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De Beers New Strategy & Other Top Stories

Updated: 2 days ago

Diamond Gems Weekly - June 3

Yip, the jealousy was real as I watched events unfold in Las Vegas from afar. If you were there, I’d love to hear all about it. I hope you achieved all you set out for the week.


It seems that JCK lived up to its reputation for being a platform from which companies launch new programs and initiatives. These are the main stories both streaming from Vegas and beyond affecting the diamond industry.


1. Initial feedback from the shows can be found on Rapaport and JCK Online.


2. De Beers unveiled its ‘Origins’ strategy to streamline the business and boost natural diamond demand. Read my analysis, De Beers Bets Its Future on Origins, and download the presentation.


3. Botswana had a large delegation in Las Vegas, headed by President Mokgweetsi Eric Masisi. The country presented its House of Botswana booth showcasing the Botswana diamond experience, while Okavango Diamond Company partnered with the Natural Diamond Council as host of the Natural Diamond Club. The country is starting to take a more proactive role in industry affairs. Keep an eye on House of Botswana for some potential brand development.   


4. Speaking of brand development, Hearts on Fire unveiled its new identity, positioning itself as an aspirational, contemporary fine jewelry brand, rather than a diamond brand.


5. The Natural Diamond Council officially launched its Real. Rare. Responsible campaign with brand ambassador Lily James. It will feature films, video clips and image assets of James’ recent trip to Canada’s Northwest Territories.


6. Recommended reading: The Natural Diamond Industry unveiled the Spring / Summer 2024 issue of Only Natural Diamonds, which can be downloaded here if you didn’t pick up a physical copy in Vegas. Also published recently was National Jeweler’s The State of the Majors 2024, an annual outline of the largest jewelers in the US which is always a favorite of mine.


7. De Beers Tracr announced a testing initiative with Canadian miner Mountain Province Diamonds, a first phase toward a potential collaboration to enable the Canadian miner to highlight the origin story of its diamonds. Tracr is also now working to integrate data from International Gemological Institute grading lab to the Tracr diamond record.


8. The Dubai Multi Commodities Centre hosted a forum on “Provenance, Traceability, Technology in the Diamond Industry.” This is a topic that will dominate industry discussions for some time to come. Well worth watching the discussions at the event here


9. Mumbai-based diamond manufacturer Asian Star reported revenue fell 21% to INR 35.52 billion ($427.3 million) for the year that ended March 31. Diamond sales dropped 22% and jewelry declined 14%. Profit slipped 7% to INR 775.8 million ($9.3 million).


10. Two truly spectacular diamonds were recovered last week, a 212.49-carat, type IIa diamond at Gem Diamonds’ Letšeng mine in Lesotho and a 195-carat, type IIa rough at Lucapa Diamonds’ Lulo mine in Angola.

Image credits: Lucapa Diamonds; Gem Diamonds.

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