Eight weeks of the trade, kept the way a ledger should be kept — dated, sourced, and in one place. New entries are added at the top each week; the quarter's running numbers live in the Almanac below.
Second-quarter rough production reached 7.8M ct (H1 14.91M, +46%), led by Botswana +107% to 5.5M ct, but the average price fell 32% to $105/ct and the rough index 16%. Q2 revenue fell 44% to $665M. Full-year guidance holds at 21–26M ct with a Venetia pause in H2; Anglo American is progressing a sale, with a Gareth Penny consortium reported as front-runner.
Spot gold held near $4,028 on July 24, just above the $4,000 floor, after sliding from a two-week peak above $4,160. Brent crude cleared $100 and the 10-year yield reached 4.70%; Fed-funds futures now imply an 80% chance of a September rate rise, up from 68% a week earlier. Roughly 45% of surveyed central banks plan to add gold.
The gallery reopened July 22, nine months after the October 2025 heist in which a crew took more than $100M in French royal jewels in about seven minutes. The Louvre will no longer display royal jewellery there, moving surviving pieces to a secure location. Four suspects are in custody; no stones have been recovered, and France has announced a national museum-security plan.
The London sale (4–21 May, reported this week) cleared 36 of 37 lots — 97% by number, 99% by weight — at an average $146.08/ct. Managing director Adrian Banks called demand stable but cautious; a ~10% rupee slide since September 2025 pressured Indian cutters. The company, which posted a $51M loss for 2025, is pacing its ruby offering.
The June 13 sale was led by a Graff 35-ct D-colour diamond ring at $3.2M, a Marcus & Co. sautoir with a 9.6-ct Burmese ruby and a 2.02-ct fancy vivid blue diamond at $1.8M each, and an 8.62-ct Colombian emerald JAR ring at $1.6M. Phillips withdrew a 3.03-ct fancy intense pink (est. $1.2–1.6M) after bids missed the reserve.
Effective August 19 under Section 338 of the Tariff Act of 1930, the 50% duty covers six jewelry HTS codes including loose polished diamonds (7102.39.00), stacks on existing tariffs and overrides USMCA duty-free treatment, per the JVC. Rough diamonds are exempt — Canadian rough cut abroad enters under the cutting country's rate.
The expedited Section 301 investigation's preliminary findings cover India, Thailand, Sri Lanka and Australia among others, with resolution expected by end-July. A second review spans 16 partners; Brazil's definitive 25% on loose polished color is in force. The temporary 10% global surcharge expires July 24.
H1 revenue CHF 3.12B (+2% reported), watches and jewelry CHF 2.95B; US +27%, Japan +20%, Spain +28%, China incl. HK/Macau +9%. Net profit fell 6% to CHF 16M. The group expects a stronger second half on May–July momentum.
Spot slipped 0.6% to $4,103.39 Thursday morning from Wednesday's $4,165.87 high; oil hit a six-week high, two-year yields a 17-month high, and CME FedWatch put 77% odds on a September hike. Silver $58.90 (−1.3%), platinum $1,628.63, palladium $1,274.96.
FY2026 (ended March 28): net loss CAD 3.4M vs. CAD 12.8M, sales CAD 205.4M, comparable stores +2.6%, lifted by the European Boutique acquisition and Birks-branded jewelry. A mono-brand store opens at Vancouver's Oakridge in fall 2026.
Kitco's late-Tuesday board read $4,131 (+1.33%) after a $3,998.80–$4,142.70 session — nearly $144 low to high and roughly $130 above Monday's $4,000.30 close. Silver touched $60.11 (settling 59.64, +1.67%), platinum added 2.28% to $1,660, palladium 2.85% to $1,297. Kitco credited short covering and renewed haven demand tied to the US-Iran conflict, through a firmer dollar and rising yields.
