Patel, who currently serves as chief operating officer, will succeed Susan Jacques, who has led the institute since 2014. Jacques will stay on as a strategic advisor until her retirement at the end of the year.

The appointment follows a global search conducted by the GIA board of governors, which considered candidates both inside and outside the organisation.

Patel joined GIA in 2015 as chief information officer and was promoted to senior vice president and chief operating officer in 2017. 

In his current role, he oversees operational strategy and innovation. He previously held senior positions at CIRCOR International, a manufacturer of engineered products for the energy and aerospace sectors.

Meanwhile, Jacques led GIA through industry and economic shifts, changing consumer habits and the COVID-19 pandemic. She championed its research, education, instrument development and laboratory services while maintaining its independence and integrity.

Patel said: “It is the honour of a lifetime to lead an institution as trusted and iconic as GIA. I’m inspired by GIA’s legacy of excellence and integrity, and I’m committed to building on that foundation with humility, purpose and a bold vision for the future.”

Jacques added: “I have always been a passionate advocate for GIA, its important mission of trust and its unique role as an industry leader in the global gem and jewellery industry. I am delighted that the Board of Governors has selected Pritesh as my successor and the next leader of this amazing organisation.”

Lisa Locklear, chair of the board, concluded: “I’ve been associated with GIA for most of my adult life, first as a student, then as a Governor and as CEO for the last 12 years. I have always been a passionate advocate for GIA, its important mission of trust and its unique role as an industry leader in the global gem and jewellery industry. 

“I am delighted that the board of governors has selected Pritesh as my successor and the next leader of this amazing organisation. I, along with our GIA colleagues, will do everything we can to ensure his success. I am confident that GIA’s best days are ahead.”

Barclays has been tracking consumer confidence monthly since 2015 and also surveyed 2000 people in the UK for the report, which found that confidence reached its lowest point in October 2022, at 15%, following Liz Truss’ ill-fated ‘mini-budget’.

As a result, two-thirds of Brits (66%) now pay closer attention to their budgets than a decade ago, and 45% say they don’t feel better off than they did 10 years ago.

The report found that confidence in non-essential spending has held strong, at an average of 53% from 2015 to now, and standing at 56% in May 2025. A quarter of respondents said they prioritise fun and making memories, and find value in experiences over material goods.

Spending on at-home experiences has also surged 47.5% since the first COVID-19 lockdown, with Brits now spending an average of £50.60 per month on streaming services.

Karen Johnson, head of retail at Barclays, said: “Ten years’ worth of analysis tells us that while confidence in the UK economy has declined, UK households’ confidence in their ability to manage their money has remained strong, translating into the impressive performance of categories such as travel, entertainment and beauty.

“The last decade has brought unprecedented levels of disruption. Amid all the highs and lows – from rising bills, job insecurity and a fluctuating global and national economy. It is encouraging to see that through purposeful spending, consumers continue to prioritise the things that bring them joy, unlocking the potential for UK economic growth.”

Jack Meaning, chief UK economist at Barclays, added: “We often get caught up in analysing the current moment, especially in light of the major economic shocks and gyrations of recent months. However, this report reminds us of the importance of taking a step back, providing a view of the bigger picture over the last decade.

“Recent trade developments are not the only headwind that UK consumers have weathered recently. The global outlook remains weak, uncertainty continues, and expectations for the year ahead are muted. But this data shows that consumers and their spending patterns have always evolved in response to macro shocks, and will likely do so again.”

The York-based small business will now prioritise RJC Certification, with the goal of achieving Certified Membership Status in 2024.

Bradley’s is being supported on its journey towards RJC Certification by Jewelbuild director Sarah North, who has professional experience navigating RJC Certification procedures.

The company was approved to become an RJC Member in November 2023 after completing the Council’s recently updated due diligence application process.

