Following their recent collaboration, Perry notes the importance of expanding the industry’s provenance capabilities and highlights how technology can enable better storytelling. He outlines some of the benefits from the De Beers-GIA cooperation, which taps both organizations’ resources to inspire trust among consumers.

Listen to the podcast here:

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Diamond trading may have slowed in 2023, but there are several developments that are shaping the market and creating positive energy around jewelry. In this episode of the Rapaport Diamond Podcast, the editorial team discusses some of the high-profile events that may have raised the bar for the rest of the industry.

Editor in Chief Sonia Esther Soltani and Senior Reporter Leah Meirovich join Senior Analyst Avi Krawitz to talk about the recent opening of Tiffany & Co.’s landmark New York store, Signet Jewelers’ recent comments on the bridal sector, the upcoming GemGenève show and the state of the auction market ahead of the Christie’s and Sotheby’s Magnificent Jewels sales in Geneva.  

Listen to the podcast here:

Check out some podcast highlights:

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More than 50 members of the Young Diamantaires (YD) group embarked on a fact-finding trip to Surat and Mumbai in February, exploring the impact of manufacturing and trading of the local industry and the contribution it makes to the community.  

Rapaport’s Joshua Freedman discusses various aspects of the tour with Lita Asscher, president of Royal Asscher Diamond Company, and Harsh Shah, director of Pasavaja Gems, who both rank among the organizers of YD.

The three make insightful observations about their experiences at Surat diamond factories, a behind-the-scenes view of the Bharat Diamond Bourse, the new Surat Diamond Bourse, the difference between Surat and Mumbai, and the role YD is playing in the industry.

Listen to the full podcast here:

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How can the diamond industry navigate the immense hurdles lab-grown and Russian sanctions generate? In his presentation during International Diamond Week in Israel, Rapaport Group Chairman Martin Rapaport outlines the nature of these challenges, stressing the importance of full disclosure of supply relating to both issues. 

Listen to the presentation as a podcast here:

The presentations can also be viewed here: Rapaport Presentation: Synthetics, Russian Sanctions – Rapaport

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While the current 25-year mining licenses governing the operations of Debswana — the mining partnership between De Beers and the government — expires in 2029, the parties decided to bring forward the discussions since they need to make decisions relating to expansion projects at the Jwaneng and Orapa mines.

“We could have left it until 2029… but we and our partners felt it was responsible to renew it now,” Cleaver explained. “You need to start making investments now, so we don’t want to spend that money when the license is about to expire, with no certainty that it will be renewed… and nor does the Botswana government, because we all want the same thing, which is for production to continue at Debswana.”

The urgency relates to the fact that there are expansion projects required at Jwaneng and Orapa that will pay back, or produce diamonds, only after the license expires, Cleaver added.

For example, at Jwaneng, considered among the most profitable mines in the world, Debswana is currently mining “cut-8” of the operation, while work is being done to clear the ore body for “cut-9,” which will only begin yielding diamonds in 2029, according to Debswana’s website. With the open-pit mining projected to come to an end in 2032, the parties need to decide soon whether to go underground at that point.

“These are big, long complex projects,” Cleaver stressed. “This can take 10 years between the time you agree to start doing it and when you see your first ore.”

He points to the transition to underground mining at De Beers’ Venetia mine in South Africa where excavation work for the extension began in 2013 and the first production is expected only this year. The Venetia expansion came at an investment of $2 billion, De Beers has reported.

The talks between the government and De Beers over the mining licenses are running parallel with their ongoing negotiations for a new marketing and sales agreement.

The marketing deal has been delayed three times already, amid speculation the government is looking to change the structure of its partnership in a bid to gain more revenue from its production.

The government currently gets 25% of Debswana goods for independent sales through the parastatal Okavango Diamond Company. President Mokgweetsi Masisi was quoted as saying the government wants a larger share of the local output, and also that the government was prepared to walk away from the talks if its demands weren’t met.

The government last week signed an agreement with manufacturer HB Antwerp through which it agreed to supply HB Antwerp with rough from Okavango while also taking a 24% stake in the Belgian company. HB Antwerp has other partnerships in which mining companies gain a profit share from the resulting polished.

Speaking at the recent Israel Diamond Conference, Cleaver said he was confident they’d reach a deal that is fair to both sides — with the deadline for an agreement set for the end of June.

“We want to be in countries where people would like us to be, and we want to have deals with them,” he said. “So, I am confident we will get to a deal that is fair to both sides and that both parties are happy with.”

During the podcast discussion with Rapaport Senior Analyst Avi Krawitz, Cleaver also outlined De Beers’ views on traceability, branding, the lab-grown market, and current market conditions.

Listen to the podcast above.

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The diamond market has had an eventful 2023 so far: Some of the developments include new Russian sanctions on the horizon, China opening for business, more takeover rumors among the luxury brands, artificial intelligence (AI) making waves and a major delegation of young diamantaires exploring India.  

