diamond

Lucara Advances Karowe Underground Expansion Despite Global Diamond Market Slump

Lucara Diamond Corp is moving forward with the underground expansion of its flagship Karowe mine in Botswana, reaffirming long-term confidence in natural diamonds despite a challenging global market backdrop.

An updated feasibility study has confirmed that the underground project is expected to recover approximately 4.5 million carats over a 10-year mine life, extending Karowe’s production through to 2038. The study strengthens Lucara’s strategy to invest counter-cyclically at a time when the diamond industry is facing falling revenues, production suspensions, and intensifying competition from lab-grown diamonds.

Open-pit mining at Karowe is scheduled to conclude before June, after which surface stockpiles will continue to be processed while underground development progresses towards commercial production. Underground operations are expected to commence in the first half of 2028.

Lucara President and CEO William Lamb said the company remains focused on Karowe’s unique ability to deliver large, high-value stones. “We look forward to continuing to recover large, exceptional diamonds from the underground project,” Lamb said, noting that Karowe is the only diamond mine in the world to have produced nine diamonds weighing more than 1,000 carats.

The underground expansion carries a pre-production capital cost of US$779 million, of which US$436 million has already been invested over the past five years. The remaining US$343 million is expected to be funded through operating cash flow, supplemented by potential equity or debt financing. Lucara is currently engaging with existing lenders and its major shareholder to evaluate funding options.

The project delivers an after-tax net present value of US$432 million, with Lucara forecasting more than US$1.3 billion in net income over the life of the underground operation.

The mine plan targets the highest-value domain of the South Lobe of the AK6 kimberlite, which continues at depth beneath the existing open pit. The underground mine is designed to sustain a 2.85 million tonne-per-year mining and processing operation as surface mining winds down.

A Proven Source of Exceptional Diamonds

Since production began, Karowe—whose name means “precious stone” in the local language—has established itself as one of the world’s most prolific sources of exceptional diamonds. Notable recoveries include the 1,758-carat Sewelô (2019), the 1,109-carat Lesedi La Rona (2015), and the 813-carat Constellation, also recovered in 2015. The mine has also produced Botswana’s largest fancy pink diamond to date, the Boitumelo.

Despite current market headwinds, Karowe remains one of the highest-margin diamond mines globally, consistently producing around 300,000 high-value carats per year—a distinction that continues to underpin Lucara’s confidence in the project’s long-term fundamentals.

Namibia’s Diamond Output Hit by Price Drops and Lab Growns

Namibia’s rough diamond production fell by 3.5 per cent year-on-year during Q3 2025, as prices fell, demand for lab growns increased and inventories grew.

The Bank of Namibia said in its quarterly bulletin that the country’s output was 442,000 carats, down by 15.3 per cent on the previous quarter, valued at N$ 2.41bn (USD 147.3m).

“The decrease stemmed from planned actions to lower production at Debmarine Namibia on the back of a combination of downside pressures, including the falling price due to rising demand for lab-grown diamonds and high inventory levels.”

It said rough diamond revenue for Q3 fell by 19 per cent year-on-year and 17.4 per cent compared with the previous quarter.

The bank noted “persistently soft consumer demand in key markets such as China and the United States” as well as oversupply of diamonds by some major producers.

Namibia’s diamond sector is a cornerstone of its economy, historically accounting for 7 to 10 per cent of its GDP and 30 per cent of export earnings. Around three quarters of diamonds are recovered from the seabed by Debmarine’s fleet of ships.

Source: IDEX

Passenger Hid $280,000 Diamonds Inside Body

Departure Hall of Chhatrapati Shivaji Maharaj International Airport Terminal 2, Mumbai, India

A passenger arriving on a flight into Mumbai was found to have $280,000 of diamonds concealed in their body.

Customs officials at the city’s Chhatrapati Shivaji Maharaj International Airport (pictured) were alerted through routine profiling, spot checks and the Advance Passenger Information System (APIS)which requires airlines to share details of all passengers on international flights.

The seized diamonds weighed a total of 894.6 carats and were valued at Rs 2.52 crore (USD 280,000), according to Mumbai Customs.

No further details of the diamonds, the passenger, or their port of departure were disclosed.

The diamonds were among a number of seizures made on 30 and 31 December at the same airport, including gold and cannabis.

Earlier in December, a passenger was caught with Rs 43.97 lakh (USD 53,000) of cut diamonds hidden in a suitcase as they prepared to board a flight to Bangkok.

People smuggling diamonds into India are generally trying to evade import duties on rough stoners, or bypass Kimberley Process certification requirements.

