Diamond Mining

Diamond selling processes are outdated and hurting producers, trader says

The sale of diamonds through tenders and auctions is opaque and inefficient and should be revamped for producers to earn more and to survive the current price slump, a leading gem trader said on Thursday.

Oded Mansori, co-founder and managing partner of Belgian gem trader HB Antwerp, said the impact on producers could be reduced by doing away with inefficiencies in the industry.

The diamond market is currently going through a prolonged downturn with demand hurt by global economic uncertainty and the rising popularity of lab-grown stones.

Producer countries such as Botswana have been hard hit by lower revenues, while miners such Burgundy and Lesotho’s biggest diamond mine Letseng have had to lay off workers.

“For years, miners relied on tenders and auctions, systems that look efficient on paper but in practice resemble a casino,” Mansori said in a statement, as the industry battles a crisis considered to be its deepest in history.

“Rough stones are pushed into opaque markets where value is anyone’s guess. When global demand softens, as it has in cycles over the last decade, producers are left exposed. Workers pay the price, while shareholders watch assets decline,” he added.

Rough diamonds are typically sold through a competitive bidding system where buyers place confidential bids on individual stones or parcels.

Mansori, whose company operates a profit-sharing model with miner Lucara Diamond Corp, says producers’ revenues should be tied to the eventual polished value of its stones “rather than gambling on rough sales in opaque auctions”.

Under its partnership with Lucara, HB Antwerp buys stones of 10.8 carat quality and above from the Toronto-listed company’s Karowe Mine in central Botswana at prices based on the estimated polished value of each diamond.

HB Antwerp accounted for 72% of Lucara’s $74-million diamond revenue in the six months to June 30, up from 65% the year before.

The trader says producers can earn up to 40% more revenue if they sell through this model.

Source: Miningweekly

After 15 Years, Disputed Diamonds Finally being Sold

Rough diamonds that were locked in a 15-year legal dispute in Zimbabwe are finally being sold.

The UK miner Vast Resources is offering parcels totaling 135,000 carats at a series of public and private tenders from now until the end of October.

Vast surrendered the gems in 2010 amid allegations it had exploited diamonds on mining claims previously owned by De Beers, which withdrew from Marange in 2006, saying it had failed to find viable reserves.

Vast Resources (then known as African Consolidated Resources) subsequently discovered massive alluvial diamond deposits there, which prompted the Zimbabwe government to revoke its mining licenses within months, and evict it.

The diamonds, held at Zimbabwe’s central bank since 2009, were finally handed back to Vast in April of this year.

They have undergone an extensive cleaning process in Dubai to remove multiple layers of metallic silicates and mineral coatings. As a result, around 6,000 carats initially classified only as industrial diamonds have been upgraded to gem quality.

In an update (on 15 September) Vast spoke of “a unique opportunity to most effectively realize value from the long-awaited parcels from the historic settlement and could open further opportunities for the company in the future”.

Source: IDEX

Lab Growns – without the High Pressure or Temperature

Researchers at the University of Tokyo say they’ve found a way to make tiny diamonds without the need for high temperature or high pressure conditions – unlike current lab grown technology.

They use electron beams to break and remake bonds in adamantane (C10H16), a carbon molecule in which atoms are arranged in a pattern very similar to the atomic structure of diamond.

The process takes tens of seconds under transmission electron microscopy conditions in a vacuum (low-pressure chamber)

A team led by Professor Eiichi Nakamura, of the Department of Chemistry, has published its findings in the journal Science, in an article entitled Rapid, low-temperature nanodiamond formation by electron-beam activation of adamantane C-H bonds.

It explains how the controlled electron irradiation of adamantane produces defect-free nanodiamonds.

The breakthrough process is aimed at creating tiny diamonds for high-tech industries, scientific research, and medical fields, rather than larger gem-quality stones.

It works through gradual assembly of diamond lattice from adamantane molecules under prolonged electron irradiation, which naturally limits the size to nanodiamonds currently.

Larger diamond growth would require controlling fusion of these nanocrystals and sustained lattice perfection over much longer times and at a larger scale.

Gem quality lab growns are created either using High Pressure High Temperature (HPHT) or Chemical Vapor Deposition (CVD), which uses high temperatures and low pressure.

Source: IDEX

US Tariffs: Patek Philippe “to Hike Prices by 15%”

Patek Philippe will reportedly hike watch prices by 15 per cent tomorrow (Monday 15 September) in response to US reciprocal tariffs.

