consumer awareness continues to rise, major retailers and brands have started incorporating lab-grown diamonds into their collections, further legitimizing their place in the luxury jewelry sector.
Sustainability and Ethical Considerations
One of the strongest selling points for lab-grown diamonds is their sustainability. Unlike mined diamonds, which require extensive land excavation and energy consumption, lab-grown diamonds offer a more environmentally friendly alternative. Many consumers, particularly younger generations, are increasingly drawn to the ethical benefits of lab-grown diamonds, as they avoid the environmental and human rights concerns associated with traditional diamond mining.
In response, major diamond producers have begun investing in sustainability initiatives to differentiate their products, but the perception of lab-grown diamonds as the more responsible choice continues to gain traction. Companies that focus on transparency, renewable energy, and carbon-neutral production methods are likely to see significant growth in this space.
Market Challenges and Consumer Perceptions
Despite their advantages, lab-grown diamonds face challenges that could impact their long-term viability. One of the primary concerns is price depreciation. Unlike natural diamonds, which historically retain value over time, lab-grown diamonds are subject to rapid price declines due to the scalability of production. This could impact their investment appeal and influence consumer purchasing decisions.
Another challenge is brand positioning. While some consumers fully embrace lab-grown diamonds as a legitimate alternative, others still view them as an inferior substitute to natural diamonds. The luxury market thrives on exclusivity, and natural diamonds continue to carry a certain prestige that lab-grown stones may struggle to match.
Industry Response and Future Outlook
Recognizing the shifting landscape, traditional diamond companies have taken various approaches to the rise of lab-grown diamonds. Some, like De Beers, have launched their own lab-grown diamond lines at competitive prices, while others focus on marketing the rarity and uniqueness of natural diamonds. As the industry adapts, we may see a clearer segmentation between high-end natural diamonds and more accessible, everyday lab-grown options.
Looking ahead, technological advancements will continue to shape the future of lab-grown diamonds. Improvements in production efficiency, clarity, and customization could further increase consumer demand. Additionally, the growing acceptance of lab-grown diamonds in sectors beyond jewelry—such as electronics, quantum computing, and industrial applications—will expand their market potential.
The future of lab-grown diamonds is bright, with continued growth expected in both the jewelry and industrial sectors. While challenges remain, the ethical appeal, affordability, and technological advancements in lab-grown diamonds position them as a formidable force in the market. As consumer preferences evolve, the diamond industry will need to adapt, ensuring that both natural and lab-grown diamonds coexist in a dynamic and competitive landscape.
Botswana’s economic outlook has been downgraded from stable to negative by S&P Global Ratings (S&P) on account of low demand for diamonds.
It forecasts a steep rise in government debt unless there is a substantial increase in diamond prices or significant fiscal intervention.
Botswana’s economy is heavily reliant on diamonds. They account for around 80 per cent of its export earnings and a third of total budget revenues.
De Beers and the Botswana government finally reached agreement last month on the long-term mining and rough sales deals, but sales by their joint venture, Debswana, were down by 52 per cent for the first three quarters of 2024, and there a few signs of a sustained recovery in demand.
Despite downgrading its economic prospects, S&P left Botswana’s long-term foreign and domestic currency sovereign credit rating unchanged at BBB+ and its short-term rating at A-2.
“The negative outlook is on account of S&P’s expectation that weak global demand for diamonds and depressed prices will continue to suppress Botswana’s exports and fiscal position, therefore, delaying government’s fiscal consolidation agenda and the rebuilding of buffers,” said the Bank of Botswana in a statement.
It highlighted the fact that S&P said the newly-elected government’s commitment to reducing unemployment, diversifying the economy and increasing social support, while maintaining fiscal prudence, also had a positive impact to the ratings.
Swarovski returned to profit after five years, saw its 2024 revenue grow by 6 per cent and doubled its sales of lab grown diamonds.
The private, family-owned Austrian company said it was now recovering from losses during the COVID years and beyond, and said its turnaround was now “in full motion”.
The Swarovski Crystal Business, with 2,300 outlets globally, reported EUR1.9bn ($2bn) revenue for the year ending 31 December 2024.
It did not provide a detailed breakdown, but said it had achieved record sales in the US and its home market in Austria, despite “a difficult trading environment”.