Editor in Chief Sonia Esther Soltani returns from maternity leave to catch up on the news with Senior Analyst Avi Krawitz and News Editor Joshua Freedman, in this episode of the Rapaport Diamond Podcast. The team highlights the major events, trends and quirky stories that have shaped the diamond industry in the first quarter of the year. 

Listen to the podcast here:

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The Natural Diamond Council (NDC) will soon launch a campaign to counter some of the myths the lab-grown diamond sector has been promoting, said CEO David Kellie in the latest Rapaport Diamond Podcast.

The trade is aware that most synthetics producers do not use sustainable energy to grow their diamonds, yet the consumer is being misled to believe they do, Kellie asserted. This and other myths “are damaging to the industry as a whole,” he said, and that is “where we have to step in.”

The campaign, which is set to kick off at the end of March, marks a change in the NDC’s approach to lab-grown since its inception in mid-2020. The organization has preferred to focus on highlighting the virtues of natural diamonds rather than taking a combative stance against synthetics, even as many in the industry have called for a more aggressive tone.

That said, the new campaign and accompanying “myth-busting report” will not attack lab-grown, Kellie stressed; it will simply present the facts so consumers can decide for themselves which type of diamond is better for them.

“We have a duty to make sure that you are serviced with the facts about sustainability, about values, about pricing” for both products, he stated, adding that the campaign will outline the values of the natural-diamond industry and the positive impact it makes on society.

In addition to its consumer-facing efforts, the NDC will embark on a large-scale education program for jewelry retailers.

The move follows a recent report the NDC commissioned to measure the consumer experience in jewelry stores. One of the more disappointing points in the report — which a third-party agency conducted for the group — was the level of education the sales professionals had about diamonds, Kellie said. This exposed one of the bigger challenges the NDC faces: how to help the US retail segment improve its natural-diamond storytelling abilities.

Meanwhile, the NDC is exploring new membership channels to help fund its programs. The group suffered a major blow to its budget last year when Russian miner Alrosa withdrew its membership following the invasion of Ukraine. Alrosa accounted for nearly half of the NDC’s annual funding, leaving the remaining six members to foot the bill.

While those mining companies will remain the core board members, the NDC is now finalizing a program that will let additional partners join the group.

“We have built significant expertise in each of our major markets around content creation and storytelling, and around media buying in the digital areas,” Kellie explained. This is all expertise it can share with the varied segments of the trade.

“Whoever I speak to wants to participate in different ways…and we’ve met with a lot of manufacturers, designers and smaller brands that want to use our capabilities,” he related. “It’s not a one-stop blueprint, but it’s saying, how do we all come on board together and use the expertise of the NDC, bringing in other investments and just multiplying the visibility of the diamond message?”

During the podcast discussion with Rapaport Senior Analyst Avi Krawitz, Kellie also outlined the NDC’s ongoing work with brand ambassador Lily James, the fashion trends that are influencing the jewelry industry, and the group’s plans for 2023.

Listen to the podcast above.

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Rapaport’s Avi Krawitz chats with Iris Van der Veken of the Watch & Jewellery Initiative 2030 about the organization’s immediate and long-term goals.

Fresh off its second workshop for members, which took place in Geneva, the Watch & Jewellery Initiative 2030 emerged with a clearer focus that will drive the group’s sustainability programs forward, executive director Iris Van der Veken stressed on the Rapaport Diamond Podcast.

The initiative was founded last April based on three pillars that would shape its agenda: building climate resilience, preserving resources and fostering inclusiveness. The February workshops gave members the opportunity to prioritize the organization’s programs within that framework and set immediate and long-term milestones, Van der Veken told Rapaport Senior Analyst Avi Krawitz.

The discussion also explored what sets the initiative apart from other programs that promote the industry’s environmental, social and governance (ESG) agenda and how the luxury brands are approaching sustainability challenges. She also went into greater detail about how the industry could raise the bar when it came to issues such as climate change, gender equality and governance.

Listen to the podcast here:

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Traceability has become a central issue in the diamond and jewelry industry, with the Russia-Ukraine conflict accelerating demand for source-verification programs. Frederik Degryse, CEO of iTraceiT, a new platform that aims to validate a diamond’s origin and journey, discusses these trends with Rapaport Senior Analyst Avi Krawitz on the latest episode of the Rapaport Diamond Podcast.

The conversation ranges from the reasons driving the interest in traceability, what it entails, how iTraceiT is tackling the challenge, and how to go about tracking melee along the supply chain.

Listen to the podcast here:

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This episode of the Rapaport Diamond Podcast features Sam Karmiel, owner of Icerock Diamonds. Sam chats with Rapaport’s Avi Krawitz about his journey in the diamond industry and how he came to leverage Instagram to engage with consumers and sell diamonds via the platform.

Listen to the podcast here:

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