Diamond Blog by MID House of Diamonds

NEW DE BEERS RESEARCH IDENTIFIES TRENDS THAT SHAPE HOW YOUNGER CONSUMERS UNDERSTAND AND BUY DIAMONDS

The report found that 36 percent of women overall and 39 percent of Gen Z now specifically seek information on a jewelry brand’s ethical credentials when buying diamond jewelry. Some 40 percent of women overall said that knowing about the positive impact of diamonds on local mining communities would make them more likely to buy diamonds, while this proportion went up to 50 percent for Gen Z consumers.

DURABILITY A PRIMARY DRIVING FACTOR IN SUSTAINABILITY FOR CONSUMERS OF LUXURY PRODUCTS, SAYS NEW REPORT

The durability of a high-end luxury product, enhancing its aura of perceived sustainability, is increasingly a driving factor for affluent consumers, notes a report published jointly by Bain & Company’s Milan-based consultancy and the World Wide Fund for Nature (WWF). It is an element that could play into the hands of the jewelry trade, in that, unlike fashion clothing, jewelry is inherently durable.

303.1-CARAT FANCY YELLOW COLORED DIAMOND SET BE AUCTIONED PROVIDES A FASCINATING TALE STRETCHING BACK ALMOST 40 YEARS

Sotheby’s has just announced that its sale in New York on December 7 will feature the Golden Canary, a pear-shaped stone weighing 303.1-carat, with a fancy-deep-brownish-yellow hue. It is the largest flawless or internally flawless diamond ever graded by the Gemological Institute of America (GIA).

ONCE UNTHINKABLE, ZIMBABWE SET TO BECOME CHAIR OF THE KIMBERLEY PROCESS IN 2023

For much of the first two decade of the current century, Zimbabwe was considered an international pariah. Led by an authoritarian and increasingly brutal president, who had headed its government since end of minority white rule in 1987, the nation had seen its economy spiral to a point that it could no longer feed its own population.

WHILE U.S. CALLS FOR STRICT SANCTIONS AGAINST RUSSIA, KIMBERLEY PROCESS UNLIKELY TO ACT IN CASE OF UKRAINE WAR

On October 24, 2022, the head of the Office of Sanctions Coordination at the U.S. State Department’s, Ambassador James O’Brien, met with a group of leading American diamond retailers, manufacturers, and laboratories. The meeting focused on the diamond industry’s implementation of Russia-focused sanctions and broader due diligence standards.

RECORDS FALL WHEN WILLIAMSON PINK STAR SELLS FOR $57.7 MILLION AT SOTHEBY’S IN HONG KONG

Auction house Sotheby’s recording a stunning result at its stand-alone single lot sale in Hong Kong on October 5, 2022, when the 11.15-carat Williamson Pink Star sold for $57.7 million, more than twice as much as its pre-sale estimate.

DESPITE INFLATION, INTEREST RATE HIKES AND WAR IN UKRAINE, U.S. ECONOMISTS OPTIMISTIC ABOUT UPCOMING HOLIDAY SEASON

One month after Labor Day, traditionally regarded the end of the summer hiatus, and the U.S. retail is already counting down to the holiday season, which will kick off with the Thanksgiving Day weekend at the end of November. While certain signs are ominous, like the still rampant rate of inflation and war clouds in Ukraine, the mood in the market is still relatively even.

Singapore’s spectacular skyline at night

AS SINGAPORE HOSTS JEWELLERY & GEM WORLD, MANY WONDER WHETHER HONG KONG WILL EVER RETURN

As they have for many years already, gemstone and jewelry buyers headed for Asia this September for a show orchestrated by Informa Markets. But their destination was not Hong Kong this time, but rather Singapore, which hosted Jewellery & Gem World for the first time, but was still billed as the biggest B2B jewellery sourcing destination of the year in her region

OCTOBER AND NOVEMBER MAY BE TINGED IN PINK, WITH AUCTIONS FEATURING TWO EXCEPTIONAL STONES

If all goes as planned, October and November should have a decidedly pink tinge, at least as far as the world’s two leading auction houses are concerned. On October 5 in Hong Kong, and then one month later in Geneva, two large fancy pink stones will go on the block, and together could net the companies in excess of $50 million.

AS EVENTS IN THE RUSSIA-UKRAINE WAR HEAT UP, PRESSURE BUILDS IN THE EU TO ENACT ROUGH DIAMOND BAN

Russia’s highly controversial and suspect referendum in four regions in east and southeast of Ukraine, and its stated intent to immediately annex some 15 percent of Ukrainian territory, have once again raised the issue of European Union sanctions on imports of rough diamonds from the Russian Federation.

THE CONNECTION OF THE JEWISH PEOPLE AND DIAMONDS: FROM THE HIGH PRIEST’S BREASTPLATE TO RAMAT GAN

When diamonds were discovered in Kimberley, South Africa, Jewish immigrants were among the thousands who arrived to seek their fortune. Among them was Londoner Barney Barnato, who together with Alfred Beit, a German Jewish financier and Cecil John Rhodes, created the De Beers conglomerate.

