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.”
This is the latest heavyweight jewelry extravaganza from Canadian rapper Drake – a necklace fashioned from 6lbs of gold and 250 carats of flawless colored diamonds.
It depicts his alter ego, a cartoon character called Anita Max Wynn who he introduced to fans in 2023.
The piece was commissioned from celebrity jeweler Jason of Beverly Hills for an undisclosed price.
The pendant, a likeness of Anita Max Wynn, shows a girl sporting a blonde bob haircut, rosy cheeks and large spectacles. It is set with white, blue, green and pink diamonds.
A graphic on the reverse shows concert venues on Drake’s upcoming tour, together with a secret panel revealing a 3D skyline recreation of Toronto, his home town.
Drake is known for his extravagant and expensive jewelry collection, including a chain featuring 2,100 VVS diamonds totaling 74.9 carats, his Owl Chain, made of 1kg of gold and over 100 carats of Asscher cut diamonds and the $12.5m Previous Engagements necklace with 42 stones representing 42 potential engagements (total 351.38 carats).
Drake, aged 38 – real name Aubrey Drake Graham – showed off the necklace on Instagram ahead of a tour of Australia and New Zealand next month.
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).
The Murowa Diamond Mine, in Zimbabwe, has reportedly had its power supply cut after failing to pay a USD 4.5m bill.
Owner and operator RZM Murowa has also failed to pay some of its workers since October, prompting around 300 of its 700 workforce to take strike action.
The mine, in Mazvihwa, south central Zimbabwe, had its power supply switched off last Wednesday (8 January), according to local news outlet Zim Now.
“Power was switched off by ZESA (the state-owned Zimbabwe Electricity Supply Authority) yesterday,” according to one worker, it said. “So today there is nothing going. No one has explained what’s next.”
Another worker said they’d received a circular saying part of their October and November pay checks arrive on 3 January.
“Now that power has been cut off we don’t know if we will get anything else,” they said.
A source at the mine said debts to ZESA had been mounting and were now USD 4.5m.
Full-scale production at the mine began in 2004. RioZim took over management in 2015, leading to a comprehensive strategic overhaul aimed at revitalizing operations and expanding capacity.
Murowa produced 216,000 carats in the half of 2024, marginally up on the same period in 2023. But revenue and profitability were down.
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.
The high demand for jewelry and a decline of up to 20% in global diamond mining volumes compared to levels recorded 5-6 years ago will drive the industry’s growth, according to Sergey Takhiev, Head of Corporate Finance at Russian diamond giant Alrosa, reported by Rough&Polished.
According to Takhiev, while diamond prices are currently at a low point, demand is expected to grow due to a reduction in diamond inventories at manufacturing centers in India and a decline in diamond production volumes by major mining companies.
Alrosa Rough Diamonds
When asked about the timeline for market inventory replenishment, Takhiev estimated it would likely occur within a few months. He explained that the restocking of rough and polished diamond inventories is expected to impact the entire value chain, from manufacturers to retailers. Takhiev further emphasized that the depletion of global diamond resources, coupled with growing demand for luxury jewelry, is set to drive long-term price increases.
Meanwhile, ALROSA announced that the company’s Deputy CEO, Vladimir Marchenko, who has held the position since 2018, will step down to take on another role in the mining industry.
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.
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