A former director of the Deloitte auditing company in Australia has admitted claiming almost AUD 2.8m ($1.8m) in fraudulent work expenses to buy pink diamonds, high-end art and other luxuries.
Paul Quill, 45, used his corporate credit card to make the purchases from 2016 to 2022, passing some of them off as payments for stationary, postage, photocopying and court fees. He admitted two counts of obtaining financial advantage by deception.
The County Court of Victoria, in Melbourne, heard last Thursday (27 March) that among the sums stolen was AUD 682,587 ($429,000) from Joe Gutnick’s Merlin Diamonds, the mining company that was wound up in 2020 after a series of losses.
The court heard that Quill lost control after the breakdown of a relationship. He will be sentenced on 15 April.
He was dismissed in 2022 after his crime was revealed during a routine audit. Deloitte said at the time that it would make sure all clients were repaid in full.
Chow Sang Sang suffered a net loss of 74 of its 1,032 stores last year, amid weak demand, record-high gold prices and an economic slowdown in China, as well as Hong Kong and Macau.
China’s third biggest jewelry retailer (by revenue) saw sales for the year to 31 December 2024 fall by 15 per cent to HKD 21.18bn ($2.72bn).
Same-store sales were down 38 per cent on the mainland and 24 per cent in Hong Kong and Macau, primarily due to a drop in diamond demand. Profit slid 20 per cent to HKD 805.6m ($103.6m).
Chow Sang Sang did not rule out further store closures. “Under the present economic climate, it would be prudent to continue our physical store network consolidation,” it said its Annual Results.
“In 2024, uncertain economic conditions coupled with record-high gold price exerted significant pressure on jewellery demand in both Mainland China, and the Hong Kong and Macau markets, resulting in a 15 per cent year-on-year decline in turnover.
“Continuing our efforts to consolidate the store networks, we opened 48 and closed 122 stores, mostly in Mainland China.”
Botswana’s economic outlook has been downgraded from stable to negative by S&P Global Ratings (S&P) on account of low demand for diamonds.
It forecasts a steep rise in government debt unless there is a substantial increase in diamond prices or significant fiscal intervention.
Botswana’s economy is heavily reliant on diamonds. They account for around 80 per cent of its export earnings and a third of total budget revenues.
De Beers and the Botswana government finally reached agreement last month on the long-term mining and rough sales deals, but sales by their joint venture, Debswana, were down by 52 per cent for the first three quarters of 2024, and there a few signs of a sustained recovery in demand.
Despite downgrading its economic prospects, S&P left Botswana’s long-term foreign and domestic currency sovereign credit rating unchanged at BBB+ and its short-term rating at A-2.
“The negative outlook is on account of S&P’s expectation that weak global demand for diamonds and depressed prices will continue to suppress Botswana’s exports and fiscal position, therefore, delaying government’s fiscal consolidation agenda and the rebuilding of buffers,” said the Bank of Botswana in a statement.
It highlighted the fact that S&P said the newly-elected government’s commitment to reducing unemployment, diversifying the economy and increasing social support, while maintaining fiscal prudence, also had a positive impact to the ratings.
The Chinese diamond market, second only to the US, is showing early signs of recovery, sparking optimism in India’s diamond industry. According to the Gem and Jewellery Export Promotion Council (GJEPC), this shift could reshape the global diamond manufacturing landscape.
China’s economic slowdown and declining marriage rates had severely impacted its diamond market, valued at approximately USD 9 billion. In 2023, diamond sales in China generated around USD 5.7 billion, but analysts project growth to USD 7.2 billion by 2030. Over the past two years, demand has dropped by as much as 50%, with wholesale diamond prices falling 40%. This downturn significantly affected India, which exports nearly a third of its cut and polished diamonds to China.
The impact was evident in India’s February 2024 gems and jewellery exports, which declined by 23.49% to USD 2.42 billion (Rs 21,085 crore), driven by weak demand from both the US and China. To counter this, GJEPC participated in the Hong Kong International Diamond, Gem & Pearl Show (DGP) earlier this month, showcasing 71 exhibitors across 116 booths in categories such as Loose Diamonds, Lab-Grown Diamonds, and Fine Jewellery.
Hong Kong, a key hub for India’s diamond trade, played a vital role in strengthening global ties. GJEPC Chairman Kirit Bhansali noted that stabilising prices and renewed Chinese demand are promising signs for the global diamond industry. He emphasized that India’s strong manufacturing capabilities and adaptability put it in a favorable position for long-term growth.