If confirmed, it will be Patek Philippe’s third price rise in the US this year, according to the WatchPro website.

Prices were increased in January because of soaring gold prices and the strength of the Swiss franc, and in April as a response to the US announcement of across-the-board tariffs.

Authorized dealers will also have their margins cut. Patek Philippe will be the first Swiss watchmaker to raise prices since the US introduced 39 per cent tariffs on 7 August.

Watchmakers rushed to export their goods ahead of the tariff deadline, resulting in a 6.9 per cent increase during July.

But price increases in the near future are almost inevitable as the reciprocal tariffs bite and stocks need replenishing.

One of the lowest-priced Patek Philippes, the $26,000 stainless steel Patek Philippe Aquanaut Ref. 5167A-001 (pictured) will cost $30,000 if the price increases take place.

Source: IDEX

Indian Diamond Smuggler Jailed in Vietnam

An Indian national has been jailed for seven years in Vietnam after he admitted smuggling diamonds worth $320,000 into the country.

Dapale Alkesh Kashinath, 28, said he’d been paid INR 10,000 ($120) by his employer, a Mumbai-based diamond company, to take the stones into the country without declaring them at customs.

Vietnam charges import duties of up to 27 per cent on polished diamonds and jewelry. VAT and other taxes may also apply.

It was Kashinath’s sixth or seventh smuggling trip. He would meet buyers at hotels and hand over the goods once they’d supplied coded and symbols agreed in advance with his employer.

He was apprehended at Tan Son Nhat International (pictured), Vietnam’s largest airport, in Ho Chi Minh City in October 2024.

X-rays of luggage revealed he had 15 plastic bags, containing 362 natural diamonds, hidden inside two candy boxes.

Kashinath was sentenced to seven years in prison last Friday (5 September) at Ho Chi Minh City People’s Court. An application to pay a fine instead was rejected.

Source: IDEX

Signet Sales Increase, Driven by Lab Growns

Signet reported increased sales for Q2, as consumers increasingly opted for lab growns over natural diamonds.

It said 14 per cent of all the fashion jewelry items it sold during the quarter were lab grown – twice as many as the same period last year, and higher than Signet’s own expectations.

Total sales for the 13 weeks to 2 August were $1.5bn, up 3.0 per cent, and same store sales increased by 2.0 per cent, Signet said in its Second Quarter Fiscal 2026 Results.

Kay, Zales, and Jared the retailer’s three largest brands together delivered a combined 5 per cent same-store sales growth.

Adjusted operating profit for the quarter rose over 20 per cent reaching $85m, with a 24 per cent year-over-year gain.

Lab growns are viewed as a “category extender for fashion” and demand is most prominent in lower-priced products and fashion jewelry.

“Our second quarter results were driven by the expansion of on-trend fashion assortment and effective promotion and pricing strategies,” said J.K. Symancyk, Signet’s CEO.

Joan Hilson, chief operating and financial officer, said: “Reflecting second quarter results, expectations for the third quarter, and current tariff landscape, we’re raising our Fiscal 2026 guidance.

“This updated guidance also includes share repurchases to date and assumes a measured consumer environment.”

Source: IDEX

Small Rise in US Watch and Jewelry Sales

The modest increase largely reflects a rush by exporters to get their goods into the US before the tariff deadlines and retailers stockpiling for the same reason.

It offsets low consumer demand, which is being compounded by ongoing anxiety over US reciprocal tariffs which are expected to force up prices.

Average monthly growth in watch and jewelry sales so far, for the first seven months of this year, has been around 0.6 per cent, compared to over 5 per cent last year.

Sales in June were down 0.9 per cent, a figure that has been revised up from the original -1.7 per cent, based on actual transactions rather than estimates.

Exports of Swiss watches were up 6.9 per cent, largely driven by manufacturers front-loading their shipments to avoid 39 per cent US tariffs.

Source: IDEX

Why Old Mine Cut Diamonds Are Back in Vogue

In a world where modern technology has made diamond cutting more precise than ever, there has been a surprising revival of one of the oldest styles in diamond history – the old mine cut. Once considered outdated compared to today’s brilliant cuts, these antique gems are now finding favour among collectors, jewellery designers, and couples searching for something truly unique.

A Glimpse into History

The old mine cut originated in the 18th and 19th centuries, long before advanced cutting technology existed. Cut by hand, often by candlelight, each stone carries its own distinctive character. With their cushion-like shapes, high crowns, and larger culets, old mine cuts reflect the craftsmanship of a bygone era. These diamonds were the predecessor to today’s modern round brilliant and are often set in antique or Victorian-era jewellery.

