Richemont, the Swiss luxury goods conglomerate, saw jewelry sales from its Cartier, Van Cleef & Arpels,Vhernier and Buccellati jewelry maisons surge by 14 per cent in the last three months, in what it said was a “very solid end to the calendar year”.
Its eight watch brands, including A. Lange & Sohne, Baume & Mercier, IWC Schaffhausen and Jaeger-LeCoultre, staged a recovery, from a 17 per cent drop during the previous quarter (Q2) to a Q3 fall of 8 per cent.
Overall the group said it enjoyed its highest ever quarterly sales – €6.2bn ($6.8bn) – a year-on-year rise of 10 per cent. Jewelry and watches account for almost 90 per cent of the group’s revenue.
Other sectors – fashion, accessories, pens and other luxury items – saw sales increase by 11 per cent.
Richemont performed well overall, despite a 7 per cent drop in sales in Asia Pacific, its single biggest market. All other regions – Europe, Americas, Japan and Middle East/Africa – saw sales up by between 19 per cent and 22 per cent.
Sales for the last nine months of 2024 were €16.2bn ($17.3bn), an increase year-on-year on 4 per cent at constant exchange rates.
Jewelry maisons saw their growth “accelerate this quarter to +14 per cent against a demanding +12 per cent comparative in the prior-year period,” said the company.
“This was fuelled by the performance of iconic jewellery and watch lines supported by novelties which met a strong success, particularly during the festive season.
“Sales progressed across all channels and almost all regions, with the strongest contribution to growth coming from the Americas and Europe.”
This is the latest heavyweight jewelry extravaganza from Canadian rapper Drake – a necklace fashioned from 6lbs of gold and 250 carats of flawless colored diamonds.
It depicts his alter ego, a cartoon character called Anita Max Wynn who he introduced to fans in 2023.
The piece was commissioned from celebrity jeweler Jason of Beverly Hills for an undisclosed price.
The pendant, a likeness of Anita Max Wynn, shows a girl sporting a blonde bob haircut, rosy cheeks and large spectacles. It is set with white, blue, green and pink diamonds.
A graphic on the reverse shows concert venues on Drake’s upcoming tour, together with a secret panel revealing a 3D skyline recreation of Toronto, his home town.
Drake is known for his extravagant and expensive jewelry collection, including a chain featuring 2,100 VVS diamonds totaling 74.9 carats, his Owl Chain, made of 1kg of gold and over 100 carats of Asscher cut diamonds and the $12.5m Previous Engagements necklace with 42 stones representing 42 potential engagements (total 351.38 carats).
Drake, aged 38 – real name Aubrey Drake Graham – showed off the necklace on Instagram ahead of a tour of Australia and New Zealand next month.
In its first full year as the operator of the world-class Ekati diamond mine, Burgundy Diamond Mines Ltd. marked several milestones, including consistent diamond recoveries and advancements in extending the mine’s future, reinforcing its position as a prominent player in the Canadian diamond industry while laying the groundwork for continued growth and success.
Over the past year, Burgundy worked to solidify its position as the new operator of the Ekati diamond mine by focusing on improving production and extending the mine’s lifespan. This was reflected in the consistent quarterly performance throughout the year, despite challenges in the diamond market.
“Despite suppressed diamond market prices, we remain optimistic as supply-demand tightens and look forward to launching Ekati’s tenth mine – a landmark achievement,” said Burgundy Diamond Mines CEO Kim Truter.
In less than two years, Burgundy moved quickly to expand Ekati’s capabilities, advancing beyond initial stabilization to actively pursue new development and growth. This is exemplified by the development of the Point Lake open-pit project, which is set to become Ekati’s tenth operational mine.
This quickly became a critical component of the company’s strategy to secure long-term production at Ekati. With initial production planned in late 2024, Point Lake holds more than just increased production potential but also historical significance as the first diamondiferous kimberlite discovery in Northwest Territories – which led to the eventual development of Ekati.
Burgundy Diamond Mines Ltd.
Located approximately three kilometers northeast of the main mine camp, Point Lake, evidenced by its name previously existed as a natural lake, which required draining before mining operations could begin. Dewatered in two phases, and as part of the process, a total of 523 lake trout and 6,348 slimy sculpins were relocated prior to emptying the habitat.
The water was then pumped into the King Pond Settling Facility and Lynx pit, allowing suspended solids to settle and facilitating future underwater remote mining trials at Lynx pit.
