Swallowing Tiffany & Co Diamonds Earrings

It’s hard to swallow. In fact most of us would probably choke trying to down over 13 carats of Tiffany’s finest diamonds.

But that, allegedly, is how Jaythan Lawrence Gilder, aged 32, responded when cops in the US finally caught up with him last week.

He swallowed two pairs of earrings that had been stolen a couple of days earlier from the Tiffany & Co store at the Mall of Millenia, in Orlando, Florida, according to an arrest affidavit.

The Orlando Police Department say X-rays taken in custody appear to confirm their suspicions, though at the time of writing they were waiting for nature to take its course.

Gilder allegedly posed as the representative of an Orlando Magic basketball player so that he’d be taken to a private room to view high-value items.

Police said he grabbed a pair of 8.19-carat diamond earrings (valued at $609,500), and a 4.86-carat diamond pair (valued at $160,000) together with a ring valued at $587,000 (no description given).

He then pushed past an employee, according to the arrest affidavit, and escaped in a blue 2024 Mitsubishi Outlander.

Two days later he was apprehended by Florida Highway Patrol troopers who spotted his vehicle. He was arrested on 48 outstanding warrants for other offences, but the officers couldn’t immediately locate the stolen Tiffany jewelry.

While in custody, however, Gilder reportedly asked jail staff whether he was going to be charged with “what’s in my stomach”. A scan revealed “foreign objects” that appeared to be the stolen earrings.

“These foreign objects are suspected to be the Tiffany & Co earrings taken in the robbery but will need to be collected by WCSO (Washington County Sheriff’s Office, Florida) after they are passed through Gilder’s system prior to confirming,” the arrest report states.

It is indeed a bizarre crime, but it is not unique. In fact Joan Hannington, aka The Godmother, perfected the technique of diamond swallowing over a long and notorious criminal career.

It started when she was working in a high-end jewelry store in London in the 1970s. Realizing that the surveillance cameras weren’t working, she took a handful of loose diamonds from the safe on impulse and swallowed them. It later turned out they were worth £800,000.

“Swallowing diamonds was my life, my buzz, my drug,” she later wrote in her memoir I Am What I Am.

For the next 20 years she used the same technique – as described in her second memoir, Joan: The True Story of Britain’s Most Notorious Diamond Thief, and as depicted in the fictionalized 2024 TV series Joan.

She’d visit a jewelry store, posing as a wealthy US tourist, often in a fur coat. She’d flirt outrageously with the salesman, while carefully memorizing her target piece.

She’d later return with a cheap but convincing replica, fake a sneeze as she was viewing the piece for a second time, and swallow the genuine item. She’d then sterilize the stolen gems in a bowl of gin and sell them on to a fence.

Hannington, now aged 68, was sentenced to 30 months for possession of a stolen check book when she was 24,but she says she was never jailed for her diamond swallowing escapades. She does however suffer painful ulcers as a long-term consequence.

Source: John Jeffay IDEX

US Watch and Jewelry Sales Dip in January

Sales of watches and jewelry in the US dipped in January, for the first time in well over a year. They were 3.0 per cent less than the previous January, according to the latest figures from the US Department of Commerce.

In addition, revisions to November and December sales figures now show slower growth than originally reported.

Figures based on actual through-the-till transactions, rather than estimates, put sales at +2.6 per cent and +1.5 per cent respectively, rather than the revised figures of +3.0 per cent and +4.0 per cent.

Sales of watches and jewelry had been in positive growth since October 2023, and they peaked last September and October at around 10 per cent. Prior to that they’d been in overall decline since October 2022.

Source: IDEX

Elizabeth Taylor’s Jewelry Highlights to be Auctioned

Elizabeth Taylor's Jewelry
Elizabeth Taylor’s Jewelry

Jewelry from the collection of screen icon Elizabeth Taylor are to be sold at a Beverly Hills auction.

The highlight is a ruby, diamond, and gold necklace (pictured) with lion’s face design and matching earrings. Estimate $100,000 to $200,000.

There’s also a 1935 Art Deco emerald and diamond brooch – old mine-cut and European cut – mounted in platinum and gold, with an estimate of $20.000 to $30,000.

And a gold and diamond Star of David pendant necklace designed by Theo Fennell and marking her conversion to Judaism in 1959. Estimate $20,000 to $30,000.

They’ll be offered for sale at Bold Luxury: The Limelight Edit auction by Julien’s Auctions, on 27 March 27 at The Peninsula Beverly Hills, along with fashion and other items owned by Marilyn Monroe, Cher, Victoria Beckham and Amy Winehouse.

“Bold Luxury is not just an auction — it’s an invitation to step into the limelight and own a tangible piece of cultural history,” said Martin Nolan, co-founder and executive director of Julien’s Auctions.

Source: IDEX

HB Antwerp to Cut Lucara’s 1,094 carat Rough Diamond

the Seriti diamond

The 1,094-carat Seriti diamond recovered last September from Lucara’s Karowe mine, in Botswana, is now in Belgium, where it will be cut by HB Antwerp as part of an ongoing partnership.

