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Diamonds – Mining, Lab-Grown and Conflict/Blood

Diamond market ‘still missing a spark:’ Zimnisky – by Colin McClelland (Northern Miner – February 14, 2025)

Global mining news

After two difficult years marked by falling prices, where does global demand for diamonds go from here? Independent diamond analyst and consultant Paul Zimnisky weighs in. What’s the general outlook for the diamond industry this year? Do you see a recovery or consistent challenges?

We could see a modest recovery in natural diamond demand and prices in 2025. Given the difficult conditions the last two years, the comparative base has come down quite a bit. All it would take is a stable U.S. and a slightly better China to yield a moderate recovery as industry inventories improve throughout the year.

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A Reminder on Valentine’s Day: That Diamond Might Not Be Conflict-Free – by Alex Cuadros (New York Times – February 13, 2025)

https://www.nytimes.com/

In the lead-up to Valentine’s Day, people across the world rush to buy diamond engagement rings. By now most will know that in the past, many diamonds were mined in African war zones where rebel groups used the proceeds to fund their violent insurgencies. To assuage any guilt that may taint the romantic gesture, the diamond industry tells us that today, 99 percent of diamonds are now “conflict-free.”

It’s true there has been progress. A generation ago, as much as 15 percent of global diamond production was believed to be linked to conflict. But in 2003, thanks to public pressure and awareness campaigns by organizations like Global Witness, a certificate system known as the Kimberley Process was born.

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‘Unclear’ US Diamond Rules Signal Move to Traceability – by Joshua Freedman (Rapaport Magazine – February 4, 2025)

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New requirements to state “country of mining” leave a lot of unanswered questions.

The diamond industry was in mild shock when news came through of the latest US import requirements. Customs and Border Protection (CBP) said it would be obliging companies to state the “country of mining” when importing diamonds from April 2025. This puts a burden on the trade to step up its traceability efforts.

The new rules emerged quietly in stages. On October 22, 2024, CBP gave 60 days’ notice about the plan and requested comments by December 23. Few in the industry even saw this. Then the federal agency published a Trade User Information Notice, labeled “Last updated: January 14, 2025.” It distributed this in a bulletin on January 23. Shipping company Malca-Amit sent a letter to customers about the update around a week ago. It seems that it was this letter that got the trade’s attention.

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Shhh… I Sort of Regret Not Buying a Lab-Grown Engagement Ring – by Lilah Ramzi (Vogue Magazine – February 7, 2025)

https://www.vogue.com/

Like a thunderclap followed by a jag of lightning—that’s how suddenly the desire to be engaged, and to receive the requisite sparkling diamond, struck me. From that moment, my husband and I became jewelry-obsessed. While he plunged headfirst into the labyrinth of 4Cs and the Diamond District, I agonized over every design detail—right down to the precise curvature of the prongs that would cradle my diamond.

Yet, for all our meticulous deliberations, one possibility never crossed our minds: a lab-grown diamond. We were traditionalists, and tradition dictated a mined stone. (Plus, if I’m really being honest, we were a little snooty about it.)

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Anglo American nears De Beers spinoff as Botswana weighs stake rise – by Cecilia Jamasmie (Mining.com – February 7, 2025)

https://www.mining.com/

Anglo American (LON: AAL) is moving closer to spinning off its diamond unit, De Beers, after the government of Botswana confirmed interest in increasing its stake in the world’s leading diamond producer by value.

De Beers has been on the chopping block since May 2024, when Anglo announced plans to either sell the unit or launch an initial public offering (IPO). This decision came as part of a reorganization initiated after Anglo fended off a failed £39 billion ($49 billion) takeover bid by Australian rival BHP.

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De Beers seals sales and mining contract with Botswana – by Cecilia Jamasmie (Mining.com – February 3, 2025)

https://www.mining.com/

De Beers, the world’s leading diamond producer by value, has concluded negotiations with the Botswana government on a new sales agreement and the extension of mining licenses for their joint venture, Debswana, until 2054.

The finalized agreement, the Anglo American (LON: AAL) unit said on Monday, follows discussions aimed at setting a new framework for the sale of rough diamond production from Debswana, a 50:50 partnership between De Beers and Botswana. The deal also secures the renewal of Debswana’s mining licenses, which were previously set to expire in 2029.

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De Beers Kept Prices Steady. Now What? – by Joshua Freedman (Rapaport Magazine – January 27, 2025)

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The miner faces competing pressures as the focus shifts to negotiations with Botswana.

The news at last week’s De Beers sight was what soccer fans might call “off the pitch.” The sale itself was uneventful. The miner left rough prices unchanged at the first cycle of the year after December’s sharp reductions. It allowed 20% buybacks for all goods — a mechanism that lets sightholders sell the least profitable stones back to the company. Demand was weak, with sales value expected to be low.

But the question on sightholders’ lips was what would happen next. One of the main reasons for the low sales was De Beers’ high prices. The miner’s rough remains significantly more expensive than the tender and auction market.

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Signet, Synthetics, and a Complex Holiday Season – by Joshua Freedman (Rapaport Magazine – January 20, 2025)

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Poor results at the US’s largest diamond retailer reflected a fragmented and changing market rather than a crisis in consumer demand.