Kay Bradley, founder, said: “I am proud to be one of 62 businesses in the United Kingdom that are RJC members, and the first in York to take this step towards RJC Certification. Going through the auditing process is the next step, and I am looking forward to cementing our in-house commitments to sustainability, transparency, traceability and consumer advocacy in a more formal manner. Bring on 2024!

“As a small business with big ambitions, we have always strived to go above and beyond. Despite operating from a modestly sized store on Low Petergate in York, our goals are much bigger, and we’ve demonstrated this through strategic collaborations, new collections, and two-years of award wins. Joining the RJC and striving towards Certification is the next step in this amazing journey we’ve been on since the COVID-19 pandemic spurred us into action.”

North added: “It is great working with Kay and the team to continue their journey and highlight the importance of what this stands for, whether you are a small team or a global company within our industry. We all have a part to play.”

Following his departure, the board has appointed Varda Shine, senior independent director, as chair of Petra.

Shine will lead a search for a permanent chair and also become chair of the Nomination and Investment Committees.

Bernard Pryor, non-executive director and chair of the Health and Safety Committee, will become the senior independent director.

Shine will remain as chair of the Remuneration Committee during this interim period.

She is also the senior independent director of Ecora Resources plc and a non-executive director of Sarine Technologies Limited (Singapore Listed).

A 30-year career with De Beers culminated in her appointment as CEO of De Beers Trading Company.

In addition to a number of appointments as a non-executive director, she has worked extensively as an executive mentor focusing on leaders and business growth and transformation and has previously been a non-executive director at Lonmin plc.

Hill said: “It has been an honour and a privilege to be a director and chair of Petra over the last almost four years. Petra has an exceptional management team and world-class diamond assets.

“It has successfully weathered a number of exogenous pressures over the last few years and is very well placed for the future and I feel it is now appropriate for a new chair to take the company on to its next phase of development and growth. I wish the company, the board and management all the very best for the future.”

Shine added: “I would like to thank Peter for his service to Petra Diamonds as its chair and look forward to working with my fellow directors to ensure a smooth transition and continuation of Petra’s robust governance framework until a permanent replacement is sought.Peter joined the Petra board in January 2020 and became chairman at the end of March that year, just as the COVID-19 pandemic was breaking.

“He helped steer Petra through the pandemic and the company’s successful financial restructuring. He has refreshed the board and has worked with CEO Richard Duffy and his management team to stabilise the company. On behalf of the board and Petra, we are grateful to Peter for the significant contribution he made during his tenure and wish him every success in his future endeavours.”

Ahead of the Trust’s annual Celebration of Achievement Awards at Scarborough Spa on 9 November, Bradley’s Jewellers York owner, Kay Bradley, will offer the pendant to one lucky raffle winner, with all proceeds going to support patient care.

The cluster-style pendant, handmade by British jewellery manufacturer Brown and Newirth, is crafted in platinum with a total of 0.50 carats of natural diamonds of G-colour and SI clarity. It has a recommended retail price of £2,495.

In 2022, Bradley donated pieces from her Rainbow collection, including a Rainbow Hope locket and four Rainbow Hope badges, which was designed and developed during the first national lockdown in March 2020.

The range captures “the spirit” of the NHS Rainbow, which became a symbol of optimism, hard work, and thanks during the hardest months of the crisis.

The Celebration of Achievement Awards, hosted by the York and Scarborough Teaching Hospitals NHS Foundation Trust, recognises the achievements of individuals and teams working for the trust.

As a result of donations by Bradley’s Jewellers York in 2022, the York and Scarborough Hospitals Charity raised £1,350, which was directed towards improving patient care and experience and supporting staff wellbeing.

Bradley said: “Being from Yorkshire and operating from business from this great city is hugely important to me, both personally and professionally. After witnessing the remarkable work done by all healthcare workers during the Covid-19 pandemic, I was inspired to give back as part of the annual Celebration of Achievement Awards.

This is the second year I have donated to its anticipated raffle, and I can’t wait to find out who walks away with this special diamond pendant on the night.”