Sales of Swarovski Created Diamonds more than doubled, it said, again without providing numbers.
CEO Alexis Nasard, said the company’s LUXignite strategy – transforming Swarovski into a modern “pop” luxury brand – was blending its iconic heritage with contemporary cultural relevance.
“In 2025, instability in our operating environment will likely persist, but as we celebrate our 130th anniversary our focus will remain on the disciplined execution of our strategy, with continued focus on superlative creativity, strategic investments, and financial rigor,” he said.
“Swarovski’s turnaround is in full motion, with another year of major progress, including strong organic growth and significant improvements in EBIT and cash, driven by record brand desirability, appealing product collections, and an immersive retail experience.”
The Chinese diamond market, second only to the US, is showing early signs of recovery, sparking optimism in India’s diamond industry. According to the Gem and Jewellery Export Promotion Council (GJEPC), this shift could reshape the global diamond manufacturing landscape.
China’s economic slowdown and declining marriage rates had severely impacted its diamond market, valued at approximately USD 9 billion. In 2023, diamond sales in China generated around USD 5.7 billion, but analysts project growth to USD 7.2 billion by 2030. Over the past two years, demand has dropped by as much as 50%, with wholesale diamond prices falling 40%. This downturn significantly affected India, which exports nearly a third of its cut and polished diamonds to China.
The impact was evident in India’s February 2024 gems and jewellery exports, which declined by 23.49% to USD 2.42 billion (Rs 21,085 crore), driven by weak demand from both the US and China. To counter this, GJEPC participated in the Hong Kong International Diamond, Gem & Pearl Show (DGP) earlier this month, showcasing 71 exhibitors across 116 booths in categories such as Loose Diamonds, Lab-Grown Diamonds, and Fine Jewellery.
Hong Kong, a key hub for India’s diamond trade, played a vital role in strengthening global ties. GJEPC Chairman Kirit Bhansali noted that stabilising prices and renewed Chinese demand are promising signs for the global diamond industry. He emphasized that India’s strong manufacturing capabilities and adaptability put it in a favorable position for long-term growth.
After a prolonged slump, buyers are now accepting current price levels, leading to steadier sales. GJEPC Vice Chairman Shaunak Parikh believes this renewed demand could shift India’s diamond manufacturing back towards natural diamonds. Industry insights indicate a resurgence, particularly in smaller diamonds, though a full-scale revival is still some way off.
According to Ajesh Mehta, Convener of the Diamond Panel at GJEPC, this year’s Hong Kong trade shows marked the first positive development in four to five years. While Chinese demand hasn’t returned to previous highs, price stabilisation and increased movement in smaller diamonds are encouraging. “Confidence is slowly returning, especially in diamonds below 10 points and dossier sizes,” Mehta said.
A shift in Chinese consumer preferences is also influencing the market. Retailers are now incorporating smaller diamond accents in gold jewellery instead of featuring diamonds as centrepieces. However, Mehta believes this trend is temporary, predicting a gradual return of confidence in larger stones, such as 30 to 50 points.
Beyond China, emerging markets like Cambodia, Vietnam, Brazil, and Venezuela are showing growing interest in larger stones. While they cannot replace China’s dominance, they are contributing to new demand pockets.
Devansh Shah, Partner at Venus Jewel, observed an increase in inquiries at the Hong Kong trade shows from diverse markets, including Europe, Australia, the US, and the UAE. He noted that Chinese and Far East buyers remain highly quality-conscious, with round brilliant diamonds attracting strong interest, while larger fancy cuts and 3-carat-plus rounds were available on an order-only basis.
Although the Chinese market’s resurgence remains gradual, it presents growth opportunities for India’s diamond cutting, polishing, and export sectors. With strategic planning and market adaptability, India is well-positioned to navigate this evolving landscape and sustain long-term industry growth.
Lucapa Diamond Company, an ASX-listed diamond miner, has finalised its mineral investment contract (MIC) for the Lulo joint venture (JV) in Angola, increasing its stake from 39% to a controlling 51%. The contract now awaits formal approval from Angola’s Ministry of Mineral Resources and Petroleum.
The Lulo JV is focused on kimberlite exploration at the highly prospective Lulo concession. This latest agreement, reached after a three-day negotiation in Angola, was finalised with JV partners Endiama, Rosas & Petalas, and Lucapa, marking a significant milestone for the company.
