March 2025 News Roundup

Exceptional Stones

The Mediterranean Blue (Sotheby's)

Sotheby’s unveiled The Mediterranean Blue; a cushion-cut, modified brilliant, 10.03-carat, VS2-clarity, fancy-vivid-blue diamond that will feature in its Geneva auction in May. The diamond was cut from a rough diamond recovered at Petra Diamonds’ Cullinan mine in South Africa. It has a pre-sale estimate of $20 million.

Retail Sales

Signet Jewelers (NYSE: SIG) reported sales fell 6.5% to $6.7 billion in the fiscal year ending February 1. Net income dropped more than seven-fold to $61.2 million. Signet shares jumped 12% in pre-market trading as management projected same-store sales growth would be flat to up 2% in the first quarter.

A Brilliant Earth store (Brilliant Earth).

San Francisco-based jewelry retailer Brilliant Earth (NASDAQ: BRLT) reported revenue fell 5% to $422.2 million in 2024. Sales declined as the average order value dropped 11% to $2,269, outweighing the 7% increase in the number of orders to 186,030. Profit decreased 16% to $4 million.

Chow Sang Sang’s (HKG: 0116) revenue fell 15% to HKD 21.18 billion ($2.72 billion) in 2024, while profit declined 21% to HKD 793.6 million ($102.1 million). Economic uncertainty and record high gold prices exerted pressure on jewelry demand in greater China, the company said. Same-store sales fell 15% with the metric for gem-set jewelry down 38%.

Retail sales of jewelry, watches and clocks in Hong Kong fell 18% year on year in January, the municipality’s Census and Statistics Department reported. Overall retail sales declined 3% to $35.3 billion during the month, supported by the earlier arrival of the Lunar New Year, a spokesperson said.

Swarowksi’s jewelry sales grew 9% in 2024 as its lab-grown diamond segment more than doubled during the year. Store profitability was up 7%, the crystals company reported. Swarovski registered growth in all regions, with like-for-like sales in Europe up 11%, the America’s rose 10%, and Asia increasing 3%, despite a slowdown in China.

Retail Strategy

Signet Jewelers (NYSE: SIG) unveiled a new strategy to brand the businesses in its portfolio, modernize its presentation, create stronger distinction between natural and lab-grown diamonds, and cut costs, which will include the closure of approximately 150 stores. (watch video analysis)

Jewelers of America (JA) launched a three-year strategic plan that “will help propel the association forward,” it said. JA also updated its mission statement stressing that it “empowers and unites its members through expert guidance and advocacy, driving excellence, integrity, and success in an ever-changing marketplace."

Tanishq store in Atlanta (Tanishq)

Indian jewelry retail brand Tanishq has expanded its presence in the US with the opening of stores in Atlanta and Seattle. Tanishq is part of Titan Company (NSE: TITAN) and now has six locations in the US. It aims to offer gold and diamond jewelry for South Asian traditions and contemporary American tastes, the brand said.  

Jewelry Execs

LVMH (EPA: MC) appointed Jean-Christophe Babin as CEO LVMH Watches, effective April 1. Babin will simultaneously continue as CEO of the Bulgari jewelry business, the luxury group said. LVMH watch division includes the Hublot, TAG Heuer, and Zenith maisons.

Stephen Barnes has assumed ownership of the Independent Jewelers Organization (IJO) from long-time owner Jeff Roberts, the group announced. Barnes has served as IJO president since August 2023. He is also CEO of his family business Barnes Jewelers, a retail jewelry store in Goldsboro, North Carolina.

Australia-based Michael Hill (ASX: MHJ) appointed Andrew Lowe as interim CEO following the passing of Daniel Bracken. Lowe is the retail jeweler’s chief financial and supply chain officer and will serve as CEO while the board conducts a global search for a permanent CEO, the group said.

Trade Affairs

(Christian Lue: Unsplash)

The European Union threatened to impose tariffs on a range of US goods in response to US tariffs on aluminum and steel imports from the EU. The countermeasures, set to take effect in April, include loose polished diamonds, as well as rubies, sapphires, emeralds, and jewelry metals such as silver, platinum, and palladium.

