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.”

Following the arrival of new Nivoda chief product officer James Morgan, who joined the company from Amazon Prime Europe in October 2022, Nivoda has outlined plans to expand its product range to include coloured gemstones. Additionally, the company will focus on introducing shorter delivery times and new payment and credit options to its platform.

Aiming To Make Global Trade Simple

Since launching in 2019, Nivoda’s marketplace has experienced substantial growth, now boasting over 1.6 million natural, laboratory-grown, and melee stones worth approximately USD $4.1 billion.

According to Nivoda’s co-founder and chief executive, David Sutton, the funding round was more than just an infusion of capital. “Within the first couple of calls with Taylor and Mathias from Headline, I could tell they shared our vision for Nivoda,” Sutton said. “They have already helped us unblock parts of our go-to-market and accelerate us in areas across the company. We are proud to have Headline as our lead investor in our Series A.”

Nivoda’s vision is clear: to build a trusted global marketplace for the jewellery industry by focusing on improving the customer experience and making global trade simple. This mission aligns closely with the needs of the UK jewellery industry, which continually strives for improved supply chain efficiency and better service for both retailers and customers.

Aiming To Improve the Diamond Supply Chain

One of the key points of interest for the UK jewellery industry is Nivoda’s potential to improve the diamond supply chain for more retailers – providing a marketplace that quickly sources, checks, and delivers diamonds in a matter of a few days.

Furthermore, Nivoda has demonstrated its commitment to assisting retailers in launching e-commerce presences through API feeds and e-commerce tools, including a Shopify plugin. This e-commerce support is invaluable in today’s digital-first retail environment, and UK jewellers can leverage these tools to enhance their online presence and sales.

The investment underscores the ongoing transformation of the diamond industry towards a more digital, efficient, and customer-focused model – something that both online and traditional bricks and mortar jewellers need to continue to monitor.

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.

This marks the twelfth consecutive increase in UK interest rates, driven by persistent inflation that has consistently surpassed the central bank’s expectations. Headline Consumer Price Index (CPI) inflation remained above 10% in March, significantly higher than in mainland Europe or the US.

Inflation Forecast Revised Upwards

The Monetary Policy Report (MPR) was published alongside the latest decision, detailing the BoE’s current assessment of inflation and the economic outlook.

Notably, the BoE has revised its growth and inflation forecasts upwards. The GDP forecast for Q2 2024 has been revised from -0.3% to +0.9%, marking the largest upward revision in the history of the independent central bank. CPI inflation for the same period has been revised up from 1% to 3.4%.

High Fixed-Rate Mortgages and Rising Inflation

The BoE highlighted the high proportion of households on fixed-rate mortgages as an important factor in the current interest rate cycle.

This factor has reduced the impact of rising interest rates on the household sector compared to historical levels of interest rates. Additionally, food inflation and higher than expected manufacturing and supply costs are key contributors to the inflation rise.

What Does this Mean for UK Jewellers?

Rising interest rates can have both positive and negative implications for the UK jewellery industry.

Impact on Consumer Spending

As interest rates increase, the cost of borrowing rises. This can lead to a reduction in discretionary spending as consumers may have less disposable income.

This could potentially result in decreased demand for luxury goods, including jewellery. Consequently, jewellers might need to consider innovative marketing strategies to maintain sales, such as promoting affordable luxury items or offering interest-free finance options.

Effect on Gold Prices

Interest rate rises often result in higher gold prices, as we have seen over the last 18 months.

Increased costs for can have an immediate and obvious impact profitability if we try as an industry to not pass these higher costson to the consumer. On the other hand, higher gold prices can also increase the perceived value of gold jewellery, potentially making such items more appealing to customers.

Currency Fluctuations

Higher interest rates can strengthen the value of the pound, making imports cheaper.

As many UK jewellers rely on imported gems and precious metals, this could potentially offset some of the increased costs associated with higher gold prices.

Planning for the Future

Given the BoE’s forecast, the jewellery industry should prepare for potentially more interest rate hikes. Monitoring inflation and labour market data will be key, as these factors will influence the BoE’s future decisions.

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.