Lucapa’s managing director and CEO, Alex Kidman, highlighted the strategic importance of securing a majority stake, stating that this move enhances Lucapa’s share of any future exploration success. He also emphasized Angola’s commitment to the project, recognizing Lulo as one of the country’s most significant diamond ventures.
Meanwhile, bulk sampling operations continue at Lulo, with stockpiling from site L130/01 already underway. Further sampling is planned at key targets, including L349, L137, and L130, as the company intensifies its search for Lulo’s exceptional diamonds.
Sotheby’s to Auction Exceptionally Rare 10.3-Carat Fancy Vivid Blue Diamond
Fancy vivid blue diamonds exceeding 10 carats are among the rarest gemstones in the world, and Sotheby’s is set to present one at its High Jewellery sale in Geneva on 13 May.
Known as “The Mediterranean Blue,” this extraordinary 10.3-carat fancy vivid blue diamond – the highest grading for a blue diamond – has been assessed by the Gemological Institute of America (GIA) with a VS2 clarity rating. It is also classified as a Type IIb diamond, a category that accounts for less than 0.5% of all diamonds, according to the auction house.
This cushion-shaped modified brilliant diamond is expected to be a highlight of the auction, with an estimated value of around $20 million.
“Any vivid blue diamond is a significant discovery, but one as mesmerising as this, especially over 10 carats, is truly newsworthy,” said Quig Bruning, Sotheby’s Head of Jewellery, Americas & EMEA. “The Mediterranean Blue’s remarkable size, elegant cushion cut, and striking ocean-blue hue place it among the most important blue diamonds to appear on the market in recent years.”
Before the auction, The Mediterranean Blue will be unveiled on 8 April at the Bassam Freiha Art Foundation in Abu Dhabi, a remarkable dune-shaped architectural structure. This non-profit institution, founded by philanthropist and art collector HE Bassam Said Freiha, houses an extensive collection of Orientalist art. The foundation is located on Saadiyat Island, home to renowned cultural landmarks such as the Louvre Abu Dhabi and the upcoming Guggenheim Museum. This marks Sotheby’s first public exhibition in Abu Dhabi since 2009, with further details on the unveiling to be announced in the coming weeks.
A Diamond of Remarkable Origin Sotheby’s revealed that The Mediterranean Blue was cut from a 31.94-carat rough diamond, discovered in 2023 at the Cullinan mine in South Africa. The transformation into a finished gem involved a year of meticulous study, followed by six months of precise planning and cutting.
Blue diamonds of substantial size and exceptional quality rank among the most valuable gemstones ever sold at auction. In fact, two of the three most expensive diamonds ever auctioned were blue diamonds. Most of these rare gems originate from the Cullinan mine, which has produced some of the world’s most famous diamonds, including the 530-carat Great Star of Africa, the largest faceted colourless diamond ever discovered.
Historic Blue Diamonds from the Cullinan Mine Other legendary blue diamonds sourced from the Cullinan mine include:
The Blue Moon of Josephine – A 12.03-carat, cushion-cut, internally flawless fancy vivid blue diamond, which sold for $48.5 million (over $4 million per carat) at Sotheby’s Geneva in 2015. The De Beers Blue – A 15.10-carat, step-cut fancy vivid blue diamond, which fetched $57.5 million at Sotheby’s Hong Kong in 2022. The De Beers Millennium Blue – A 10.10-carat, oval-shaped, internally flawless diamond, which sold for $31.8 million at Sotheby’s Hong Kong in April 2016. The Oppenheimer Blue – A 14.62-carat fancy vivid blue diamond that holds the world auction record for a blue diamond at $57.5 million, sold by Christie’s in Hong Kong in May 2016. According to the GIA, only 0.3% of all diamonds submitted for grading annually exhibit a predominantly blue colour, and of these, very few are classified as fancy vivid blue weighing over 10 carats.
“The attributes of The Mediterranean Blue, weighing 10.3 carats and sitting within the most sought-after fancy colour range, make it a truly exceptional diamond,” the GIA stated in Sotheby’s announcement.
This extraordinary gem is expected to draw significant attention from collectors and investors when it goes under the hammer in Geneva this May.
