South Africa is to sign up to the milestone Luanda Accord, which is funding a global campaign to promote natural diamonds.
It joined the governments of Angola, Botswana, Namibia, Sierra Leone and the Democratic Republic of the Congo, in June in pledging to contribute 1 per cent of the value of their rough sales annually.
But the move was only approved South Africa’s cabinet last week. Minister in the Presidency Khumbudzo Ntshavheni and confirmed the decision on 7 August, committing 1 per cent of the annual revenues generated from rough diamond sales to a global marketing fund led by the Natural Diamond Council (NDC).
South Africa, the world’s sixth biggest diamond producing nation by value, saw sales down by 21 per cent last year amid the global slowdown.
The country’s mining minister mining minister Gwede Mantashe was listed as a signatory to the Luanda Accord in an official communique after the agreement.
But a conflicting Reuters report said South Africa did not actually sign at the time and has only done so now.
The Luanda Accord is seen as a potential turning point for the sector, aiming to rebuild consumer trust and interest in natural diamonds over lab growns, by emphasizing their origin, authenticity, and community impact.
It will highlight the positive economic and social contributions of the natural diamond industry to producing nations and their communities.
Governments of the African diamond producing nations have been joined by the Antwerp World Diamond Centre (AWDC), African Diamond Producers Association, India’s Gem and Jewellery Export Promotion Council (GJEPC) and the Dubai Multi Commodities Centre (DMCC).
Petra Diamonds has announced plans for a major refinancing program – together with a 33 per cent slide in revenue for FY2025.
The UK-based miner, which has recently sold off two of its four diamond mines, is facing substantial financial and operational challenges.
It is proposing an extension of senior secured bank debt and notes due early next year to 2029 and 2030 respectively, together with a $25m rights issue.
The moves are designed to preserve cash, extend debt repayment timelines, and ensure Petra can continue investing in its two remaining core mines – Cullinan and Finsch, both in South Africa.
Petra’s latest sales results, published on the same day (8 August) as its refinancing package, show some positive momentum in the market with like-for-like rough diamond prices from its latest tender, but revenue for Q4 was down 49 per cent year-on-year to $50m.
Revenue for FY2025 was $206m, down 33 per cent year-on-year from $309m and net debt increased to $264m.
“We would once again like to acknowledge the resilience shown by our employees in navigating a very difficult period for the company and the diamond sector as whole,” the company said in its Q4 and FY 2025 Operating Update.
Meanwhile, in its refinancing proposal Petra said: “Petra has, over the past 18 months, been focused on an internal restructuring that has resulted in a simpler and more streamlined business and operating model.
“This has included the sale of the Koffiefontein and Williamson mines, multiple labour restructuring initiatives and an optimisation and smoothing of the group’s capital development profiles.”
Indian jewelry retailer Tanishq is introducing in-store diamond evaluation some of its 500-plus outlets, as part of an ongoing partnership with de Beers.
Customers will be able to see proof that the diamond they’re buying is natural rather than lab grown, thanks to the De Beers SynthDetect machine, which works with loose and mounted stones.
They can also have diamonds tested with Lightscope, which measures light performance, and with other equipment for performance, inclusions, and laser markings.
Tanishq, part of the Titan group, says the launch of its Diamonds Expertise Centres is designed to give customers greater peace of mind by presenting complex gemological data as simple, visual insights. It says the centers are a “first of a kind initiative”.
The first three are in Bengaluru, but the company plans to expand them to 200 stores this year and eventually to all its outlets.
Ajoy Chawla, CEO at Tanishq, said: “Our aim is to set a new standard in natural diamond retail — one that goes beyond traditional display and transforms the buying journey into a transparent, educational, and truly immersive experience.”
Last August Tanishq and De Beers jointly announced that they’d be working together to promote natural diamonds in India, now the world’s second biggest diamond market.
The partnership leverages Tanishq’s retail presence and De Beers’ expertise and proprietary diamond verification technology.
US President Donald Trump today (6 August) doubled the tariff on all imports from India to 50 per cent, as a punishment for its oil purchases from Russia.
India’s diamond industry, already reeling from confirmation last week of a 25 per cent reciprocal tariff, is in shock that their goods will be subject to a second 25 per cent surcharge.
“I find that the Government of India is currently directly or indirectly importing Russian Federation oil,” Trump said in an executive order.
