Diamond Gems Weekly - July 15.
Have you ever felt like the world is a tuxedo and you’re a pair of brown shoes? to quote comedian George Gobel. Well, I think that’s how I viewed coverage of the spectacular Ambani wedding in India.
Oohing and aahing through the endless stream of social media posts, you just know there is nothing quite like an Indian wedding.
My insecurities aside, the wedding of Anant Ambani, son of Asia’s richest man Mukesh Ambani, to Radhika Merchant, among many other things brought a display of some of the most incredible jewels.
It got me thinking about the role of celebrity in driving the desire for diamonds. Some of the most iconic and memorable diamond moments have been in pop culture – whether through film, on the red carpet, informally on the street, or at magnificent occasions such as the Ambani wedding.
Like it or not, celebrity adds to the provenance of jewelry. The industry needs to nurture that, particularly in India where such occasions generate such a buzz.
So that’s where we start in this week’s round up of the most important stories shaping the diamond market:
1. Check out jewelry influencer Julia Chafe’s Instagram (jewelswithjules) for her engaging and somewhat entertaining first-hand coverage of the wedding. PS, you should be following Julia regardless.
2. Now, back to reality… Diamond production hit historic lows in 2023. As much as that reflects the state of supply, the real story is in demand. I discuss in my latest Diamond Minute Video.
3. We’ll see the extent to which that trend is continuing this year as several 2Q production reports are due for publication, among other stories that are expected to unfold in the week ahead.
4. Rio Tinto has closed one of the main pits at its Diavik mine in Canada temporarily due to unstable ground, Rapaport reported.
5. India’s polished-diamond exports fell 26% year on year to $1.02 billion in June, while rough imports dropped by a similar margin to $1 billion, according to data from the Gem & Jewellery Export Promotion Council (GJEPC). The drop reflects market weakness and more goods being manufactured in Botswana.
6. Weak demand and a supply glut have created a perfect storm for manufacturers... one of the reasons why India’s Diamond Trade is Suffering.
7. International Gemological Institute (IGI) appointed Tiffany Stevens as chief business officer and head of sustainability for North America. Stevens is the former CEO of the Jewelers Vigilance Committee (JVC) and replaces Avi Levy in her new role at IGI.
8. The Antwerp World Diamond Centre (AWDC) reelected Isidore Mörsel as president. Mörsel is the CEO of Dali Diamonds and has served as AWDC’s president since David Gotlib resigned in September. Ravi Bhansali, vice president of Rosy Blue, was elected AWDC’s vice president.
9. I really enjoyed this Exit Interview With Longtime Signet Spokesman David Bouffard, which takes us on a fascinating journey through Signet’s growth. On a personal note, I always appreciated David’s responsiveness and willingness to share his perspective, both as spokesperson for Signet and in his role as chairman of the Responsible Jewellery Council (RJC).
10. Let’s get back to the wedding, shall we? Anant Ambani wore this vivid yellow diamond lion brooch by Lorraine Schwartz at the wedding. (Image credit: instagram.com/lorraineschwartz).
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