Mumbai-based diamond manufacturer Asian Star reported group revenue fell 12% year on year to INR 7.48 billion ($78.4 million) in the fiscal fourth quarter ending March 31, as loose-diamond sales dropped 28% to INR 4.79 billion ($50.2 million). Jewelry sales rose 30% to INR 3.04 billion ($31.9 million), while the company posted a net loss of INR 59.5 million, an improvement from a year earlier. Full-year revenue slipped 2% to INR 29.03 billion ($304.3 million), and net profit declined 2% to INR 404.8 million ($4.2 million).

 

The African Diamond Producers Association has called for the exclusive use of the 4Cs grading system and carat measurements for natural diamonds, while synthetic stones should be labeled only as “synthetic” and measured in grams or kilograms. The resolutions were approved during the group’s 11th Ordinary Meeting of the Council of Ministers in Sierra Leone, where members also endorsed a new communication strategy and a framework to strengthen technical diamond skills across member states.

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Gem Diamonds reported first-quarter revenue rose 49% year on year to $32.1 million, driven by a 78% increase in the average price to $1,878 per carat. Excluding the sale of 10 large special diamonds weighing a combined 363 carats that fetched $7 million, or $19,284 per carat, the average price from run-of-mine production at the Letseng mine was $1,501 per carat.

 

Luxury group Richemont reported sales rose 5% to EUR 22.42 billion ($26.02 billion) in the fiscal year ending March 31, while profit increased 27% to EUR 3.48 billion ($4.03 billion). Jewelry sales grew 6% to EUR 12.21 billion ($14.17 billion) and watches rose 5% to EUR 7.16 billion ($8.31 billion), though operating profit at its jewelry maisons fell 4% to EUR 3.15 billion ($3.65 billion) due to weakness in Asia Pacific, Japan and the Middle East & Africa.

 

Hong Kong’s polished diamond imports rose 7% year on year to $2.71 billion in the first quarter, while polished exports increased 9% to $2.98 billion, according to the Diamond Federation of Hong Kong, China. Growth was driven by a 50% rise in trade with India, while trade with China fell 17%; rough imports climbed 36% to $311.1 million and exports grew 43% to $338.4 million.

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Russia plans to introduce diamond export duties this year to support its struggling domestic diamond-cutting industry, Deputy Finance Minister Alexei Moiseev said, according to Reuters. The proposed “lenient” tariffs, currently under discussion with Alrosa, would apply only to rough diamonds considered economically viable to manufacture within Russia.

 

GCAL by Sarine has launched an 8X grading standard for cushion-cut diamonds, expanding its cut-grading program to one of the jewelry industry’s most popular fancy shapes. The system evaluates eight factors including brilliance, fire and shape aesthetics, and is available for both natural and lab-grown diamonds.

 

India has raised gold import duty to 10% from 5%, prompting the Gem & Jewellery Export Promotion Council (GJEPC) to encourage sales of lower-karat jewelry and greater use of recycled gold to reduce imports. The industry body warned the higher duties could increase smuggling, raise export costs and deepen liquidity pressures for small manufacturers.

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India’s polished-diamond exports fell 20% year on year to $891 million in April, according to the Gem & Jewellery Export Promotion Council, as average prices declined 18% to $665 per carat and export volume slipped 2%. Rough imports dropped 29% to $848 million, reflecting a 14% decline in volume and an 18% fall in average prices, while polished lab-grown diamond exports decreased 16% to $93.3 million, with volume down 23%.

 

Watches of Switzerland reported revenue rose 13% year on year to GBP 1.83 billion in the fiscal year ending May 3, driven by an 18% increase in its US business, including 16% growth in its Roberto Coin US wholesale division. Luxury jewelry revenue climbed 18% at constant exchange rates, while luxury watch sales increased 13%.

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World Federation of Diamond Bourses said Botswana and Angola have joined the organization as nation-affiliated members following its international summit in Gaborone on May 18. The WFDB said the move reflects the growing role of producer countries in shaping the future of the natural diamond industry.

 

A Canadian court has extended creditor protection for the operator of the Ekati mine until July 28 as the company pursues a restructuring process, owner Burgundy Diamond Mines said. The court also approved interim debtor-in-possession financing and a sales and investment solicitation process. Burgundy blamed its financial difficulties on weak natural diamond prices, competition from lab-grown diamonds, higher fuel costs and broader market instability.

 

Gemological Institute of America CEO Pritesh Patel has been appointed as a director of De Beers’ traceability platform Tracr, according to a filing by Tracr Limited. The appointment follows reports that the GIA was in talks last year to acquire a stake in Tracr, though the platform remains wholly owned by De Beers.