After a prolonged slump, buyers are now accepting current price levels, leading to steadier sales. GJEPC Vice Chairman Shaunak Parikh believes this renewed demand could shift India’s diamond manufacturing back towards natural diamonds. Industry insights indicate a resurgence, particularly in smaller diamonds, though a full-scale revival is still some way off.
According to Ajesh Mehta, Convener of the Diamond Panel at GJEPC, this year’s Hong Kong trade shows marked the first positive development in four to five years. While Chinese demand hasn’t returned to previous highs, price stabilisation and increased movement in smaller diamonds are encouraging. “Confidence is slowly returning, especially in diamonds below 10 points and dossier sizes,” Mehta said.
A shift in Chinese consumer preferences is also influencing the market. Retailers are now incorporating smaller diamond accents in gold jewellery instead of featuring diamonds as centrepieces. However, Mehta believes this trend is temporary, predicting a gradual return of confidence in larger stones, such as 30 to 50 points.
Beyond China, emerging markets like Cambodia, Vietnam, Brazil, and Venezuela are showing growing interest in larger stones. While they cannot replace China’s dominance, they are contributing to new demand pockets.
Devansh Shah, Partner at Venus Jewel, observed an increase in inquiries at the Hong Kong trade shows from diverse markets, including Europe, Australia, the US, and the UAE. He noted that Chinese and Far East buyers remain highly quality-conscious, with round brilliant diamonds attracting strong interest, while larger fancy cuts and 3-carat-plus rounds were available on an order-only basis.
Although the Chinese market’s resurgence remains gradual, it presents growth opportunities for India’s diamond cutting, polishing, and export sectors. With strategic planning and market adaptability, India is well-positioned to navigate this evolving landscape and sustain long-term industry growth.
Lucapa Diamond Company, an ASX-listed diamond miner, has finalised its mineral investment contract (MIC) for the Lulo joint venture (JV) in Angola, increasing its stake from 39% to a controlling 51%. The contract now awaits formal approval from Angola’s Ministry of Mineral Resources and Petroleum.
The Lulo JV is focused on kimberlite exploration at the highly prospective Lulo concession. This latest agreement, reached after a three-day negotiation in Angola, was finalised with JV partners Endiama, Rosas & Petalas, and Lucapa, marking a significant milestone for the company.
Lucapa’s managing director and CEO, Alex Kidman, highlighted the strategic importance of securing a majority stake, stating that this move enhances Lucapa’s share of any future exploration success. He also emphasized Angola’s commitment to the project, recognizing Lulo as one of the country’s most significant diamond ventures.
Meanwhile, bulk sampling operations continue at Lulo, with stockpiling from site L130/01 already underway. Further sampling is planned at key targets, including L349, L137, and L130, as the company intensifies its search for Lulo’s exceptional diamonds.
A new device, the DiamondProof, can rapidly and reliably distinguish natural diamonds from laboratory-grown diamonds and other diamond simulants.
One of the most common misconceptions in the ongoing debate between natural and non-natural diamonds is that it’s impossible to tell the difference between the two. Research shows that almost half of consumers are unaware that laboratory-grown diamonds (LGDs) can be detected from their natural counterparts. For consumers who are investing in diamonds and diamond jewelry, this means there is perhaps a lack of assurance that they are getting what they think they are paying for. This spring, with the introduction of a new verification device, the DiamondProof, to retail stores for the first time, consumers will be able to make informed purchasing decisions and distinguish natural diamonds from non-natural diamonds, like LGDs and other diamond simulants, with a zero percent ‘false positive rate’.
Developed by the De Beers Group, the DiamondProof technology can detect the distinct chemical compositions of natural diamonds, allowing for precise and rapid identification. Early adopters of the DiamondProof include some of the largest jewelry retailers in the U.S., and the device will also be available in several independent retail outlets to ensure that any diamond consumer can try out the technology and gain assurance on their jewelry, or diamonds they are planning to purchase. The first DiamondProof prototype instrument was unveiled last June at the JCK show in Las Vegas, the premier jewelry expo for retail professionals. Many quickly jumped on board and ordered the device for their stores, noting the ability to rapidly and easily screen both loose diamonds as well as stones set in jewelry. “Natural diamonds and lab-grown diamonds are two fundamentally different products. Natural diamonds are rare, one-of-a-kind miracles of nature that come to us from the earth through heat, pressure, and time.” notes CEO of De Beers Brands Sandrine Conseiller. “This incredible journey is what makes them the ultimate marker of life’s most profound emotional moments. Consumers should be able to have confidence in such a meaningful purchase, and DiamondProof allows retailers to offer them greater peace of mind. We are in a new era of transparency at retail, and customers deserve to know what they are buying.”
