Jewellery and Coins

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After years of fighting for a broader definition of the term “conflict diamond,” the World Diamond Council (WDC) says it finally has new wording it believes will attract a consensus. The current definition refers only to diamonds used to fund rebel groups, which critics have argued doesn’t reflect the present situation.

Over the years, Kimberley Process (KP) member countries have suggested new descriptions that would also include references to “systemic and widespread violence,” “forced labor,” “child labor” and “human rights abuses.”

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https://nationaljeweler.com/

While the product has entrenched itself in the market, retailers and consultants are assessing the next phase of the category’s development.

Being late to the party can be an advantage, says Constance Polamalu while relating her journey on the road to selling lab-grown diamonds. As chief operating officer of Zachary’s Jewelers in Annapolis, Maryland, Polamalu took time during the pandemic to assess opportunities in the lab-grown market.

“Our area tends to be a bit delayed in following trends and there wasn’t a big advocate for lab grown here at the time, but it was looming,” she recalls.

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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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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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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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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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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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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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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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