Dear readers,
This week, our Lettre is as multifaceted as the challenges facing the diamond and jewelry industry.
Without beating about the bush, one of the major issues today is the new sanctions that are expected to be imposed on Russian diamonds. They contribute to financing the war in Ukraine through the revenues they generate, about 30% of which go to the Russian state. While many of us stopped buying and selling Russian diamonds almost a year ago, we are all affected in one way or another by these sanctions. Firstly, because the reputation of our industry is still at stake. Secondly, all those who import diamonds into the US will probably have to formally and accurately ‘declare’ that they are not importing Russian diamonds. Finally, this conflict speeds up the need for effective and reliable traceability solutions.
As you know, De Beers is at a turning point. Its new CEO, Al Cook, took office on February 20 and, even though the official line is one of ‘continuity‘, changes are expected from him, particularly in terms of ethics and sustainable development, a decisive issue. In addition, the miner has yet to formalize its crucial agreement with Botswana. Rob Bates’ article, De Beers examining “all options” for Forevermark, will shed some light on the subject.
We also note that, according to the article, “De Beers charges sightholders a ‘nominal’ fee” for Tracr today but, to quote CFO Sarah Kuijlaars, “ [We are] getting to the stage where we’re confident there’s a value proposition there, that we will be beginning to charge for.” Watch this space!
We also take a look at the wedding boom in 2022 and its consequences for the diamond industry and see what the US industry professionals are predicting for 2023 and 2024. But don’t forget, diamonds are still in the limelight and fancy-shapes are gaining ground!
To conclude, I invite you to visit the Natural Diamond Council website to admire the wonderful diamond sets that were honored at the Oscars! Sheer delight!
Happy reading and enjoy your week
Source Rubel & Ménasché
