May 2026 News Roundup
- 6 days ago
- 10 min read
Mergers & Acquisitions
The Gemological Institute of America (GIA) has bought a 30% stake in Tracr, the De Beers-backed blockchain platform that tracks the provenance of natural diamonds. The investment marks a step in Tracr’s transition to an independent, industry-wide platform and builds on an existing collaboration that integrates provenance data into eligible GIA grading reports, De Beers and the GIA said. GIA CEO Pritesh Patel has been appointed as a director of Tracr, according to a filing by Tracr Limited.
Signet Jewelers has acquired bespoke natural diamond jeweler The Clear Cut for an undisclosed sum. The company will operate within Signet’s digitally focused Blue Nile division, strengthening its offering of higher-value natural diamond jewelry, Signet said.
Botswana and Angola have joined the World Federation of Diamond Bourses as nation-affiliated members following the WFDB’s international summit in Gaborone. The move reflects the growing role of producer countries in shaping the future of the natural diamond industry, the organization said.
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.
Marketing
De Beers unveiled Desert Diamonds Icons, the next phase of its natural-diamond marketing campaign, at the JCK Las Vegas show. The initiative follows early success from the Desert Diamonds campaign, which helped drive higher natural-diamond sales in the US in the fourth quarter of 2025 and the first three months of 2026, the company said.
The Gem & Jewellery Export Promotion Council has joined the Natural Diamond Council, becoming the first industry body to progress to membership under the 2025 Luanda Accord framework. The move strengthens industry collaboration around natural diamond marketing, consumer education and category growth, the NDC said.
Special Auctions
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 announced. 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 lots sold.
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.
Polished Prices
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%.
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.
Trade Trends
Mumbai-based diamond manufacturer Asian Star (BSE:ASAN) 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).
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. Polished lab-grown diamond exports decreased 16% to $93.3 million, with volume down 23%.
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.
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.
Miner Developments
Alrosa (MSE:ALRS) 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.
Petra Diamonds (LSE:PDL) 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.
Petra placed its Finsch mine in business rescue after weak diamond prices pushed the operation into financial difficulty. The company said prices for Finsch’s mainly smaller diamonds continued to fall and it sees little prospect of a near-term recovery, prompting broader cost-cutting measures across the group.
Lucara Diamond Corp (TSE:LUC) 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 Antwerp 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.
Mountain Province (TSE:MPVD) reported a net loss of CAD 65.1 million ($47.5 million) in the first quarter. The deficit widened 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.
Mountain Province Diamonds is seeking shareholder approval to delist from the Toronto Stock Exchange as it explores options to address its financial difficulties, including taking the company private. The miner had just CAD 219,000 ($158.740) in cash and approximately $290.6 million in debt at the end of March and said the move would give it more flexibility to pursue a restructuring. Separately, the company 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.
Gem Diamonds (LSE:GEMD) 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.
A Canadian court has extended creditor protection for Arctic Canadian Diamond Company, 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.
Production at Ekati fell 53% year on year to 380,000 carats in the first quarter, Burgundy 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.
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.
Retail on the Rise
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%.
Total 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.
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.
Jewelry Earnings
Luxury group Richemont (SIX:CFR) 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.
Titan Company (BSE:TITN) 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).
Chow Tai Fook (HKEX:1929) 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.
Brilliant Earth (NDAQ:BRLT) 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.
Watches of Switzerland (LSE:WOSG) reported revenue rose 13% year on year to GBP 1.83 billion ($2.46 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%.
Pandora (CPH:PNDORA) 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.
Considering Duties
Russia plans to introduce diamond export duties this year to support its struggling domestic diamond-cutting industry, Reuters reported citing Deputy Finance Minister Alexei Moiseev. The proposed “lenient” tariffs, currently under discussion with Alrosa, would apply only to rough diamonds considered economically viable to manufacture in Russia.
India has raised its 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.
Lab-Grown Response
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.
Botswana President Duma Boko has taken a similar position, saying in a Newsweek interview he is pushing for stricter labelling requirements in the US that more clearly distinguish natural diamonds from their synthetic counterparts.
Disputed Claims
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.
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.”
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.
Movers & Shakers
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.
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.
The Responsible Jewellery Council (RJC) has appointed new officers and board members following member voting at its annual general meeting. Edward Asscher of Royal Asscher Diamond Company was elected vice chair, while representatives from De Beers, Tiffany & Co., Rosy Blue, Cartier and IGI were among those joining the board.
The Government of Botswana and De Beers have appointed former African Development Bank president Dr. Akinwumi Adesina as chairperson of the Diamonds for Development Fund. Adesina will assume the role on June 15 and help guide the fund’s efforts to support economic diversification, job creation and long-term development in Botswana.