April–June retail sales rose 32% y/y (group SSS +39%; HK/Macau +41%, mainland +22%). Gold SSS gained 50% (HK/Macau +55%) while diamond SSS fell 17% group-wide and 58% on the mainland. Net 148 stores closed, leaving 2,857. Chow Sang Sang's retail value rose 16% (SSS +17% China, +30% HK/Macau), with 776 doors after 49 net H1 closures.
A 25% Section 301 tariff effective 12:01 a.m. July 23 layers on the existing 10% for 35% total on cut/polished stones and finished jewelry from Brazil; rough (HTS 7103.10.20/.40) and unwrought precious metals are exempt. A pending 12.5% forced-labor duty would take the stack to 37.5%. JVC's Sara Yood called the metals carve-out broad; polished gets no relief.
The 2026 Real Weddings study found 61% of engagement rings for couples married in 2025 carried lab-grown center stones. Lab-grown wholesale fell 14–15% y/y in Q1 2026; a premium 1ct retails $800–1,200. Analyst Sherry Smith argues the market is bifurcated — value versus luxury — rather than either/or.
The National Union of Mineworkers formally condemned De Beers' two-year Venetia halt — 1,134 mine employees plus 80 DBSSSA staff in Section 189A consultation — accusing the company of presenting a predetermined decision and proposing executive cost reviews, retraining and top-down cuts instead. Chief negotiator Masibulele Naki: workers are not disposable tools.
The FH reported June exports of CHF 2.4 billion on 1.3 million pieces (+11.7% volume) — the strongest month of 2026 after April's −16.6% and May's +0.4%. The US took CHF 349M (+12.7%), France doubled to CHF 250M (+103.5%), and the CHF 200–500 band grew 54.1% while CHF 500–3,000 fell 4.7%. H1 stands at CHF 12.8B, −0.7%.
With the Northwest Territories mine closed since March, Q2 yielded 33,000 carats from remaining surface ore, down 97%. H1 output fell 51% to 1.1 million carats; final sales run through end-2026, completing Rio Tinto's exit from diamond mining after Argyle (2020) and Fort à la Corne (2023). Angola exploration continues.
The NUM said De Beers' two-year production halt places 1,134 permanent Venetia workers and 80 DBSSSA staff into large-scale retrenchment consultation, demanding reviews of executive costs, retraining, and alternatives to dismissal. The pause was announced July 13 as a cash-preservation measure.
Tenoris data shows first-half revenue up 8.6% and June up 13%, driven by average purchase prices rising 19–20% while unit sales fell, especially under $1,500. Bracelets led categories at +14%; lab-grown grew double-digit on units while natural diamonds grew single-digit on price.
Spot gold closed Friday 17 July at $4,017.30, up $42.10 on the day, after touching $3,959.30 — within five dollars of the triple bottom at $3,964. Monday opened at $4,018.20 with December hike odds near 82%, Brent at $90.40 and the Fed's July 28–29 meeting ahead. Silver led the complex at $56.76, +1.67%.
Gross gems and jewellery exports reached $2,212.6M in June per GJEPC data: gold jewellery +54.5% to $1,087.7M, cut-and-polished diamonds +8.7% to $846.7M. The quarter stayed flat (+0.04% at $6,612.2M) with polished value −4.1% on volume +8.9% — $681.70 a carat; rough imports −32.4% by value.
Minister Moeti Mohwasa told parliament on 17 July that the state's 15% carries 'complete freedom': partner with Anglo's preferred bidder — the Gareth Penny-led Global Diamond Consortium, with a Qatari fund and Nir Livnat — pre-empt alone, or bid with a third party. Two bidders remain from six; close eyed by Q4.
The miner's first 'Trade Select' auction — a broader mix of Mozambique ruby qualities plus debut sapphire categories — sold 348,409 of 374,008 carats (93.2%) for $23.1M, 82 of 89 lots. May's higher-quality emerald sale made $26.8M at $146.08/ct with buyers cautious and the rupee ~10% weaker since September.