“By rapidly and reliably identifying whether a diamond is natural, DiamondProof is instrumental in enhancing consumer confidence in natural diamond purchases. Consumers deserve clarity and having DiamondProof available in retail settings helps them make informed decisions while appreciating the unique value and story behind each natural diamond. With decades of leadership in synthetic-detection technology, we are committed to providing the level of transparency that consumers expect,” stated Sarandos Gouvelis, SVP, of Pricing, Product and Technology Development at De Beers Group. For anyone looking to evaluate and verify their diamond jewelry or looking for assurance in new diamond purchases, a major retailer near you will soon have a DiamondProof available.
A subsidiary of Tiffany & Co plans to lay off 26 of its 42 staff in Antwerp amid the ongoing slump in demand.
Laurelton Diamonds, a De Beers sightholder, was established in 2002 to procure rough diamonds, and to cut, polish and supply polished stones to its own jewelry manufacturers. It has operations in Belgium, Vietnam, Canada, Botswana, South Africa and beyond.
The company, wholly owned by Tiffany, blames the possible job losses on weak demand from China and the US, together with competition from lab growns.
“For the workforce the news came as a bolt out of the blue,’ said Yves Toutenel of the Christian ACV union ((Algemeen Christelijk Vakverbond), according to VRT, the Flemish public broadcaster.
“In 2018, the company closed its cutting plant in Antwerp. At that time, 20 staff were laid off. Laurelton now intends to make 18 blue-collar staff and eight white-collar workers redundant by the autumn.”
He said he feared Laurelton was making redundancies too quickly and said there were early signs that the diamond industry could be recovering.
Gem Diamonds saw revenue and profits increase in FY2024, as high-value recoveries more than made up for persistent downward pressure of the diamond market.
In its Full Year 2024 Results published today (13 March), the UK-based miner reported a 10 per cent increase in revenue to $154.2m, largely driven by the sale of 13 +100-cts diamonds from its Letseng mine, in Lesotho.
Underlying EBITDA almost doubled to $29.7m and profit for the year increase from $1.6m to $8.1m.
Exceptional sales included an 11 carat pink diamond that was sold for $45,537 per carat, a 63 carat Type IIa white diamond that was sold for $41,007 per carat (the highest per carat price of the year) and a 113 carat Type IIa white diamond that was sold for $39,345 per carat.
The number of carats recovered during the year fell 4 per cent to 105,012.
Clifford Elphick, CEO at Gem, said: “2024 was another challenging year for the diamond market with decreasing rough and polished diamond prices. Our relentless focus on factors within our control – cost containment, operational efficiencies and appropriate capital allocation, has yielded pleasing results.”
Looking to the future, the company expects the market to remain under pressure during the year, with signs of a modest recovery in diamond prices.
More than half of all couples are now buying a lab grown diamond engagement ring, according to research carried out in January for The Knot wedding website.
A survey of almost 17,000 couples who married in 2024 found that 52 per cent opted for lab grown – the first time the balance has tipped from natural.
The figure for 2023 was 46 per cent and in 2019 it was just 12 per cent.
Couples are now spending less and getting bigger stones, according to the newly-published The Knot 2025 Real Weddings Study.
“The rise in popularity of lab-grown stones is fueling the decrease in the average cost of an engagement ring,” it says.
“2024 served as a continuation of that trend with proposers spending $5,200 on average for their ring. This is a decline from $5,500 in 2023, and $5,800 in 2022.
“Back in 2021, it was $6,000. Lab-grown stones typically begin at a lower price point than mined stones which is reflected in the average cost.
“A proposer purchasing a lab-grown engagement ring could expect to spend $4,900 versus spending $7,600, on average, for a mined diamond engagement ring.”
The average carat weight of an engagement ring bought last year was 1.7 carats, says the study, up from 1.5 carats in 2021.
London, England, Westminster Magistrates Court in London
A cleaner has appeared in court in London, charged with stealing diamonds, watches and jewelry worth $1.3m (£1m) from her employer, Princess Firyal of Jordan.
Maria Taborda Henao, aged 69, from Colombia, is accused of stealing the items between February and November 2020 and of selling them through an auction house.
The case against her at Westminster Magistrates’ Court (pictured) was adjourned on Monday (10 March) because there wasn’t a Spanish interpreter in court.
Princess Firyal, aged 80, is a noted humanitarian and philanthropist, and has served as a UNESCO Goodwill Ambassador since 1992. She is the former wife of Prince Muhammad bin Talal, the second son of the late King Talal of Jordan.
The thefts of diamond rings, bracelets, watches and earrings allegedly took place at the princess’s $7.5m home in the exclusive Belgravia area of London. The case will resume next month.