HB, founded in 2020, cut the 1,758-carat Sewelo diamond and the 549-carat Sethunya diamond – both of which were recovered at Karowe and both of which were bought by Louis Vuitton.

Exact prices were not disclosed, although Lucara did say last month that the Sethunya and the 1,080 carat Eva Star, sold for a combined $54m. HB gave no details of a buyer for the Seriti.

Seriti is the world’s sixth largest rough diamond, and the sixth +1,000-ct diamond recovered at Karowe.

HB says it will use “groundbreaking technology, traceability, and expertise to unlock the full brilliance of nature’s most exceptional creations”.

That includes its proprietary Hyperloupe technologies, designed specifically for large (up to 6,000 carats) and complex diamonds.

HB has a 10-year contract with Lucara to cut all its +10.8-cts stones. They account for around 70 per cent of the miner’s revenue.

Source: Idex

$127m Diamond Loss for Rio Tinto

Rio Tinto reported a $127m loss for 2024 from its Diavik diamond mine, in Canada, as weak market conditions led to “fixed cost inefficiencies”.

That compares with underlying earnings of $26m in 2023. Rio Tinto’s diamond sector generated $297m of revenue during the year, a 37 per cent drop on $444m the previous year.

The British-Australian multinational emailed over 1,300 employees last September, offering them voluntary separations to reduce operating costs as it prepares to close the mine next year.

In its Full Year Results 2024 the company noted the tragic loss of four Diavik workers and two air crew when a plane headed for the mine crashed last January.

Rio Tinto reported a 17 per cent drop in production, from 3.3m carats in 2023 to 3.4m carats in 2024.

The company acquired full ownership of the mine in November 2021 after it bought out a 40 per cent stake from Dominion Diamond Mines.

Source: Idex

Environmental Backlash over Diamond Foundry Factory

Diamond Foundry Factory

Diamond Foundry, which has just opened a lab grown factory in Trujillo, western Spain, is facing an environmental backlash over claims it uses more water than the entire 8,500-population town where it is located.

Residents at a meeting earlier this month were told the new facility, built with $85m of European Union cash, was estimated to consume more than 730,000 cubic meters of water annually.

The huge facility will produce at least 4m carats a year and create 300 jobs. But environmental groups are concerned about the factory’s water usage, which is, they say “completely unsustainable”.

“There would be enough water for the diamonds but the population of Trujillo would have to buy jugs at the supermarket to drink, shower, cook, etc,” says an article in

Diamond Foundry, a Silicon Valley startup with Leonardo Dicaprio, star of the Blood Diamond movie, among its backers, is valued at $1.8bn.

“The water supply to Diamond Foundry is, once again, also in question, as it would cause serious supply problems for drinking water for the population of Trujillo and its surroundings,” according to the El Salto local news website.

It says the building is one of the first industrial projects in the world powered entirely by solar electricity and insists it holds the necessary permits to use reclaimed water from local treatment plants.

Source: IDEX

Cost-Cutting Helps Sarine Return to Profit

Sarine

Sarine says cost reductions and efficiency improvements allowed it to reverse a $2.8m loss in 2023 into a $1.1m profit in 2024.

But the Israel-based diamond tech company said revenue dipped 8 per cent to $39.2m amid ongoing difficult market conditions – primarily weak demand in China and “continuing disruption from lab-grown diamonds”.

Sarine said it was recouping some of the costs invested in adapting its rough planning technologies for lab growns, and had also benefitted from opening a GCAL by Sarine lab in India, largely grading lab growns.

As party of its “aggressive business streamlining and cost cutting”, the company plans to relocate its manufacturing activities to India, its main market.

Looking to the future, it said demand for natural diamonds is likely to remain “constrained” throughout 2025, although markets for both natural and lab grown would become more distinct.

“It is our belief that diamond jewellery retailing will settle on a new equilibrium in the near term, with natural diamonds trending towards a significant market share especially in the bridal segment and LGD dominating the fashion jewellery segment.”

Source: IDEX

Botswana, De Beers sign overdue diamond deal

The Orapa diamond mine

Botswana’s government signed on Tuesday a long-delayed diamond mining and sales agreement with Anglo American unit De Beers, the world’s leading diamond producer by value.

As part of the deal, Botswana’s share of the diamonds produced by Debswana, a 50-50 joint venture between the country’s government and De Beers, will increase from 25% to 50%. Botswana will receive 10 billion pula ($712 million) in development funding, in line with a provisional 10-year arrangement reached in 2023.

The agreement, in negotiations since 2018, also extends the mining licenses for Debswana until 2054. Previously, the licenses were set to expire in 2029.

The signing of the contract had stalled under former President Mokgweetsi Masisi but was prioritized by President Duma Boko, who took office last October.