TÜV Austria verified the Russian miner's operations and full 2025 production as carbon-neutral: footprint −1.18 kg CO2e per carat (60% better), facilities absorbing 126,000 tonnes more CO2 than emitted, 76% renewable electricity. G7 import restrictions still bar the goods from Western markets.
Spot closed 17 July at $3,985.80, down ~3.4% on the week as a sixth day of strikes on Iran drove oil to one-month highs and CME December hike odds to 73%; Dallas Fed's Logan called for a hike. Silver $55.20; platinum $1,599; palladium $1,244.
No. 022/99R — 38mm platinum, one owner since 1999, serial chosen to match his birth date — estimated CHF 500,000–1M for 7–8 Nov. Phillips' three historic Résonance sales in 2026 total $23M+, incl. Souscription No. 007 at $13.9M.
2025 accounts show £7.8M operating profit on £105M sales; Manchester AP House booked £7.4M sales and a £738K loss in year one; UK property and fittings rose from £2.8M to £17.6M. Clifton Street AP House opened Feb 2026.
Counterfeits, Frankenwatches, misdescriptions and stolen goods; Omega 13%, Tudor 6%, Cartier 5%, most others 2–3%. Rejected Rolexes are 43% of refused value; Patek 22%. Rolex is 28% of Bezel sales and 34% of wish lists.
Effective 6 July; the 1984-founded International Colored Gemstone Association counts ~700 members in 47 countries. Dallow arrives via De Beers, Rio Tinto Diamonds, RJC, Grandview Klein and the Women's Jewelry Association.
Announced to Botswana's parliament 17 July by minister Moeti Mohwasa; three shortlisted bidders; consortium plans Angola and Namibia as partners; Botswana (15%) weighs matching rights; close eyed Q4 2026. De Beers carried at $4.9B after $3.5B impairments.
CETA effective 15 July; UK scraps duties on 96.8% of tariff lines (97.7% of trade value); first zero-duty gold, silver and diamond jewelry consignments shipped 16 July. India→UK goods exports $13.44B in FY25–26; 900+ jewelry firms expected to benefit.
Morgan Stanley × WatchCharts: launch-era ~40% premium now 22.6% median; Q2 program sales $186M; 157 of 712 retailers enrolled; top-three inventory share down from 63% to 48%; median participating retailer's H1 CPO revenue $899k, from $578k.
Latest sale: 1,850 bidders from 60 countries; 45% of lots beat high estimates (double y/y); sales at 200%+ of combined low estimates. Recent prints: Paul Newman 6263 $1.14M, Journe Vagabondage II 'Brady' $1.02M, Brette Artisans Rose $512k.
B.C. court order 14 July at the NWT government's request; PwC receiver; production stops mid-August after an eight-week sale found no buyer. ~340 workers remain (2024: 700 + 542 contractors); C$326M reclamation security shielded; last sale C$27.4M, C$2M short.
Confirmed by CEO Ganga Júnior; De Beers carried at $4.9B after $3.5B of impairments, 17 months into Anglo's exit. Botswana (15%) holds the right to match; President Boko calls it a matter of economic sovereignty; ex-De Beers executive groups also bidding.
Edahn Golan's Q2 price list: 2ct rounds −20%, squares −21% (some VVS ranges −25%+), fancies −17%, 1.50–1.99ct −11%; one-carat rounds the only riser at +1%. Rough LGD prices rising — pass-through to polished is the next-quarter question.
Fifth straight day of US strikes on Iranian sites with the Strait of Hormuz closed: gold fades from a 4,068.90 open to 4,041.10 Thursday (+21.8% YTD); silver 57.07, −16.8% on the month, +53.1% on the year; platinum 1,634.90.
Census advance estimate; tax-refund tailwinds faded, online led category gains. Jewelry's H2 setup: a deliberate consumer, gold's 21.8% YTD climb as the value script.
Q1 to June 30: group sales €6.3B, +20% constant currency (+17% actual); Americas +27% to €1.7B; direct retail +24%; specialist watchmakers return to growth at +8% to €873M after a -4% FY26.