“For this year’s Celebration of Achievement Awards raffle, I wanted to up the ante with an exceptional diamond cluster pendant, lovingly handmade in the United Kingdom by one of our finest manufacturers, Brown and Newirth. We have so much talent and expertise in the UK, whether we are talking about the NHS or fine jewellery craftsmanship.”

Emma Sargent, community fundraiser at York and Scarborough Hospitals Charity, added:
“We are delighted that Bradley’s Jewellers are once again very generously supporting our key raffle at the Celebration of Achievement Awards.

“Kay’s generous donation of the pendant will help us raise funds for the extras to improve patient care and experience and support staff wellbeing in the new Urgent and Emergency Care Centre. From relatives’ rooms allowing family members to stay close by to intensive care, to gardens enabling patients to get some fresh air, this will transform the experience for patients and families visiting Scarborough Hospital.”

As a result, the retail jeweller has now updated its organic growth guidance range to +2% to +5%, which was previously -2% to +3%.

LFL growth in key markets in Europe broadly remained stable at 0%, however, the US saw some improvement to -4% LFL growth and the rest of Pandora’s operations reported a strong LFL growth of +12%.

Meanwhile, its EBIT margin at 20.2% was -190bp Y/Y due to cost phasing and anticipated investments in growth, among other factors.

According to Pandora, its Phoenix strategy has continued to elevate the brand making it one of the “go-to affordable global jewellery retailers”.

Under the strategy, Pandora ME and Timeless collection’s LFL growth increased by 17% and 7% respectively in Q2 2023 over the same period last year.

Additionally, LFL growth in Pandora-owned stores was also up +4%. Following three years of COVID-19 disruption in China, Pandora relaunched the brand in mid-July in Shanghai and Beijing and has seen some pick-up in traffic both in-stores and online.

Along with raising its full-year revenue outlook, the brand also expects the EBIT margin guidance to remain unchanged at “Around 25%”.

The report also stated that current trading in Q3 so far is “solid” with LFL growth at mid-single digit levels

Alexander Lacik, president and CEO of Pandora, said: “We are pleased with delivering yet another solid quarter against a backdrop of macroeconomic uncertainty. We have consistently demonstrated that the foundations built under the Phoenix strategy are yielding positive results.

“We will continue to push ahead with our strategic initiatives for the second half of 2023 and beyond, including the expansion of our assortment in Diamonds and the ongoing roll-out of our new store concept, EVOKE 2.0. Given our solid performance so far, our updated guidance now sees another year of positive organic growth.”

The company also posted strong EBITDA growth of 25% up to $166m (£136m) and an EBITDA margin of 45%. Gemfields’ net profit was also up to $74m (£60m) compared with $65m (£53m) in 2021.

Furthermore, it declared a record final dividend of $35m (£29m) which will be payable to shareholders on 12 May 2023.

CEO Sean Gilbertson said: “2022 has been a remarkable year for Gemfields Group Limited, with a dramatic recovery as we returned to normality after the Covid-19 pandemic. I would like to take the opportunity to thank our stakeholders for the resilience shown across the past few years.

“Our strategy of being a world-leading responsible miner and marketer of coloured gemstones is working and is generating considerable revenue and benefits for our host governments and the communities we operate in.”

He added: “The coloured gemstone market has seen strong demand after the Covid-19 pandemic, with prices paid for uncut emeralds and rubies reaching remarkable levels during the first half of 2022. With recessionary fears now felt in some corners of the global economy, and against the backdrop of an inflationary environment, delivering the same financial performance in 2023 would be difficult to achieve.

“Nonetheless, we will pursue with gusto our mission to be the global leader in African emeralds, rubies and sapphires while promoting transparency, trust and responsible mining practices, and creating a positive impact for our host communities and countries.”

A weaker economic outlook in the second half of the year caused a build-up of midstream polished diamond inventories, pushing down prices and causing negative growth.