Botswana, the world’s largest producer of rough diamonds by value, depends on the sector for the bulk of its national revenue. President Boko, however, has voiced concerns that the industry is not generating enough employment opportunities.

While Debswana’s diamond production accounts for 80% of Botswana’s exports, the country has struggled to diversify beyond mining. Despite a relatively high annual per capita income of $7,820 — exceeding that of oil-rich Gabon and South Africa, the continent’s biggest economy—job creation remains limited.

The deal comes at a crucial time for De Beers, as its parent company, Anglo American, considers spinning out the diamond business through a sale or initial public offering. Analysts warn that weak global diamond prices could complicate such a move.

Botswana remains integral to De Beers’ operations, supplying 70% of its annual rough diamonds. The government also holds a 15% stake in De Beers, underscoring the long-standing strategic partnership between the two parties.

Source: Mining.com

Lucara hits annual diamond production record

The two most important diamonds recovered last year were the 2,488-carat Motswedi and the 1,094-carat Seriti diamonds, both unearthed at Karowe.

Canada’s Lucara Diamond achieved record-breaking production in 2024, highlighted by the recovery of two exceptional stones at its prolific Karowe mine in Botswana.

The miner increased its processed ore to 2.9 million tonnes last year, up from 2.8 million tonnes in 2023. It also set a new milestone with the recovery of 807 “specials”—diamonds larger than 10.8 carats—compared to 602 in the previous year. These accounted for 7.6% of the total recovered carats, up from 5.3% in 2023.

The two most important diamonds recovered last year were the 2,488-carat Motswedi and the 1,094-carat Seriti diamonds, both unearthed at Karowe.

Motswedi, found in August, is the largest diamond recovered in the last century. Its name means “water spring” in the local Setswana language, symbolizing underground water surfacing to bring life and vitality.

The Seriti stone, unearthed in September, translates to “aura” or “presence”, reflecting cultural identity and legacy.

Lucara’s discoveries have continued this year, with the recovery of a1,476-carat non-gem diamond in January.

Revenue jump
The company sold 399,215 carats in 2024, generating $203.9 million in revenue — an 18% increase from $172.4 million the previous year.

“Our world-class Karowe mine continues to set new benchmarks,” CEO William Lamb said in a news release. “The open-pit operations delivered yet another remarkable milestone with the recovery of our seventh 1,000+ carat diamond.”

Lamb also highlighted steady progress on Karowe’s underground expansion, with shaft sinking marking a major step forward. The project is expected to begin commercial production in early 2028.

Since it began operations, Karowe has yielded some of the world’s most remarkable diamonds, including the 1,758-carat Sewelô in 2019, the 1,109-carat Lesedi La Rona in 2015, and the 813-carat Constellation, also in 2015.

Karowe is also credited for having yielded Botswana’s largest fancy pink diamond to date, the Boitumelo.

The mine remains one of the world’s highest-margin diamond mines, producing an average of 300,000 high-value carats each year.

Source: Mining.com

Anglo American writes down value of diamond firm De Beers by $2.9bn

Sale of De Beers, which is now valued at $4bn, may be delayed following ‘really, really difficult’ market

The world’s biggest diamond miner, De Beers, cost its parent company almost $3bn last year as the growth in lab-grown stones continues to take the shine off the industry.

Anglo American was forced to write down the value of the renowned gem producer for a second consecutive year as its chief executive admitted the diamond markets had proved “really, really difficult for the company”.

Duncan Wanblad, the chief executive of Anglo American, added that its plan to shrug off De Beers as part of a radical strategy to dismantle parts of the 108-year-old group – which coined the slogan “a diamond is forever” in 1947 – may be delayed.

He added that the FTSE 100 company did not expect “much traction or progress” on its plans to spin off De Beers in the first half of the year, which could be via a trade sale or a listing via an IPO or demerger, but it might “pick up” towards the end of the year.

Diamond prices have slumped over the past decade because of the rising popularity of cheaper, lab-grown versions and a slowdown in consumer spending in China.

In response, Anglo has taken impairments of $2.9bn on De Beers last year, after a $1.6bn writedown of the company in its annual results last year. This drove Anglo to a $3.1bn net loss in 2024, from a $283m profit the previous year.

The latest writedown of De Beers, which once controlled 90% of the world’s diamond market, means the company is now valued at $4bn.

Anglo laid bare the ongoing losses at De Beers after setting out a plan last year to sell the diamond business as part of a historic corporate overhaul to defend the company against a £34bn takeover plot by the Australian miner BHP.

Anglo hopes to guard the company against further unsolicited advances from BHP, which attempted to force the board to offload two Johannesburg-listed subsidiaries, the platinum miner Amplats and the iron ore miner Kumba, in order to complete a takeover.

Wanblad said the company had received unsolicited interest in the diamond business but a formal process had not started. At least part of the company is expected to be purchased by the government of Botswana, which hosts many of the company’s diamond mines.

Source: Theguardiam