One of the largest gem-quality yellow diamonds ever discovered in Canada, has been unearthed from Rio Tinto’s Diavik Diamond Mine.
The 158.20-carat rough diamond is one of only five yellow diamonds weighing more than 100 carats ever unearthed at Diavik in its 22-year history, stated a release.
Diavik’s production primarily consists of white gem quality diamonds, with less than one percent of its production yielding rare yellow diamonds.
Diavik Diamond Mines Chief Operating Officer Matt Breen stated: “This two-billion-year old natural Canadian diamond is a miracle of nature and testament to the skill and fortitude of all the men and women who work in Diavik’s challenging sub-Arctic environment.”
Patrick Coppens, sales and marketing GM for Rio Tinto’s diamonds business, stated: “The beauty and purity of Diavik diamonds continues to excite passions amongst all who see them and we look forward to following the onward journey of this very special diamond.”
Canadian diamond miner Lipari Mining has officially begun trading on the Cboe Canada stock exchange following the completion of its recently announced reverse takeover.
“Listing on Cboe Canada marks a major milestone in our company’s growth,” CEO Ken Johnson stated in a news release Monday, adding that the exchange’s global footprint would allow the company to broaden its shareholder base and increase market visibility.
Shares of Lipari Mining traded at C$0.57 at Monday’s open, for a market capitalization of approximately C$83.7 million ($58.5 million).
Formerly known as Golden Share Resources, the company announced last month that it is acquiring Lipari Diamond Mines (LDM) and its assets in Angola and Brazil through an RTO, following which LDM shareholders would own nearly all (96.7%) of the combined company’s shares.
Prior to closing the transaction, LDM raised approximately $3.62 million through a private placement of subscription receipts to support the future development of its two diamond assets.
In Angola, Lipari owns a 75% equity interest in Tchitengo diamond project, encompassing 30 known kimberlite deposits. The Tchiuzo kimberlite represents the most developed, having already been taken to pre-feasibility by Sociedade Mineira de Catoca and ALROSA in 2013 after spending a reported $35.6 million.
In an earlier news release, CEO Johnson said the company has planned a bulk sampling program at Tchiuzo to follow up on the confirmatory drilling completed by LDM last year. This is targeted to produce a representative parcel of rough natural diamonds for evaluation and making a production decision.
Lipari also owns 100% of the Braúna diamond mine located in the state of Bahia, Brazil. Since entering commercial production in July 2016, the mine has produced nearly 1.2 million carats of natural rough diamonds from 6.54 million tonnes of kimberlite mined, for an average production grade of 18.2 cpht. Operations are now focused on the transition of the mine from an open pit to an underground operation.
According to Johnson, the mine is ramping back to full capacity, with the transition to underground mining largely completed. “Our first sale of diamond production from our underground operation is expected in April,” he added.
A former director of the Deloitte auditing company in Australia has admitted claiming almost AUD 2.8m ($1.8m) in fraudulent work expenses to buy pink diamonds, high-end art and other luxuries.
Paul Quill, 45, used his corporate credit card to make the purchases from 2016 to 2022, passing some of them off as payments for stationary, postage, photocopying and court fees. He admitted two counts of obtaining financial advantage by deception.
The County Court of Victoria, in Melbourne, heard last Thursday (27 March) that among the sums stolen was AUD 682,587 ($429,000) from Joe Gutnick’s Merlin Diamonds, the mining company that was wound up in 2020 after a series of losses.
The court heard that Quill lost control after the breakdown of a relationship. He will be sentenced on 15 April.
He was dismissed in 2022 after his crime was revealed during a routine audit. Deloitte said at the time that it would make sure all clients were repaid in full.
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.
