Sources indicate that the sale price approximately $530 million, although this is yet to be confirmed.

IGI’s Impact on the Jewellery Industry

IGI, founded in 1975 in Antwerp, holds the title of the world’s first gemological laboratory to hold ISO accreditation in both natural and lab-grown diamonds.

With a global presence of 29 laboratories and 18 schools of gemology across 10 countries, it has emerged as a leader in independent certification of diamonds, gemstones, and jewellery. Since 2005, IGI has led the certification of lab-grown diamonds, aiding the authentication and standardisation of a rapidly growing industry.

Roland Lorie, Chief Executive Officer of IGI, stated, “IGI has had a successful track record for close to 50 years since we founded the company, and we are pleased to entrust Blackstone to take IGI on to its next stage of development.” He also expressed his intent to “grow the business exponentially” under the patronage of Blackstone.

IGI on an upward trajectory

IGI’s net profit after tax rose 20% to $34.5 million in 2022, with total assets of approximately $83.2 million and net assets of $59 million.

Haide Hong, a Senior Managing Director in Blackstone Private Equity Group, said: “We have been hugely impressed by the development of IGI under the strong leadership of its management team and with the support of Fosun, and we are excited to partner with IGI to help accelerate its growth trajectory. With its strong brand and reputation of upholding the highest standards of quality and authenticity, IGI is well-positioned to benefit from the increasing popularity of gemology.”

This move was announced at the recent G7 summit in Hiroshima, Japan, with the Prime Minister stating that he wants to ensure “Russia pays a price” for its actions in Ukraine.

Russia is the world’s largest diamond producer, with an output of 35,958kct for 2022, albeit an 8.08% decline from 2021. Russia’s diamond industry was worth approximately $4bn (£3.2bn) in exports in 2021.

The Size of The Impact in the UK

Russia is not directly a significant importer of diamonds in to the UK.

Britain imported $4.1 million worth of diamonds from Russia in 2022 compared with $188,794 in 2021.

Overall, Britain imported $1.628 billion worth of diamonds last year with 76% coming from Belgium, Israel, India and the United States.

There were no diamond imports from Russia in the three months to end-March 2023.

Russia, despite the sanctions, remains a major producer of diamonds. Kremlin spokesman Dmitry Peskov has stated that “the global market is fluid, rich in alternative destinations,” indicating that Russia may seek other markets for its diamonds than the G7.

Future Developments

It should be noted that the UK’s sanctions are set to become law later this year, implying that the ban is not immediate and that there may still be some room for manoeuvre in the short term. The UK government also plans to target sanctions against 86 more individuals and companies connected to Russian President Vladimir Putin, expanding on the existing sanctions that have targeted more than 1,500 individuals and companies and frozen more than $18bn worth of Russian-related assets.

Meanwhile, other countries including the US and Canada have imposed their own sanctions on Russia, with US President Joe Biden announcing last year that the US would ban imports of Russian diamonds, along with seafood and vodka. As global efforts to strangle Russia’s trade revenues tighten, the landscape of the diamond market continues to evolve.

The ban on Russian diamonds is a significant move, and its full implications will only become clear over time. As the situation unfolds, UK jewellers should stay informed about the developments and be prepared to adapt their sourcing strategies accordingly.

A story of fairness, sustainability, and respect for our planet. That’s the beauty of ethical jewellery.

As we become more conscious about our choices and their impact on the world, ethical jewellery represents a shift towards sustainable practices within the jewellery industry.

In this guide, we’ll explore what ethical jewellery is and why it’s more important now than ever before.

We’ll take you on a journey from the mines to the market, highlighting the process behind creating such pieces. You’ll learn about the positive impact of choosing ethical jewellery, both on the environment and on the lives of those involved in its creation.

We’ll also provide practical tips on how to make informed decisions when purchasing jewellery, ensuring that your choices align with your values.

What is Ethical Jewellery?

Ethical jewellery, also known as sustainable or conscious jewellery, is about more than just aesthetics. It’s about the impact our choices have on the world and the people who inhabit it.

At its core, ethical jewellery refers to pieces that are created with a commitment to social and environmental responsibility – pieces that look good and do good.

It’s about ensuring that every step of the jewellery creation process, from mining the raw materials to crafting the final product, is carried out in a way that respects the rights of workers, communities, and the environment.

Whether it’s a necklace made from recycled gold, earrings crafted by artisans receiving fair wages, or a diamond sourced from a conflict-free mine, ethical jewellery offers a way to enjoy the beauty of adornment while also making a positive impact on the world.

