A rare imperial Fabergé masterpiece lavishly adorned with platinum and 4,500 diamonds has achieved a remarkable £22.9 million at auction in London, establishing a new world record for any Fabergé artwork.
The famed Winter Egg was commissioned in 1913 by Emperor Nicholas II of Russia as an Easter gift for his mother, Dowager Empress Maria Feodorovna. Considered one of the most spectacular creations by the House of Fabergé, the piece showcases masterful artistry: a flawless rock crystal shell, intricately engraved to resemble winter frost, embellished with a delicate snowflake motif and shimmering diamonds.
Christie’s confirmed that the £22,895,000 sale price surpasses the previous Fabergé auction record by more than £13 million a benchmark also set by Christie’s in 2007 with the sale of the Rothschild Egg for £8.9 million. Remarkably, this is the third time the Winter Egg has broken the world record for a Fabergé creation.
“Today’s result reaffirms the enduring significance of this masterpiece, celebrating the rarity and brilliance of what is widely regarded as one of Fabergé’s finest creations,” said Margo Oganesian, Christie’s Head of Fabergé & Russian Works of Art.
Only a limited number of Imperial Eggs remain in private ownership, making this sale a landmark moment for collectors and institutions worldwide.
A Tumultuous Century of Provenance
Following the fall of the Russian monarchy in 1917, the Winter Egg was moved to the Kremlin Armoury and later included in Soviet sales of royal treasures during the 1920s.
Over its journey through history:
Purchased by Wartski of London in the early 20th century for just £450
Sold privately in 1934 for £1,500
Considered lost between 1975–1994
Re-emerged at Christie’s in 1994, achieving a record 7,263,500 Swiss francs (£6.8 million)
Set a new record once more in 2002 at $9,579,000 (£7.1 million)
Today’s sale firmly cements its status as one of the most coveted objets d’art ever created.
Celebrating Excellence in Diamond Craftsmanship
With its extraordinary diamond detail and technical precision, the Winter Egg continues to define the pinnacle of artisanal luxury. Each stone carefully set into platinum reflects the superior craftsmanship that has made Fabergé synonymous with imperial elegance.
For DCLA, iconic pieces such as this highlight the enduring importance of diamond quality, authentication, and expert certification ensuring that history and value are preserved for future generations.
When selecting a gold or platinum ring, most people focus on the metal, the width, or the diamond — but the ring profile, the shape of the band’s cross-section, is one of the most important design elements. It determines comfort, aesthetic, and long-term durability.
Below is a guide to the most trusted profiles used in high-quality gold and platinum wedding bands and diamond rings:
Soft Square
A modern geometric look with softened edges. Ideal for those wanting a contemporary design without compromising comfort.
Flat Profile
Clean, minimal and architectural. Flat profiles suit platinum especially well for a sharp, modern finish.
Knife Edge
A sculptural style featuring a raised ridge along the centre. Creates striking light reflection, often chosen for elegant gold and platinum solitaires.
D Section / Half-Round
The traditional wedding band profile. Rounded on the outside and flat on the inside — timeless and refined.
Double Comfort
Fully rounded on both surfaces, offering exceptional comfort. Ideal for wider gold or platinum bands worn daily.
Court Profile (Comfort Fit)
The world’s most popular profile. A softly curved interior ensures easy wear and a secure, comfortable fit.
Flat-Sided Court
Straight outer edges combined with a comfort-fit inner curve. A modern aesthetic with superior comfort.
Flat Court
A flat exterior paired with the comfort-fit interior. Clean, contemporary, and perfectly balanced.
Why the Profile Matters
All-day comfort Defines style — classic or contemporary Affects weight, feel, and long-term durability Ensures a perfect match when worn with other rings
A small design choice — but it makes a remarkable difference in how your gold or platinum ring looks, feels, and lasts.
Hundreds of polishers at Greenlab, recognized as India’s largest lab-grown diamond producer, walked out last Friday (28 November) in a row over wages.
They gathered at the gates of the factory in Surat following reports that their per-carat fee was to be reduced.
But they returned to work a few hours later after management sent out voice messages assuring them there would be no cut.
A Greenlab director described the incident as a “small misunderstanding,” triggered by misinformation during internal discussions on inventory and other business issues.
Bhavesh Tank, vice president of the Diamond Workers’ Union Gujarat, told the Indian Express: “After Diwali, a growth is seen in the demand of the lab grown diamond industry in the domestic and international market.