A new device, the DiamondProof, can rapidly and reliably distinguish natural diamonds from laboratory-grown diamonds and other diamond simulants.
One of the most common misconceptions in the ongoing debate between natural and non-natural diamonds is that it’s impossible to tell the difference between the two. Research shows that almost half of consumers are unaware that laboratory-grown diamonds (LGDs) can be detected from their natural counterparts. For consumers who are investing in diamonds and diamond jewelry, this means there is perhaps a lack of assurance that they are getting what they think they are paying for. This spring, with the introduction of a new verification device, the DiamondProof, to retail stores for the first time, consumers will be able to make informed purchasing decisions and distinguish natural diamonds from non-natural diamonds, like LGDs and other diamond simulants, with a zero percent ‘false positive rate’.
Developed by the De Beers Group, the DiamondProof technology can detect the distinct chemical compositions of natural diamonds, allowing for precise and rapid identification. Early adopters of the DiamondProof include some of the largest jewelry retailers in the U.S., and the device will also be available in several independent retail outlets to ensure that any diamond consumer can try out the technology and gain assurance on their jewelry, or diamonds they are planning to purchase. The first DiamondProof prototype instrument was unveiled last June at the JCK show in Las Vegas, the premier jewelry expo for retail professionals. Many quickly jumped on board and ordered the device for their stores, noting the ability to rapidly and easily screen both loose diamonds as well as stones set in jewelry. “Natural diamonds and lab-grown diamonds are two fundamentally different products. Natural diamonds are rare, one-of-a-kind miracles of nature that come to us from the earth through heat, pressure, and time.” notes CEO of De Beers Brands Sandrine Conseiller. “This incredible journey is what makes them the ultimate marker of life’s most profound emotional moments. Consumers should be able to have confidence in such a meaningful purchase, and DiamondProof allows retailers to offer them greater peace of mind. We are in a new era of transparency at retail, and customers deserve to know what they are buying.”
“By rapidly and reliably identifying whether a diamond is natural, DiamondProof is instrumental in enhancing consumer confidence in natural diamond purchases. Consumers deserve clarity and having DiamondProof available in retail settings helps them make informed decisions while appreciating the unique value and story behind each natural diamond. With decades of leadership in synthetic-detection technology, we are committed to providing the level of transparency that consumers expect,” stated Sarandos Gouvelis, SVP, of Pricing, Product and Technology Development at De Beers Group. For anyone looking to evaluate and verify their diamond jewelry or looking for assurance in new diamond purchases, a major retailer near you will soon have a DiamondProof available.
The first lady of Sierra Leone has joined protests against owners of the Koidu diamond mine, supporting strike action and demanding pay rises and improved working conditions.
Fatima Maada Bio, wife of president Julius Maada Bio, publicly highlighted the demands of workers and posted a message on her official X (formerly Twitter) account.
“As a proud daughter of the soil, I joined my brothers and sisters working at the Koidu Limited Mining Company in Kono Town to peacefully protest,” she wrote.
“Our collective action aimed to urge Koidu Limited to enhance working conditions and provide better services for all employees.”
She said among the key demands were recognition of the union, living allowances, a 30 per cent salary increment, overtime compensation, the provision of incentives, access to safe drinking water, and freedom of financial choice.
“This protest is a call to action for the company to improve the working conditions and provide better services. We believe that these demands are reasonable and essential for maintaining the well-being and dignity of workers.”
Workers at the mine have long complained about low wages, poor working conditions, and alleged racism, and protests have, in the past, turned violent.
Koidu, a subsidiary of the Octea Diamond Group, was the first to begin commercial diamond operations after the country’s 11-year civil war in 2003.
In a statement on what it described as the “illegal strike action” last week, Koidu Limited said: “Our absolute priority remains the safety and wellbeing of our employees and the community. We maintain our position of zero tolerance to any violence, intimidation or incitement thereof. The government of Sierra Leone has offered the full support of its security forces.”
The company said it wanted to engage in direct negotiations as soon as possible to address all of these concerns, but could only do so if the industrial action is called off immediately.
“Failure to work within the laws of Sierra Leone, as well as the continuing of incitement of actions to obstruct workers from returning to work (particularly violence), is likely to result in the withdrawal of all staff from the mine on the grounds of safety.