Everledger, founded in 2015 by Leanne Kemp, has been an industry pioneer in utilising blockchain technology to ensure transparency in the supply chains of diamonds, art, high-end fashion, wine, and even luxury automobile manufacturing. Among its high-profile partnerships were luxury fashion brand Alexander McQueen and automaker Ford, with whom it collaborated to track electric vehicle (EV) batteries throughout their lifecycle.

Despite such promising collaborations and solid backing from investors, the company’s latest funding round with an unnamed investor fell through. In a statement, Kemp explained that the company found itself in a “difficult and unexpected position” when the second tranche of funding failed to appear.

Everledger was not short of prestigious backers, with the likes of Chinese internet giant Tencent, GMP Securities, Rakuten, and Fenbushi among its investors. Tencent, the owner of the popular social media platform WeChat, led Everledger’s Series A funding round with a $20 million investment and matched a further $3.5 million secured through the UK Government’s Future Fund in 2021.

Everledger’s collapse comes as a shock given its impressive fundraising history. Over the past eight years, the company raised over $51.7 million in external investment and secured $3 million from the Australian government’s blockchain pilot grant in 2021. Notwithstanding these substantial investments, the company was unable to continue operations and declared insolvency in April 2023.

Implications for the Jewellery Industry

Everledger’s administration is indeed a significant development in the jewellery industry. Its innovative use of blockchain technology offered a unique solution to the industry’s ongoing challenges of transparency and provenance, particularly in the diamond trade. Its fall might cause some disruptions in the short term, especially for those who have integrated Everledger’s solutions into their operations.

However, the void left by Everledger’s departure from the market also presents new opportunities. Other blockchain-based solutions providers may step in to fill the gap, possibly sparking innovations and improvements to the technology and its application in jewellery supply chain tracking.

Nevertheless, this development serves as a sobering reminder of the volatility and unpredictability of tech investments and the critical importance of sustained funding for the survival of start-ups. For jewellers and other industry stakeholders, this may prompt a more cautious approach when considering partnerships with tech-based solution providers.

The industry will undoubtedly be watching keenly to see how Everledger’s administration unfolds and the long-term impact this will have on the use of blockchain technology in the jewellery supply chain.

However, it wasn’t all gloomy news for retailers. Despite the overall downturn, some key shopping hotspots witnessed a surge in footfall, according to data from MRI Springboard. London’s Knightsbridge, for instance, bucked the trend with a hefty 57.7% increase in footfall between 10 am and 3 pm compared to the previous week.

This unexpected spike in certain locations is largely credited to public screens set up in towns and cities, allowing people to watch the Coronation. Notably, King Edward Street in Hull experienced a 3.9% rise in footfall, while New George Street in Plymouth saw a 7.8% uptick compared to the previous week. Sunderland’s Market Square, however, experienced a 20.5% dip in footfall during the event itself (from 10 am to 3 pm), but a noteworthy 11.9% rise over the 24-hour period.

The day after the Coronation, May 7, saw footfall data up to 12 pm suggesting a 6.4% decrease in footfall across all UK retail destinations compared to the Early May Bank Holiday weekend.

In conclusion, the Coronation of King Charles III brought about mixed outcomes for UK retailers, with the overall impact seemingly dependent on the local arrangements for public viewings of the historic event.

The Gemological Institute of America (GIA) recently examined a lab-grown diamond that sets a new record. Its Hong Kong laboratory had the opportunity to study a 34.59-carat diamond, called the ‘Pride of India’ marking the largest faceted lab-grown diamond that the GIA has ever tested.

The diamond was produced by Ethereal Green Diamond, a company based in Mumbai that utilises the Chemical Vapor Deposition (CVD) process. The 34.59-carat diamond’s dimensions are 24.94 x 13.95 x 9.39mm.

The last record holder was a 30.18 carat diamond, also called the ‘Pride of India’, it was produced in 2022. The diamond was examined by the IGI and also made by Ethereal Green Diamond.

Characteristics and Quality of the Diamond

This emerald-cut lab-grown diamond has been graded as a G colour and VS2 clarity by the GIA. A notable characteristic is the presence of small black graphite inclusions, which are either within the diamond’s body or forming clusters between the diamond’s growth layers.