“The company’s owners should also ensure that the diamond workers, who have been facing financial problems over the last couple of years due to poor market demand, are paid sufficient salaries when the market is in good condition.”
Unions say many workers’ wages have not kept up with living costs, and that both natural and lab-grown units have seen friction over sudden changes in per-carat rates and job losses tied to swings in export demand.
Greenlab operates across the chain, growing rough lab growns, cutting and polishing them, and setting them in finished jewelry for both Indian and export markets.
It famously manufactured the 7.5-carat lab grown diamond that India’s prime minister Narendra Modi gifted to US First Lady Jill Biden in June 2023.
The company sells its polished diamonds through its US subsidiary, Labon, and has a distribution partnership with Florida-based Green Rocks.
Mining giant BHP has walked away from a last-ditch attempt takeover bid for Anglo American, parent company of De Beers.
It announced on Sunday (23 November) that it was “no longer considering a combination of the two companies”.
Melbourne-based BHP made hostile bids for Anglo in April and May 2024, both of which failed.
The move prompted loss-making Anglo to start streamlining its operations, to divest some unprofitable activities, including its diamond division, De Beers and to focus on copper and other money-making assets.
Anglo had hoped to complete the sale of De Beers by the end of this year, but despite intense interest, from the Botswana government among others, that has yet to happen.
BHP renewed its bid primarily to disrupt Anglo American’s planned $53 billion merger with Canadian miner Teck Resources, which is expected to go ahead on 9 December
Australia’s engagement ring landscape is undergoing a rapid transformation, with new data revealing that 70% of couples are now choosing lab-grown diamonds a significant 14% jump from 2024. The findings reflect a global shift, but the trend is particularly strong in Australia, where transparency, value, and ethical sourcing have become central to purchasing decisions.
Bespoke jeweller Taylor & Hart reports that the surge is driven by a “growing demand for sustainability, ethical sourcing and better value,” sentiments that strongly mirror what Australian consumers have been telling jewellers and grading laboratories. With the cost of living rising and buyers becoming more informed, many couples are discovering that lab-grown diamonds offer a larger, higher-quality stone at a more accessible price point, without compromising on brilliance or beauty.
Bigger Diamonds, Better Value
The research shows that the average carat weight for engagement rings has increased from 1.30ct in 2024 to 1.75ct in 2025. This preference for larger stones is especially notable in Australia, where consumers are increasingly prioritising standout centre stones supported by accredited, independent certification.
As Australia’s only CIBJO-accredited laboratory, the Diamond Certification Laboratory of Australia (DCLA) continues to emphasise the importance of reliable, independent grading for both natural and lab-grown diamonds. With the rise in lab-grown popularity, ensuring accurate grading particularly for colour, clarity, and cut quality has become more essential than ever.
Oval Cuts Reign Supreme
When it comes to shapes, oval diamonds have maintained their position as Australia’s most in-demand cut, surpassing the traditional round brilliant for yet another year. Ovals offer exceptional finger coverage, a timeless silhouette, and a modern flair qualities that strongly appeal to today’s couples.
Celebrities continue to influence Australian buyers, with high-profile engagements featuring oval diamonds dominating social media and bridal inspiration boards. Georgina Rodríguez’s dramatic oval diamond, Winnie Harlow’s striking 8.5-carat centre stone, and earlier icons such as Hailey Bieber, Kourtney Kardashian, Blake Lively, and Lady Gaga have all contributed to the shape’s enduring popularity.
This influence is reflected in purchasing trends, with Taylor & Hart noting that the average oval diamond chosen in 2025 has increased to 1.75ct, up from 1.30ct the year prior.
What This Means for Australian Buyers
Australia’s diamond market is becoming increasingly sophisticated, with more consumers seeking:
Ethical and transparent sourcing
Value-driven purchasing options
Larger, beautifully cut stones
Independent certification they can trust
At DCLA, we welcome this shift toward informed, responsible purchasing. Whether choosing a natural diamond or lab-grown diamond, buyers deserve fully transparent, independently verified grading—and a clear understanding of what they’re investing in.
As trends continue to evolve, one thing remains constant: Australian couples are rewriting tradition in ways that prioritise authenticity, expression, and ethical choice—values that align strongly with the future of the diamond industry.
The Kimberley Process (KP) has again failed to reach agreement on a new definition of conflict diamonds.
A proposal to broaden the term at the KP plenary in Dubai last week was rejected by Australia, Canada, the EU (representing 27 member countries), Switzerland, Ukraine and the UK, according to the African Diamond Producers Association (ADPA). That’s a total of 32 countries.
