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Diamonds – Mining, Lab-Grown and Conflict/Blood

In Potential Russia Sanctions Removal, Diamonds Illustrate the Complexities – by Brad Brooks-Rubin (Just Security – April 10, 2025)

https://www.justsecurity.org/

Amid intense uncertainty and speculation about the future of sanctions related to Russia’s full-scale invasion of Ukraine in 2022, companies across all sectors are beginning to imagine what a future of sanctions relief may mean for them.

One of those sectors is that of mining and sales of natural diamonds, which is navigating a number of major challenges, only some of which are directly or indirectly connected to business involving Russia. In any case, what happens in the diamond industry related to Russia could be particularly instructive for other sectors because of its exposure to Western consumers, the physical capability of tracing the product along the supply chain from beginning to end, and its experience with mechanisms intended to improve and promote standards for responsible business.

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Low diamond prices raise risk of early closure of N.W.T. mines, experts say – by Luke Carroll (CBC News North – April 4, 2025)

https://www.cbc.ca/news/canada/north/

All three N.W.T. diamond mines reported millions of dollars of losses in 2024

All of the N.W.T.’s diamond mines are reporting millions of dollars in losses from last year as they deal with inflation and slumping diamond prices.

With just a short time left in the lifespan of the three mines and more potential economic turbulence ahead, experts believe there is risk the mines could close — and leave the territory with no economic replacement plan — earlier than expected.

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Diamond and Jewelry Trade Braces for Impact of US Tariffs – by Joshua Freedman (Rapaport Magazine – April 3, 2025)

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The US has placed tariffs of 10% on imports from all countries and higher duties on India, prompting concern and uncertainty in the diamond and jewelry industry. US President Donald Trump announced the move on Wednesday, saying the reciprocal tariffs would protect American workers and strengthen the nation’s economy.

The 10% levy will be the baseline for all countries and will go into effect on April 5, the White House explained in a fact sheet. There will be higher reciprocal tariffs on specific countries with which the US has the largest trade deficits, the document continued. These will take effect on April 9.

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Sierra Leone’s Kono District: You can’t sit by the river and wash your hands with spittle – Op ed – by Abdul Rashid Thomas (Sierra Leone Telegraph – April 2, 2025)

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When wife of the president of Sierra Leone – Mrs Fatima Bio joined a strike action by workers from Koidu Limited Mining Company (KLMC) in protest against the company, her detractors wasted no time in condemning her action, as attention seeking or misuse of her privileged position as the First Lady.

Irrespective of her position as First lady, those who know Fatima Bio believe that she did so as a citizen and daughter of the soil. As for those who don’t know, Fatima grew up on the foothills of the very hills that are being blasted daily by the mining company. Fatima grew up around the Koquima and Boroma environs of Sefadu.

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A Thrilling Yellow Diamond Discovery at Rio Tinto’s Diavik Mine – by Jane Asher (Natural Diamonds – April 1, 2025)

https://www.naturaldiamonds.com/

This exciting new discovery is sure to make natural diamond history.

A new diamond discovery from Rio Tinto’s Diavik mine in Canada’s Northwest Territories has been unearthed, a thrilling discovery for the natural diamond industry. The 158.20-carat rough diamond is one of the largest gem-quality yellow diamond ever discovered in Canada, the third-largest natural diamond producer in the world. Rio Tinto’s yellow diamond discovery is sure to make history.

The rough diamond is only one of five yellow diamonds weighing over 100 carats ever discovered at Diavik in its 22-year history. The mine, located just 200 kilometers south of the Arctic Circle, primarily produces white gem-quality diamonds. This yellow diamond discovery falls into the less than 1% category of yellow diamond production from Diavik, making it an ultra-rare gemstone.

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Surat diamond workers threaten to go on strike from March 30 (Hindustan Times/MSN.com – March 29, 2025)

https://www.msn.com/en-in/

Ahmedabad: The diamond workers of Surat have threatened to go on an indefinite strike from March 30 if their demands are not met, including wage hike and higher price. The looming strike marks the peak of months of rising tensions in an industry that polishes 80% of the world’s diamonds but is now grappling with its worst crisis since 2008.

“We will take out a rally in Katargam area of Surat on Sunday before going on an indefinite strike if the government does not meet our demands by then. We expect at least 1.5 to 2 lakh workers to join us in the strike,” said Bhavesh Tank, vice-president of Diamond Workers Union Gujarat (DWUG) which has given the strike call.

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“The Narrative About Lab-Grown Diamonds Is Changing” – by Victoria Gomelsky (JCK Online.com – March 19, 2025)

JCK.com

After years of growth driven by retailers hooked on enormous margins, the lab-grown diamond market may be at an inflection point, says Paul Zimnisky, a diamond industry analyst who’s closely followed the lab-grown sector for more than a decade.

“I can definitely feel the narrative changing,” Zimnisky tells JCK. “There’s been this incessant narrative that lab-grown diamonds are God’s greatest gift. There’s nothing wrong with them, but I think the industry is putting itself in a difficult position given how heavily it’s promoting lab-grown.

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Botswana targets rich young Americans with big, natural diamonds – by Antony Sguazzin, William Clowes and Mbongeni Mguni (Bloomberg News – March 15, 2025)

https://www.bloomberg.com/

Botswana, the world’s largest diamond producer, is betting that selling big gems to rich young Americans will ease its economic woe and it is trying to catch their eye via Instagram and TikTok.

