Dear IDMA Members and Industry colleagues,

IDEX's Editor, Joh Jeffay, this past Friday began his weekly Memo with a question: "Baffled by the G7 sanctions on Russian diamonds?" he asked. "You're not alone. Frankly, it's been a bit of a muddle, and you'd be forgiven for losing track. The simple version is that the G7 nations - US, UK, Canada, Japan, France, Germany, Italy, plus the 27 EU countries - agreed last December to outlaw most Russian diamonds. Together, they represent 70 percent of all retail diamond sales."

Jeffay continued and praised the Responsible Jewellery Council (RJC) for "a fine job of collating information on how different countries are tackling the current 1.0-cts ban. Unfortunately, the phrase 'more information to be released' crops up again and again."

Here in the United States, we're fortunate that the federal government has consulted with the American diamond and jewelry industry and trade, has been highly responsive, and consequently has come up with a practical and workable method and system to address and report on the origin of imported diamonds, both rough and polished.

Still, uncertainty is the rule for our colleagues in the G7 countries and colleagues who do business with partners in G7 countries.

Of course, there is nothing new under the sun: for decades, uncertainty has been the only constant in our busineses. Many of our colleagues in IDMA, myself included, still fondly remember the outcry of our German colleague, diamond manufacturer Karl-Heinz Meng, who at an IDMA meeting more than two decades ago, when the Kimberley Process Certification Scheme (KPCS) was about to be implemented, shouted out: "And what am I supposed to do with my old stock [of rough]?

Unfortunately, I expect we will hear many similar outcries from colleagues worldwide as governments and authorities will be reviewing their confusing legislative and decision-making processes. We can only hope they will have the wisdom to continue to consult with their countries' diamond and jewelry trades’ leadership and seek their input.

Hope springs eternal!

Meanwhile, stay tuned and stay safe!

Ronnie VanderLinden,

President

The diamond represents a record-breaking recovery for Liqhobong, in the highlands of Lesotho, as it is the largest diamond of its quality recovered from the mine to date,

Antwerp's diamond dealers face long and costly delays following an EU ban on Russian-origin diamonds that took effect on March 1 and has slowed imports, they say.

De Beers Canada Inc. has filed an application with the Mackenzie Valley Land and Water Board to build the mine at Gahcho Kue in the Northwest Territories, about 90 km east of De Beers’ first Canadian mine, Snap Lake.

Both diamonds were recovered in February, from the terraces of Mining Block 46 at the Lulo mine, in Angola, with a 162 ct diamond recovered first, and a 116 ct diamond recovered the following day.

A total of $21.3 billion of rough diamonds were traded in the UAE in 2023. Historically focused on rough diamonds, Dubai’s diamond industry now sees polished diamonds contributing 44 per cent to the total trade value.

De Beers reported it sold $430M worth of rough diamonds in the second five-week sales cycle of 2024, up from $374M in the year's first five-week cycle.

The highly mechanised underground operation is currently 70% complete and will produce around 4 million carats of diamonds annually, Construction and production ramp up at Venetia will continue over the next years, extending the mine's life to at least 2045

Maroon Capital, owned by Israeli investor Gilad Shabtai, will be required to recommence operations at the mine, potentially bolstering the local economy and employment opportunities.

To underpin confidence in the provenance of diamonds, De Beers has also progressed the collaboration between Tracr and Sarine Technologies through the signing of a heads of terms.

If implemented, such a boycott could harm Namibia’s economy, as Israel is a key trading partner with the nation’s diamond mining industry.

This move comes as Trans Hex, a former Johannesburg Stock Exchange (JSE)-listed entity, shows revitalized signs of life with its renewed focus on marine mining and operations in Angola, alongside its recent dividend payouts.

With the threat of jail looming, Minerals Minister, Lefoko Moagi, has backed down in the stand-off with Gchwihaba Resources, finally carrying out High Court’s order to renew the Canadian miners’ prospecting licence.

The underground expansion is expected to double mine life and generate significant revenue and cash flow until 2040, benefiting the company, employees, shareholders, surrounding communities, and Botswana.

The 9th African Diamond Producers Association (ADPA) ordinary meeting of the Council of Ministers has begun amid calls for member states to harmonise diamond policies and enhance the sharing of ideas to realise value from the natural resource.

Gutnick acted improperly and failed to meet his obligations as director of Merlin. Gutnick is disqualified from managing corporations until 3 March 2028. He has the right to seek a review of the decision.

Vintage signed pieces by names like Van Cleef & Arpels, Cartier, and Bulgari will also be up for grabs. The star of the show, however, is a 15.51-carat fancy vivid yellow diamond

The Hedda Schupak-Baum Memorial Media and Communications Scholarship aims to support aspiring journalists, media professionals, content creators, and communicators. 

Running from March 11 to 21, the Jewels Online sale comprises jewels, diamonds, and colored gemstones. The piece de resistance is a dazzling diamond ring by Harry Winston.

The thing is, the colored gemstone market has always been and remains a true market - the price of this commodity is determined by the law of supply and demand. There has never been a monopoly here.

Real estate investment firm Arkhouse Management and asset management firm Brigade Capital Management have increased their bid to $6.6 billion

After 32 years of service, John Kennedy will be stepping down as president of the Jewelers’ Security Alliance at the end of 2024. The search for his successor is underway.

“It is a critical time for the RJC to continue to grow and lead the global supply chain in setting standards for our industry,” Meleski said

NFU Mutual said these products were failing to hold their value. For example, according to jewellery specialist Doerr Dallas Valuations, a three carat lab grown diamond was worth £16,500 in 2021 and only £7,500 in 2023.

Wafer-thin nano-membranes from synthetic diamonds can be integrated into electronic components, thereby reducing the local heat load by up to 10 times.

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