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.”

This growth has positioned the UK among Europe’s fastest-recovering countries in terms of marriage rates. In fact, further analysis of European crude marriage rates by 77 Diamonds found that the UK’s annual increase of 18% means it has seen one of Europe’s largest post-pandemic marriage booms, ranking 7th behind Luxembourg (27%), Portugal (25%), the Netherlands (25%), Sweden (24%), Belgium (20%), and Spain (19%). However, despite the overall growth, customer preferences are evolving as more people look for rings that feel as distinctive as their relationships.

Poppy Elder, a third generation jeweller and founder of eponymous jewellery brand, has witnessed firsthand how this surge in engagement ring sales has influenced her clients’ preferences when it comes to bespoke engagement rings. 

She says that while the classic solitaire remains by far the most popular choice, one of the biggest concerns for clients is finding the right balance between quality and size within their budget. “This tends to be the priority for most buyers. When opting for a bespoke engagement ring, getting expert advice on the best combination of colour and clarity is key to ensuring they get the best value for their money. In terms of design, timeless and classic styles continue to dominate,” she explains. 

Elder also points out that while younger generations are redefining marriage on their own terms, she remains committed to creating engagement rings that reflect both uniqueness and tradition. “I specialise in designing unusual engagement rings with different diamonds and sapphires, but I intentionally stick to stones that people are familiar with and feel comfortable choosing,” she explains.

She adds that while clients are eager for something distinctive, they also seek designs that are “timeless and enduring.” As Elder puts it, “An engagement ring is a significant investment, and it’s important that it remains special and loved for years to come.”

For Elder, the key is balance. “The key is striking the right balance—making it personal and unique while ensuring it doesn’t feel too trend-driven,” she shares. She suggests that subtle customisations, such as a distinctive setting style, hidden engravings, or intricate details beneath the stone, offer a way to add individuality without sacrificing the timeless appeal.

Talking more about her specialty of crafting unusual engagement rings, Elder states that everyone wants to represent their relationship in a unique way. “That’s where the classic meets the twist,” she says. “The design is simple and elegant, but with a distinctive touch such as a unique diamond cut or a pop of colour, such as parti sapphires. This blend allows for classic designs with a personal flair.”

Elder’s Signature Collection is a perfect example of her unusual engagement rings. She divided the Signature Collection into two main categories: bridal and jewellery. For the bridal collection, she currently offers two platinum diamond engagement ring and wedding ring sets, designed to complement each other. 

According to Elder, they’re “classic, understated, and all about the diamond”. One set features a rose-cut diamond with a matching rose-cut diamond wedding band, while the other includes a step-cut oval diamond with a matching half-moon diamond wedding band. She says: “The half-moon diamond wedding band tends to get the most inquiries because of its scalloped edge, which fits beautifully against any engagement ring. The scalloped side has a lace-like effect, adding a soft touch to the overall design.”

As for the other pieces that attract attention, the parti sapphires are definitely a standout, Elder highlights. The variety of colours in these stones is unique, and many people are “intrigued by them at first because they’re not familiar with them,” she says. “But once I mention they’re sapphires, clients immediately trust the quality, as they recognise the value and prestige of sapphires.”

This desire for personalisation and distinctive designs aligns with the growing influence of social media on engagement ring trends. While Elder notes that celebrity influence isn’t a major factor in her designs, social media platforms like Instagram and Pinterest play a significant role in how people research and choose engagement rings. “Often, they’ll find inspiration through posts or pins, which they might then send to their partner as a hint,” she says. Many of Elder’s clients come to her with images or styles they’ve seen on social media, seeking to surprise their partner with a custom ring inspired by what they’ve shared online.

After her clients share their rough idea of what they want and their budget, Elder offers them three or four options. She shows them the biggest stone they could afford, the best quality for their budget, and a few other alternatives. This process usually takes a week or two to narrow down the right stone.