Additionally, the diamond features a weak “oily” or wavy graining on the table facet, which is often observed in gem-quality CVD diamonds. It also underwent a high-pressure, high-temperature (HPHT) annealing post-growth, a common practice used to enhance the diamond’s colour.

Observations from the Diamond Examination

The GIA’s examination of this diamond provides insight into the considerable progress in CVD diamond growth technology. The ability to increase the size of the diamond by 14% within a year is a clear indicator of the fast-paced advancements in this sector.

The GIA also noted the growth striations typically seen in CVD diamonds through fluorescence imaging. This suggests that the growth process remains consistent, even with the increase in diamond size.

Implications for the UK Jewellery Industry

The examination of this record-breaking lab-grown diamond has important implications for the UK jewellery industry. Primarily, it signals the rapid progression in lab-grown diamond technology. The capacity to produce larger, high-quality diamonds via the CVD process may pose a challenge to the traditional diamond market, positioning lab-grown diamonds as a more compelling alternative.

Moreover, the diamond’s quality and size could help shift perceptions about lab-grown diamonds. For consumers prioritising sustainability and ethical sourcing, these advancements can provide more options without sacrificing quality or aesthetics.

The UK jewellery industry may need to adapt to these changes, embracing the rise of lab-grown diamonds and integrating them into their product lines. This could lead to new avenues for growth and innovation.

Lastly, with India emerging as a key player in the production of large, lab-grown diamonds, the UK jewellery industry might see opportunities for diversified supply chains and new partnerships.

In summary, the 34.59-carat lab-grown diamond showcases the potential of CVD technology and is likely to influence the future direction of the jewellery industry.

New York, NY – In an effort to harness increasing consumer demand and sustain the prosperity of the natural diamond industry, the World Federation of Diamond Bourses (WFDB) has announced a new partnership with the Natural Diamond Council (NDC). This collaboration represents a proactive move in response to shifting market dynamics and a growing need for industry cohesion.

Alongside an initial financial investment, the partnership will focus on strategic initiatives to expand the reach and influence of natural diamond values. The WFDB, with its member bourses and individual members, aims to provide wider exposure for natural diamonds and leverage their unique appeal to consumers.

WFDB and NDC: Shared Vision for the Natural Diamond Industry

WFDB President Yoram Dvash commented on the partnership, expressing the WFDB’s appreciation for the NDC’s distinctive role in promoting natural diamonds. He said, “Today’s consumers have more choices than ever before and are heavily influenced by social media and digital platforms. It is crucial to present the natural diamond industry in a creative and authentic way. We believe that the NDC is successfully doing just that, and we want to support this very important work.”

The WFDB’s commitment to the promotion and support of the natural diamond industry is echoed by the NDC. David Kellie, CEO of the NDC, warmly welcomed the partnership and shared an optimistic outlook, stating, “We are very pleased to partner with the WFDB, which represents diamond traders all over the world. We believe that together we can find many ways to collaborate that will benefit the industry as a whole. Collectively we see considerable growth opportunities ahead, and we will redouble efforts to inspire and move consumers.”

The Impact on the UK Jewellery Industry

This newly formed alliance holds significant implications for the UK jewellery industry. The increased focus and investment in the natural diamond sector will likely stimulate the global diamond market, creating potential growth opportunities for UK jewellers.

The strategic partnership also offers the chance for the UK jewellery industry to amplify its voice on the global stage. As part of the WFDB, UK bourses may have the opportunity to actively contribute to shaping the future of the natural diamond industry.

Moshe Salem, WFDB Vice President, emphasised the need for a more unified industry approach. He said, “We believe that more stakeholders need to come together to invest strategically in the industry. This will help ensure the strength of the industry and will protect the millions of livelihoods that depend upon them, and especially the regions of the world for whom natural diamonds provide the resources for education, health and social infrastructure.”

After a year of researching the historical and current use of the colour term “Peacock,” as well as considering industry feedback, GIA decided to add this descriptive term to better inform consumers.

The new term will be used when a pearl, strand or jewellery item meets carefully defined colour parameters for ‘Peacock’.