The Journey of Ethical Jewellery – From Mine to Market

The journey of an ethical jewellery piece is an intricate process, marked by careful decision-making at each step.

Let’s trace this journey, from the sourcing of raw materials to the crafting of the final product.

Step 1: Ethical Sourcing of Materials

The story of ethical jewellery begins with the sourcing of raw materials. This involves mining metals and gemstones in a way that respects the environment and the rights of workers. Ethical sourcing means prioritising mines that uphold strict labour and environmental standards.

Step 2: Fair Trade Practices and Artisanal Mining

Once the raw materials have been sourced, they are often processed by artisanal miners who extract the precious metals and gemstones by hand. Ethical jewellery brands ensure that these miners are paid fair wages and work in safe conditions.

Step 3: Eco-Friendly Processing

The raw materials are then processed in a manner that minimises environmental impact. This might involve using less harmful chemicals in the extraction process, recycling waste, and reducing water usage.

Step 4: Responsible Manufacturing

The processed materials are crafted into jewellery pieces by skilled artisans. Ethical jewellery brands ensure these artisans work in safe environments, receive fair wages, and are not subjected to exploitative conditions.

Step 5: Transparent Supply Chain

Finally, ethical jewellery brands maintain a transparent supply chain, providing clear information about where their materials come from and how their pieces are made. This allows consumers to make informed choices and supports accountability within the industry.

From the mine to the market, the journey of ethical jewellery is a testament to the possibility of combining beauty with sustainability and fairness. It’s a process that prioritises respect for the planet and its inhabitants, offering a shining example of what the jewellery industry can aspire to. In our next section, we’ll explore the impact of choosing ethical jewellery and how it contributes to positive change in the world.

How to Choose Ethical Jewellery

When it comes to choosing ethical jewellery, it’s not just about the final product. You also want to consider the journey your jewellery has taken, from the moment the materials were sourced to the moment it arrived in your hands.

Here are some tips to guide you in making informed choices:

1. Understand the materials: Ethical jewellery uses materials that are responsibly sourced, recycled, or lab-grown. Look for pieces made from recycled or fairtrade metals, lab-grown diamonds, and other sustainable materials.
2. Ask about the supply chain: A transparent supply chain is a key indicator of ethical jewellery. Brands should be able to provide information about where their materials come from and the conditions under which they were sourced and produced.
3. Look for certifications: Certifications like Fairtrade or B Corporation can provide reassurance that a company is committed to ethical and sustainable practices.

4. Consider the packaging: Packaging should be as sustainable as the product itself. Look for brands that use recycled or biodegradable packaging.

The Future of Ethical Jewellery

The future of ethical jewellery looks bright, as both consumers and industry players continue to move towards more sustainable, equitable, and transparent practices.

Conscious consumers, particularly younger generations such as Gen Z and Alpha, are prioritising sustainability and social impact in their buying choices, and appear willing to pay higher prices for ethical and sustainable jewellery.

This consumer trend is likely to shape the future of the industry, leading to the growth of ethical jewellery brands and increased accountability for established companies.

In addition to obtaining the domain, Queensmith has also employed a number of former Vashi staff members who were left redundant in the aftermath of the company’s collapse.

Vashi.com’s Domain Purchased by London Jeweller Queensmith

Vashi, previously known for its focus on bespoke jewellery and engagement rings, experienced a setback despite its impressive sales of £100 million in 2021 and a valuation of £250 million just a few months earlier.

The company failed to secure further investment from backers, leading to its closure in April 2023.

Although not part of the deal, Vashi had established physical stores in prestigious shopping areas, including London’s Bond Street and Covent Garden, with plans for future expansion in New York. However, the majority of Vashi’s business, approximately 80%, was conducted online, following significant investment in its website, brand, and digital presence during the pandemic.

Queensmith Welcomes Former Vashi Staff to its Team

Brand Director at Queensmith, Sam Nobes, commented on the acquisition, stating,

“Hearts of London Group is currently evaluating the strategic options for Vashi.com in the longer term, but a technical strategy is already in motion.

Vashi’s focus on bespoke jewellery and engagement rings, combined with its considerable investment in online and international expansion, made it a fortuitous strategic acquisition for the Group.”

Vashi’s Closure Despite Previous Success

This acquisition comes in the wake of Vashi’s recent downfall. Insolvency practitioners from Teneo

Restructuring were appointed following the filing of a winding-up petition by Canary Wharf Group, one of Vashi’s retail landlords. The appointment of liquidators implied that there was insufficient funding for Vashi to continue trading through a conventional administration.