The Allure of Imperfection

Unlike modern cuts that maximise sparkle through precision, old mine cut diamonds are celebrated for their individuality. Their facets were designed for softer, romantic light sources like candlelight, giving them a warmer, more subtle glow. For many buyers, this charm lies in their imperfections – no two are exactly alike.

Sustainability and Authenticity

As sustainability becomes increasingly important in jewellery, old mine cut diamonds are seen as an eco-conscious choice. They are recycled treasures, requiring no new mining, which makes them especially appealing to ethically minded consumers. Owning one also means owning a tangible piece of history – a connection to a time when diamonds were cut entirely by hand.

Modern Designers Embrace the Vintage Appeal

Jewellery houses and bespoke designers are incorporating old mine cut diamonds into contemporary settings, blending antique beauty with modern design. Their romantic look pairs well with minimalist mountings, allowing the character of the stone to shine through. Many brides-to-be are also choosing them for engagement rings, preferring their vintage charm over mass-produced, uniform cuts.

A Market on the Rise

With limited supply and growing demand, old mine cut diamonds are becoming more sought after. Collectors appreciate their rarity, while younger generations value their individuality and authenticity. This resurgence has pushed prices higher, making them not just a sentimental choice, but also a potentially wise investment.

The revival of old mine cut diamonds reflects a broader trend in the jewellery world: a desire for uniqueness, sustainability, and authenticity. Far from being a relic of the past, these antique diamonds are back in vogue – and for many, they represent the perfect blend of history and timeless beauty.

Lucara Recovers Rare 37-Carat Pink Diamond from Karowe

Lucara Diamond Corp. has announced the recovery of a rare and unusual pink diamond from its Karowe mine in Botswana.

The 37.42-carat stone, classified as a Type IIa, was unearthed in August and is described as near-gem quality with a distinctive bicoloured appearance. While the majority of the diamond displays an intense pink hue, part of the stone appears partially colourless an exceptionally rare feature.

HB Antwerp, Lucara’s cutting and technology partner, described the discovery as “a rare and remarkable find.” Oded Mansori, co-founder of HB Antwerp, noted:
“This stone has the potential to become one of the most important pink diamonds ever polished. Its intensely rich coloration is a testament to the geological uniqueness of the Karowe mine, and our expertise in the manufacturing process will ensure its vibrant colour is maximised.”

The recovery underscores Karowe’s reputation as a consistent source of exceptional diamonds. Also in August, Lucara recovered a 1,019.85-carat non-gem-quality diamond, the third stone of more than 1,000 carats to be found at Karowe in 2025. This brings the total number of diamonds over 1,000 carats from the mine to nine.

Both diamonds were recovered from the EM/PK(S) section of the deposit using Lucara’s Mega Diamond Recovery (MDR) unit, an advanced X-ray transmission system installed in 2017 to identify and preserve large stones. The MDR is credited with detecting several of Karowe’s most significant recoveries, including the 2,492-carat diamond discovered in August 2024—the second-largest rough diamond ever found.

Meanwhile, Lucara has announced a $10 million drawdown from its $63 million standby loan facility with Nemesia, its largest shareholder, to address short-term funding needs for the Karowe underground expansion project. The $683 million project, now scheduled for completion in the first half of 2028, is expected to extend the mine’s life to at least 2040.

Lucara President and CEO William Lamb said the arrangement reflects the company’s commitment to financial prudence while advancing the underground project.
“This funding mechanism demonstrates the continued confidence and support of our major shareholders in Lucara’s long-term strategy and in the exceptional value potential of the Karowe mine, including the ongoing recovery of some of the world’s most significant diamonds.”

Lab Grown Diamond Market to Hit $44bn

The global lab grown diamond market will grow 60 per cent in the next seven years, from $27.7bn this year to $44.5bn in 2032, according to India-based Coherent Market Insights (CMI).

That represents a compound annual growth rate (CAGR) of 7 per cent annually. It did not provide comparable figures for the natural diamond market, although growth there is expected to be considerably slower.

The CMI report identifies North America as the current market leader, expected to capture roughly 40% of global demand in 2025.

However, it says the Asia-Pacific region, which currently accounts for 40 per cent of lab grown sales, is projected to experience the fastest growth, driven by rapid industrialization and increasing disposable incomes.

China is the biggest producer – accounting for almost half of global production – but most is by HPHT, an older and less sophisticated system than CVD.

Source: IDEX