P-Lab ex-director Dang Ngoc Thao among 22 charged over a ring that smuggled 28,000+ diamonds ($10.65M, 141 shipments since 2024) into Vietnam — allegedly swapping GIA inscriptions for P-Lab certificates. PNJ offers free re-certification.
H1 2026: Christie's $4.5B total (public auctions +71%, 91% sell-through, luxury $539M +15%); Sotheby's $4.4B with a record $826M in private sales (+58%). Younger buyers' average watch spend +60% YoY to $129,000.
June ChronoPulse: Cartier's secondary-market heat builds 3.5× faster than any tracked brand (+5.9% MoM, ~+10% over six months); 10 of 13 brands up in June, all 13 positive over the half; pre-owned Cartier still ~28.1% under retail.
65-piece high jewelry collection: Mandala Chromia necklace with 99 fancy-cut sapphires (~45ct), Drops of Paraíba choker (21 pear Paraíbas, 20.15ct), Ipnotica earrings with 540 diamonds, openwork with gold-lace artisan Sara Bran.
July 13: Lucara recovers a 1,305.4ct white gem diamond, unbroken, via XRT sorting — the tenth 1,000ct-plus stone in the mine's history (Motswedi 2,488ct, Lesedi La Rona 1,109ct). No other mine has produced one.
2025 diamond trade up 16% to $41.7B on 359.5M carats (+43%) — first simultaneous value and volume records; polished +25% to $18.7B; colored gemstones +48% to a record $1.1B.
Bharat Diamond Bourse VP Mehul Shah wins the World Federation of Diamond Bourses presidency in a three-way Singapore vote over Dubai's Ahmed Bin Sulayem and Shanghai's Lin Qiang, succeeding Yoram Dvash.
FY26 revenue +11% to $2.44B; US sales +18% to $1.24B — over half of group revenue and profit. Guidance: +5–10% for FY27. Results land a day after news of rebuffed takeover approaches.
Boucheron shows a 1,500ct-plus morganite necklace (~3,200 workshop hours); Messika sets the 20.46ct Okavango Blue on a 500-diamond rivière; Chanel debuts 85 pieces; Graff's 12 butterfly brooches convert to pendants.
July 14: gold +1.8% to $4,072.60, silver +2.4% to $58.88, platinum +2.4% to $1,636, palladium +4.1% — the whole board rallies on cooler June inflation a day after gold's $3,985.70 intraday stab.
H1 diamond exports fall 70–80% YoY as alluvial miners re-rig for bullion; 85% of Guyana's rough value sits in stones of 0.50ct and under — supply leaving the exact category leading the recovery.
All top-10 lots beat high estimates July 8; David Morris pearl-and-diamond necklace makes $54,894, a natural pearl strand roughly 4× its estimate, a three-stone ring 3.5×.
Navajo silversmith Enoch Platero (Enoch Michael) becomes the first traditional Native American jewelry artist to win the emerging-jeweler award — $7,500 cash plus supplies, judged on a full business plan.
Arena Club launches mystery 'Time Boxes' (published odds, 90% instant buy-back; Rolex, Patek, AP, Cartier) while The Heritage Club adds AI photo-to-offer valuations with 30–60-day repurchase in the UAE.
First sale under the new contract brings official rough prices down from 5–50% above market to near-market levels, sold to a roster cut from ~70 to 45–50 sightholders. Days later De Beers announces a two-year production pause at Venetia — 4,400 jobs at risk, >40% of South Africa's output.
US–Iran escalation and Fed nerves knock silver to ~$57–58 (from $70+ in late June), platinum to $1,595 (−45% from January's record), and push gold as low as $3,985.70 intraday before it steadies near $4,000.
Reuters: private equity and strategic buyers held talks in recent months; no formal offer. Shares +55% YTD to £7.50 (£1.75B market cap); management wants significantly more. FY26 revenue +11% to £1.8B.