 

US retail sales rose 5.7% year on year in April, marking the seventh consecutive monthly increase, according to the CNBC/NRF Retail Monitor. Eight of the nine retail categories tracked posted growth, with furniture and furnishing stores the only segment to decline.

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The UK’s Advertising Standards Authority upheld complaints against Novita Diamonds and Linjer Ltd for misleading consumers by advertising synthetic diamonds without clearly identifying them as laboratory-grown, according to the Natural Diamond Council (NDC). The regulator ruled the ads breached UK advertising rules and instructed the companies not to describe synthetic diamonds simply as “diamonds” without a prominent qualifier such as “synthetic” or “laboratory-created.”

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The Ocean Dream sold for $17.4 million at Christie’s Geneva, setting a record for the most expensive fancy vivid blue-green diamond ever sold at auction, the company said. The triangular-cut, 5.50-carat, type II diamond led the Magnificent Jewels sale, which achieved $66.5 million and was 99% sold by lot.

 

Sotheby’s Geneva High Jewelry sale achieved $30.1 million with 93% of lots sold. A pair of unmounted 18.38-carat diamonds, both D-color and graded flawless and internally flawless respectively, ranked among the top lots, selling for $3.3 million, while the leading item, a cushion-shaped, 6.03-carat, fancy-vivid blue, internally flawless diamond, was not listed among the sold lots.

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Visual artist and jewelry designer Reena Ahluwalia’s painting, “The Legacy of the Winston Red Diamond,” has joined the permanent collection of the Smithsonian National Museum of Natural History, becoming the first contemporary artwork to enter the institution’s National Gem Collection. The piece centers on the 2.33-carat Winston Red Diamond, one of the world’s rarest fancy red diamonds, which is on display at the museum, and explores the gem’s scientific, historical and cultural significance.

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Mountain Province reported a net loss of CAD 65.1 million ($47.5 million) in the first quarter, widening 89% year on year as sales fell 9% and production costs at the Gahcho Kué mine, its joint venture with De Beers Canada, rose 29%. Higher production was offset by ongoing pricing pressure, CEO Jonathan Comerford said.

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Sarine Technologies appointed Tzafrir Engelhard as CEO, succeeding David Block who will step down at the end of June. Engelhard has spent nearly 20 years at Sarine in various roles, most recently serving as vice president of business development.

 

The fancy color diamond market remained stable in the first quarter, with stronger resilience among vivid and intense color grades in larger sizes, according to the Fancy Color Research Foundation (FCRF). The group’s overall index declined 0.2% during the quarter, with pink and blue diamonds each down 0.3%, while yellow diamonds were unchanged.

 

Titan Company reported revenue jumped 80% year on year to INR 271.61 billion ($2.84 billion) in the fiscal fourth quarter ending March 31, driven primarily by strong jewelry sales. Operating profit in the jewelry segment rose 37% to INR 18.75 billion ($195.9 million), while full-year group revenue increased 45% to INR 881.36 billion ($9.2 billion) and operating profit grew 47% to INR 54.88 billion ($573.4 million).

 

Petra Diamonds reported sales rose 63% year on year to $68 million in the third fiscal quarter ending March 31, driven by a 40% increase in volume sold and a 17% rise in the average price achieved. Results were also boosted by the sale of a 41.82-carat blue diamond for an undisclosed amount, while net debt increased to $298 million with the company’s revolving credit facility fully drawn.

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Ronnie VanderLinden, president of the International Diamond Manufacturers Association (IDMA), was confirmed as president of the World Diamond Council at the group’s annual general meeting in Antwerp on May 7. He succeeds former De Beers executive Feriel Zerouki following her two-year term, while Anoop Mehta, president of eth Bharat Diamond Bourse, was appointed vice president.

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Lucara Diamond Corp reported revenue fell 28% year on year to $21.8 million in the first quarter, mainly due to a 30% decline in sales of large special stones to HB to $13.6 million. The decrease reflected lower volumes sold and a weaker average price per carat, while net loss widened to $14.6 million from $139,000 a year earlier.

 

Chow Tai Fook expects net profit for the fiscal year ended March 31, 2026, to increase about 45% to 55% year on year, according to a filing by its board of directors. The projected growth reflects improved gross profit margins from higher gold prices, a stronger retail and fixed-price jewelry sales mix, and disciplined cost management, it said.

 

Christie’s unveiled the Azure Blue, a 31.62-carat, fancy blue, pear-shape diamond that will headline its Magnificent Jewels auction in New York on June 9. The diamond is the largest fancy blue pear-shape diamond ever to appear at auction, according to Christie’s, and carries a pre-sale estimate of $6.5 million to $8.5 million.