“Accordingly, and as consistent with applicable law, articles of India imported into the customs territory of the United States shall be subject to an additional ad valorem rate of duty of 25 per cent.”
The first 25 per cent tariff comes into force tomorrow (Thursday 7 August) and the new, punitive tariff is applicable three weeks from now, on 27 August.
The US is the single largest destination for Indian diamonds and gems, accounting for nearly $10bn or about 30 per cent of India’s annual gems and jewelry exports.
Industry leaders were already warning of the dire consequences of a 25 per cent tariff. Now they are facing an unprecedented body blow with the introduction of a 50 per cent double-tariff.
India’s Ministry of External Affairs said in a statement today that the tariffs were “unfair, unjustified and unreasonable”.
It defended its Russian oil purchases, saying they were “based on market factors and done with the overall objective of ensuring the energy security of 1.4 billion people of India”.
The US imposition of an extra tariff was, it said, “extremely unfortunate”.
The Kao Legend Collection represents an extraordinary achievement in diamond cutting and curation. Cut from a single 108.39-carat pink diamond crystal unearthed at the renowned Kao Mine in Lesotho, this suite features seven magnificent pink diamonds each documented in detail by the GIA Monograph.
At the heart of the collection lies the Kao Legend, a 20.49-carat diamond graded Fancy Intense Purplish Pink by the Gemological Institute of America (GIA). The accompanying diamonds in the collection range in colour from Fancy Intense Purplish Pink to Faint Pink, showcasing a delicate and rare spectrum of pink hues.
What sets this collection apart is not only its shared origin and harmonious beauty but also the diamonds’ classification. All seven are Type IIa diamonds known for their exceptional chemical purity and rarity, comprising less than 2% of all natural diamonds. Type IIa pink diamonds are especially coveted for their remarkable clarity and vibrant colour saturation.
The Kao Mine, one of Lesotho’s most prominent diamond sources, has established a reputation for yielding high-quality pink diamonds. Alongside the Kao Legend, the mine also produced the celebrated Pink Eternity, a 47.80-carat gem of international acclaim.
For gemmologists and collectors alike, the Kao Legend Collection exemplifies nature’s artistry and the pinnacle of diamond excellence.
The US is almost certain to go ahead and impose a 37 per cent tariff on all goods imported from Botswana, starting tomorrow 1 August.
That is one of the highest rates of tariff being introduced by the US.
Botswana, the world’s second biggest diamond producer after Russia, has been actively seeking dialogue with the US government to reverse or mitigate the tariff, but without success.
Last month President Duma Boko said tariff imposed on Botswana worsened the already bleak future faced by the diamond industry, and were likely to hinder efforts to grow the African economy.
Most of Botswana’s rough diamonds are sold direct to India, Belgium, and the UAE, but goods worth around $500m annually are exported to the US and will be subject to tariffs. Until now diamonds have been zero-rated.
US importers will have to pay a total of 37 per cent in duties. The reciprocal duty includes the 10 per cent baseline duty that was imposed back in April.
The tariff rules for Botswana, and most other countries, are unlike those for India, where the reciprocal tariff is in addition to the baseline 10 per cent. US-bound diamonds represent a modest slice of Botswana’s total diamond export business, and most of the country’s diamond revenue is not directly affected by the new US tariff.
It is, however, another blow to a country that relies on diamonds for the vast majority of its export revenue, and that has seen foreign sales halve amid the global downturn.
When choosing a precious metal for a custom-made ring, the two most popular options are 18-carat gold andWhen choosing a precious metal for a custom-made ring, the two most popular options are 18-carat gold and platinum. Both metals are prized for their beauty, durability, and prestige, but they differ significantly in terms of cost, weight, and long-term maintenance. Whether you’re designing a bespoke engagement ring, a wedding band, or a statement piece, understanding the key differences between 18K gold and platinum will help you make an informed decision.
Material Comparison: 18K Gold vs. Platinum
1. Purity and Composition
18K Gold is made up of 75% pure gold and 25% alloy metals (such as copper, silver, or palladium), which influence its colour and strength. It is available in yellow, white, or rose tones.
Platinum is typically 95% pure, making it denser and more hypoallergenic than gold. It retains its naturally white colour over time without the need for rhodium plating.