Vashi, founded by Vashi Dominguez in 2016, operated four stores and employed approximately 200 people. Last year, the company embarked on a £75 million fundraising campaign to support its expansion into the United States. Despite its previous successes and notable investors, including JamJar Investments, Vashi faced challenges in raising significant sums of money and ultimately ceased operations.

Queensmith’s Strategic Acquisition and Future Plans

As Queensmith moves forward with its expansion plans, the acquisition of Vashi.com marks an important milestone in the company’s journey.

While Queensmith has acquired the domain, the company assumes no financial liabilities, responsibilities to historical customers, or obligations to fulfill any outstanding orders from Vashi.com.

Any inquiries from creditors, service providers, suppliers, or customers should be directed to Vashi’s joint liquidators, Teneo.

Queensmith, founded in 2016, is a multi-award-winning manufacturing jeweller and the largest retailer of lab-grown diamonds in the UK. Headquartered in London’s Hatton Garden, the business has experienced rapid growth since its inception and is known as a pioneer in direct-to-consumer and omnichannel fine jewellery retailing.

Part of the Watches of Switzerland Group, the brand is planning to double the size of its current store and introduce its new ‘Goldsmiths Luxury’ concept.

Goldsmiths Luxury

The Goldsmiths Luxury concept is the brand’s latest initiative to enhance the customer experience – the remodeled store will include a hospitality bar and lounge area, providing a relaxing environment for shoppers. The inclusion of VIP consultation rooms and trusted service and repair specialists aims to further underscore Goldsmiths’ commitment to customer service.

With an eye-catching wrap-around glass frontage and updated interior design, the new showroom is set to provide an attractive setting for a variety of high-end brands and quality jewellery offerings.

Liverpool ONE: A Growing Luxury Retail Hub

The updated store will sit alongside the existing Rolex outlet on Paradise Street – a popular spot for luxury retailers.

Rob Deacon, Senior Asset Manager at Grosvenor, has welcomed Goldsmiths’ expansion:

The considerable upsize, substantial investment and exciting introduction of Goldsmiths’ luxury concept at Liverpool ONE is a significant moment for both the brand and the destination.

Looking Ahead

The expansion news follows Liverpool ONE’s recent addition of luxury cosmetics retailer Space NK, further broadening the variety of premium brands on offer at the shopping centre.

The upcoming opening of the expanded Goldsmiths store, set for later this year, is expected to be a significant event for Liverpool ONE.

With a variety of luxury brands, a focus on customer experience, and the new Goldsmiths Luxury concept, the store aims to contribute to Liverpool ONE’s growing reputation as a key location for luxury retail.

Queen Camilla

Queen Camilla, wore the iconic Coronation Necklace, featuring 25 graduated brilliant diamonds and the remarkable 22.48-carat Lahore Diamond, originally created for Queen Victoria in 1858, by the British Crown Jeweller Garrard. This is also the same necklace that Queen Elizabeth II, wore for her coronation in 1953.

Kate Middleton

Princess Kate, paying homage to her late mother-in-law, Princess Diana, wore her diamond and South Sea pearl earrings, adding a sentimental touch to her attire.

Princess Eugenie

Princesses Eugenie and Beatrice showcased their British heritage by selecting stunning pieces from the renowned royal London jeweller Garrard.

Princess Eugenie graced the ceremony with the ‘Albemarle’ white gold and diamond collar necklace, paired beautifully with white gold and diamond drop earrings.

Princess Beatrice

Princess Beatrice matched her bright pink outfit with the stunning ‘Blaze’ Hoop earrings from Garrard featuring Pink Sapphire, Rubellite, and Pink Opals.

The coronation jewellery worn by the royal family displayed a perfect blend of tradition, sophistication, and modernity, capturing the essence of a new era under King Charles’s reign.

Current CFO Bill Floydd is set to step down from his role on 12 May 2023, by mutual agreement with the group. The transition will mark the return of former CFO Anders Romberg to the position, adding another chapter to his already extensive history with the company.

The Experienced Successor

Romberg previously held the CFO title at Watches of Switzerland from 2014 to 2021.

His deep knowledge of the group, combined with his proven track record of financial leadership, make him well-equipped for the role. Notably, Romberg also brings with him a thorough understanding of the specialist luxury watch and jewellery categories, making him a strong asset for the Leicester-based retailer.

CEO Brian Duffy expressed his appreciation for Floydd’s contributions to the group, stating, “On behalf of the board, I would like to thank Bill for his valuable contribution to the group and we wish him well for the future.” He also shared his enthusiasm about Romberg’s return, noting, “I am delighted that Anders is rejoining the business. I look forward to working with him again.”