The three symbols of British royal power

FUNERAL OF QUEEN ELIZABETH II FOCUSES WORLD ATTENTION ON IMPERIAL CROWN, SCEPTER AND ORB

As the world has become transfixed by the pomp and pageant of the funeral of Queen Elizabeth II, three items of royal jewelry have caught the public’s attention, held above her casket as the late regent lay in state, and then again during the funeral service and procession, all the way to her final resting place in St. George’s Chapel at Windsor Castle.

LUXURY INDUSTRY LOOKS TO NEW TECHNOLOGIES TO ENHANCE OPERATIONAL EXCELLENCE, CLIENT RELATIONS AND SUSTAINABILITY

The global luxury goods industry is accelerating its adoption of new technologies, looking to improve operational excellence, reduce their product’s carbon footprint and make customer relations more transparent, according to a new analysis released today by Bain & Company for the Comité Colbert, the French luxury trade association.

WITH THE DEATH OF QUEEN ELIZABETH II, INDIANS RENEW CALL FOR RETURN OF KOHINOOR

The accession of Charles III as king, has revived a centuries old debate about some of the country’s Crown Jewels, and in particular the Kohinoor Diamond, which was brought to London from India during the reign of Queen Victoria.

1.5-CARAT VIVID PINK DIAMOND TO BE TESTAMENT TO EAST AFRICA’S SOLE MAJOR DIAMOND MINE

One of only two internally flawless fancy vivid pink diamonds of over 10 carats ever to come to auction, The Williamson Pink Star, is expected to make waves when offered at Sotheby’s in Hong Kong on October 5, and has being forecast that it will sell for more than $21 million.

IT MAY BE RAINING DIAMONDS A MERE 4.33 BILLION KILOMETERS AWAY

There has long been speculation among scientists about vast quantities of diamonds, or possibly even planets comprised almost entirely of diamonds, located outside of our solar system. A new study published in the academic journal, Science Advances, confirms it most probably is in fact closer to home, on Uranus or Neptune.

GAME, SET AND MATCH: THE ROMANCE OF TENNIS AND DIAMONDS

The special relationship between tennis and diamond jewelry predates Serena Williams. Popular history says it started at the 1987 U.S. Open, when one the most celebrated women’s player at the time, Chris Evert, was remembered to have asked for a time out from officials during a game. But maybe it was before then.

RISING YOUTH UNEMPLOYMENT IN CHINA LOOKS TO THREATEN INVINCIBILITY OF CHINA’S LUXURY MARKETS

The almost 20 percent youth unemployment rate that was announced by the Chinese National Bureau of Statistics earlier this month was the highest rate ever reported since the agency began publishing the index in January 2018. It will almost certainly impact the growth prospects of the country’s luxury sector.

U.S. ECONOMY STILL PRESENTS A CONFUSING PICTURE, BUT DIAMOND AND JEWELRY SALES MAY BE COOLING

All eyes are generally focused on the U.S. economy, and especially those of those of the diamond industry, which makes more than half its sales each year, at least in terms of value, as the song says, from sea to shining sea. For many, this current year provides a confusing picture, in part because the economic data are a deceptive, and in part because its depends on who is interpreting them.

AS LAB-GROWN DIAMONDS MARKET SHARE INCREASES, INDIAN DIAMOND INDUSTRY TAKES AN INCREASING INTEREST

The one country where the industry is clearly rethinking its position on laboratory-grown diamonds is India. Not only is the country a fast-growing center for laboratory-grown diamond production, but it was one of the first centers to formalize the laboratory-grown diamond trade.

CALLS ARE RENEWED IN U.S. PRESS TO DESIGNATE ROUGH GOODS MINED IN RUSSIA AS CONFLICT DIAMONDS

The possibility that diamonds sourced in the Russian Federation could be designated as conflict goods, as a result of the country’s invasion of neighboring Ukraine, and thus be subject to Kimberley Process restrictions, is getting renewed attention in the United States, largely the result of a lengthy article printed in the New York Times.

WHILE INFLATIONARY CLIMATE WORRIES MASS RETAILERS, WEALTHY CONSUMERS STILL SPENDING ON HIGH-END LUXURY

While concerns about the resurgent inflation rate are causing sleepless nights for many mass retailers, with the price of food and energy in up substantially from where they were last year, luxury brands seem to coping exceedingly well, and to a degree are disconnected from what is happening elsewhere in the market.

SIGNET TO CONSOLIDATE ITS STATUS AS LEADING DIGITAL PLAYER BY PURCHASING BLUE NILE FOR $360 MILLION

In a little more than five years, Signet has transformed itself from an underperforming also-ran in the online diamond jewelry business to most probably its most important player, certainly in the markets where it is most active.

RING SET WITH 24,679 STONES DECLARED LATEST HOLDER OF GUINNESS DIAMOND WORLD RECORD

There are a number of off-beat records listed by Guinness pertaining to diamonds. These include the most diamonds set in a handbag, a toilet seat, a perfume bottle, cellphone and lipstick case.

DE BEERS REPORTS HEALTHY SIX MONTH RESULTS, BUT IS LESS OPTIMISTIC ABOUT SECOND HALF OF 2022

De Beers has reported a strong first six months of the year, with revenues increasing to $3.6 billion, up from $2.9 billion in 2021. This it said came as the midstream of the diamond pipeline replenished stocks following healthy consumer demand over the holiday season.

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