2. Weight
Platinum is approximately 60% heavier than gold. For example, a ring that weighs 5 grams in 18K gold would weigh about 8 grams if made in platinum. This weight difference gives platinum rings a more substantial feel but also impacts the price.
Cost Breakdown: Gold vs. Platinum Ring
Example: Classic Solitaire Ring Design
Feature
18K Gold (5g)
Platinum (8g)
Metal Cost per Gram
AUD $123-145
AUD $73 -85
Total Metal Cost
AUD $615–725
AUD $584–680
Crafting Charges
AUD $300–500
AUD $400–600
Total Estimated Cost
AUD $915–1125
AUD $984–1280
Note: These figures are approximations and vary based on ring design complexity, jeweller’s rates, and daily bullion prices.
Why Choose 18K Gold?
Affordable luxury: Gold offers the prestige of a precious metal at a more accessible price.
Colour variety: Choose from yellow, white, or rose tones to suit your personal style.
Classic and timeless: 18K is the standard for luxury jewellery, combining durability with rich colour.
Why Choose Platinum?
Exceptional durability: Platinum is more resistant to wear and ideal for heirloom pieces.
Hypoallergenic: A top choice for sensitive skin.
Low-maintenance: Maintains its natural white lustre without plating.
Choosing between 18K gold and platinum comes down to your budget, lifestyle, and personal preferences. If you’re looking for a lighter, more affordable option with colour flexibility, 18K gold is a great choice. If you value longevity, weight, and purity, platinum may be worth the higher investment.
Either way, a well-crafted ring in either metal will provide a lifetime of beauty and meaning. Always consult with a reputable jeweller to discuss your design and get an accurate quote based on current metal prices.
Lab-grown diamonds are transforming the global diamond industry especially the engagement ring sector offering consumers genuine diamonds at more accessible prices. These man-made stones are chemically, physically, and optically identical to mined diamonds but appeal to modern buyers with their affordability, ethical production, and growing market acceptance.
What Are Lab-Grown Diamonds?
Produced using High Pressure High Temperature (HPHT) or Chemical Vapour Deposition (CVD), lab-grown diamonds are real diamonds, not simulants like cubic zirconia. They share the same crystal structure and brilliance as mined stones, and require advanced gemmological equipment for origin detection.
Why Are They Gaining Popularity?
Affordability remains the primary driver. Lab-grown diamonds are typically 40–70% less expensive than natural diamonds of similar quality, allowing consumers to choose larger or higher-quality stones without exceeding their budget.
Ethical and environmental concerns are also influencing buyers. With no mining required, lab-grown diamonds reduce the risk of conflict sourcing and environmental degradation, appealing to younger generations who value transparency and sustainability.
Market Impact
Lab-grown diamonds now represent over 50% of the U.S. engagement ring market, with rapid uptake among millennials and Gen Z. Cities with a strong technology and education base lead the trend, while manufacturers particularly in China are scaling production to meet global demand.
Industry Response
The rise of lab-grown diamonds has disrupted the traditional diamond supply chain. Major miners like De Beers have reduced their market outlook, while smaller players like Gem Diamonds and Burgundy Diamond Mines have faced operational challenges.
Traditional diamond brands are repositioning mined diamonds as luxury items, focusing on rarity, heritage, and emotional value, while also reinforcing the investment case for natural stones.
Certification and Detection
DCLA plays a vital role in distinguishing between natural and lab-grown diamonds. We use advanced spectroscopic analysis, growth structure detection, and laser inscription verification to ensure accurate origin classification. Our grading reports clearly identify whether a diamond is natural or laboratory-created, helping maintain trust and transparency in the market.
Investment and Resale Considerations
While both lab-grown and natural diamonds offer identical beauty and durability, resale value currently favours natural diamonds, which tend to retain more long-term value. This distinction remains important for buyers considering heirloom or investment purposes.
Looking Ahead
The lab-grown diamond market is expected to continue growing, particularly in the engagement ring segment. With improvements in production efficiency and sustainability, consumer adoption is poised to accelerate further.
At DCLA, we remain committed to providing accurate certification, expert grading, and clear identification for both natural and lab-grown diamonds supporting consumer confidence and industry integrity in a rapidly evolving marketplace.
De Beers is expected to report a loss for the first half 2025 despite an uptick in sales during the second quarter.
