Omni-channel jewelry retailer Brilliant Earth has released two lab-grown diamond jewelry collections that it says use 100% renewable energy.

The companies supplying the stones meet “Brilliant Earth’s supplier code of conduct,” which includes “safe and healthy working conditions for all employees,” the San Francisco-based firm said Tuesday. However, it didn’t reveal the firms’ names.

The first line, The Capture Collection, employs “carbon-capture” technology to produce diamonds that are cut and polished into traditional and fancy shapes for bridal and fine jewelry. The diamonds are produced with renewable energy, Brilliant Earth said. The companies manufacturing the diamonds are located in the same region, which minimizes transportation emissions, it added.

Brilliant Earth is the first company to offer diamonds harnessing carbon captured from the air at scale directly to consumers, CEO and cofounder Beth Gerstein said.

The second line is the Renewable Collection, which uses renewable energy — primarily during the growing process — generated from wind and solar farms. This is the first time Brilliant Earth is offering lab-grown diamonds that employ renewable energy during the growing process.

Brilliant Earth has audited over 92% of its lab-grown diamond manufacturers “to ensure healthy working conditions, reasonable working hours, and fair wages,” it said.

The company’s recently announced partnership with Tracr, De Beers’ blockchain technology platform for natural diamonds, will enabling the tracking of thousands of natural diamonds from the source to customers.

Image: A ring from The Capture Collection. (Brilliant Earth)

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Cryptocurrency mogul Richard Heart allegedly used proceeds from the sale of unregistered securities to buy the 555-carat Enigma diamond, according to the US Securities and Exchange Commission (SEC).

The SEC has charged Heart — who was born Richard Schueler and who created the Hex cryptocurrency token — with selling the securities to raise more than $1 billion from investors. It alleges that Heart and his PulseChain company committed fraud by misappropriating at least $12 million of those funds to purchase luxury items, including sports cars, watches and the diamond.

“Heart called on investors to buy crypto asset securities in offerings that he failed to register,” Eric Werner, director of the SEC’s Fort Worth regional office, said in a statement Monday. “He then defrauded those investors by spending some of their crypto assets on exorbitant luxury goods.”

The Enigma, which is believed to have come from outer space, is the largest faceted diamond of any kind to appear at auction. Heart purchased it from Sotheby’s at a one-off sale in February 2022 for GBP 3.2 million ($4.3 million). At the time, Heart tweeted that he had bought the stone and would rename it the Hex.com diamond as a nod to his cryptocurrency platform, calling it a “match made in heaven.” Hex has a “5555 day club” comprising people who hold 5,555-day Hex stakes — the longest possible stake in the electronic token.

Sotheby’s, which accepted payment for the Enigma, was not mentioned as a defendant in the SEC’s lawsuit.

“Sotheby’s does not comment on individual transactions, but we can confirm we have established due diligence procedures, tailored and updated to take account of our requirements to conduct business in compliance with applicable laws and regulations,” the auction house stated.

Image: The 555.55-carat Enigma black diamond. (Sotheby’s)

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The Responsible Jewellery Council (RJC) can now remove members — a capability it famously lacked during last year’s Alrosa controversy, executive director Melanie Grant revealed on the Rapaport Diamond Podcast.

“If members bring us into disrepute, we can vote as a board and expel them,” she explained. “We didn’t have the ability to do that before in the way that would have needed to have been done at the time. So we had to change our articles and then we had to change our membership agreement.”

The RJC’s inability to eject Alrosa following the start of Russia’s war in Ukraine prompted several members to leave the organization, including Cartier and Pandora as well as Kering’s jewelry brands. The diamond miner, in which Russia owns a 33% stake, eventually suspended itself.

“About 11” of those companies that left have not returned, Grant said. “I would love to talk to the 11 to sit down with them and talk about how we’ve evolved and how we can work together in the future,” she said.

The jewelry stylist and writer, who joined the RJC in January, appeared on the podcast with Rapaport Editor in Chief Sonia Esther Soltani and News Editor Joshua Freedman. They discussed Grant’s first six months at the RJC, the latest developments at the group, and what she does with her limited spare time.

The RJC is also working on a standard for lab-grown diamonds, which she hopes will be ready next year, the executive said.

Listen to the podcast here:

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The July-August 2023 edition of Rapaport Magazine is out now in print and online for readers to explore, with this month’s focus on the holiday season’s most anticipated jewelry styles. Perennial classics, color, and sentimental pieces are what gifters and self-purchasers are most likely to splurge on this year, according to leading independent retailers.

On the cover is Feriel Zerouki, the new head of the World Diamond Council (WDC) and a leader through her roles at De Beers and other organizations. In an exclusive interview, she shares her vision of bringing more openness to the trade.

Other stories include a trip to the newly reopened Broken English boutique in New York, a look at why retailers are renovating their premises, and a report on store owners’ strategies for carrying lab-grown diamonds.

In our “Colored Gemstones” section, we introduce the mesmerizing and increasingly popular ammolite. We also investigate the struggles of the lapidary-art sector and get the lowdown on zircon.

