Louvre Heist
French police have arrested several suspects in connection with the theft of royal jewels from the Louvre’s Galerie d’Apollon, though the iconic pieces have not yet been recovered. The jewels include treasures once belonging to Queens Marie-Amélie and Hortense and Empresses Marie-Louise and Eugénie. The daring heist occurred early on Sunday, October 19, with the thieves fleeing in a getaway car later found burned near the museum, France’s Ministry of Culture confirmed. An investigation into the high-profile heist remains ongoing.

Holiday Outlook

The industry heads into the US holiday season with mixed expectations, as tariffs and high gold prices weigh on consumer sentiment. Shoppers plan to spend an average of $890.49 per person, about $12 less than last year, and they’re expected to seek discounts and promotional events to stretch their budgets, according to the National Retail Federation. Adobe forecasts online sales to rise 5.3% year on year for the November–December period. Generative AI tools and social media are expected to play a growing role in how consumers research products and discover deals — including in jewelry.

Marketing Push

The natural diamond industry is ramping up promotional activity ahead of the holiday season. De Beers has unveiled Desert Diamonds, its first new consumer “beacon” in over a decade, designed for jewelry retailers to adopt in collaboration with the company. Inspired by desert landscapes, the concept highlights natural diamonds in warm white to amber hues, celebrating individuality and authenticity. Meanwhile, the Natural Diamond Council (NDC) is awaiting the release of some $16 million in pledged funds, earmarked for 2025 category marketing campaigns aimed at strengthening global demand for natural diamonds.

Proposal Trends

Couples are redefining the modern proposal, diminishing the element of surprise and opting for shared decision-making when choosing the ring. According to Helzberg’s 2025 Engagement & Ring Shopping Survey, 83% of couples prefer a private proposal, yet most still select the ring together. Gen Z stands out for prioritizing sustainability, customization, and social media inspiration, with nearly 80% turning to TikTok and Instagram for ideas. Still, tradition holds strong, with 83% wanting the option to buy in-store, underscoring that jeweler expertise remains central in the search for the perfect ring. 

Financial Strain

The mining segment remains under pressure with several companies seeking financial relief. Petra Diamonds warned it may face liquidity issues if shareholders reject a plan to raise $25 million through a share offer to refinance debt and extend repayment deadlines. Burgundy Diamond Mines has requested an extension of its trading suspension until November 2025 as it seeks new funding, while Storm Mountain Diamonds, operator of Lesotho’s Kao mine, cautioned it may need to halt operations amid falling prices and is seeking government tax and royalty relief to stay afloat.

Tariffs Concerns

De Beers cautioned that its improved third-quarter sales should be viewed in the context of new US tariffs on diamond imports from India, which could weigh on future rough demand. Meanwhile, the Gem & Jewellery Export Promotion Council (GJEPC) convened an open meeting in Mumbai to address the 50% reciprocal tariffs impacting India’s gem and jewelry trade. Discussions centered on reclassifying diamonds as raw materials and exploring legal and diplomatic avenues to mitigate the impact on exporters.

Anglo's De Beers Sale

The race for Anglo American’s 85% stake in De Beers is intensifying, with Angola’s state-owned Endiama confirmed as a bidder — reportedly eyeing a majority stake — and the Government of Botswana preparing to join the next phase of negotiations. Anglo CEO Duncan Wanblad said the sale will differ from a typical divestment, with Botswana expected to play a central role given its 15% shareholding and ambition for greater control. He also left open the possibility of a De Beers spin-off, as Anglo aims to complete the sale within six months.

China Potential

Jewelry retail in Greater China showed signs of recovery in the September quarter, with Chow Tai Fook posting a 4.1% year-on-year rise in retail sales, driven by higher gold jewelry demand and supported by steady growth in gem-set, platinum, and K-gold pieces across mainland China and Hong Kong–Macau. Luk Fook reported an even stronger rebound, with retail sales up 18% and same-store sales at self-operated shops rising 10%, signaling renewed consumer appetite in the region’s jewelry market.

Luxury Momentum

High-end jewelry continued to show resilience in the third quarter. Kering Group reported double-digit jewelry growth, led by Boucheron’s strong performance in the US and Asia-Pacific, Pomellato’s well-received high jewelry line, and Qeelin’s continued momentum in Asia. LVMH, meanwhile, saw jewelry and watch sales rise 2%, driven by Tiffany & Co.’s expanding Landmark concept and its new Bird on a Rock brooch, while Bulgari posted strong demand for its Serpenti and Polychroma collections.

Mining Rebound

Diamond producers reported mixed but generally stronger results in the third quarter, as manufacturers resumed interest for rough in anticipation of holiday orders. The improvement was compared to a low base last year when the rough market was at a low point. De Beers’ rough sales more than tripled year on year to $700 million, while Petra Diamonds saw its sales double. Both companies saw significantly higher volumes and declines in like-for-like prices. In contrast, Gem Diamonds reported a 40% decline in sales of rough from its Letšeng mine in Lesotho.

Glowing Rose

Sotheby’s has unveiled The Glowing Rose, a 10.08-carat, cushion-cut, fancy vivid pink, VVS2-clarity diamond that will headline its High Jewelry Sale in Geneva on November 12. Estimated at around $20 million, it is one of only three vivid pink diamonds over 10 carats to appear at auction in the past decade. Mined in Angola in 2023 and set by British jeweler Boodles, the stone will be exhibited in Singapore, Taipei, and Geneva ahead of the sale.