Sales for H1 were down 13 per cent year-on-year, according to a production report published last Thursday (24 July) by parent company Anglo American. But Q2 showed a 14 per cent increase on the same period in 2024.
De Beers said the last three sights raised $1.185bn, buoyed by the sale of specific assortments at lower margins due to “stock rebalancing initiatives” or discounts on inventory.
So although revenue was higher compared with Q2 2024 ($1.039bn) Anglo said it expects to report negative underlying EBITDA for De Beers in the first half of 2025.
It also noted that “a formal process for the sale of De Beers is advancing, despite the current challenging market conditions”.
Rough diamond trading conditions remained challenged, it said, though improved industry sentiment at the end of the first quarter led to stabilization of polished diamond prices.
“But uncertainty surrounding U.S. tariffs announced in April subsequently slowed polished trading,” it said.
“In contrast to the ongoing challenging trading conditions, consumer demand for diamond jewellery remained broadly stable in the first half of the year.”
Meanwhile production decreased by 36 per cent to 4.1m carats in Q2, reflecting a planned production response to the prolonged period of lower demand. The biggest quarterly drops were in Botswana (-44 per cent) and Canada (-46 per cent). South Africa production actually rose 17 per cent.
Production guidance for 2025 is unchanged at 20 to 23m carats (actual production for 2024 was 24.7m carats) and average per carat price at $94 (actual average for 2024 was $152).
Dubai’s ascent in the global diamond trade is undeniable, yet its polished diamond business now confronts a critical threat. Opaque regulations, punitive taxes, and mounting costs are pushing diamantaires, particularly from key markets, to look elsewhere – a stark reminder of past industry shifts that demand urgent, decisive action to preserve its hard-won leadership.
A century ago, Dubai stood as the undisputed pearling capital of the world, yet the advent of cultured pearls ushered in an overnight shift that shattered that dominance, forcing the emirate to adapt, pivot, and ultimately thrive through oil, trade, and tourism. History, however, whispers a stark warning: once a hub loses its competitive edge, recovery often remains out of reach. Today, as Dubai asserts its pre-eminence in the global diamond sector, particularly as the world’s leading hub for rough diamonds since 2021 and a top-three global centre overall, its polished diamond business stands at a similar precipice. Mounting tax ambiguities, punitive regulations, and soaring operational costs threaten to drive traders away, risking a mass exodus that could see its hard-won sparkle fade for good.
Firstly, it is important to acknowledge that Dubai’s journey to becoming a global trading powerhouse is truly exceptional. Dubai’s rise to eminence did not come easy. I have had the honour to work for over 12 years with Ahmed Bin Sulayem, Executive Chairman and CEO at Dubai Multi Commodities Centre (DMCC). Under his outstanding leadership, Dubai’s diamond sector had to sail through difficult weather, often culminating in storms instigated by NGOs who on their turn often were pushed against Dubai by competing entities.
However, bearing in mind the Ruler of Dubai, HRH Sheikh Mohammed bin Rashid Al Maktoum’s mantra: “In the race to excellence there is no finish line,” Dubai meticulously cultivated an ecosystem of world-class infrastructure, unmatched connectivity, and a business-friendly environment.
This soon propelled Dubai to the forefront of the gold and rough diamond trade. In 2024, its polished diamond trade alone surged past USD 13.1 billion, contributing to a remarkable cumulative total (rough and polished) of USD 57.5 billion over the past five years. Growing by a staggering 32 per cent to USD 16.9bn in 2023, polished diamonds represent nearly 50 per cent of the UAE’s total diamond trade, underscoring their pivotal role in its strategic expansion.
In the same spirit, any business, company and government entity – no matter how successful it becomes – has to keep a deep sense of self-criticism and always check for weaknesses and threats. Indeed, despite these impressive figures and inherent advantages, a significant share of the global polished diamond trade, particularly from key players in Israel, continue to bypass the UAE in favour of direct routes to established markets such as the United States, Antwerp, and Hong Kong. Through a combination of predictable regulatory landscapes, deep pools of experienced professionals, and often, more favourable tax treatments for polished diamonds, each of these centres have instilled greater business confidence, and all this despite the recently enacted U.S. trade tariffs. For Dubai to truly hold on to, and leverage opportunities presented by agreements like the Abraham Accords in boosting the UAE-Israel polished diamond trade, the UAE must urgently address its existing and forthcoming structural barriers.
