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.”
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).
Rolex has increased the cost of some watches by up to 8 per cent in response to surging gold prices.
A yellow gold Day-Date with a 40 millimeter black dial now costs $45,809, following a 1 January increase, up from $42,587. And a yellow gold Rolex GMT-Master II is up from $45,100.
Gold prices increased by around 27 per cent during 2024 and currently stand at $2,624 per ounce, after hitting a record high of $2,790 last October.
Prices for watches made of platinum, steel, or other materials have also increased, but generally by no more than 3 per cent.
Rolex, the biggest of all; luxury Swiss watchmakers, traditionally puts its prices up on New Year’s Day.
Meanwhile, prices of second hand Rolex’s fell during 2024 by 4.9 per cent, according to the WatchCharts Overall Watch Market index.
Jennifer Lopez, who recently settled down things with ex-husband Ben Affleck, has reportedly walked away from her divorce, holding onto dazzling green diamond worth $5 million.
Daily Mail has revealed that the 55 year old star will be keeping her stunning green diamond engagement ring from ex-lover.
The ring is a real showstopper, featuring a big green diamond in the center which is framed by two long baguette cut diamonds and finished.
When Ben proposed to Jennifer, she gushed about the green gem, calling it her symbol of luck and the new beginnings in her life.
Jennifer Lopez
As per TMZ, the Atlas star is said to be keeping all the things and jewelry given by the Batman actor.
However, insiders further suggested that Lopez sees the piece of art more than just a ring, as it may be her way of holding on to cherished memories while also turning the page to a new chapter.
Jennifer Lopez and her ex-beau Ben Affleck have finally called it quits after giving their romance a second chance. The pair, who tied the knot back in 2022, tried to make things work out between them but they didn’t work in their favor.
De Beers has reportedly built up its largest stockpile of diamonds since the 2008 financial crisis, with an inventory valued now at roughly $2 billion, according the Financial Times.
“It’s been a bad year for rough diamond sales,” De Beers chief executive Al Cook told the FT, though he did not provide additional details on its inventory.
The diamond giant has faced multiple headwinds in recent years. A slumping Chinese economy, in particular, has been a major drag on demand. Cheaper lab-grown diamonds are also adding pressure.
In a briefing to Bloomberg last year, Cook said his company has been building its stock on the assumption that diamond prices will recover, and that it will be able to sell that supply.
At the end of 2024, that hasn’t materialized. For the first half of this year, De Beers’ sales were down about 20% compared to the same time a year ago.
Still, Cook remains upbeat about a turnaround. “As we go independent, we have the freedom to focus on marketing as hard as we focused on mining,” he told the FT.
“This feels to me like the right time to be driving marketing and getting behind our brands and retail, even as we cut the capital and the spend on the mining side.”
However, a new report from McKinsey gave a less optimistic outlook for diamond miners, suggesting that lab-grown alternatives could one day take over the market.
Earlier this year, De Beers’ parent company Anglo American announced plans to spin off the diamond business either through a sale or an initial public offering.
A “toi et moi” ring featuring a 3.61 carat fancy vivid yellow, internally flawless, pear-shaped diamond sold for $254,000 at the Phillips New York Jewels Auction.
It beat its low estimate of $240,000 but fell short of its $300,000 high estimate.
The platinum ring (pictured) set with a 5.03 carat D Color, internally flawless pear-shaped white diamond as well as the yellow diamond and isaccented with brilliant-cut diamonds and similarly cut diamonds of yellow tint.
Overall 70 per cent of lots were sold (by number and by value) raising a total of $2.58m
The auction, on 13 December, featured 146 lots with a strong emphasis on colored diamonds and gemstones, antique-cut diamonds, and signed pieces from renowned makers.
Cristina Rodrigo, specialist and head of sale, jewels, New York, said there was “a great deal of participation from across the globe, leading to strong prices for important pieces spanning style and price points”.
Lucara Diamond has unveiled the names chosen of the two largest diamonds recovered this year at its prolific Karowe mine in Botswana.
The 2,488 carat diamond found in August has been named Motswedi, meaning “water spring” or “the flow of underground water that surfaces to bring life and vitality” in the local Setswana language.
The 1,094 carat diamond recovered in September is now known as Seriti, which translates to “aura” or “presence” in Setswana. The name carries deep cultural significance, reflecting identity and legacy.
Lucara said the two diamonds were not just geological phenomena, but a testament to the “incredible potential” of Karowe and the company’s innovative approach to diamond recovery.
“Each stone tells a story millions of years in the making, and we are humbled to be the custodians of these remarkable gems as they prepare to enter the global market,” president and chief executive officer, William Lamb, said in the statement.
To honor the community’s involvement, Lucara awarded the winner of the Motswedi naming competition 100,000 Pula (about $7,325), while the winner for Seriti received 50,000 Pula ($3,660). Both winners will also be invited to tour the Karowe mine.
Lucara said it was considering sale options for both diamonds.
Motswedi and Seriti are two of six diamonds weighing more than 1,000 carat that Lucara has recovered at its Karowe mine since operations began. These include 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.
Burgundy Diamond Mines reported an increase in prices but a dip in revenue from its Ekati mine, in Canada, during Q4.
Sales held in October and December raised $47m and $46m respectively (total $93m) the Australia-based company said today (17 December) in its interim sales report and company update. Average prices per carat were $80 and $106 (all figures US dollars).
Total proceeds for the previous quarter, Q3, were $118m, with average prices down to $83 per carat in what it described at the time as a “soft diamond market”.
Kim Truter, Burgundy’s CEO, said the results “bode well for a recovering diamond market”.
He said prices at the December sale reflected a higher quality parcel of goods sold, and said there had been gains in the mid to large size categories, relative to the October sale.
Burgundy bought the Ekati mine, 125 miles south of the Arctic Circle, in Northwest Territories, last June for $136m from the Arctic Canadian Diamond Company and plans to extend its life by developing underground operations.
“The company looks forward to reporting the results of its mine life extension work at the Sable underground project and the Misery underground operation, in addition to an updated Fox underground prefeasibility study, commencing in Q1-2025,” Burgundy said.
Botswana Diamonds has analysed and evaluated nearly 400 000 km of airborne geophysical and other exploration data using AI techniques and powerful computing, which would otherwise have been too big for timely analysis by humans.
In particular, the company has identified seven significant kimberlite targets on existing licences that have not been reported before.
The AI programme has also revealed compelling polymetallic targets in areas that are currently unlicensed.
Work is ongoing on these new areas of interest which now focuses on four main deposit types and 11 subtypes. These deposit types include elements such as gold, copper, silver, nickel, zinc and platinum group metals.
Botswana Diamonds used UK-headquartered Planetary AI’s ‘Xplore’ mineral prospectivity platform to perform the detailed analysis.
Xplore Platform is software that enables targeting of any element based on a plethora of geological and topographic information.
Botswana Diamonds chairperson John Teeling comments that these discoveries, in a few short months, are a major step forward in mineral exploration. One anomaly is especially intriguing to the company and the AI programme has reinforced the company’s belief that more diamond mines will be discovered in Botswana.
The company currently operates three diamond mines in Botswana and it also holds assets in South Africa.
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