Defining the “Peacock” Colour Range

GIA’s industry analysis has identified a specific colour range that is widely agreed upon within the pearl trade as “peacock.” The general description of this colour range is a body colour with a hue that contains green, of mid-to-strong saturation and mid-to-dark tone, and with moderate or stronger overtone, usually pink, but it may be other hues, or orient.

When a pearl meets these carefully defined colour parameters, a comment stating, “This pearl is often referred to as a ‘Tahitian’ cultured pearl in the trade, and it falls into the select colour range that is known as ‘peacock'” will be added to any GIA pearl report.

No Extra Fee for the New Classification

GIA has confirmed that there will be no additional fee for this change.

The institute, best known for creating the 4Cs and the GIA International Diamond Grading System, has been a leader in the identification and classification of natural and cultured pearls since 1949. GIA has developed comprehensive standards for describing pearls, known as the GIA 7 Pearl Value Factors: Size, Shape, Color, Nacre, Lustre, Surface, and Matching.

What This Means for UK Jewellers

This new classification by GIA presents several implications for UK jewellers. Primarily, it can enhance the value proposition of Tahitian pearls falling within the “Peacock” colour range. The “Peacock” classification can make these pearls more desirable to consumers, potentially driving higher sales and profits.

Furthermore, this change can enhance transparency and consumer trust. By using a recognised and standardised colour term, jewellers can provide customers with clearer, more accurate information about the pearls they’re purchasing.

UK jewellers should update their knowledge and marketing materials to reflect this new classification. They should also ensure that their staff are trained to explain the “Peacock” colour range to customers.

While this change may seem minor, it may represent an opportunity for UK jewellers to enhance their pearl offerings, improve customer trust, and potentially drive higher sales.

The Argyle Rose is priced at A$2 million and will be exclusively available for purchase through the designers Solid Gold Diamonds, located in Perth. The piece showcases the last diamonds mined from the Argyle mine, including rare pink and blue diamonds.

A Captivating Masterpiece

The centrepiece of the Argyle Rose is a 1.36 carat fancy deep pink radiant-cut diamond. This is one of only twelve diamonds with a colour grading of 1P from the last 30 years of Argyle’s production.

Surrounding the centre stone are petal-shaped pink and blue Argyle diamonds, totalling 1.89 carats, accompanied by 2.80 carats of brilliant white diamonds. This rose motif is set in a combination of platinum and 18k white gold.

The Argyle Rose can be worn as either a ring or a statement pendant.

A Lasting Legacy

Sinead Kaufman, Chief Executive of Rio Tinto Minerals, expressed her delight in introducing the Argyle Rose to the world. She emphasised the rich history and provenance of this jewellery piece.

“These rare and precious diamonds are one and a half billion years old, from one of the most beautiful places on earth, and the world is simply not producing them anymore.” said Kaufman.

Argyle Pink Diamonds Icon Partner program

The Argyle Rose is an integral part of the Argyle Pink Diamonds Icon Partner program, initiated by Rio Tinto in 2022, to ensure the preservation of the origin and value of Argyle pink diamonds.

With the closure of the Argyle mine in November 2020 after 37 years of operation, the program aims to celebrate and protect the legacy of these exceptional gemstones.

The Argyle Pink Diamonds Icon Partner program collaborates with renowned international jewellers, known for their meticulous craftsmanship and innovative designs. Solid Gold Diamonds, located in Perth, Western Australia, has been involved with Argyle diamonds for three decades.

Peter Greene, Executive Chairman of Solid Gold Diamonds, said that “As a pioneer custodian of Argyle pink diamonds, it was incredibly humbling to be asked to design a true generational heirloom for the Argyle Pink Diamonds Icon program.”

These recommendations, made public through the Jewelry Vigilance Committee (JVC), are intended to ensure consumer protection, uphold the integrity of the supply chain, and promote transparency in the industry.

The AGTA Industry Terms Committee

In January, AGTA unveiled a new committee with the goal of standardizing terms surrounding sustainability and ethics within the jewelry industry.

This committee, under the leadership of President Kim Collins, is responsible for drafting AGTA’s comments and recommendations for use in the FTC’s ‘Green Guides’.