Currently, Ekati is estimated to contain approximately 140 million carats of diamonds in the indicated category, even after more than 26 years of production. These remaining resources are concentrated within the currently active Misery underground and Sable open-pit mines, with Point Lake projected to add an estimated 5.3 million carats once it begins production, further bolstering Ekati’s resource base.
This robust resource position led to a major milestone in late October, as Burgundy celebrated Ekati reaching 100 million carats of diamonds recovered – a testament to the mine’s enduring contribution to the diamond industry.
“As we reflect on this historic achievement, Ekati continues the legacy as one of the premier diamond assets in the world in a tier one location producing highly sought after sustainably and ethically produced diamonds for the global market,” said Truter.
With substantial reserves still available, Ekati is well-positioned for another 30 years of production, potentially even longer if further resources are identified.
“We are proud of the team we have in place and of everything we have achieved so far,” Truter added. “Ekati still has 140 million carats remaining in Indicated Mineral Resources, one of the largest unmined diamond endowments in the world, which provides Burgundy shareholders an indication of Ekati’s remaining mine life potential.”
Beyond Point Lake, Burgundy has also focused on extending the mine life of other key operations at Ekati. In particular, the Misery underground mine has shown promise for extended production through recent exploration efforts.
Looking ahead into 2025, Burgundy continues to focus on operational efficiency and advancing exploration to maximize Ekati’s resource base.
With production at Point Lake expected to commence and further drilling at Misery ongoing, Burgundy is executing its strategic plan to secure sustained production at Ekati.
The company is also progressing feasibility studies for additional underground sites, all aimed at maintaining Ekati’s position as a key contributor to the global diamond market, while delivering value for shareholders and supporting local communities in the Northwest Territories.
India’s gross exports of polished diamonds showed some signs of recovery during December, after a couple of months of volatility.
Foreign sales were $773m, down 10.4 per cent in dollar terms on the same month in 2023, according to the latest figures from the Gems and Jewellery Export Promotion Council (GJEPC).
But that compares to a steep year-on-year drop of 40 per cent in November, with total sales of $660m.
That came after a 11.3 per cent increase in October, when sales hit just over $1.4bn.
Before that GJEPC recorded significant year-on-year drops for every month of the year, with foreign sales in September down 22.9 per cent to $1.29bn.
India’s diamond manufacturing has been badly hit by the ongoing slump in prices and demand, with an estimated 30,000 workers having been laid off in Surat over the last six months.
December’s fall in polished diamond exports was broadly in line with the whole gem and jewelry sector (down 10.3 per cent at just under $2bn).
The latest Breguet watch is a marvelous piece with beautiful diamonds and a unique design. It symbolizes the brand’s innovative spirit and horological elegance, passed down through time. Thanks to a unique stone-setting technique, the watch has an elegant pattern that makes the dial stand out. According to Breguet, the Classique Tourbillion 3358 is the embodiment of Abraham Louis Breguet’s ideas, which date back to 1801.
Abraham Louis, the founder of the brand, came up with a unique technique of setting gems on a watch’s dial in the 19th century. While this timepiece has a dazzling front face, it also stands out due to its mechanical precision. Abraham Louis’ innovations merged these two fields into one—mechanical precision and style.
The dial comes with different diamonds, set in different positions to create a circular pattern that converges at one point, reflecting light stylishly. Stones are positioned close to one another to cover the base that supports them.
In terms of performance, this timepiece is powered by one of the most innovative movements from the brand, the in-house caliber 187D tourbillon, which is capable of offering a 50-hour power reserve. It’s a movement that was developed for precision and accuracy by Abraham Louis but has been updated over the past few decades to keep up with the times.
Speaking of which, the watch’s dial has different cuts, which offer views into the mechanism. While the front face features hundreds of diamonds, the back has an interesting moon-like texture, characterized by grooves and ridges.
Anglo American plc is a one of world largest mining company
A renewed takeover bid of Anglo American by rival miner BHP is “almost oven-ready,” according to City sources cited by the UK Sunday Times newspaper (12 January).
Australia-based BHP made an unsuccessful bid for the company that owns De Beers last April, increasing from its all-share offer of $39bn to just over $49bn before it was rejected by the Anglo board.
But the six-month cooling-off period imposed by UK regulators is now over and speculation is again mounting that BHP is set for a new assault.
“Anglo’s management have got the bit between the teeth,” one investor with big holdings in both companies told the Sunday Times.
“Ironically, this may make them more of a target. But the price they could demand for Anglo would be higher.”
BHP is keen to acquire Anglo’s copper mines but has made it clear that it has no interest in De Beers, or in its PGM (platinum group metals) assets.