Next, she moves on to hand-drawn sketches, which she often shares via WhatsApp, as many clients prefer the convenience of quick back-and-forth communication through the app. “This allows them to ask questions they might otherwise consider too minor for an email or phone call, making it easier to finalize the design. Once they’re happy with the sketches, we move to the CAD phase, where they can see realistic digital images of the design,” she explains. 

For clients who aren’t completely sure or want to see it in physical form, she creates a wax model, although this is less common since the CAD images are already lifelike. Once everything is confirmed, the final piece typically takes about four to five weeks to be ready.

Jewellery-making is deeply personal for Elder, who oversees every step of the process in her workshop in the Jewellery Quarter. “It’s just me involved in every piece, ensuring every detail is just right,” she says.

As a third-generation jeweller, jewellery has surrounded Elder her entire life, which has undoubtedly influenced my designs. Her grandparents started a metal casting company in the 1950s. It allowed jewellers to use lost wax casting to create their jewellery into repeatable items using wax moulds, which later grew into a jewellery manufacturing business. She then joined the business after her A levels and spent 14 years learning every aspect of jewellery manufacturing and retailing.

Growing up in the industry, Elder witnessed how jewellery fashion has evolved over the years, and that experience makes her less likely to be swayed by passing trends. She says: “I’ve had clients come to me who no longer love their engagement ring because it has gone out of style, or they’ve ended up disliking a wedding band that was once fashionable. Therefore, I want to ensure that the pieces I create are timeless, so my clients can enjoy them for years to come, without worrying about whether they’ll fall out of love with them.”

In recent years, the growing popularity of lab-grown diamonds has sparked a sense of uncertainty in the jewellery market, according to Elder. “As more producers flood the market, prices have dropped significantly,” she explains. This surge in production has created confusion among consumers, who are now bombarded with conflicting messaging from both lab-grown and natural diamond manufacturers. “Each side claims their product is superior,” Elder notes, leaving buyers unsure of where to turn for clarity on the true value of their investment.

“I’m happy to provide clients with the information and answer any questions they have. However, when it comes to engagement rings, most clients choose natural diamonds. Since an engagement ring is such an emotional and sentimental purchase, they tend to lean toward something that feels more authentic,” she states. 

The clients who choose lab-grown diamonds typically do so for reasons other than engagement rings. For instance, Elder had a client who already had an engagement ring but couldn’t afford a larger diamond at the time of their engagement. For Christmas, her partner let her design a second ring. She decided to go with a lab-grown diamond because it fit her budget. “In these cases, there’s less emotional attachment, so clients are more comfortable choosing lab-grown options. But for engagements, people generally prefer the natural diamond,” she explains.

However, Elder also notes that choosing an engagement ring can be overwhelming for couples, especially with the amount of conflicting advice on whether to choose a natural or lab-grown diamond, or what colour and clarity to go for. 

She states that it’s essential for couples to gather as much information as possible, but ultimately, they should focus on what works best for them, not be swayed by others’ opinions on what’s “ideal.” 

She recommends: “A unique, custom-made ring allows them to choose the perfect size, color, and clarity according to their personal preferences. Some may prioritise size, while others may seek perfection and clarity, envisioning the ring as a future heirloom. It’s important for couples to prioritise what feels right for them, rather than being influenced by a salesperson.”

Although Elder isn’t swayed by fleeting trends, she notes that there are two main trends that are emerging in the bespoke engagement rings market. “First, minimalist, classic styles continue to be popular, but people are looking for ways to make them unique. Opting for more unusual diamond cuts, such as a different shape than the typical round, princess, or oval, is a trend that will likely grow, especially with social media showcasing alternative options,” she states. 

Secondly, Elder observes that alongside the ongoing debate between lab-grown and natural diamonds, there will be an increased demand for coloured gemstones, particularly those that are undeniably natural. “These stones may not always be perfectly clear, but their personality and authenticity will appeal to customers who appreciate the uniqueness of a genuine natural stone,” she explains. 

Finally, Elder has observed that younger clients are seeking pieces they can wear daily, avoiding the overload of excessive jewellery. “I think there are several factors at play here,” she explains.

