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News In Brief
The US Supreme Court voted 6–3 to strike down President Donald Trump’s global tariffs, ruling he lacked authority to impose them...
De Beers reported an underlying loss of $739 million in 2025, more than double the prior year’s deficit, parent company Anglo American said...
Swiss watch exports declined 4% year on year to CHF 1.92 billion ($2.48 billion) in January, the Federation of the Swiss Watch Industry said…
Rio Tinto reported a 19% rise in diamond revenue to $332 million in 2025…
Lab-grown diamonds accounted for 61% of engagement ring purchases in 2026, up 239% since 2020, according to The Knot’s Real Weddings Study…
Spotlight
The Diamond Disconnect
The contrast between the performance of the retail jewelry sector and diamond mining revealed in the recent round of earnings is striking. At retail, Watches of Switzerland said its Roberto Coin business delivered an excellent US holiday season. Swatch Group noted that Harry Winston had a record month in December, while Birks Group reported comparable-store sales grew 2.5% over the November–December period. The momentum carried into January. The Edge Retail Academy estima
Calm After the Tariff Storm
The diamond industry breathed a collective sigh of relief after the US and India reached a trade deal that will eliminate import duties on India-sourced diamonds and gemstones. By way of recap, in September President Trump imposed a 25% reciprocal tariff, followed by an additional 25% penalty on all Indian imports, aimed at pressuring India to halt purchases of Russian oil. The impact was immediate and severe. India’s diamond trade was put at a massive disadvantage, with go
India Must Follow Antwerp’s Diamond Playbook
The recent trade deal between the EU and India laid bare the differing approaches to the diamond trade taken by two of the industry’s largest centers. Once again, Antwerp leveraged its position to secure favorable terms in the negotiations. Under the agreement, India reduced its tariff on imports of natural polished diamonds from the European Union to 2.5%, down from 5.5%. “This tariff reduction is the result of intensive lobbying efforts by the Antwerp World Diamond Cent
10 Predictions for the Diamond Industry in 2026
The diamond market enters 2026 in a state of flux after three punishing years from 2023 to 2025, with sustained pressure across mining, manufacturing, and retail. It does not take a futurist to see that many of the forces behind the downturn remain firmly in place. The question now is how those dynamics evolve as the industry searches for greater stability. To open the year, The Diamond Press sets out 10 developments and themes that are set to define the diamond trade in
Tough Love for Botswana
At last, someone has advised the Botswana government not to raise its stake in De Beers. As Anglo American prepares to divest from its 85% share in the diamond company, Botswana has signaled its interest in buying some or all of that stake, adding to the 15% it already owns. Until now, it seems that most of those with the president’s ear have entertained the notion that increasing the government’s stake in De Beers is a good idea. Yet Botswana is heading for its third str
Pressing Matters
What's Dragging Down De Beers?
This blog first appeared in the February 23 Pressing Matters Executive Memo. Read the full memo here, Pressing Matters . Where else can we start but with De Beers’ earnings, published on Friday. The headline you’ve likely seen by now is that Anglo American wrote down the value of its diamond unit by $2.3 billion, bringing it to $2.3 billion. In the context of its ongoing effort to sell its 85% stake, that’s a damning assessment of De Beers, of Anglo’s stewardship, and of the
Complex De Beers Sale
Happy Lunar Festival as we usher in the Year of the Horse. While we have one eye on China’s Golden Week in the coming days, our attention last week was drawn to the annual Investing in African Mining Indaba in Cape Town. The conference doesn’t usually place much emphasis on diamonds, but this year was a little different amid heightened interest in Anglo American’s sale of De Beers . Most significant were comments by Anglo CEO Duncan Wanblad that the decline in diamond pr
A Good Week For Diamonds
Every so often, I’m tempted to turn this memo into a gossip column. If I ever did, it might open with something like, OMG! I’ve got so much to tell you! Perhaps I’ve found a quieter way to indulge that instinct, because the truth is it’s been a very good week for the diamond industry. The headlines were dominated by the US–India trade deal, which will remove tariffs on diamond imports into the world’s largest jewelry market from the largest source of polished supply. The
Optimism Amid Trade Advocacy for Diamonds
February is a slightly strange month. It’s a day or two shorter than the rest, which gives it a sense of ease, as though it passes a little more seamlessly. That said, it’s an important month for the diamond industry. By now, we have a clearer view of how the holiday season played out, and jewelers have a better handle on their inventory requirements. Valentine’s Day also looms on the 14th, with the National Retail Federation (NRF) expecting record spending , including arou
Deglobalization and the Case for Fewer, Better Diamonds
Watching events unfold at the World Economic Forum in Davos, one major theme has already emerged in 2026: the era of globalization is over. That presents another challenge for the diamond industry, although it’s not necessarily a new one. The trade benefited greatly from globalization in the 2010s, as the expansion of China’s jewelry market was driven by the belief that the country could transition toward a US-style, consumer-led economy. That dynamic meant more diamonds we
Recommended
The Way Forward For Natural Diamonds
The future of natural diamonds depends less on supply, pricing, or policy, and more on how consumers perceive, experience, and emotionally connect with the product, a panel discussion hosted by CIBJO – The World Jewellery Confederation concluded at the VicenzaOro show. Panelists challenged the industry to rethink how it defines value, and whether its messaging still resonates with the public it is trying to reach. “What are the five bullet points we could craft as a consi
What to Call a Diamond
Solitaire International: A growing debate over terminology is reshaping how the trade defines and differentiates synthetics from natural diamonds. Heated exchanges at the CIBJO Congress in Paris, along with France’s reaffirmation of the term “synthetic,” have brought language back to the center of the discussion after years in which the word became largely taboo. That shift, reinforced by the Gemological Institute of America’s move away from the 4Cs in its color and clari
NDC Puts Spotlight on Record-Breaking Diamonds
Natural Diamond Council: There’s been a surge in the recovery of spectacular large rough diamonds, many of which are achieving record prices despite challenging market conditions. The question is what’s driving these discoveries, and which rough and polished stones have gone on to rewrite the record books. I was proud to contribute to the Natural Diamond Council’s latest Record-Breaking Diamonds report, which examines some of the rarest and most consequential diamonds ever re
Resilient Sales, Rising Pressures: The State of US Jewelry
Solitaire International: The US jewelry sector is on track for another year of growth in 2025, with sales up 5 percent in the first ten months of the year. Independent retailers are driving much of the momentum even as large chains still dominate overall market share. That strength comes despite heavy headwinds. A 50% US tariff on Indian imports is squeezing margins, gold above $4,100 per ounce is keeping price pressure high, and jewelry-related crime and skills shortages a
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