Comprised of industry professionals, researchers, and gemological experts, the committee is well-positioned to provide meaningful guidance on industry terminology.

FTC Green Guides

The FTC Green Guides are designed to help businesses avoid making deceptive environmental claims, ensuring that marketing communications are transparent, accurate, and substantiated.

With sustainability and ethical practices increasingly important to consumers, these guidelines aim to play a vital role in protecting both businesses and customers.

The Recommendations

AGTA’s recommendations to the FTC seek to clarify the use of specific terms in the jewelry industry. Key recommendations made include:

1. Defining sustainability: The committee suggests using the widely accepted definition of “sustainable” as developed by the United Nations’ Brundtland Commission in 1987.
2. Clarifying “ethical”, “responsible”, and “conflict-free”: The AGTA urges the FTC to establish clear definitions for these terms to prevent misuse and ensure integrity throughout the supply chain.
3. Preventing unsubstantiated environmental claims: The AGTA recommends issuing guidance to prevent companies from making unfounded environmental claims.
4. Restricting the use of “recycled”: The AGTA suggests banning the use of the term “recycled” for all gem materials as well as certain metals, and instead use the term “recovered from electronic or e-waste” exclusively for recovered metals.
5. Avoiding “never-mined” or “mining-free”: The committee recommends against the use of these terms when referring to gemstones and precious metals.
6. Defining “carbon neutral”: The committee urges the FTC to allow the use of “carbon neutral” only with substantiation and to prohibit the term “carbon free” as the former more accurately reflects the carbon offsets being used by some companies.

The Importance of Clear Terminology

These recommendations come in response to a lack of existing legal definitions for certain terms, which has led to instances of “greenwashing” in the jewelry industry.

The committee has highlighted the overuse and misuse of terms like “ethical” and “responsible”, which often imply environmental and social benefits without providing specifics.

It has also expressed concern over the term “recycled”, which is frequently used to describe reused materials, leading to potential consumer misconceptions.

Industry Perspectives

Several committee members have shared their perspectives on the recommendations, stressing the need for clear definitions, consumer protection, and industry-wide standards.

John Bradshaw, a gemstone cutter and gemologist, highlighted the need for shared understanding. “The committee was all in agreement to define terms like ‘sustainability’ and ‘ethics’,” he explained. “Who defines what these are right now? We developed some guidance for the FTC that is better than what is currently available, and we’ll eventually share some clear definitions with the membership that will put us all on the same page.”

Jaimeen Shah, Partner at Prima Gems USA, lauded the committee’s cooperative spirit. “This is the first time that gem dealers have sat down and worked together to produce guidelines like this,” he noted. “There was no overthinking, nothing was overly devised, it was the industry representing itself to create pure cohesive recommendations.“

Jenna White, a researcher with a focus on transparent and traceable jewelry supply chains, spoke about sustainability. “We urged the FTC to adopt the existing, generally accepted UN definition of sustainable,” she stated. “Our committee believes that colored gemstones can meet this definition, so there’s no need to reinvent the term.“

She also highlighted the problem with the term ‘recycled’. “We believe this term is being used to manipulate the consumer. To our knowledge, people generally are not throwing gems and precious metals into the trash. Therefore, recutting or resetting stones is not diverting anything from the waste stream nor decreasing the demand for newly mined materials.”

A UK Perspective

While these recommendations are aimed at the US FTC, they provide valuable insights for the UK jewellery trade industry.

The issues of sustainability, ethical sourcing, and responsible trade are global concerns, and the guidance provided by the AGTA committee can serve as a model for similar discussions in the UK.

As we strive for transparency and integrity in our industry, it’s essential to establish clear, universally accepted definitions for key terms and to ensure these terms are used correctly to prevent misunderstandings and promote ethical trade practices.

This decrease has brought the index down to 7,159 as of May 1st, compared to its 7,543 standing at the start of the year.

Diamond prices across other sizes also exhibited weakness, with only 0.30-carat diamonds showing some stability.

Dampened Demand in Major Markets

This downturn in diamond prices is primarily due to sluggish demand in the US and China, the world’s leading markets for diamond jewellery.