Updating the current definition – diamonds used by rebel groups to finance armed conflict against legitimate governments – would have required a unanimous vote. There have been repeated attempts to broaden the definition since it was first adopted in 2000.
The World Diamond Council (WDC) spoke of its “profound regret” that a small number of participants had blocked consensus on long-awaited reforms designed to strengthen protections for Africa’s diamond-mining communities.
In a statement issued at the end of the plenary it did not identify those who had vetoed the new definition. But ADPA did.
ADPA said: “Six participants – Australia, Canada, the European Union, Switzerland, Ukraine, the United Kingdom and one observer, Civil Society Coalition, refused to support the expanded definition.”
It said its proposed definition “aimed to provide a Pan-African solution to today’s evolving nature of diamond conflicts and the realities on the ground”.
The ADPA’s broader definition would have included “armed groups, non-state armed groups, UN Security Council-sanctioned individuals and entities and their allies, as well as to cover actions aimed at financing armed conflict and other operations, including attempts at undermining legitimate governments, and the well-being of diamond communities”.
It singled out the EU for harsh criticism, claiming it had in recent years “purposefully blurred and made several attempts to bypass the work of the KP.
The World Diamond Council (WDC) said progress had been killed in pursuit of the impossible.
“Today’s outcome is not a failure of the KP,” said WDC president Feriel Zerouki (pictured), as the five-day plenary concluded.
“Most participants stood firmly behind Africa. The setback came from a few, not from the Process itself. And while they halted progress today, they cannot halt the direction of travel.”
Jaff Bamenjo coordinator of the KP Civil Society Coalition, an observer group that represents communities affected by diamond mining and trade, said KP remains detached from reality at a time when challenges are overwhelming and the KP refuses to take responsibility.
“Its scope remains a needle in a haystack,” he said. “Communities affected by diamond mining are left wondering how this scheme can possibly be relevant to the many problems they face.”
The Kimberley Process: Control of the Diamond Pipeline, Not the Use of Revenue
When the Kimberley Process Certification Scheme (KPCS) was launched in 2003, it was marketed as a global solution to stop “conflict diamonds” from funding civil wars and human rights abuses. However, more than two decades later, the realities of the initiative paint a very different picture. The Kimberley Process has evolved not into a tool of humanitarian oversight, but into a mechanism that controls the flow of rough diamonds—who mines them, who sells them, who profits—and with little concern for how those profits are ultimately used.
A System Focused on Legitimising Trade, Not Regulating Impact
The entire structure of the Kimberley Process revolves around documentation and export control. Diamonds are certified to ensure that they originate from “legitimate” channels, which mostly means from governments and recognised mining concessions. Once that documentation exists, the diamonds are cleared for international trade.
What the system does not do is monitor or regulate what happens next.
Once revenue enters official state budgets or company accounts, the Kimberley Process has no authority, no mandate, and no interest in determining whether diamond income:
Improves living standards in mining communities
Funds infrastructure, healthcare, or education
Supports social development
Or, conversely, fuels corruption, political patronage, or state violence
In many diamond-producing nations, government control of the resource is absolute, while accountability for the use of diamond wealth remains minimal.
Legitimacy Through the Stamp, Not Through the Outcome
A diamond certified under the Kimberley Process is considered “clean” simply because it does not fund a rebel movement. Yet the humanitarian reality is far more complex. In several countries, diamond mining takes place alongside:
Widespread corruption
Poverty in mining regions
Environmental degradation
Labour exploitation
Lack of reinvestment into the communities that generate the wealth
The certification system provides political legitimacy to the diamond trade while ignoring the social conditions behind it. In other words, the Kimberley Process ensures diamonds are “legitimate to sell,” not that the proceeds are “responsibly used.”
Who Really Controls the Diamond Narrative?
From the beginning, the Kimberley Process was structured by governments and major industry stakeholders, including those with the most to gain from a controlled and regulated supply chain. Control over certification effectively means control over access to export markets—an immense economic advantage.
This has allowed:
States to assert exclusive ownership over the resource
Major mining companies to maintain their dominant global trading roles
Smaller or informal miners to be excluded from legal markets
The narrative of “ethical diamonds” to remain tightly managed
In this sense, the Kimberley Process serves more as a trade gatekeeper than a humanitarian framework. It decides who may sell diamonds, where they may be shipped, and under what conditions—while staying silent on whether diamond-rich nations or their citizens truly benefit from the wealth beneath their soil.
