Diamond industry news recap - February 1, 2024
From tighter diamond controls to record Valentine's Day spending and lab-grown consolation prizes, this week's diamond industry news shines a light on changing regulations, consumer trends, and innovative approaches to sparkle.
Dive in for the details!
Diamond Industry Gears Up for Tighter Controls
The diamond industry is bracing for significant change in 2024, as new sanctions on Russia will fast-track the adoption of traceability programs across the supply chain. The Group of Seven (G7) wants to limit Russia’s ability to fund its war in Ukraine by restricting diamond sales. They will require companies to prove that their diamonds were not sourced from Russia. This will likely increase the cost of diamonds, and the industry is concerned about the feasibility of implementing this system.
Read more on RAPAPORT
Valentine’s Day Jewelry Spending to Hit New Record
US shoppers are expected to spend a record $6.4 billion on jewelry this Valentine’s Day, according to the National Retail Federation (NRF). This makes jewelry the biggest spending category for the holiday, ahead of flowers, clothing, and an evening out. The increase is due to a number of factors, including the fact that more people are celebrating the holiday and that they are planning to focus their spending on their significant others.
Read more on RAPAPORT
Super Bowl “Almost Champions” Get Lab-Grown Diamond Rings
The losing team in Super Bowl LVIII will receive “M&M’s Almost Champions Rings of Comfort” made with lab-grown diamonds from M&M’s peanut butter candies. This is a new tradition, as only winners traditionally received Super Bowl rings. M&M’s is not the first food company to make jewelry out of their food; Taco Bell and Burger King have also done so.
Read more on JCK Online
Lucapa’s Diamond Sales Increase Slightly in 2023
Lucapa’s total rough diamond sales increased by 1% to $102.2 million in 2023. The company recovered two large, high-value diamonds from its Lulo mine in Q4. However, performance at its Mothae mine was impacted by a lower dollar per carat average. The overall diamond price index began to trend upwards towards the end of 2023.
Read more on IDEX Online
Louis Vuitton Unveils New Diamond Cut
Louis Vuitton has introduced a new diamond cut called the Monogram Star, which is based on the brand’s iconic pattern. The cut will be used in rings, earrings, and pendants. It is a homage to the historic LV Monogram pattern, designed by Georges Vuitton in 1896.
Read more on The Israeli Diamond
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