Avi Krawitz, Senior Analyst at Rapaport, explains, “Polished trading was quieter than usual in April. Economic uncertainty stemming from the rise in consumer prices over the past year has impacted discretionary spending and discouraged retailers from buying inventory.”

Retailer Strategies Amid Uncertainty

In response to this uncertain market, US jewellers have cut back on bulk purchases, opting instead to focus on memo to avoid accumulating excess goods. Simultaneously, Chinese buyers are proceeding with caution due to economic prudence on the mainland. While retail in Hong Kong is seeing improvement, bolstered by a revival in tourism, a slowdown in trading indicates restraint among Chinese dealers.

Rising Inventory and Limited Supply

Interestingly, the level of midstream polished inventory continues to rise, even as manufacturing levels have fallen.

Polished production is considerably below capacity, with restrictions on Russian supply limiting the availability of rough diamonds. In India, the largest diamond manufacturing hub, rough imports for the first quarter were down 22% year on year to $4.26 billion.

The Market Outlook

Despite these challenges, dealers remain hopeful for a lift in sentiment and boost in demand in the second half of the year, with the upcoming Las Vegas shows expected to play a crucial role.

However, the diamond trade has had a rough start to 2023, and the Las Vegas shows will serve as a litmus test for the state of the crucial US market.

Implications for UK Jewellers

For UK jewellers, these global trends could have several implications. The reduction in diamond prices might present an opportunity for jewellers to stock up on diamonds at a lower cost. However, this must be balanced with the risk of owning excess inventory in a potentially uncertain market.

Furthermore, the caution exercised by US and Chinese buyers could also be a prudent strategy for UK jewellers. Shifting focus to more flexible models like memo could offer a more adaptable approach in the current environment.

Finally, the challenges faced in the global diamond market underscore the importance of staying informed and prepared. UK jewellers should keep a close eye on upcoming events like the Las Vegas shows for any indications of a shift in market sentiment and demand trends.

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.

Pandora, one of the largest mass-market jewellery brands in the world, has rolled out its new rewards scheme, My Pandora, in the UK​. The loyalty programme, is available online and across all of Pandora’s 216 UK stores, and allows members to earn points for every pound spent.

My Pandora is free to join, and members instantly start receiving rewards. There are many perks of the scheme and they include early access to sales, the option to pay for products with accrued points, special birthday treats, and access to exclusive product launches. Additionally, the programme is designed to offer a personalised experience, with members receiving offers tailored to their shopping and product preferences.

Tiered Membership

My Pandora operates on a three-tier system, with members able to progress through pink, silver, and gold levels. Each level comes with unique rewards, and the more points a member earns, the more exclusive the rewards become. Upon joining, members also receive a 10% discount on their next Pandora purchase.

Customer First Focus

Rasmus Brix, Pandora’s managing director for the UK and Ireland, expressed his excitement about the launch of the new initiative. “We’re absolutely thrilled to introduce My Pandora in the UK today. At the heart of every decision we make are our customers, and we have every confidence this new initiative will help to enhance their overall experience,” Brix said.

He added that the company had spent a significant amount of time developing the programme to ensure it was intuitive, convenient, and ultimately, that it delivered the best rewards that Pandora could offer. Brix expressed confidence that My Pandora would demonstrate the company’s appreciation for customer loyalty and trust in the brand​.

Customers can sign up for the My Pandora rewards programme in-store or online to start earning points.

In January 2023, the GIA had embarked on an ambitious endeavour to transition to a ‘paperless’ operation, only to backtrack on its decision four months later. This quick reversal came after the diamond trade voiced disapproval over the new digital system, citing concerns about potential disruptions, customer dissatisfaction, and the risk of abuse.

The GIA’s Senior Vice President and Chief Operating Officer, Pritesh Patel, admitted that the organisation had not sufficiently anticipated the challenges inherent to adopting a digital-only model. “We did not adequately anticipate the challenges of adopting the digital-only GIA Diamond Dossier report,” Patel said. “GIA will continue to provide the printed reports that enhance consumer trust, while working to develop robust, secure, and compelling digital versions of all our reports.”