“Cost is obviously a significant consideration when it comes to buying jewellery. However, I also have younger clients who tell me they have a gold-plated necklace they wear every day and love, but it’s starting to wear down. They want to replace it with a solid gold piece, so they don’t have to worry about the plating coming off. It comes back to classic designs—something they’ll be happy to wear at 18 and still love when they’re 70.”

Exclusive insights from 77 Diamonds suggest that this post-pandemic wedding surge has continued since 2022. As a result, engagement ring sales between 2022 and 2024 have increased by 28.8%.

77 Diamonds stated that this trend marks a significant shift from the previous decade. Marriage data from the Office for National Statistics revealed that between 2012 and 2019, the number of UK marriages fell from 302,654 to 252,200. In the three years leading up to 2019, marriages experienced an “uninterrupted” decline.

The pandemic further accelerated this downturn. With strict social distancing restrictions in place, the number of marriages in 2020 plummeted to just over 100,000. However, the trend has since reversed.

According to 77 Diamonds’ report, the experience of the pandemic appears to have “reignited a passion for marriage. Marriage numbers have surged since 2020, with 239,094 weddings recorded in 2021 and 284,382 in 2022—the highest figure since 2016.

This growth has positioned the UK among Europe’s fastest-recovering countries in terms of marriage rates.

In fact, further analysis of European crude marriage rates by 77 Diamonds found that the UK’s annual increase of 18% means it has seen one of Europe’s largest post-pandemic marriage booms, ranking 7th behind Luxembourg (27%), Portugal (25%), the Netherlands (25%), Sweden (24%), Belgium (20%), and Spain (19%).

Tobias Kormind, co-founder of 77 Diamonds, said: “Before the pandemic, marriage seemed to be falling out of fashion, particularly among younger generations who were either delaying it or opting out entirely. But the pandemic appears to have changed perspectives—almost two years of isolation forced many to reevaluate what truly matters, leading to a renewed commitment to long-term relationships.”

He added: “What’s interesting is that this boom has continued well beyond the initial post-pandemic period, suggesting a deeper cultural shift. Younger generations may have previously resisted traditional marriage expectations, but now they’re redefining the institution on their own terms—making it a personal expression of love and commitment rather than a societal obligation.”

Alongside this, footfall fell compared with a 3.3% increase in September.

High Street footfall decreased by 3.6% in October, down from a 0.9% increase in September.

Also, shopping centre footfall fell by 1.6% in October down from a 2.3% increase last month.

However, retail park footfall increased by 4.8% in October down from a 7.3% increase in September.

England was the only UK nation to decline, down 1.5%, while Northern Ireland increased by 1.3%, Scotland increased by 0.8% and Wales increased by 0.4%.

Helen Dickinson, BRC CEO, said: “October’s footfall figures showed a marginal decline compared to last year, primarily due to half-term moving out of the comparison. Despite the decline, retail parks continued to attract shoppers, as they saw positive footfall growth for the third consecutive month. Across England, the northern towns performed best, with Leeds and Liverpool seeing positive footfall last month.

“Retailers have seen footfall consistently fall since the pandemic. Thriving high streets and town centres are not only good for local economies but also form a key part of the social fabric of communities up and down the country. With 6,000 stores closing in the past five years, retailers now need a policy environment that supports growth and investment.”

The latest figures from BRC’s and KPMG’s retail sales monitor revealed that food sales increased 1.1% year-on-year over the three months to June, against an increase of 9.8% in June 2023. This is below the 12-month average growth of 5.5%.

Non-food sales however decreased 2.9% year on year over the three-months to June, against growth of 0.3% in June 2023. This is steeper than the 12-month average decline of 1.9%.

Meanwhile, In-store Non-Food sales over the three months to June decreased 3.7% year on year, against an improvement of 2.0% in June 2023. Online Non-Food sales also decreased by 0.7% year on year in June, against an average decline of 1.0% in June 2023.

It comes as the online penetration rate – the proportion of Non-Food items bought online – increased to 36.2% in June from 35.2% in June 2023.