Source: IDEX

Namibia: Gold and Uranium Earnings Overtake Diamonds

uranium ore in mine, mineral radiation concept, radioactive energy

Namibia has, for the first time, earned more tax revenue from gold and uranium than from diamonds.

Natural diamonds, primarily from marine operations, have long accounted for almost a third of Namibia’s export earnings.

But it has faced a severe contraction since mid-2022. At the same time, gold prices have been surging to record highs, and demand for uranium is rising for nuclear energy production.

Diamond mining is projected to decline by 4.5 per cent in 2025 and 5.7 per cent in 2026, the Bank of Namibia said in its August 2025 Economic Outlook.

“Non-diamond mineral revenues have surpassed diamond revenues for the first time, reinforcing a structural shift towards a more diversified and resilient mining revenue base,” the Chamber of Mines of Namibia said in its report for October, published last week.

It said tax revenue from diamonds in the six months to September was down 79 per cent, year on year. It did not provide like-for-like figures for gold or uranium.

But it said tax revenue from other minerals, mainly uranium and gold, had almost doubled the original budget estimate in the last financial year.

Source: IDEX

Record Watch and Jewellery Sales Mark Strong 2025 at Sotheby’s

The 10.03-carat fancy vivid blue “Mediterranean Blue”, which sold for $21.1 million

Sotheby’s has reported a standout performance in 2025, with watch and jewellery sales delivering robust year-on-year growth.

Watch sales reached a record $193.6 million, up 22 per cent on 2024, making 2025 the strongest year ever for the category. One of the standout results was Audemars Piguet’s Grosse Pièce pocket watch, which realised $7.7 million, dramatically exceeding its high pre-sale estimate of $1 million.

Worldwide jewellery revenue also rose sharply, increasing 18 per cent year on year to $317.7 million. While this figure remained well below Sotheby’s all-time jewellery record of $603 million set in 2014, it was driven by a series of landmark auctions, important private collections and expanding participation from new global markets.

Among the top-selling jewellery lots of 2025 were:

The 10.03-carat fancy vivid blue “Mediterranean Blue”, which sold for $21.1 million
The 31.68-carat fancy vivid orangy-pink “Desert Rose”, achieving $8.8 million
A 4.50-carat fancy vivid blue diamond, which realised $6 million

“This has been an exceptionally strong year for the jewellery market, marked by multiple ‘white glove’ sales and expansion into new markets,” said Quig Bruning, Head of Sotheby’s Jewels, Americas & EMEA. “These results reflect a growing global appetite for rare, exceptional jewels and impeccable diamonds, as well as a continued quest for quality among collectors seeking the very best the world has to offer.”

By comparison, Sotheby’s 2014 jewellery record was underpinned by a series of extraordinary stones, including the Zoe Blue diamond (now known as the Mellon Blue), which sold for $32.6 million, the Graff Vivid Yellow diamond at $16.3 million, and the Hutton-Mdivani jadeite necklace, which fetched $27.4 million.

Together, the 2025 results underline renewed momentum across both the high-end watch and jewellery markets, reinforcing Sotheby’s position at the forefront of global luxury auctions.

3.63-ct “Salt and Pepper” Pink Fails to Sell

The highlight of Sotheby’s Fine Jewelry sale in New York – a rare 3.63-carat fancy vivid purple-pink diamond failed to find a buyer.

The unmounted, cut-cornered rectangular modified brilliant-cut stone carried a pre-auction estimate of $1m to $1.5m , reflecting both its unusual color and its potential appeal to collectors.

But bidding at the auction, on 11 December, stalled below the consignor’s undisclosed reserve, leaving the stone unsold.

Market observers suggested that bidders were likely deterred by the diamond’s noticeable “salt and pepper” inclusions, which significantly affected its clarity.

The Gemological Institute of America (GIA) graded the stone as I2 clarity, raising concerns about transparency and overall visual appeal.

Observers say buyers in today’s cautious high-end market are increasingly unwilling to compromise on clarity, particularly for unmounted stones, where inclusions are more apparent, even when the color is considered rare and desirable.

Source: IDEX

Graff Diamond Ring Steals the Show at Freeman’s Important Jewellery Auction

A spectacular Graff diamond ring emerged as the star lot at Freeman’s recent Important Jewellery auction in New York, achieving USD $368,800 and surpassing its upper estimate of USD $350,000. The result made it the top-performing lot of the sale.

The auction, held on 11 December, realised a total of USD $4.5 million, with an impressive 91% sell-through rate, underlining continued demand for high-quality signed and gemstone jewellery.