Effective from April 9, 2023, all diamonds submitted to the GIA laboratories will receive a printed Diamond Dossier report, reminiscent of the pre-digital era. Clients who had received a digital-only report in the short-lived digital period can request a printed version at no cost. For those who still prefer the digital format, the GIA will continue to offer digital versions of the Diamond Dossier report and the Report Access Card.

However, this sudden about-face from the GIA does raise significant questions about the future of digital transformation within the gemological industry.

Implications for you

This unexpected shift in GIA’s digital strategy has several important implications for you.

Firstly, if you adopted the digital-only model, you may now find yourself having to readjust your processes back to accommodate paper reports. While this could cause a temporary disruption, it’s an important step to ensure you are serving your customers in the way they are most comfortable with.

For those of you who found the digital transition challenging or faced customer pushback due to the lack of paper certificates, this return to a familiar format may come as a relief. The reintroduction of paper reports could potentially restore customer trust and smoothen your sales process, particularly for those clients who prefer the reassurance of a physical, printed certificate.

This situation also underscores the importance of your adaptability in the face of industry changes. As a jeweller, your ability to stay agile and responsive to shifts in certification processes and customer preferences is key to your success.

This incident is a powerful reminder that while digital transformation is inevitable, the pace and method of this transition must be carefully managed to ensure it aligns with your needs and those of your customers. As we’ve seen from the GIA’s experience, digitalisation can bring about efficiencies and environmental benefits, but these should not come at the cost of consumer trust and the smooth running of your operations.

Looking ahead, as the GIA continues to develop “robust, secure and compelling digital versions” of its reports, it’s crucial that you stay informed about these changes. At the same time, ensure you maintain the flexibility to meet your customers’ needs and preferences, whether they lean towards traditional paper reports or the convenience of digital versions.

Unlike more general hand-crafted marketplaces like Etsy or Not On The Highstreet, Boutee offers only high-quality jewellery from independent British jewellers. Each jeweller has a dedicated storefront on the marketplace, where customers can not only see the products on offer, but also discover the story and people behind the products.

Founders Billy and Ethan Ward grew up surrounded by the jewellery industry and saw first-hand how difficult it was for smaller jewellers to compete against larger, more digitally-savvy businesses. With a background in tech, they decided to build a solution that would allow independent jewellers to thrive online.

We sat down with Billy to learn more about the platform and understand their plans for the future.

Could you tell us why you decided to build the platform?

My godfather was a jeweller and silversmith, and I saw first hand how hard it was for him to get online and carve out a marketshare against the big brands with international budgets.

Especially when most his time was spent at the bench making – he was a a jeweller, not a digital marketer! Was he supposed to be an eCommerce and marketing expert in the evenings? Unfortunately he ended up closing down his jewellery workshop.

Over time, I saw the same thing happening again and again with other businesses, and so we set out to build a solution

Who is Boutee a great fit for?

Boutee is built for any independent British jeweller wanting to get a wider exposure online.

Our jewellers range from tech-savvy young designers, to classic jewellers who don’t have even have their own website! 

We build every jeweller a branded storefront on Boutee, so there’s a level playing field for everyone on the marketplace. It means they can get on with doing what they love most. 

How does Boutee make it easier for jewelers?

We’ve invested heavily in the tech behind the marketplace to ensure that it is as easy as possible for our jewellers. They choose 25 products to feature and then we can actually sync up with their existing Shopify, WooCommerce and WIX stores, so jewellers can push products over to the marketplace at the click of a button. 

Then, any changes they make on their own sites (like prices, images, description) automatically update on Boutee. Our marketplace also syncs up the stock too, so when they sell out on one, it sells out on the other

If their store is built with something else, they can export products in bulk and we’ll help upload them onto Boutee in one go. 

Every jeweller also has a Jeweller Portal, where they can make unlimited manual changes to any of their products on Boutee.

How has the launch gone?

Really well! 

We’re making sales for our jeweller partners and we also have lots of jewellers contacting us about joining. 

We’ve just completed an angel investment round and started development on bespoke technical features for consumers.

Could you highlight maybe three of your jewellers and let us know what makes them so special?

This is really tough as all of our jewellers are fantastic!