Elsewhere in the issue, we speak with up-and-coming designer Cece Fein-Hughes of British brand Cece Jewellery, which has grown exponentially in the short time it’s been on the scene. We sit down as well with the award-winning Alix Dumas, who came back from Las Vegas with the Couture Design Awards’ first-place accolade for high jewelry.

Green gems, playful pearls and small timepieces are among the myriad trends we spotlight in this issue. Additionally, we have reports from the recent Magnificent Jewels sales in Geneva, New York and Hong Kong, and takeaways from the State of the Art Jewelry Summit at Harvard University.

As usual, the July-August magazine features essential Rapaport insights and diamond-market data, including the Rapaport Price List — exclusively for subscribers to the print issue. 

The above articles are from the July-August 2023 issue of Rapaport Magazine. View other articles here.

Image: Feriel Zerouki. (Sam Kerr/Début Art)

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Hong Kong retail sales continued their upward trajectory in June amid a rise in the number of visitors to the municipality and an improvement in consumer sentiment.

Revenue from jewelry, watches, clocks and valuable gifts jumped 64% year on year to HKD 5.56 billion ($713 million) for the month, according to data the government’s Census and Statistics Department released Tuesday. Retail sales across all product categories climbed 20% to HKD 33.12 billion ($4.25 billion).

The growth also reflected a favorable comparison with the same period a year ago, when Hong Kong was still experiencing a lockdown and strict Covid-19 restrictions. Throughout that time, tourism was extremely low. A large percentage of Hong Kong’s luxury revenue comes from tourists, primarily from China, who travel to the municipality to purchase goods. Hong Kong reopened its border with the mainland in January.

For the first six months of 2023, proceeds from jewelry, watches, clocks and valuable gifts surged 74% year on year to HKD 30.41 billion ($3.9 billion). Total Hong Kong retail sales for the period advanced 21% to HKD 205.08 billion ($26.31 billion).

“The value of total retail sales continued to rise notably in June over a year earlier thanks to the recovery of inbound tourism and positive consumption sentiment,” a government spokesperson said. “The outlook for retail sales remained favorable. While visitor arrivals should increase further in the coming months, improved labor market conditions and the government’s various measures to boost the momentum of the economic recovery, such as the disbursement of consumption vouchers, should render support to local consumption demand.”

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Main image: Mongkok Street shopping district in Hong Kong. (Shutterstock)

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RAPAPORT PRESS RELEASE, August 1, 2023, Las Vegas… Diamond prices fell heavily in July as weak retail demand persisted. De Beers’ 5% to 15% reduction in many rough prices contributed to the decline, as did very strong competition from synthetics.

Rounds from 0.50 to 2.99 carats were extremely weak. Fancy shapes were better but also slow, with orders only for the nicest makes.

The RapNet Diamond Index (RAPI) for 1-carat diamonds slid 2.7% for the month. It stood at 6,716 on August 1, down 10.9% since January 1. The RAPI also declined in other sizes, with 0.50-carat diamonds the weakest.

© Copyright 2023, Rapaport USA Inc.

The drop was even steeper for diamonds with lower colors and clarities than those the RAPI tracks. The price index for 1-carat, D-L, IF-SI2 items fell 3.7% in July.

High inflation and interest rates continued to restrict middle America’s spending. The high-end segment supported the market as consumers with savings bought branded jewelry. China’s post-lockdown recovery did not extend to diamonds.

Manufacturers accumulated inventories of less-desirable stones. However, beautiful SIs were in demand and hard to find. The number of diamonds on RapNet was flat during the month and came to 1.75 million on August 1, reflecting lower production.

Dealers and manufacturers sought to reduce their inventory, but dealers were cautious about buying, fearing prices would fall further. The severity and frequency of the price drops created uncertainty about future price levels.

The lab-grown diamond sector continued to gain market share, especially in 1- to 3-carat, SI1 goods. Jewelers were attracted by the strong margins: Wholesale synthetics prices have plummeted, but retail prices remain high. A number of major polished manufacturers have also entered the synthetics space.

Rough purchases remained low due to weak polished demand and uncertain manufacturing margins. De Beers reduced prices of larger rough diamonds by 5% to 15% at its July sight and registered sales of $410 million — its lowest since December 2021.

Rapaport Media Contacts: media@rapaport.com
US: Sherri Hendricks +1-702-893-9400
International: Avital Engelberg +1-718-521-4976

About the RapNet Diamond Index (RAPI): The RAPI is the average asking price in hundred $/ct. of the 10% best-priced diamonds, for each of the top 25 quality round diamonds (D-H, IF-VS2, GIA-graded, RapSpec-A3 and better) offered for sale on RapNet® (www.rapnet.com). Additional information is available at www.rapaport.com

About the Rapaport Group: The Rapaport Group is an international network of companies providing added-value services that support the development of ethical, transparent, competitive and efficient diamond and jewelry markets. Established in 1976, the group has more than 20,000 clients in over 121 countries. Group activities include Rapaport Information Services, providing the Rapaport benchmark Price List for diamonds, as well as research, analysis and news; RapNet, the world’s largest diamond trading network; Rapaport Trading and Auction Services, the world’s largest recycler of diamonds, selling over 400,000 carats of diamonds a year; and Rapaport Laboratory Services, providing Rapaport gemological services in India and Israel. Additional information is available at www.rapaport.com

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Continuous learning: The diamond industry is complex and ever evolving. Embracing a mindset of continuous learning is crucial to staying updated on industry trends, gemology, cutting-edge technologies, and business practices. Be open to learning from experienced professionals and seek opportunities for professional development.