Signet Jewelers’ disappointing holiday results had a dampening effect on the industry’s mood. Same-store sales at the US’s largest diamond retailer fell 2% for the 10 weeks that ended January 11. The company slashed its guidance for the fiscal fourth quarter. Its share price fell 22% in one day.

What the results indicated, however, was not so much sluggish consumer demand as a complex US jewelry market that has forced retailers to strategize carefully. The key issue for Signet was product range, the jeweler’s new CEO, J.K. Symancyk, said at the ICR Conference 2025 on Tuesday, a few hours after the sales announcement.

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Invisible engravings, ethical diamonds: the technology that tracks stones from mine to market (Euro News – January 2025)

https://www.euronews.com/

International laws prohibit the trade of diamonds from countries in conflict, but for now, it is impossible to be certain of the origin of the precious stones. A Polish laboratory has found the solution.

Could the diamond in your engagement ring come from a country in conflict, like Russia? Not legally, and there is now a technology developed by a European project in Poland that could prevent it from happening illegally in the future.

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Canadian Mining Hall of Fame adds Boyd, Giustra, MacLean, Sheahan – by Colin McClelland (Nothern Miner – January 13, 2025)

https://www.northernminer.com/

Sean Boyd, the chair of Agnico Eagle Mines recalled when the company’s performance prompted CNN’s Mad Money host Jim Cramer to eat a crow sandwich on air. Boyd’s mother was watching. “That man wasn’t very nice to you today,” she said.

Cramer was recanting his conviction after only a poor quarter. Boyd never wavered in his commitment and actually booked the TV appearance to avoid accusations of ducking out when times were tough. “The producer said ‘Well, thanks for coming on, at least you got to give your side of the story,’” Boyd recounted. “And I said, ‘Remember: I called you,’ and he said, ‘That’s why you’re coming on again.’”

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Korean market embraces lab-grown diamonds – by Back Byung-yeul (Korea Times – January 13, 2025)

https://www.koreatimes.co.kr/

The global diamond market is undergoing a transformative shift, with lab-grown diamonds emerging as a formidable force. This shift is particularly evident in Korea, where these ethically sourced and cost-effective gems are quickly gaining popularity, carving out a niche in the wedding and anniversary jewelry sectors, according to Iris Arnold, CEO and founder of the U.K.-based jewelry company Novita Diamonds.

“Lab-grown diamonds are undoubtedly a game changer in the jewelry industry. They are revolutionizing the market by making diamonds more accessible and aligning with consumer values around sustainability and ethics,” Arnolds told The Korea Times in a recent written interview.

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Are lab-grown diamonds too bling for their own good? – by Staff (Northern Miner – January 7, 2025)

Global mining news

Diamonds grown in the lab are shining brighter than natural stones by grabbing market share, but their kryptonite could be the low prices and large carats indicating they really are in a different category, analysts and companies surveyed by The Wall Street. Journal say.

Post-pandemic demand for diamonds surged in 2021-2022, but then prices dropped by 8% compared with the first quarter of 2020 and lab-grown diamond (LGD) prices plunged by three quarters, the Wall Street Journal reported Friday, citing industry analyst Paul Zimnisky.

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The Jewelry District, Episode 137: Guest Ian Smillie – by Kathy Passero (JCK Online – December 18, 2024)

JCK Online

JCK editor-in-chief Victoria Gomelsky and news director Rob Bates talk with human rights activist and author Ian Smillie, one of the architects of the Kimberley Process. Ian’s unlikely career began when he volunteered to teach high school in Sierra Leone more than 50 years ago and has led him to become a leading advocate for ending the “blood diamond” trade.

In this episode, Ian discusses his quest to improve life for artisanal miners, the threats they face from the rise of lab-grown stones, and his new memoir about a life dedicated to combatting global poverty. Victoria and Rob welcome Ian Smillie, a Canadian human rights activist who was instrumental in the campaign against blood diamonds.

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Obituary: Diamond hunter Chris Jennings played a key role in finding Diavik deposit in Northwest Territories – by Matthew Hart (Globe and Mail – December 12, 2024)

https://www.theglobeandmail.com/

On Nov. 12, 1991, the Australian minerals giant BHP issued a spare, eight-sentence press release that dropped like a bomb on Canadian mining. At a tiny lake 300 kilometres northeast of Yellowknife, the company and its Canadian partners had discovered microdiamonds.

Canada would become a major diamond producer, but at the time the news stunned the mining community. Diamonds in the Arctic? A group of men and women who had spent their lives ransacking Canada for minerals gathered for a late-night meeting in Toronto as they tried to understand the news.

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The Kimberley Process Has Failed at Its One Job. Let It Do Something Else. – by Rob Bates (JCK Online.com – December 5, 2024)

JCK Online

In mid-November, the Kimberley Process (KP) lifted its embargo against the Central African Republic (CAR); there’s a good backgrounder here. In this special guest editorial, Brad Brooks-Rubin — who has worked for the U.S. government, industry associations, and a nongovernmental organization (NGO) — gives his view on what this means for the certification scheme’s future.

Recently I walked into a jewelry store and asked about blood diamonds. The salesperson, leaning on their training, talked to me about the Kimberley Process certification scheme. Per the standard industry talking points, I was told that 99% of diamonds are conflict-free and that the KP helps support local development in diamond-mining countries.

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