However, here are three amazing, very different jewellers which will give a bit of a sense of the range on Boutee:

• Erin Cox – A classic jeweller, working at her bench producing beautiful one-off pieces in Devon. She has a team of two supporting her and works primarily in Fairtrade or recycled gold and platinum
• Halina Mutinta – Classically trained, but crafting bold, powerful designs with vibrant colours. Based in Brighton, her work explores her Zambian heritage.
• Edward Xu – One of the most exciting new jewellers in the UK. He has been awarded by the Goldsmiths’ Craft and Design Council for his designs in 2019, 2020 and 2021, as well as being nominated for Emerging Jewellery Designer of the year 2022 by both Retail Jeweller and Professional Jeweller. He is also a selected designer for the Spotlighting exhibition by the Goldsmith Centre.

What else should we know about Boutee?

We’re incredibly proud to be a brand new challenger marketplace, standing up for and promoting some incredible independent jewellers. We think the whole world should see what they’re making, that’s our goal in a nutshell, and Boutee is how we’re going to make it happen

Visit Boutee.co.uk to learn more about the platform and to find out about how to join the platform.

Founded in 1972 by Keith and Jenny Bollard, the couple originally moved from the North of England to pursue a shared career ambition. 

Jenny Bollard: “My husband has always worked in jewellery, managing shops for various wholesalers, independents, and H. Samuel in its early stages. He always loved the emotive side of the industry, creating something which people can treasure for many years – and he recognised that personalisation was key to making a product truly special.  

“Keith’s devotion to the industry was contagious and before I knew it, I was fully immersed myself. I had also seen first-hand the value of bespoke retail experiences, having worked as a freelancer in various customer service roles in the past. With Keith’s years of experience and our combined interests, we decided to launch our own independent jewellery business within a bustling Hampshire market town. We wanted somewhere with a strong community, where we knew we could build a positive reputation and create customers for life.”  

Over the years, Charles Nobel has expanded its customer base beyond Hampshire – with clients now travelling from as far as Cheshire to visit the shop. Jenny puts much of the success of their company down their highly personalised service, as well as building a reputation within the local community:

“Word of mouth has been a powerful tool for us, with many of our customers recommending our services to their friends and family.” 

Keith and Jenny’s son Piers is now Director of the business and is set to carry Charles Nobel forwards, while preserving its rich heritage and values: “Mass produced jewellery simply doesn’t have the same impact as something which has been carefully crafted with bespoke needs in mind. I never tire of seeing how much people appreciate our work on an emotional level. It is heart-warming to know that over five decades, we have given so many people a product they will cherish for a lifetime“.

Looking to the future, Charles Nobel is focusing on enhancing its range of diamond jewellery – an area in which the business has built a strong reputation over the past 50 years.  

Piers continued: “We want to focus on our best performing areas to secure the future of the business. We have chosen to refine our offering and focus on what we do best – and what we know our customers want. I’m proud of the business my parents have developed and its positive impact on the local community. I’m looking forward to building and growing the success of Charles Nobel over the coming years, while staying true to our values and continuing to provide bespoke services known and loved by our customers.” 

Father-daughter combination Jon and Annabelle have been working together for the last 3 years. Jon has been in the trade for over 30 years, importing jewellery from all over the world. He started working with Israeli designers, maintaining a close relationship and an extensive range ever since. Annabelle joined the business after a number of years working in retail management for companies such as Uniqlo and Ted Baker. This is the first time LBJ’s customers will be able to view the whole collection without the pleasure of a visit to the shop. LBJ Jewellery supply many independent shops in the UK including galleries, traditional jewellery shops and gift shops. 

“We realise how important this is for our business moving forward, and believe it is going to be a complement to the way we already work. We want to support our customers as much as possible during this difficult time, and as such all of the content from the website – from imagery to descriptions – is available to share.” Annabelle

The website was brought to life by a local agency called Lionsorbet, who specialises in jewellery websites. The beautiful collection images were shot by photographer, Jade Alana. 

LBJ is offering all customers 10% off their first purchase until the 31st December 2020. No minimum order. Use code LBJLIVE

For more Jewellery News visit: https://www.jewellerymonthly.com/category/retail-jewellery-news/