Romberg’s Return

Anders Romberg also shared his optimism about rejoining the Watches of Switzerland team, stating, “I am very pleased to be returning to the Watches of Switzerland Group and to once again be working alongside Brian and the team to deliver our long-term strategy and to capitalise on the wealth of growth opportunities available to us.”

Company Performance and Future Outlook

This leadership transition comes at a time when Watches of Switzerland has been enjoying notable growth.

The company has reported strong trading figures, with Q3 revenue rising to £407 million, marking a 17% increase on a reported basis, and a 12% currency-neutral increase.

Over the first nine months of the fiscal year, the group saw its revenue rise to £1.17 billion, reflecting a 25% reported increase and a 19% currency-neutral increase.

Continued Expansion Amid Challenges

The group’s robust performance has led to an aggressive store expansion programme, with the company capitalising on the opportunities presented in the market, even amid the challenges posed by the pandemic.

With Romberg’s return, the leadership at Watches of Switzerland remains optimistic about the company’s ability to continue its upward trajectory and to further solidify its position in the luxury watch and jewellery market.

White gold is a compound of gold and at least one white metal, usually nickel, manganese, or palladium, plus a protective covering of rhodium.

While the make-up of white gold may be slightly different to yellow gold, the way its purity is measured is the same – through karats, with ’24 karat gold’ being 100% pure. Pure gold is too soft to use in jewellery that will be worn every day, which is why it is mixed with other metals.

The most common types of white gold are 14K and 18K, which reflects their purity. 18K white gold contains 75% pure gold, while 14K white gold contains 58.5% pure gold. Some notable differences between them are:

• 18K white gold is more durable than 14K white gold and is less likely to be scratched or dented.
• 18K white gold has a higher luminosity than 14K white gold and will appear brighter when polished.
• 14K white gold is more affordable than 18K white gold.

Ultimately, the best way to determine which type of white golf is right for you is to consult a professional jeweller. They can help you consider factors like budget, durability, and appearance to find the perfect piece of jewellery for your needs.

A Side-by-Side Comparison: 14k vs. 18k White Gold

White gold is a widespread choice for jewellery because it has a bright, fresh look that goes well with any outfit. However, not all white gold is created equal.

The two most common types of white gold are 14k and 18k. Both types are made by combining pure gold with other metals, but the difference lies in the proportions.

14k white gold contains 58.5% gold and 41.5% other metals, while 18k white gold contains 75% gold and 25% other metals. As a result, 18k white gold is more durable and less likely to scratch than 14k white gold.

However, it is also more expensive, so it is essential to weigh your options before making a purchase. If you choose 14k or 18k white gold, you can be confident that you will get a beautiful piece of jewelry that will last for years.

Purity & Appearance: 14k vs. 18k White Gold

White gold has a bright, clean appearance. However, white gold is also more susceptible to tarnishing than other metals due to its composition.

As a result, many people choose to have their white gold jewelry plated with rhodium, a metal that is more resistant to tarnishing. Rhodium plating can give white gold jewelry a bright, shiny finish that will last for years with proper care.

It is essential to note that rhodium plating will eventually wear away, revealing the underlying white gold. For this reason, some prefer 14k or 18k white gold instead of lower karats. 14k and 18k white gold contain higher nickel and copper levels, giving them excellent resistance to tarnishing.

In addition, 14k and 18k white gold are less likely to cause allergic reactions than lower karats. As a result, they are a good choice for people with sensitive skin. Ultimately, deciding which type of white gold to choose is a matter of personal preference.

Durability: 14k vs. 18k White Gold

Since white gold is an combination of yellow gold, nickel, copper, or zinc, adding these metals gives white gold its color and increased durability.

White gold is a popular choice for engagement rings and other fine jewelry because it has a bright, lustrous appearance. It is also more affordable than platinum.

14k white gold contains 58.5% pure gold, while 18k white gold contains 75% pure gold. Because 14k white gold has less pure gold, it is more affordable than 18k white gold.

However, 14k white gold is also less durable than 18k white gold. The highest percentage of pure gold in 18k white gold makes it more likely to scratch and dent over time.

Choosing between 14k or 18k white gold depends on your budget and how often you plan to wear your jewelry. If you are looking for an affordable option that still has a bright appearance, 14k white gold is a good choice.

Do you want your jewelry to last a lifetime? 18k white gold is the better option.