Helen Dickinson OBE, chief executive of the BRC, said: “Retail sales performed poorly in June as the cooler weather during the first half of the month dulled consumer spending. Sales of weather-sensitive categories such as clothing and footwear, as well as DIY and gardening were hit particularly hard, especially compared to the surge in spending during last June’s heatwave.

“Electronics sales had a better month as football fans cheering on their national teams upgraded their home entertainment systems and people replaced their pandemic purchases. Retailers remain hopeful that as the summer social season gets into full swing and the weather improves, sales will follow suit.”

She added: “The retail industry is vital to the nation’s economy as an important source of employment and investment. The industry shapes local communities and provides three million jobs across the country. Through its scale and reach, retail can make a huge contribution to Labour’s policy goals, and the industry stands ready to work with the new Government to find ways to make this happen.”

Linda Ellett, UK head of Consumer, Retail and Leisure, KPMG, said: “Summer may finally have arrived, but it did little to persuade consumers to hit the shops, with retail sales flatlining at 0.2% in June. Items for the home topped the best-selling categories, with homewares, cooking accessories and furniture all seeing positive growth in June as consumers made the most of the sunshine to enjoy time at home.

“…Despite pressure on household finances easing, with petrol and energy costs and shop price inflation all continuing to fall, consumers remain incredibly reluctant to take the brakes off of their spending. The stimulus of good weather, Wimbledon and Euro 24, which was hoped would drive consumer spending, has so far failed to materialise and financial concerns remain with many households.”

She concluded: “Retailers, who are running to stand still at the moment, having exhausted all of the levers they have at their disposal to cut costs and drive sales via promotions, will be looking to the new Government to boost the economy and confidence. The overall economic conditions may slowly be improving, but the health of the sector remains fragile, and action is needed now to help support this vital economic contributor – particularly around neglected areas such as business rate reform.”

The figures mark a decrease on the $446m (£350.6m) sold in the fourth sales cycle of 2024, and is also down from $479m (£376.6m) in the same cycle from the previous year.

The group stated that the provisional rough diamond sales figure quoted for Cycle 4 represents the expected sales value for the period and remains subject to adjustment based on final completed sales.

Al Cook, De Beers Group CEO, said: “As expected, De Beers’ rough diamond sales in the fourth cycle of the year trended lower, in line with the seasonally slower second quarter and a quieter period of trading in India during the elections.

“The focus of the global diamond industry now turns towards the JCK jewellery show in Las Vegas at the end of May. Demand trends in the US are expected to be driven by short term macroeconomic issues but supported in coming years by a recovery in engagements as the after-effects of pandemic lockdowns fade.”

According to Queensmith, the acquisition marks a “significant milestone” in its commitment to sustainability and ethical practices in the jewellery industry.

Ingle and Rhode has been a “pioneering” force in ethical jewellery since 2007, distinguished by its B-Corp certification and dedication to responsible sourcing.

Despite its reputation and contributions, the adverse impacts of the pandemic, rising costs, intensifying competition and challenging economic headwinds necessitated its closure in early February 2024.

This acquisition comes at a time of robust growth for Queensmith, which reported a 33% year-on-year growth for 2023, along with record sales in the first two months of 2024.

Having acquired Vashi.com from administrators in 2023, Queensmith’s plans are already in motion to further expand their online, retail and manufacturing footprint.

The opening of a new workshop and Design and Innovation Centre in Hatton Garden this spring, along with a comprehensive recruitment drive across all departments are a testament to Queensmith’s strategic focus on UK manufacturing, experiential retail, vertical integration and innovation in the ethical jewellery space.

Whilst Queensmith has acquired Ingleandrhode.co.uk, they do not assume any financial liabilities or obligations towards Ingle and Rhode’s historical customers, suppliers or service providers.

Ingle and Rhode said: “It is with the heaviest of hearts that we took the decision that Ingle & Rhode should cease to trade. This decision was not made lightly, and we explored every avenue to try to keep the business going. However, in the end, the combined effects of the pandemic, inflation, and the economic slowdown have proved too much despite our best efforts. First and foremost, we are deeply saddened for our staff, customers, suppliers, and investors, all of whom have given us such fantastic support over many years.”