Pharrell Williams' auction platform launches a standalone watch division under Nate Borgelt, ex-head of watches for Bonhams Americas and a specialist in the $24M Graves Supercomplication sale.
The miner arrives in Gaborone prepared to cut official book prices or widen discounted deals — sightholders put the book 20–30% above market in sub-carat rough. A new sightholder contract takes effect against the backdrop of Anglo American's divestment.
Bullion consolidates near the World Gold Council's H2 base case (±5% around $4,100) after June 25's $4,001.80 trough; 30-day volatility cools from 50%+ to under 30%.
Brandee Dallow (ex-De Beers, Rio Tinto Diamonds, RJC) begins as chief executive of the International Colored Gemstone Association on July 6.
Combined Geneva–Hong Kong–New York sales top $235M at a 99.8% sell-through across 937 lots; an F.P. Journe Souscription Résonance makes $13.9M in New York, a record for any independent watchmaker.
Independent jewelers' sales rose 12% YoY on a 22% higher average ticket with 9% fewer units; diamond average prices +21%.
Alrosa suspends Severalmaz mining for ~3 months from July 1; Storm Mountain puts Lesotho's Kao mine on care and maintenance (~750 workers); Petra's Finsch enters business rescue (~1,800 jobs).
Spot touches $4,001.80 on June 25 — the H1 low — and holds the level; YTD the metal is down ~7% from a $5,405 January 29 peak yet remains a top-performing asset over 12 months.
From September 1, lab-grown jewelry tags must read 'synthetic' — the words 'diamond', grading terms, and descriptors like 'natural' or 'eco-friendly' are banned; weights in grams only.
Signet Q1: $1.55B (+0.7%), same-store +1.8%, guidance floor raised to $6.7B. Chow Tai Fook FY: revenue +5% to HK$94.4B, profit +52% to a record HK$9.08B; Luk Fook revenue +29%, profit +89%.
CHF 2.11B — US +12%, France +57% (logistics hub), UK +25%, China −21%; CHF 200–500 watches +24% while the CHF 500–3,000 middle falls 17%. YTD −3.1%.
Christie's Magnificent Jewels makes $49.7M at 100% sell-through — the 31.62ct Azure Blue at $8.4M. Sotheby's answers with $43.4M at 98%, led by a 10.02ct fancy intense blue at $8.7M.
Christie's Stream Family Collection realizes $17.3M at 99% sold; a 49.91ct light green-yellow diamond quadruples its low estimate at $2M.
Alrosa logs record May client viewings — double last year, busiest in eight years — with 2–10ct prices up 6–9% since January; TAGS Dubai tender clears 80%.
The State of the Colored Gemstone Industry panel reports engagement customers choosing sapphire, spinel and garnet first; margins beat diamonds; Tucson 2026 ranked among dealers' best shows ever.
Marion Fasel's Vegas read: mechanicals (transformable pieces), creative alternatives to gold (beads, cords, small scale), and narrative jewelry as the feature customers pay for.
Lab-grown collections expand to Spain and Italy via Barcelona and Milan flagships — eight markets globally.
De Beers' US study: average natural-diamond spend up 25% to $4,063 vs 2023; 75% of value demand is non-bridal; Gen Z takes 23% of value demand vs 18% of population.
Bain–Altagamma puts 2025 global luxury spending at €1.44T with jewelry the leading category; personal luxury +1% in H1 2026, 2–4% forecast for the year.
Phillips' Geneva Watch Auction XXIII realizes $96.3M — the highest-grossing watch auction in history — with a Patek Philippe Ref. 2523 at $10.2M and dozens of world records.
FY2026 (ended March 31): group sales €22.4B (+11% constant); Jewellery Maisons €16.5B (+14%) at a 30.5% operating margin; net profit €3.5B (+27%).
First female president in the bourse's 86-year history — believed the first woman to lead any diamond bourse worldwide.
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