The Israel Diamond Exchange (IDE) has suspended its membership of the World Federation of Diamond Bourses (WFDB), in light of US tariffs on global trade, include a 17% tariff on imports from Israel. The move is partly due to the lack of response from the world body, according to a report by Rapaport. IDE will focus on cooperating with the World Diamond Council (WDC) to mitigate the challenge by working with one professional and mission-focused body, IDE said in a Hebrew statement to its members.   

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The Gemological Institute of America (GIA) will temporarily expand services offered in Dubai and Hong Kong in response to logistics challenges related to recently announced tariffs affecting global shipments of gemstones, the GIA said.  Its labs in the US will continue to accept diamonds, colored stones and pearls from clients in the US or with a US country of origin, it added.

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Investment group Middle West Partners has acquired US jeweler David Webb for an undisclosed amount. New York-based POP Capital co-invested in the deal, while prior owner Mark Emanuel will maintain a minority stake in the business. The group also appointed James Weiss, an advisor on the deal, as its new CEO.

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Scientists from the Gemological Institute of America (GIA), the Smithsonian National Museum of Natural History Department of Mineral Sciences and the curator from the Paris School of Mines examined the Winston Red diamond. Through their analysis they could determine the cause of the 2.33-carat rare red color and its possible geographical origin.

 

Titan Company reported sales grew 25% year on year in the fourth quarter ending March 31, and by 21% in the full fiscal year. The jewelry division led the charge, driven by a significant increase in gold prices and robust demand for higher value items during the three-month period. Studded jewelry registered low, double-digit growth, while the solitaire segment saw a rise in both buyer volume and value, Titan said.

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President Donald Trump announced a sweeping 10% tariff on all imports into the United States, with several countries subject to higher reciprocal tariffs that will take effect on April 9. Among the diamond trading centers, India will be subject to a 27% duty, the European Union 20%, Switzerland 31%, China 34% and Israel 17%. Beneficiation countries Botswana will absorb a 38% tariff, South Africa 30%, Namibia 21%, Angola 32% and Lesotho 50%.

 

The tariff hike has fueled uncertainty in the diamond trade, with many fast-tracking shipments into the US ahead of the April 9 deadline. Polished prices have reportedly increased as suppliers and dealers seek to absorb the anticipated higher costs.

 

The Gemological Institute of America (GIA) has temporarily stopped accepting goods at its labs abroad that need to be shipped to the US for service, due to the new tariffs, Rapaport reported. The institute has also asked clients outside the US to refrain from submitting goods directly to its US labs, the report added.

 

Alrosa unveiled The New Sun diamond, cut from the largest rough colored diamond ever recovered in Russia. The resulting fancy vivid yellow polished stone weighs more than 100 carats, Alrosa said. The diamond appears as a cushion shape in the company’s images.

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Rio Tinto recovered a 158.20-carat yellow diamond at its Diavik mine in Canada. While yellow diamonds account for less than 1% of Diavik production, the stone is one of only five yellows larger than 100 carats recovered in 22 years of the mine’s operation, Rio Tinto said.

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Christie’s New York garnered $10.1 million at its online jewels sale. The top lot was a ring with pear-shape, 2.97-carat, fancy purplish pink, VS-clarity center stone, flanked by two shield-shaped diamonds weighing 1-carat to 1.50-carat, which sold for $579,600, the auction house reported.

 

Burgundy Diamond Mines CEO Kim Truter will step down from his role at the company’s annual meeting on May 27. He informed the board of his intention to retire, having served as CEO and managing director since 2022. Board member Jeremy King will serve as interim CEO during the recruitment process for a successor.

 

The National Retail Federation (NRF) expects US retail sales will rise between 2.7% and 3.7% over 2024 to between $5.42 trillion and $5.48 trillion. The sector grew 8.1% in 2024. While ethe economy maintained a positive momentum so far in 2025, significant policy uncertainty is weighing on consumer and business confidence, the NRF said.

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