Spectacular Stones

A 28.88-carat, round, D-flawless diamond from Botswana’s Jwaneng mine sold for HKD 21.03 million ($2.7 million) at Sotheby’s Hong Kong High Jewelry sale. The auction totaled HKD 256.9 million ($32.8 million).

Sotheby’s expects a cushion-shaped, 6.03-carat, fancy vivid blue, internally flawless type IIb diamond from South Africa’s Cullinan mine to fetch CHF 7.2 million to CHF 9.6 million ($9.1 million to $12.2 million) at its Geneva sale on May 12.

The Ocean Dream, a triangular-cut, 5.50-carat fancy vivid blue-green diamond, will headline Christie’s Geneva Magnificent Jewels sale on May 13. Christie’s described it as the largest fancy vivid blue-green diamond certified by the GIA, with an estimate of CHF 7 million to CHF 10 million ($8.9 million to $12.7 million).

De Beers Divestment

Anglo American advanced to the next phase of its De Beers sale process, with three groups submitting revised bids ahead of the April 16 deadline. Botswana continues to seek a majority stake, Bloomberg reported.

Production Progress

De Beers Group and joint venture partner Mountain Province Diamonds plan to close the Gahcho Kué mine in 2028, earlier than the previously expected 2030 timeline, following a decision to pause the Tuzo expansion project.

Alrosa may resume development of the Mir-Gluboky underground project in 2027, a decade after flooding halted operations. The company also allocated RUB 4.4 billion ($58.5 million) to expand the Aikhal plant and extend the mine’s life to 2039.

Burgundy Diamond Mines said its Ekati mine subsidiary, Arctic Canadian Diamond Company, filed for creditor protection, with the court also granting temporary protection to Burgundy as it restructures while continuing operations.

Diamond production at the Diavik Diamond Mine rose 11% year on year to 1.04 million carats in the first quarter, according to Rio Tinto, which ended mining operations at the site in March.

Angola said rough diamond production increased 8% to 15.19 million carats in 2025. Exports totaled 17 million carats worth $1.6 billion, with 78.6% shipped to the UAE and 19.9% to Antwerp.

Rough Sales

De Beers Group reported rough sales rose 25% year on year to $648 million in the first quarter, driven by a 53% increase in volumes sold. The average price fell 19% to $101 per carat, while the rough price index declined 17% amid ongoing industry, geopolitical and tariff pressures. Production increased 17% to 7.1 million carats.

Mountain Province Diamonds said sales fell 42% to $155.7 million in 2025, reflecting weak market conditions and lower-grade ore from the Gahcho Kué joint venture with De Beers. The company posted a net loss of $279.5 million.

Robust Retail

Gross sales among US independent jewelers rose 12% year on year in April, according to The Edge Retail Academy, as higher average retail values offset lower transaction volumes. Diamond sales increased 5%.

The number of US jewelers declined 2.4% year on year to 21,949 in the first quarter, according to the Jewelers Board of Trade. The market saw 133 closures, 20 consolidations and 6 bankruptcies, while 87 new businesses opened.

The National Retail Federation forecast Mother’s Day spending would reach a record $38 billion, with jewelry the leading category. Jewelry sales were expected to total $7.5 billion, with 45% of consumers planning to buy jewelry compared to 42% last year.

LVMH reported watches and jewelry sales fell 2% year on year to EUR 2.44 billion ($2.88 billion) in the first quarter, though organic growth at constant exchange rates rose 7%. Tiffany & Co. delivered an “excellent performance,” while Bulgari also posted gains.

Kering’s jewelry sales rose 14% year on year to a record EUR 269 million ($315.4 million) in the first quarter.

Chow Tai Fook said retail sales fell 1.5% in the fiscal fourth quarter ending March 31, with improvements in Hong Kong and Macau compensating for weakness in China.

Hong Kong-based Luk Fook reported retail sales rose 19% year on year in the fiscal fourth quarter ending March 31, while same-store sales increased 33%, driven by strong gold and gem-set jewelry demand.

India-based Titan Company said sales in India rose 42% year on year in the fiscal fourth quarter, with jewelry revenue up 46%. Growth reflected higher ticket sizes, increased buyer volumes and strong demand for studded jewelry and gold.

Marketing Momentum

The inaugural World Diamond Day engaged participants across more than 50 countries, driving a 30% increase in searches and social engagement around natural diamonds, according to the Natural Diamond Council. The campaign reached over 30 million social media users.

De Beers Group expanded its Desert Diamonds campaign into bridal with a lighter, warm-toned palette for engagement and wedding jewelry. The company said the initiative builds on earlier momentum and broad industry collaboration.

Trade Watch

India’s rough imports fell 45% year on year to $720 million in March, while polished exports declined 27% to $839 million, according to the GJEPC.

Belgium’s polished imports rose 14% year on year to $843.2 million in March, the AWDC  reported. Polished exports fell 13% to $356.9 million, while rough imports climbed 76% to $312.1 million and exports rose 18% to $267.7 million.