Integrity and ethics: In an industry where trust is paramount, maintaining high ethical standards and integrity is essential. Customers and industry partners value honesty and transparency, so conducting business with integrity will help build a strong reputation and lasting relationships.

Adaptability: The diamond market can be subject to fluctuations, and influenced by various economic, social, and political factors. Being adaptable and agile in response to changes can help young diamantaires navigate challenges and capitalize on emerging opportunities.

Networking and relationship building: Building a robust network within the industry is invaluable. Attend trade shows, conferences, and industry events to meet potential clients, suppliers, and partners. Strong relationships can lead to referrals and collaborations, enhancing business prospects.

Attention to detail: Diamonds are precious and valuable gems, and the industry demands precision and meticulousness. Developing a keen eye for detail when evaluating and grading diamonds can set young diamantaires apart from the competition.

Innovation and creativity: Embrace innovation and creative thinking to differentiate your business. Whether it’s in marketing, design, or customer experience, finding unique approaches can attract customers and spark interest in your offerings.

Patience and long-term vision: Success in the diamond industry often requires patience. Building a reputable brand and clientele takes time. Adopt a long-term vision for your business, focusing on sustainable growth and enduring success.

Resilience: The diamond industry, like any other, has its challenges and setbacks. Developing resilience to bounce back from failures and setbacks is crucial. Learn from mistakes and use them as opportunities for growth.

Global perspective: The diamond industry operates on a global scale, with diamonds sourced, cut, and sold internationally. Understanding different cultures, markets, and regulations is vital for expanding your business beyond borders.

Passion and love for diamonds: Finally, a genuine passion and love for diamonds can be a driving force behind your success. When you are genuinely enthusiastic about what you do, it shows in your work, and others are more likely to be drawn to your enthusiasm.

By adopting these principles, young diamantaires can position themselves for a successful and fulfilling journey in the diamond industry. Remember that success may not come overnight, but with dedication and perseverance, it is attainable.

Kevin Vantyghem is a member of the Young Diamantaires, a project launched in 2016 that numbers more than 300 diamond industry members from around the world.

Image: Kevin Vantyghem. (Vantyghem Diamonds)

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The company sold 125,556 carats of diamonds from its Liqhobong mine in Lesotho for $12.6 million in the three months that ended June 30, at an average price of $101 per carat, it said last week. That compares to revenue of $20.6 million from the sale of 193,212 carats in the third quarter, when the market was more robust. For that period, the miner realized an average price of $107 per carat. Output from April to June came to 169,512 carats, 6% lower than the previous quarter.

Firestone has no comparable data from the previous year, as the miner restarted operations in October after placing the deposit on care and maintenance in March 2020 due to the Covid-19 pandemic.

The company completed a refinancing agreement with its debtholder, Absa, in January. The amount owed stood at $131.1 million on June 30, compared with $125.8 million on December 31.

Image: The Liqhobong mine. (Firestone Diamonds)

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The number of active US jewelry companies continued to decline in the second quarter, according to the latest data from the Jewelers Board of Trade (JBT).

Some 174 businesses shuttered during the three months ending June 30, an increase of 8% versus 161 in the same period a year earlier, the JBT said last week. In total, there were 23,424 companies active in the US industry, a drop of 2.4% compared with the second quarter of 2022 and 107 fewer than the previous quarter.

Of the businesses that discontinued operations, 22 shut due to mergers or takeovers, while 152 closed for other reasons. None went bankrupt, the JBT noted. Meanwhile, the number of new businesses slid to 116, compared to 136 the year before.

Retailers still constituted the bulk of the sector, at 17,760, down 2.5% year on year. The wholesale trade slipped 1.5% to 3,394, while the manufacturing sector contracted 2.7% to 2,270 firms.

The JBT, which provides credit information for the trade, downgraded the credit ratings of 873 companies across the US and Canada during the quarter, versus 831 a year ago. Meanwhile, it raised the scores of 823 businesses, compared to 752 from April to June of 2022.

Main image: A jewelry store. (Shutterstock)

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Available in print or the GIA App

GIA now offers both printed and digital GIA Diamond Dossier^® reports as a part of our commitment to innovation as well as supporting you and your customers’ needs. To ensure you have what you need for your business, we will also continue to develop robust, secure and compelling digital versions of all our laboratory reports.

Do more with reports than ever before

The GIA App will continue to provide report information for all reports issued by GIA. Through the GIA App, you can scan QR codes to view digital reports, share reports and save reports.

The digital Report Access Card offers another convenient way to share diamond grading information with your customers. You can include this digital card in new purchase appraisal documents, printed or digital receipts and more. The digital Report Access Card is available for Diamond Dossiers on Report Check at GIA.edu or via the Report Results API.

The diamond report you’ve always trusted

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