That gamble saw it dip a toe into the world of luxury advertising last week, wining and dining social media influencers at a Michelin star restaurant in New York’s Greenwich Village to pitch affluent 20- and 30-somethings on natural rocks over lab-grown rivals.

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Opinion: The Kimberley Process: An Illusion of Ethics? – by Dr M’zée Fula Ngenge (CNBC Africa – March 13, 2025)

https://cnbcafrica.com/

Dr M’zée Fula Ngenge is Chairman of African Diamond Council.

Confronting its Limitations, Failures and the Broken Promise of a ‘Year of Delivery’

The Kimberley Process Certification Scheme (KPCS) is beset by a confluence of structural, operational, and ethical deficiencies that collectively undermine its legitimacy, efficacy, and relevance within the global diamond industry.

These challenges are not merely incidental, but are deeply entrenched in the Kimberley Process’ (KP) institutional framework, rendering it ill-equipped to address the evolving demands of ethical sourcing, transparency and accountability.

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Rising Lab-Grown Popularity Drives Down Engagement-Ring Spending – by Leah Meirovich (Rapaport Magazine – March 13, 2025)

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US couples spent 5% less on engagement rings last year as lab-grown diamond center stones gained in popularity. Consumers who took part in a recent survey paid approximately $5,200 on average for their engagement rings in 2024, down from $5,500 the previous year, according to a report from wedding resource

The Knot. That figure also declined 10% from 2022 and 13% from 2021. The decrease came as for the first time, more than half of center stones purchased were lab-grown. The trend toward synthetics in engagement rings in 2024 grew 6% from a year ago and 40% from 2019, the survey found.

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Dubai’s Meteoric Rise to Global Diamond Hub – by Avi Krawitz (Rapaport Magazine – February 18, 2025)

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The Emirati city’s central location and favorable business conditions have helped push it to prominence as a trading center.

Amid the frantic schedule of Dubai Diamond Week in November, executives of KGK Group casually welcomed visitors to their new diamond and jewelry office. Nestled on the 51st floor of Almas Tower, home of the Dubai Diamond Exchange (DDE), the 1,200-square-meter space has a spectacular view of the Jumeirah Lakes Towers district and the ever-rising Dubai skyline.

KGK, a Mumbai-based manufacturer, expanded its presence in Almas to accommodate the distribution of polished diamonds from its non-Indian manufacturing facilities. Its factories in Angola, Botswana, Namibia, and South Africa account for 50% to 60% of the company’s production, says vice chairman Sanjay Kothari.

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The 2024 Diamond Crisis: An Industry at Its Breaking Point – by Shimon Gerstensang (Rapaport Magazine – February 13, 2025)

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Systemic flaws and the growing competition from synthetics are combining to bring down polished prices. What can the trade do to ensure its long-term survival?

The global diamond industry is experiencing its deepest crisis in history. The sharp decline in demand and polished-diamond prices, which began in late 2022 and intensified throughout 2023 and 2024, reflects a multidimensional dilemma: unprecedented competition from synthetic diamonds, deep structural weaknesses in the industry, and substantial losses throughout the supply chain, particularly among manufacturers who have failed to adapt their business models to the changing reality.

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Lab-Grown Diamonds Offer a More Sustainable Jewelry Option in Miami – by Caroline Val (Miami New Times – February 21, 2025)

https://www.miaminewtimes.com/

The trend is growing among younger customers, who see synthetic stones as a cost-effective alternative to natural gems.

Marilyn Monroe once famously sang, “Diamonds are a girl’s best friend,” and that sentiment still appears to hold true — even if the diamonds aren’t real. Lab-grown diamonds, or synthetic diamonds grown in a lab setting, are becoming much more popular among young people in search of an environmentally and economically friendly alternative to organic gems.

Fifth Avenue-based jeweler Liori Diamonds, which has a store in Sunny Isles, sells both the natural and lab-grown variety. “They’re optically the same, and they are chemically exactly the same,” says Jesse de Leon, one of Liori Diamonds’ founders.

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The Story of Idar-Oberstein (Gemporia.com – September 12, 2019)

https://www.gemporia.com/en-gb/

Idar-Oberstein is a German town located in the west of the country just 45 miles from the border with Luxembourg, and 80 miles west of Frankfurt. As the crow flies, it is just under 450 miles away from our TV studios in the Midlands.

You might not have heard of it before, but it’s an incredibly important place for the gemstone cutting industry, and it has been held in high regard for hundreds of years. Here, we delve into the history and significance of the town and learn how a small area of Germany came to have such a significant impact on the gemstone world.

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[Evalyn Walsh McLean/Hope Diamond] The Lady and the Diamond – by Gary Cohen (Vanity Fair – August 1997)

https://archive.vanityfair.com/

On Saturday, April 26, 1947, the temperature in Washington, D.C., crept toward 70 degrees, and the magnolias and azaleas were in bloom. Taking little pleasure in the gorgeous weather, however, were those in a somber parade of the city’s most prominent citizens, which included a senator, a newspaper publisher, and even a Supreme Court justice.

They were paying a last visit to their friend Evalyn Walsh McLean, for almost 50 years one of the most exuberant and eccentric figures of Washington society. A stunning figure even into old age, with her tiny waist and chic dresses from Paris couture houses, Evalyn had also been the city’s most extravagant hostess. Her parties had sometimes featured three orchestras and as many as 2,000 guests, among whom were the president, Cabinet members, and diplomats.

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