Engagement ring: 14k vs. 18k White Gold

White gold differs from regular gold because it has a brighter, more lustrous appearance. White gold is also more durable than standard gold, making it a good choice for jewelry worn often.

But, the downside of white gold is that it is more expensive than regular gold. The extra cost is because white gold must be plated with rhodium to give it its bright white color. This plating needs to be reapplied periodically to maintain a bright finish.

White gold is available in 14k and 18k purity. 14k white gold is 58.5% pure gold, while 18k white gold is 75% pure gold. The extra purity of 18k white gold makes it slightly more valuable than 14k white gold.

However, 14k white gold is a good choice for those who want the look of 18k white without the higher cost. White gold is a widespread choice for engagement and wedding rings because of its brightness and durability.

Best Gift Choice: 14k vs. 18k White Gold

White gold is a beautiful, classic choice for jewelry. It is famous for its brightness and its ability to complement any outfit. White gold is available in 14k and 18k purity. Which one you choose depends on your personal preferences and budget.

14k white gold comprises 58.3% pure gold and 41.7% alloy metals, such as silver, palladium, and nickel. 18k white gold is made of 75% pure gold and 25% alloy metals.

Because it contains pure gold, 18k white gold is more expensive than 14k white gold. However, both types of white gold are solid and durable, so 14k white gold is a good choice if you are looking for a more affordable option.

White gold does require some special care to keep it looking its best. Avoid exposing it to harsh chemicals or cleaning it with abrasive materials, as this can damage the finish.

When stored properly, white gold will maintain its beauty for many years.

In Conclusion

Which is the difference between 14K and 18K white gold? The answer is that 18K white gold contains more gold, meaning it is a bit softer than 14K white gold.

This also means that 18K white gold will not tarnish as quickly as 14k white gold. Areyou looking for a ring that will maintain its shine over time? Go with 18K white gold.

However, if you don’t mind having to occasionally polish your ring, then 14k white gold may be a better option for you.

But sometimes you may find that the jewellery you’re looking for can only be found overseas.

This may be a brand that isn’t distributed here, or a particular artisan that you would like to commission to create a one-off piece, who just happens to live overseas.

In this article, we’ll take a look at things to consider when importing into the UK, as well as the taxes and duty that you’ll need to allow for in your budget.

One thing we would always say before importing from overseas is to make sure that you have done your due diligence to see whether the item you are looking for can be sourced from within the UK. At Jewellery Monthly, we support British jewellers, and would rather that you buy local, if possible.

Importing from Europe to the UK

When importing from the EU, UK VAT will be charged on all items (except for gifts worth £39 or less), which is usually paid to the courier company before they release the items to you.

Something to note is that VAT is not just due on the value of the jewellery, but also on postage, packaging and insurance and the import duty that needs to be paid.

Standard import duty is 2.5% on the all items worth more the £135. Again, this is usually paid directly to the courier before the item is released.

Importing from the USA to the UK

Importing from the US is subject to the same taxes and duties as importing from the EU.

One thing to note is that some US retailers include UK VAT on their prices, while others do not. This is something to be cautious of when calculating your total price or comparing to local UK jewellers, which will include UK VAT in their listed price.

A useful tool to understand how much VAT and duty you will pay is US-diamond specialist James Allen’s import tax calculator:

This can be used to understand your total price, whether you are buying from this retailer, or any other.

Other things to consider when deciding whether to import jewellery into the UK

Buying anything from overseas is more complicated than buying locally, especially high value items like jewellery. Before making a decision to do so, there

• Customer protection: Foreign retailers aren’t covered by the UK’s sale of goods act, which means that as a buyer, you have less protection than you would have as a customer of a UK company.
• Return policies: While many online retailers do have good return policies (often 30 days), it’s worth checking whether this 30 days starts from the time that the item is received or whether the clock starts ticking when it is sent. If it is the latter, it may be worth evaluating whether you will have enough time to receive, review and return it within the allowed period.
• Warranty: Ensure that you are comfortable with what the jewellers’ warranty covers, and read online reviews to judge the level of post-purchase service that the retailer delivers.
• Adjustments: Rings, particularly engagement rings, frequently require slight adjustments to fit the wearer’s finger perfectly. While many overseas retailers for offer free adjustments, the process for sending it back to them may be more expensive than having it adjusted locally.

Importing from overseas can make sense in certain situations, but does need to be considered carefully to ensure that the total purchase experience is a positive one and is worth the extra effort and time over buying locally from a UK jeweller.

We always recommend you check the import duties and other costs before making a decision to import to the UK to ensure you are fully-informed.