The Gem & Jewellery Export Promotion Council (GJEPC) named Kirit Bhansali as chairman and Shaunak Parikh as his deputy for the next two years. Bhansali said he plans to advance India’s jewelry industry through strategic initiatives, innovative projects, and collaborative efforts.

Diamond Data

​India’s polished exports fell 20% year on year to $1.36 billion in February, according to data published by the Gem & Jewellery Export Promotion Council (GJEPC). By volume, polished exports declined 7% to 1.74 million carats, while the average price dropped 14% to $782 per carat. Rough imports slumped 52% to $757 million.

Belgium’s polished exports fell 24% year on year to $783.7 million, while polished imports dropped 22% to $420.8 million in February, the Antwerp World Diamond Centre (AWDC) revealed. Rough imports declined 48% to $246.9 million and rough exports slumped 51% to $241.3 million.

Midstream Earnings

An IGI lab (IGI)

International Gemmological Institute (IGI) reported revenue grew 17% to INR 10.53 billion ($120.8 million), and profit after tax rose 29% to INR 4.27 billion ($49 million) in 2024. Rising demand for diamond certification drove growth as the number of grading reports the company issued increased 27% to 10.5 million during the year.

Mining Matters​

Anglo American (LON: AAL) has begun talks with banks about listing De Beers in a public offering, Bloomberg reported. Anglo continues to simultaneously seek a buyer for De Beers, the report continued, after announcing its plans for an exit from the diamond business last year.

S&P Global Ratings revised its economic outlook for Botswana from stable to negative, on expectation that weak global diamond demand and depressed prices will curb Botswana’s exports and financial position. The recently concluded deal between the Botswana government and De Beers is expected to significantly benefit the country, S&P added.

Alrosa has placed two of its mining operations on care and maintenance, a move the Russian miner expects will cut costs by RUB 9 billion ($106 million). While the properties accounted for just 3% of Alrosa’s total output, the company maintained its 2025 production plan to recover 29 million carats.

Mining Earnings

Alrosa’s revenue fell 26% to $239.1 million in 2024, while profit slumped 77% to $19.3 million. The company is subject to sanctions restricting diamond imports to G7 nations. Alrosa said it is taking measures to support the sustainable development of the business, although a deterioration of the situation may negatively affect its financial position.

The Ekati mine (Burgundy)

Burgundy Diamond Mines (ASX: BDM) incurred a net loss of $94.7 million in 2024. The loss resulted from an impairment cost relating to plant and equipment “due to the decrease in diamond prices,” Burgundy said. This was the first full year of operations as Burgundy acquired the Ekati ine in mid-2023. It reported revenue of $442.1 million for 2024.

Mountain Province Diamonds (TSE: MPVD) reported a net loss of $80.8 million in 2024, from a loss of $43.7 million the previous year. Reduced Chinese demand and uncertainty surrounding higher volumes of cheaper, lab-grown impacted diamond prices, the mining company said. Sales fell 19% to $267.7 million for the year. 

Gem Diamonds (LON: GEMD) saw profit rise five-fold to $8.1 million in 2024, as revenue grew 10% to $154.2 million. The average price from its Letšeng mine in Lesotho increased 4% to $1,390 per carat, driven by an increase in the recovery of large stones, the mining company reported. (Watch video analysis).

Lucapa Diamond Company reported revenue fell 26% to $58.5 million in 2024. A net loss of $2.8 million was an improvement from the loss of $10.9 million in 2023 when costs from discontinued operations weighed on earnings. The average price achieved fell 27% to $1,980 per carat, despite strong demand for large diamonds from its Lulo mine in Angola.

Rough Sales

Lucapa (ASX: LOM) sold two white, type IIa rough diamonds recovered at the Lulo mine for a total $3.5 million. The 93-carat and 78-carat stones were sold at a tender hosted by Angola’s state diamond marketer Sodiam, achieving an average price of $20,400 per carat, Lucapa said.

Diamonds presented at a TAGS tender (TAGS)

Transatlantic Gem Sales (TAGS) garnered $15.4 million at its March tender of rough diamonds larger than 10.8 carats in Luanda, Angola. The sale, conducted in association with Sodiam, presented 36 stones weighing 1,448.37 carats. The tender had a 95% sale through rate, with prices well in excess of reserve, TAGS said.