A System Out of Step with Modern Expectations
In 2025, consumer expectations have changed dramatically. Jewellery buyers increasingly want:
Transparency
Ethical assurance
Positive social and environmental impact
Evidence of fair value distribution
Yet the Kimberley Process remains rooted in a narrow 20-year-old definition of conflict that does not consider:
Government-sponsored abuse
Corruption
Human rights violations
Economic exploitation
Lack of benefit to local communities
For modern ethical standards, this is an outdated and insufficient framework.
Conclusion
The uncomfortable truth is this: the Kimberley Process is primarily a system for controlling the supply and movement of diamonds, not for ensuring that the immense wealth generated improves lives or supports sustainable development.
It decides who is allowed to trade diamonds, not how diamond money is used. Until the initiative expands beyond its limited mandate and confronts the broader social realities of the diamond industry, the Kimberley Process will remain a trade tool—not a humanitarian safeguard.
The UK’s Serious Fraud Office (SFO) decided not to investigate the luxury diamond jewelry brand Vashi, which subsequently collapsed in 2023 with debts of $220m, according to the BBC.
The company gained attention for its innovative approach to selling high-quality diamonds directly to consumers, and for its flamboyant founder, chairman and CEO Vashi Dominguez. But it was declared bankrupt in April 2023 after a court ruling forced it into liquidation.
But the company’s former chief technology officer John Ames reportedly warned the SFO that Vashi was defrauding investors and falsifying accounts in May 2022, almost a year earlier.
The SFO decided not to investigate, according to a BBC report, despite documentation which allegedly showed the company had made sales worth £5.5m ($7.2m) in 2020, rather than the £53.6m ($70m) boasted of in marketing materials and filed in the company accounts.
Mr Ames contacted the SFO in May 2022. In an online form he said: “I discovered (Vashi) to be defrauding their investors, they are also likely to be misstating information on their statutory reporting, both through inflated stock holdings and failing to provide details on revenue sources.”
Dominguez reportedly left for Dubai on the day the company went into liquidation. His whereabouts are not known.
Dominguez (pictured) attracted investment from high-profile backers, including mobile phones billionaire John Cauldwell, and Nick Wheeler, founder of British shirtmaker Charles Tyrwhitt.
The Spanish-born entrepreneur also had a flair for self-publicity, positioned himself as a diamond expert in national newspapers and appeared with celebrities on TV.
India’s cut and polished exports fell sharply in October to $1.026bn, down 27 per cent year-on-year and down 25 per cent on the previous month, according to new figures from GJEPC (Gems and Jewellery Export Promotion Council).
Exports peaked in September at $1.368bn, as manufacturers raced to beat US deadlines. They then fell back in October to around where they were in July and August.
The US imposed a 25 per cent tariff on 7 August, rising to 50 per cent on 27 August. The grace period (25 rather than 50 per cent) for goods in transit before August 27, ended on 17 September.
“The decline in overall exports in October was mainly due to demand being pushed forward before the US tariff was implemented,” GJEPC chairman Kirit Bhansali told the PTI news agency.
“Most of the stocking up for the festivals took place before August 27, therefore, in October the demand was down.”
Overall gross exports of all gems and jewelry fell by 30.6 per cent year-on-year to $2.168bn, that’s a drop of 25.6 per cent compared with the previous month.
The Glowing Rose, a 10.08-carat vivid pink diamond that was expected to sell for around $20m was pulled from Sotheby’s High Jewelry Sale in Geneva last week.
It was withdrawn prior to the sale on 12 November. A notice on the Sotheby’s website simply says: “This lot is no longer available.”
The cushion-modified brilliant VVS2 stone (pictured), set in a platinum band featuring baguette and brilliant cut white diamonds, would have been only the third vivid pink cushion-cut diamond over 10 carats to come to auction in the last 10 years.
It was cut from a 21-carat Type IIa rough stone recovered in 2023, from a mine in Angola and was due to appear at auction for the first time.
Two days earlier (10 November) another pink diamond pulled from another sale, The old-cut Golconda 6.95-carat fancy vivid purplish pink diamond was due to lead the sale was withdrawn by Phillips from its Geneva Jewels Auction: V event, in agreement with the consignor.
The Sotheby’s High Jewelry Sale generated around $37m, with 94 per cent of lots sold and 98 per cent of the sold lots exceeding their estimates.
Top lot was a 4.50-carat internally flawless oval mixed-cut fancy vivid blue diamond that achieved more than $5.9m.