Sam Nobes, brand director of Queensmith, added: “Ingle and Rhode’s focus on ethical engagement rings and fine jewellery aligns with Queensmith’s commitment to investing in sustainability and exceptional craftsmanship. Given their strength online and authority in such a similar niche to our own, the acquisition of Ingleandrhode.co.uk provides us with further momentum as we continue our digital expansion and grow our own brand of ethical, sustainable diamond jewellery.”

The company was incorporated in 2007 and traded from premises at 14 Gees Court (just off Oxford Street) London W1 and via their website.

The team from MHA are preparing the company for liquidation, which is expected to occur on 7 February 2024.

Nick O’Reilly and Kyra Harford from MHA have been appointed to the case.

A statement from the directors of Ingle and Rhode said: “It is with the heaviest of hearts that we took the decision that Ingle and Rhode should cease to trade. This decision was not made lightly, and we explored every avenue to try to keep the business going.

“However, in the end, the combined effects of the pandemic, inflation and the economic slowdown have proved too much despite our best efforts. First and foremost, we are deeply saddened for our staff, customers, suppliers and investors, all of whom have given us such fantastic support over many years.”

They added: “Nonetheless, we can all be proud of what we achieved together, including being one the first jewellers in the world to offer certified Fairtrade gold, and one of the first jewellers to become a BCorp. Together we created a pioneering ethical fine jewellery brand that accelerated the adoption of ethical sourcing across the industry.”

Against 2023 levels, footfall on UK high streets slumped by -14.4% on Sunday with the drop in Central London hitting -20.8%.

MRI revealed Scotland and northern parts of England have been most impacted by Storm Isha. With major travel disruption experienced across Scotland, footfall yesterday dropped by -18.2% against the week previous in Scotland.

Jenni Matthews, head of Marketing and Insights at MRI Software, said: “As Storm Isha battered northern parts of the UK, footfall fell by -5.1% yesterday (Monday 22nd January) from last year across all retail destinations with high streets witnessing the steepest drop at -6.4% compared to -2.4% in retail parks and -4.7% in shopping centres.

“Regionally, Scotland’s footfall dropped by -18.2% week on week and by -19.7% year on year signalling the severity of the storm in this region. This was closely followed by the South West where footfall declined by -5.9% week on week and -8% year on year.”

She added: “As the day progressed, MRI Software’s Central London ‘Back to Office’ benchmark improved from witnessing a drop in footfall of up to -6.2% week on week up until midday to rebounding to +1.2% for the full day. This suggests that travel disruptions in Southern parts of England were temporary and many commuters likely delayed their journeys into the city.

“Compared with pre-pandemic levels, footfall remained -17.8% lower across all UK retail destinations. In Scotland this reached -29.4%, with high streets reaching -37.3% which further highlights the severity of the storm.”

The hefty price reductions come as competition from lab-grown diamonds increased.

The industry nearly came to a halt last year as the two largest miners virtually stopped producing in an effort to stop a price crash and help the market pick up a bit.

People familiar with the matter told Bloomberg that the price cut was made across the board at its first sale of the year, and that the group has made bigger cuts for some larger stones, with the “select makeables” category being lowered about 25%.

“Select makeables,” are high-quality but imperfect 2-4 carat diamonds that may be cut into smaller polished stones for use in bridal bands.

According to the sources, De Beers has already drastically slashed prices within this category last year. They also stated that these gems were affected by the growing popularity of synthetic diamonds, the price of which has fallen.

Additionally, in its last two sales of 2023, the group allowed its customers to refuse all gems they were contracted to buy in the year.

However, sources told Bloomberg that De Beers is no longer allowing its customers to reject its stones.

Bloomberg stated that the last time the company made such price cuts was at the end of 2019 when the company was grappling with too much stock in the wake of the pandemic.

Jewellery Focus has contacted De Beers for comment.