One of the most critical obstacles is the existing VAT framework. While the UAE applies a reverse-charge VAT mechanism to rough diamonds, this crucial benefit does not consistently extend to polished diamonds, thereby diminishing Dubai’s global competitiveness. Although Cabinet Decision No. 127 in January 2025 aimed to extend the VAT reverse-charge mechanism to polished diamonds and a broader range of precious stones, for many, this feels like too little, too late. This inconsistency, coupled with high corporate tax rates directly undermines the UAE’s ability to attract high-value polished diamond activity and compete effectively. As an example, in Belgium and the U.S., inter-company diamond trades are entirely VAT exempt.
As an additional issue, albeit one for another day, the culpability of highly-paid consultants in this evolving crisis, cannot be overstated. Global advisory firms like PwC find themselves in a glaring conflict of interest, reportedly advising the UAE Ministry of Finance on imposing these very taxes, while simultaneously counselling entities like the Dubai Multi Commodities Centre (DMCC) on mitigating them. This duality has only amplified uncertainty, leaving traders in a state of paralysis. One must question what advice these consultants offer their clients in competitive markets, and how they are delivering tangible growth.
Beyond VAT, the additional spectre of B2B taxation and opaque regulation has also made Dubai less competitive. Anecdotal statements from industry stakeholders include fines being issued for unclear reasons, with practically no recourse for contestation due to the absence of any industry ombudsman, while significant taxes and fees are actively pricing out SMEs from the market.
While praise should be given to the UAE government for its equally giant leaps in combatting anti-money laundering and counter terrorism financing, AML regulations have now become more stringent than in any other major centres. Diamantaires in Dubai are effectively being treated like banks, with every transaction above AED 55,000 (USD 15,000) requiring full disclosure. Even an elementary cost comparison with other key markets reveals some startling comparisons. For instance, Belgium has a special corporate incomes tax regime for diamond traders which is reportedly substantially cheaper than Dubai, while any large companies in the emirate paying amounts over USD 3 million in interest (or 30 per cent of EBITDA, whichever is higher) are not eligible for tax deductions, even if paid to banks. Operating expenses in Dubai are also notorious, running an estimated 35 per cent higher than its competitors, while shipment and customs charges are 45 per cent steeper than in Belgium or the U.S. As a result, Dubai has already seen some lab-grown diamond businesses move their operations to Belgium as a direct consequence of these mounting pressures.
This situation echoes the stark warning from Dubai’s pearling legacy, which didn’t vanish due to competition, but inaction in the face of disruptive change. The diamond sector, now a cornerstone of its economic diversification, faces a similar fate. Traders are already voting with their feet, convinced the environment is becoming less hospitable, and once they depart, reclaiming their business will be an insurmountable challenge.
All this being said, this isn’t the first time the UAE has found itself in a similar situation. In the face of mounting pressure on gold and rough diamonds, the UAE Cabinet recognised the imperative for swift action, and on 1st May 2018, decisively reversed the tax on both commodities. This pivotal and wise decision was taken based on a DMCC in-depth analysis of Dubai’s competitive position in the rough diamond trade and not only saved both industries from decline but allowed them to flourish, cementing Dubai’s position as a top global destination.
The same decisive intervention is now urgently required for Dubai’s polished diamond sector. By extending the VAT reverse-charge mechanism consistently to polished diamonds, enhancing corporate tax incentives, easing the administrative burden of AML for legitimate trades, and ensuring regulatory clarity ahead of the corporate tax filing deadline on 30th September 2025, the emirate still has time to avoid both the legal and compliance ambiguities that lead to costly retrospective adjustments. Additionally, this proactive approach will attract high-value polished diamond activity, enabling the emirate to fully leverage its underutilised bonded free zones, while highlighting Dubai’s strategic advantages and robust infrastructure.
Global market volatility and shifting tariff regimes present a timely opportunity for the UAE to assert and uphold itself as a world leader in polished diamonds. Policy enhancements, particularly around taxation and regulation, could yield substantial gains in trade flows, investment, and economic diversification, while unequivocally elevating the UAE’s prestige within the international gemstone sector. Dubai’s diamond empire stands at a crossroads where a sobering assessment of its competitiveness and decisive action will undoubtedly dictate its ongoing success or untimely demise. As there is no finishing line in the search for excellence, the time to act is NOW.
