Tariff Talk

The US Supreme Court voted 6–3 to strike down President Donald Trump’s global tariffs, ruling he lacked authority to impose them. The administration responded by introducing a 10% global tariff, raising concerns that polished diamonds from Antwerp could still face the duty despite a September agreement exempting Europe’s diamond imports.

Mining for Profit

Anglo American reduced the carrying value of De Beers by a further $2.3 billion, marking its third write-down in three years. The cuts De Beers’ book value to $2.3 billion.

De Beers reported an underlying loss of $739 million in 2025, more than double the prior year’s deficit. The loss came despite a 6% rise in revenue to $3.49 billion. De Beers lowered its 2026 production guidance to a range of 21 million to 26 million carats.

Meanwhile, Alrosa’s net profit rose 88% to RUB 36.24 billion ($465.7 million) in 2025, despite ongoing G7 sanctions restricting the flow of Russian diamonds. Revenue fell 2% to RUB 235.1 billion ($3.02 billion).

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Mid-tier miners saw continued declines: Lucara Diamond’s revenue fell 22% to $159.7 million in 2025 amid lower supply of large specials from the Karowe mine, and its net income slid 40% to $26.1 million.

Petra Diamonds’ revenue fell 13% year on year to $100 million in the fiscal first half ended December 31, 2025. Its net loss widened to $190 million, from $69 million a year earlier.

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Rio Tinto bucked the trend with a 19% rise in diamond revenue to $332 million for the full year. Underlying EBITDA improving to a loss of $79 million from a $115 million deficit in 2024.

Robust Jewelers

Titan Company reported revenue grew 43% year on year to INR 255.67 billion ($2.81 billion) in the third fiscal quarter ending December 31 driven by the expansion of its jewelry retail business in India and internationally. Net profit spiked 61% to INR 16.84 billion ($185.6 million).

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Kering reported robust performance among its jewelry maisons in the fourth quarter. Boucheron delivered double-digit gains, while Pomellato remained steady, DoDo accelerated and Qeelin showed solid momentum.

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Watches of Switzerland beat expectations in the fiscal third quarter ending December 31, driven by sustained growth in the US across categories, brands and price points, including an excellent sales performance at its Roberto Coin subsidiary.

Trade Developments

The International Diamond Manufacturers Association (IDMA) and the World Federation of Diamond Bourses (WFDB) will jointly host the World Diamond Congress in Singapore from July 12 to 15. The groups held separate events at recent congresses.

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Jewelers Mutual Group announced $10 million in funding to Savannah College of Art and Design (SCAD) to support bench jeweler education. The funding will back initiatives aimed at addressing the industry’s shortage of bench jewelers, the company said.

Strategic Moves

International Gemological Institute (IGI) acquired American Gemological Laboratories (AGL), strengthening its capabilities in colored gemstone analysis and provenance reporting. The deal will allow AGL to expand its certification services beyond the US, while diversifying IGI’s revenue base, IGI said.

Pandora will introduce platinum-plated jewelry, reducing reliance on sterling silver amid volatile commodity prices. The collection uses the company’s Evershine alloy core to deliver hypoallergenic, water- and tarnish-resistant pieces positioned for everyday wear.

Rough Market

De Beers noted firmer demand for larger, higher quality diamonds, while smaller, lower quality goods remain under pressure amid rising supply from other producers. The company reportedly raised prices for 5-carat and larger rough diamonds at its February sight, reflecting tight supply in those categories and solid demand for the 2-carat-plus polished stones they yield.

Tender house Trans Atlantic Gem Sales (TAGS) added that 5-carat and larger rough remains in solid demand and that sentiment improved after De Beers, Alrosa and Endiama reduced supply over the past month.

Financial Stress

The owners of the Ekapa diamond mine in Kimberley filed for liquidation and closed the operation after a mudslide flooded an underground section of the mine, trapping five miners who are now presumed dead.

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Mountain Province Diamonds said it will not replace CEO Mark Wall, who stepped down last year, and has paused the Tuzo pipe expansion at the Gahcho Kué mine as weak diamond demand has deepened its financial strain.

Midstream Earnings

Sarine Technologies reported revenue fell 25% to $29.6 million in 2025, with net loss of $4.2 million, as weaker polishing activity weighed on demand for its diamond manufacturing equipment.

Diamond and jewelry manufacturer Asian Star’s revenue fell 3% year on year to INR 6.68 billion (73.6 million) in the quarter ending December 31, while net profit dropped 16% to INR 94.1 million ($1 million).

Retail Trends

Lab-grown diamonds accounted for 61% of engagement ring purchases in 2025, up 239% since 2020, according to The Knot’s Real Weddings Study. The average center stone reached 1.90 carats at a lower average cost of $4,600. Natural diamond rings averaged $7,000, compared with $4,300 for lab-grown stones.

Sales across all product categories among US specialty jewelers rose 10.7% year on year in February, according to Tenoris. A 19.6% increase in the average retail price offset a 7.4% decline in unit sales. Diamond revenue grew 5.6%, driven by an 18.5% rise in the average transaction value.

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​Jewelry saw a marked improvement in China in 2025, led by the fine jewelry category, according to Bain & Co.’s 2025 Chinese Personal Luxury Goods Market report. Rising prices for rare metals reinforced the asset value that jewelry represents, the research firm noted.

Movers & Shakers

The Jewelers Vigilance Committee (JVC) elected a new board, naming Julie Yoakum, president of Kay and Peoples Jewelers, as chair. Michael Richards of Underwood Jewelers will serve as first vice president, with John Kreul appointed second vice president.

JVC named Rebecca Foerster as the recipient of this year’s Stanley Schechter Award. Foerster, president of Hearts On Fire, will receive the honor at JVC’s annual luncheon in recognition of more than two decades of leadership and service to the jewelry industry.

Chow Tai Fook has appointed seasoned luxury executive David Tse as global creative director. He will oversee the development of the Hong Kong-based jeweler’s creative identity and brand strategy across all touchpoints.