The headline Graff ring features a 13.11-carat oval brilliant-cut diamond, graded H colour, VS1 clarity, flanked by two shield-shaped diamonds weighing approximately 0.95 carats each. The sale also saw strong results for pieces by Bulgari, Tiffany & Co. and Cartier, reinforcing buyer confidence in established luxury maisons.

Commenting on the outcome, April Matteini, Head of Freeman’s Jewellery Department, noted that the final jewellery auction of 2025 delivered a USD $1 million year-on-year increase, marking another milestone in the auction house’s second year at its Upper East Side gallery.

Other Top Lots from the Sale

17.13-carat Diamond Ring
A ring centred with a round brilliant-cut 17.13-carat diamond, graded N colour, VS2 clarity.
Final price: USD $178,300
Estimate: USD $150,000 – $200,000
12.32-carat Diamond Ring with Trillion Accents
Featuring a round 12.32-carat diamond, graded L colour, VS2 clarity, set between two trillion-cut diamonds.
Final price: USD $171,950
Estimate: USD $100,000 – $150,000
10.02-carat Oval Diamond Ring
An oval modified brilliant-cut 10.02-carat diamond, graded K colour, SI1 clarity, surrounded by round diamonds, with baguette-cut diamonds lining the shank and band.
Final price: USD $114,800
Estimate: USD $80,000 – $120,000
Tiffany & Co. Paraiba Tourmaline Ring
Set with an oval 4.36-carat Paraiba-type tourmaline from Mozambique, encircled by a halo of round diamonds totalling 0.61 carats.
Final price: USD $95,750
Estimate: USD $50,000 – $80,000

The results once again highlight the market’s appetite for exceptional diamonds, signed jewellery and rare coloured gemstones particularly when quality, provenance and craftsmanship align.

Alrosa Upbeat, Despite Tariffs and Lab Growns

Alrosa CEO Pavel Maryinchev gave a remarkably upbeat assessment of the natural diamond market, telling the Times of India (TOI) that the industry is adapting well to US tariffs and that the threat from synthetic diamonds is diminishing.

Maryinchev (pictured) highlighted two major factors behind his optimism: steady global demand for jewelry and a decline in diamond production. “Inventories throughout the diamond pipeline are gradually normalizing, creating favorable conditions for price recovery,” he said.

Alrosa, Russia’s state-owned and sanctioned diamond miner, reported a 24 per cent drop in revenue in the first half of 2025 and has suspended production at several low-margin mines.

But Maryinchev remains confident. “Our expectations are that the high import tariffs will not have a long-lasting impact, and businesses will be able to adapt and minimize the effect,” he said.

He also pointed to a significant decline in wholesale prices for lab-grown diamonds, which fell nearly 40 per cent year-on-year in Q3 2025, reducing the competitive pressure on natural stones.

“Fears that synthetic substitutes might replace natural diamonds are becoming less likely to come true every year,” he told TOI.

He noted that, with no major new deposits discovered and existing mines producing less, supply constraints are increasingly stabilizing the market.

Global rough diamond production is expected to fall to 100 million carats in 2025, a 30-50% decline compared to six to eight years ago.

Maryinchev said the effect of US tariffs on demand was muted because luxury jewelry buyers tend to be less price-sensitive, and retailers can temporarily adjust markups.

“Diamond jewelry manufacturers may need time to adapt, but we expect India’s demand to recover once the first positive sales figures post-tariffs are achieved,” he said.

Source: IDEX

Diamond-Encrusted Timepieces: Haute Horology at Its Most Dazzling

Diamond-set watches from Cartier, Van Cleef & Arpels, Jaeger-LeCoultre and Graff represent the pinnacle of high jewellery watchmaking. With dials, cases and bracelets lavishly adorned with hundreds sometimes thousands of diamonds, these exceptional creations are true show-stoppers, blending technical mastery with extraordinary gem-setting artistry.

Both bold and refined, these spectacular ladies’ timepieces come from some of the world’s most prestigious watch and jewellery maisons. Almost entirely cloaked in diamonds, they are designed to command attention while maintaining an unmistakable sense of elegance.

Cartier’s iconic Baignoire watch traces its origins back to 1958, when it was first introduced as the Ovale cintre. Officially renamed in 1973, the modern mini jewellery version features a quartz movement and is set with hundreds of brilliant-cut diamonds, reaffirming its status as a timeless symbol of refined luxury.

Graff’s Tilda’s Bow diamond watch adds a distinctly feminine flourish. Accented by a graceful ribbon-inspired motif on one side, this statement piece features a pavé-set dial and a triple-row diamond bracelet, seamlessly combining softness with striking brilliance.