Since the failed BHP bid, Anglo has raised $4bn from the sale of coal mines, and is preparing to dump De Beers and its PGNs, all of which makes it more attractive to BHP.
Anglo announced in May, shortly after the BHP bid, that it would sell or demerge both its diamond and PGM operations (as well as nickel and steelmaking coal) to focus on copper and other more profitable parts of its business.
De Beers, which seen sales slump in 2023, would “be divested or demerged, to improve strategic flexibility for both De Beers and Anglo American,” the company said.
India’s government is being urged to adopt the same rules on lab grown terminology as the US.
The GJEPC (Gem & Jewellery Export Promotion Council) says its 7,000-plus members are now required to adhere to the rules introduced by the US Federal Trade Commission (FTC) in 2016 and amended two years later. They have also been adopted by many other countries.
“Since India’s gem and jewellery trade has unanimously accepted the FTC’s new definition with respect to diamonds, we urge the Indian government and ministries to accept, adopt and adapt the same to existing consumer laws of our country.”
The FTC provides detailed guidance on exactly what forms of words can be used. It says: “If you sell laboratory-created diamonds, you should tell consumers that they are not mined diamonds by describing them as “laboratory-grown,” “laboratory-created,” “[manufacturer name]-created,” or some other word or phrase of like meaning so as to disclose, immediately preceding the word “diamond” and equally conspicuously, the nature of the product and the fact it is not a mined diamond.”
Smit Patel, convener of the GJEPC’s lab-grown diamond panel, said: “We have urged the government to align with the advancements and economic significance of lab-grown diamonds by adopting a forward-looking policy framework.”
The Indian government says its Central Consumer Protection Authority (CCPA) has organized a stakeholder consultation on consumer protection for the diamond sector, following representations from the GJEPC.
A stunning 10.33-carat Burmese ruby fetched an impressive $5.5 million at Sotheby’s Magnificent Jewels auction in New York, following a heated six-minute bidding battle between two phone bidders and one participant in the saleroom. The final sale price more than doubled its high estimate.
This cushion-shaped, untreated ruby, set in a ring alongside two pear-shaped diamonds, emerged as the highlight of the 96 lot auction, which achieved a total of $30 million. Notably, 92% of the lots were sold, with 70% exceeding their high estimates.
The auction underscored a strong appetite for rare colored gemstones, exceptional white and colored diamonds, and signed pieces from renowned names like Graff, Van Cleef & Arpels, and Boivin.
A 5.72 carat fancy intense blue diamond beat its high estimate and sold for $8.8m yesterday (10 December) at Christie’s New York.
The cushion brilliant cut VVS1 stone, set in a platinum ring with round diamonds, was the highlight of the Magnificent Jewels auction.
The price realized was $1,539,336 per carat. The pre-sale estimate was $6m to $8m.
The second highest price was for a pair of Harry Winston spinel and diamond earrings. They sold for $2,228,000—four times their high estimate of $600,000.
The sale raised a total of $49.2m, with 97 per cent of the 179 lots finding buyers.
Rahul Kadakia, Christie’s international head of jewelry, said: “Today’s sale in New York was a testament to the vibrant market for jewelry of the highest caliber with singular provenance.
“We were particularly pleased with the result of the top lot – a fantastic fancy intense blue diamond ring that sold for $8.8m.”
The Fancy Color Research Foundation gave the blue diamond a visual score of 8 out of 12 in its pre-sale analysis, noting its low color dispersion.
It said: “True Face-Up: Equivalent to that of a 9.15 carat which is ~59.9 per cent larger than the average
“Analysis: A Fancy Intense Blue Cushion brilliant-cut diamond, polished as a classic colorless diamond, probably manufactured during the 1960s or 1970s.
“The diamond’s inner-grade is very strong, and modifying its facet alignment could increase its saturation to vivid. No significant gray undertone is present in the color.”
A 19.22 carat diamond, recovered from a shallow mine by a part-time digger in India’s Panna district, sold at auction for $111,000 (Rs 93,79,360).
It was one of 29 diamonds sold by the Panna Diamond Office, as part of a deal in which farmers and laborers rent small patches of land from the government. The other 28 stones raised just over $28,000 between them.
Many of the stones recovered have failed to find buyers at the three-monthly auctions over the last two years, but demand picked up at this latest event, with large crowds of bidders in attendance.
Panna is said to be home to 1.2m carats. Part-time miners pay $2.70 for the rights to dig a 25ft square patch there and diamond finds are quite common.
In February 2022 a part-time prospector dug up a 26.11-carat diamond which later sold for at auction for $193,000.