Despite this the company’s total revenue increased to $6.6bn (£5.5bn) compared with $5.6bn (£4.7bn) in 2021, and rough diamond sales rose to $6bn (£5bn)from $4.9bn (£4.1bn).

Rough diamond sales volumes totalled 30.4 million carats down from 33.4 million carats in 2021 and the average realised price rose by 35% to $197/ct (£164) compared with $146/ct (£121).

In terms of mining rough diamond production increased by 7% to 34.6 million carats, up from 32.3 million carats to keep up with the strong demand in the first half of the year.

This was supplemented in Botswana where production increased by 8% to 24.1 million carats.

According to the company the holiday season in 2022 was strong with diamond jewellery sales staying above pre-pandemic levels.

De Beers said in a statement: “Continued softening in global macro-economic conditions could see a contraction in consumer spending and demand for diamond jewellery, which may result in lower demand for rough diamonds in the near term.

“This may be partly mitigated by an increase in demand for diamond jewellery in China, following the removal of Covid-19 restrictions in late 2022. De Beers continues to invest in its leading ability to provide source assurance for its diamonds at scale, underpinned by the Tracr™ blockchain platform.”

The charity has issued multiple cost-of-living grants to charities and apprentices within the trade to support them using the remainder of the funds from its Covid-19 fund.

It also presented a cheque for £40,000 to the Benevolent Society, a charity that supports those who have worked across jewellery and within the allied trades, at the annual Benevolent Society Ball in Birmingham in December.

Alongside this, three grants of £40,000 will be gifted to the Silversmith and Jeweller’s Charity’s hardship fund. Goldsmiths’ company apprentices have also been given individual grants of £350.

Michelle O’Brien, head of charitable giving, said: “We know that the fall in ‘real’ disposable income has impacted many individuals and families over the last year and is only going to get worse in the short term.

“The Goldsmiths’ Company Charity is pleased that we can support The Benevolent Society and Silversmiths’ and Jewellers Charity through grant funding to help them continue their essential work in supporting those in our trade who need it most with immediate financial assistance.”

This number was nearly 20% lower than the number in 2019, although Springboard did attribute some of this to data offset.

Footfall on Boxing Day was nearly 40% higher than in 2021 but was just over 18% lower than 2019.

Despite this, retailers saw a 37% spike in footfall on 27 December and it continued to rise each day up to 29 December before falling off from New Year’s Eve.

Over the six days from Boxing Day, footfall was 16.3% higher than on the same dates in 2021.

The gap from 2019 over the six days from Boxing Day averaged a decrease 11.9%. The gap narrowed by an uplift of 26.6% on 29th December. Excluding this day, the gap in footfall from 2019 averaged a decrease of 19.5%

Diane Wehrle, insights director at Springboard, said: “Not surprisingly, footfall across UK retail destinations during the week of Christmas was significantly lower than in the week before that in the final trading week. Footfall was higher than in the same week last year, but not significantly, despite Christmas 2021 being overshadowed by Covid.

“A key factor here is the offset of Christmas which meant that last week began on Christmas Day – when footfall is at its lowest – whilst in 2021 the week began on Boxing Day when many stores were open and trading. In 2019 – the last Christmas before Covid-19 – the offset is even greater, with Christmas Day falling part way through the week before and Week 52 commencing on 29 th December 2019.”

She added: “The week began strongly with footfall on Boxing Day 2022 higher than in 2021 although some of this gain would have been due to Boxing Day 2022 falling on a Monday vs a Sunday in 2021 when trading hours were more limited. In addition to this, a number of stores remained closed on Boxing Day in 2021 and the impact of Covid on people’s willingness to make trips was being felt.

“What is significant – and what has been an emerging trend for several years – is that footfall on 27 December 2022 was higher than on Boxing Day. Furthermore, footfall rose further on the following two days peaking on 29 December, with the first decline from the day before occurring on 30 December, which then continued into New Year’s Eve 2022.”