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Brilliant Earth reported sales grew 6% year on year to $99.5 million in the first quarter, driven by a 2.5% increase in total orders to 46,692 and a 3.3% rise in the average order value to $2,131. Net loss more than doubled to $8.5 million amid higher costs and expenses.

 

Polished diamond prices showed mixed trends in April, according to Rapaport’s RapNet Diamond Index (RAPI). The index for 0.30-carat diamonds rose 2.6% during the month, while 0.50-carat goods increased 1.3% as production cuts reduced inventories and supported prices, the company said. RAPI for 3-carat diamonds firmed 0.3%, while the 1-carat index declined 1.4%.

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Pandora reported revenue fell 3% year on year to DKK 7.11 billion ($1.12 billion) in the first quarter, citing weaker consumer sentiment in the US. Sales of lab-grown diamonds declined 17% to DKK 75 million ($12 million), while net profit fell 14% to DKK 942 million ($149 million). The company also unveiled a “design-led” strategy aimed at driving growth.

 

Pandora is adding carbon footprint disclosures to its lab-grown diamond product information alongside the traditional cut, color, clarity and carat grading criteria. The company claimed a 1-carat Pandora lab-grown diamond generates 12.58 kg of CO2e emissions and said it would share its methodology with the wider jewelry industry to encourage greater transparency. The Natural Diamond Council dismissed Pandora’s claims as a publicity stunty that contained misleading information about the comparative environmental impact of natural and lab-grown diamonds.  

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RioZim Limited said it would fight a court bid to place the company under financial rescue, rejecting claims that it is struggling to pay its debts and could become insolvent. The application was filed by a minority shareholder, while RioZim noted Zimbabwe’s courts had already dismissed a similar case against the company last year. The company has suspended production at its Murowa mine, the Herald newspaper reported.

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Hong Kong’s sales of jewelry, watches, clocks and valuable gifts jumped 27% year on year in March, according to the Census and Statistics Department. Total retail sales rose 13% to HKD 33.9 billion ($4.32 billion), with the department expecting momentum to continue amid recovering local demand, sustained tourism growth and a favorable macro-financial environment.

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Birks Group Inc. was fined CAD 51,562.50 ($37,714) by Canada’s financial intelligence agency, FINTRAC, following a compliance examination related to anti-money laundering and terrorist financing regulations. FINTRAC said the jeweler failed to maintain updated compliance procedures, properly assess and document risks, and conduct mandatory compliance reviews every two years.

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Gross sales among US independent jewelers grew 12% year on year in April, according to The Edge Retail Academy. Growth was driven by a 17% rise in the average retail value, offsetting a 5% decline in unit sales. Diamond sales increased 5%, with the average sale rising 9% and volumes declining 4%.

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Mountain Province reported a 5% year-on-year decline in sales to $29.2 million, as the average price fell 53% to $34 per carat despite sales volume doubling to 858,173 carats. Production at the Gahcho Kué mine surged 163%, with Mountain Province’s share totaling 983,006 carats. The company added it has extended the maturity of its term loan and working capital facility to June 30, 2026, and sold nearly $1 million in diamond receivables for $833,000 to support liquidity.

 

Burgundy Diamond Mines said its subsidiary Arctic Canadian Diamond Company, which operates the Ekati mine, has filed for creditor protection under Canada’s Companies’ Creditors Arrangement Act, with the court also temporarily shielding Burgundy from creditor claims. The company plans to use the process to restructure while continuing operations, citing weak diamond demand, US tariffs and rising costs as key pressures.

 

Production at the Ekati mine fell 53% year on year to 380,000 carats in the first quarter, Burgundy Diamond Mines reported, while sales volume dropped 81% to 230,000 carats. The company’s net debt rose by about $40 million during the period to $136.3 million at March 31.

 

South Africa’s Diamond Dealers Club and Rough Diamond Dealers Association have merged to form the Diamond Gem & Jewellery Association of Southern Africa (DGJASA), creating a unified body to represent diamantaires, gem dealers and jewelers. The new organization aims to strengthen industry coordination and advocacy, with Molefi Letsiki appointed as its inaugural president and Claudia May its vice president.

 

Alrosa may resume development of the Mir-Gluboky underground project in 2027, a decade after flooding halted operations at the mine, the company said following a forum of its production divisions. It has also allocated RUB 4.4 billion ($58.5 million) to develop the Aikhal mining and processing plant, extending the Aikhal mine’s life to 2039. The company added about 57 million carats to its diamond reserves in 2025.