“This will result in the ceasing of all operations; an existential threat to the mine itself.”
Sierra Leone, a West African nation blessed with abundant natural resources, is synonymous with the term “blood diamonds”—a phrase that evokes images of conflict, human suffering, and illicit trade. These diamonds, also known as conflict diamonds, played a devastating role in the country’s brutal civil war from 1991 to 2002, financing rebel groups and fueling atrocities. Understanding Sierra Leone’s blood diamond history is essential to appreciating the industry’s evolution and the ongoing efforts to prevent such tragedies from recurring.
The Rise of Blood Diamonds
Sierra Leone’s diamond wealth has long attracted fortune seekers and corporations, but it also became a curse. Diamonds were first discovered in the country in the 1930s, and by the 1950s, Sierra Leone had established itself as a significant diamond producer. However, much of the mining was conducted informally, leading to smuggling and corruption.
The real tragedy began in 1991 when the Revolutionary United Front (RUF), a rebel group, launched a war against the government. The RUF quickly realized that controlling diamond mines meant securing a near-endless source of funding for weapons and operations. The group forced civilians, including children, into grueling labor in the mines, extracting diamonds that were then smuggled through neighboring countries and sold on international markets. These diamonds were used to purchase arms, prolonging the conflict and leading to widespread atrocities, including mutilations, mass killings, and child soldier recruitment.
International Response and the Kimberley Process
By the late 1990s, reports detailing the horrors of Sierra Leone’s blood diamonds gained global attention. The international community, led by the United Nations, took action to curb the trade of conflict diamonds. The Kimberley Process Certification Scheme (KPCS) was introduced in 2003 to prevent blood diamonds from entering the legitimate market. The initiative requires diamond-producing nations to certify that their exports are conflict-free, aiming to eliminate the link between diamonds and violence.
While the Kimberley Process has reduced the trade of conflict diamonds, criticisms remain regarding its effectiveness. Loopholes, weak enforcement, and the continued smuggling of diamonds in war-torn regions highlight the need for ongoing reforms.
The Present and Future of Sierra Leone’s Diamond Industry
Since the end of the civil war in 2002, Sierra Leone has made significant strides in stabilizing its diamond sector. The government has implemented stricter regulations, and international oversight has increased. Today, diamonds remain a crucial part of Sierra Leone’s economy, providing jobs and revenue. However, challenges such as illegal mining, corruption, and poor working conditions persist.
Ethical sourcing initiatives, including Fair Trade diamonds and blockchain technology for traceability, are helping to ensure that diamonds from Sierra Leone and other regions are mined responsibly. Companies and consumers are increasingly demanding conflict-free diamonds, putting pressure on the industry to maintain transparency and ethical practices.
Sierra Leone’s tragic history with blood diamonds serves as a stark reminder of the potential dark side of the diamond trade. While progress has been made, the industry must remain vigilant to prevent history from repeating itself. For consumers, choosing diamonds certified as conflict-free and supporting ethical mining initiatives can contribute to a future where diamonds symbolize love and commitment, rather than conflict and suffering.
The legacy of blood diamonds in Sierra Leone is a painful one, but it also highlights the resilience of its people and the ongoing global efforts to ensure that diamonds never again finance war and human suffering.
A subsidiary of Tiffany & Co plans to lay off 26 of its 42 staff in Antwerp amid the ongoing slump in demand.
Laurelton Diamonds, a De Beers sightholder, was established in 2002 to procure rough diamonds, and to cut, polish and supply polished stones to its own jewelry manufacturers. It has operations in Belgium, Vietnam, Canada, Botswana, South Africa and beyond.
The company, wholly owned by Tiffany, blames the possible job losses on weak demand from China and the US, together with competition from lab growns.
“For the workforce the news came as a bolt out of the blue,’ said Yves Toutenel of the Christian ACV union ((Algemeen Christelijk Vakverbond), according to VRT, the Flemish public broadcaster.
“In 2018, the company closed its cutting plant in Antwerp. At that time, 20 staff were laid off. Laurelton now intends to make 18 blue-collar staff and eight white-collar workers redundant by the autumn.”
He said he feared Laurelton was making redundancies too quickly and said there were early signs that the diamond industry could be recovering.