Jaeger-LeCoultre’s platinum 101 Secrets watch transcends both trends and seasons. Concealing a delicate mother-of-pearl dial, the piece is embellished with more than 1,000 diamonds meticulously set along the bracelet and case sides—an extraordinary demonstration of precision and craftsmanship.

Van Cleef & Arpels draws inspiration from the Art Deco “white period” of the 1930s with its À Cheval high jewellery watch. Reflecting the era’s preference for white gold paired with diamonds, the design pays homage to a defining moment in jewellery history, favouring refined monochrome elegance over the coloured gemstones of earlier decades.

Together, these diamond-encrusted watches showcase the seamless union of haute joaillerie and fine watchmaking—where time is measured not only in seconds, but in brilliance and craftsmanship.

Paraiba Tiffany Necklace Sets New World Record at Christie’s New York

A spectacular Tiffany & Co. necklace has made auction history, achieving a record-setting USD $4.2 million and establishing a new world auction record for a Paraiba tourmaline. The piece sold for more than seven times its high estimate during Christie’s Magnificent Jewels sale on 10 December in New York.

The centrepiece of the necklace is an exceptional 13.54-carat triangular modified brilliant-cut Paraiba tourmaline, accented by an array of round, pear, and square-shaped diamonds. Paraiba tourmalines of this size and saturation remain among the rarest gemstones in the world, and the extraordinary result underscores the continued strength of the coloured-gemstone market.

Christie’s reported an impressive 95% sell-through rate, with the auction realising USD $46.5 million. High-value pieces from renowned maisons such as Harry Winston, Van Cleef & Arpels, Cartier, and Tiffany & Co. all attracted strong global demand.

Below are the top-performing lots from the sale:

Top 10 Jewels at the Christie’s Magnificent Jewels Auction

1. Paraiba Tourmaline Tiffany & Co. Necklace
Final price: $4.2 million
Estimate: $300,000 – $600,000
A 13.54-carat Paraiba tourmaline with diamond accents — now a world-record holder.

2. Antique Kashmir Sapphire Earrings (circa 1910)
Final price: $3.1 million
Estimate: $1.5 million – $2 million
Featuring 11.92-carat and 12.61-carat cushion mixed-cut Kashmir sapphires suspended from old-cut diamonds.

3. Art Deco Cartier Ring (Rockefeller Kashmir Sapphire, circa 1925)
Final price: $2.6 million
Estimate: $1.5 million – $2.5 million
Centred on the celebrated 17.66-carat sugarloaf cabochon Kashmir sapphire.

4. D-Colour, VS1, 27.19-Carat Type IIa Diamond Ring
Final price: $1.9 million
Estimate: $1.4 million – $1.8 million
A rare type IIa diamond in classic emerald cut.

5. 16.23-Carat Kashmir Sapphire Ring
Final price: $1.8 million
Estimate: $500,000 – $700,000
A dramatic result for a cushion mixed-cut Kashmir sapphire surrounded by old-cut diamonds.

6. Tiffany & Co. Paraiba Tourmaline Earrings
Final price: $1.3 million
Estimate: $120,000 – $180,000
Two oval modified brilliant-cut Paraiba gems of 3.19 and 3.45 carats — another major Paraiba surprise.

7. Cartier Ring with 23.03-Carat D, VVS2 Step-Cut Diamond
Final price: $1.1 million
Estimate: $800,000 – $1.2 million
Featuring a cut-cornered rectangular step-cut diamond flanked by trapezoid stones.

8. Barbara & Frank Sinatra Diamond Ring
Final price: $990,600
Estimate: $800,000 – $1.2 million
Showcasing a 20.60-carat emerald-cut D, VVS1 diamond between triangular side stones.

9. Multi-Stone Diamond Earrings
Final price: $863,600
Estimate: $500,000 – $700,000
Each earring includes three pear-shaped diamonds, the largest being an 11.36-carat D VS2 and a 9.96-carat E VS1.

10. JAR Ruby and Diamond Earrings
Final price: $787,400
Estimate: $400,000 – $600,000
Designed with cushion, oval, pear, and round rubies surrounded by diamonds.

What This Means for the Market

The exceptional performance of Paraiba tourmaline and Kashmir sapphire pieces highlights continued buyer appetite for rare, high-quality coloured gemstones, particularly those with strong provenance or iconic branding. Record prices at auction also reaffirm the importance of independent grading and authentication, an area where the DCLA remains Australia’s trusted authority.