This latest insight direct from Gold Bank London takes into account the retailer’s sales from across the country, which includes both online and in-store transactions.

Consumers continue to invest in gold bars more, with gold prices continuing to remain high while impacted globally by ongoing conflicts and political unrest.

The Israel-Iran crisis boosted safe-haven demand in the month of June, as investors always typically respond to times of uncertainty, with the ceasefire causing short-term shifts in the global marketplace.

Faisel Ali, founder and managing director, said: “If Israel-Iran tensions had not been de-escalated swiftly it could have escalated to an all-out nuclear war, which would have seen gold prices reaching astronomical heights. History tells us that the yellow metal has always held itself up even when faced with the most disastrous global wars and economic downturns.

“The global economy is now changing faster than people can possibly predict. People that stand any realistic chance of protecting their future must be willing to make decisions quickly. We have seen, during the last 12 months, a significant increase in gold purchasing and investment, which can be attributed to market conditions – which can shift very quickly as a knee-jerk reaction to what is happening in politically unstable parts of the world.”

He added: “As troubles in Gaza are now headlining the news, gold prices stand firm, near to the record highs we have seen so far this year, with geopolitical tensions in the Middle East of course constantly having a heavy influence on fluctuations.”

The move revokes a suspension that had been in place since 2020 and directly impacts the world’s largest emerald producer Kagem Mining Limited.

Kagem is 75% owned by Gemfields and 25% owned by Zambia’s Industrial Development Corporation.

The duty, alongside Zambia’s 6% mineral royalty and 30% corporate tax, now imposes an effective tax rate of 21% on Kagem’s revenues.

In comparison, competitors like Brazil and Colombia apply much lower taxes, with Brazil’s tax set at 2% and Colombia’s at 2.5%.

Gemfields stated that it did not receive prior consultation on the new duty, and expressed concern about its impact on Zambia’s emerald sector, which had successfully lobbied to suspend the duty in 2019.

The company plans to engage with the Zambian government to seek its removal or suspension.

The group also saw a slight dip in sales of 1% to €10.1bn (£8.35bn), driven by a 17% year-on-year sales decline at its specialist watchmakers in the Asia Pacific region to €1.7bn (£1.41bn).

However, it recorded very solid sales progress in most regions, led by the Americas and Japan in value, which grew 10% and 32% respectively at actual exchange rates. The group also noted that Europe and the Middle East and Africa posted robust growth.

With 2% sales growth overall (+4% at constant exchange rates), the group’s jewellery maisons, Buccellati, Cartier and Van Cleef and Arpels, continued to show strength and gain share.

The jewellery maisons delivered a €2.3bn (£1.90bn) operating result and a corresponding 32.9% operating margin.

Additionally, as a consequence of lower sales on fixed operating costs and a strong Swiss franc, profits were more than halved for watchmakers to €160m (£132.3m) for the period to 30 September, corresponding to a 9.7% operating margin.

On 12 September 2024, the group completed the acquisition of distinctive Italian jewellery Maison Vhernier and on 7 October, Richemont announced that it had entered into binding agreements for the acquisition of 100% of the share capital of YNAP (Yoox-Net-A-Porter) by Mytheresa, a luxury multi-brand digital group signed an agreement by which Mytheresa will acquire YNAP in exchange for a 33% equity stake in Mytheresa, subject to customary closing conditions.

Johann Rupert, chairman of Richemont, said: “In the first half of this fiscal year, we continued to deliver sustained resilience in a world where uncertainty has become the norm. We saw solid sales growth across most of our regions offsetting continued weakness in Chinese demand, which, as I had predicted, will take longer to recover and is particularly affecting our Specialist Watchmakers.

“What we are seeing in the world today is not unprecedented. It illustrates just how important it is to have strong leadership with a long-term vision, to continue to invest in our Maisons’ excellence in crafting and marketing distinctive and timeless creations, to manage our offer with discipline, and to have an agile structure and a solid balance sheet. Looking ahead, whilst I remain cautious in this uncertain context, I am therefore confident in our ability to navigate the current as well as future cycles and to deliver sustained value over the long term for all stakeholders.”

The announcement comes after the G7 countries and the prime minister toughened their sanctions against Vladimir Putin.

According to Sky, in addition to the $4bn (£3.2bn) diamond export industry, other imports of copper, aluminium, and nickel with a Russian provenance will also be subject to sanctions.

Sky also stated that along with those working in the energy, metallurgy, and shipping sectors, Britain is now targeting an additional 86 individuals and organisations from Russian President Vladimir Putin’s military industrial complex.
The prime minister’s spokesperson said that the government was expecting all G7 members to announce penalties over the weekend.

In a statement on Twitter, Rishi Sunak, said: “Sanctions imposed on Russia by the UK and G7 partners are having a clear and progressive impact in downgrading Putin’s war effort.The G7 remains unified in the face of the threat from Russia and steadfast in support for Ukraine.”

The jewellery industry is expected to rebound and grow globally between 3-4% over the next four to five years, with demand expected to increase from younger consumers and domestic markets with less international travel taking place, according to The Sheffield Assay Office.

During the pandemic, the jewellery industry saw revenues globally decline by 10-15%. Now, there are three factors which are expected to emerge in particular due to a “shift” in the market, including an increase in branded jewellery, more digital sales, and a more sustainability focus

Large lifestyle global brands are now adding jewellery to their collections or expanding their current ranges. Digital sales have also continued to increase with many retailers reporting double digit growth in this area.

The Assay Office said that digital sales are heavily driven by younger consumers as they are more accepting of this being the generally accepted way of purchasing. 

Additionally, sustainability will reportedly become an “increasingly important” element of the purchasing decision, with consumers more aware of traceability and transparency throughout the supply chain and are looking and researching this in all aspects of their lives.

The Sheffield Assay Office said: “It is great to see people back on the high street and attending all the sporting events and festivals which we have all missed. 

“There is always an element of excitement as to the latest fashion and what the celebrities will be wearing and jewellery is a large focus of this. It is therefore positive that research is demonstrating that the jewellery industry has a bright and sparkling future.”

IIG has been granted an licence to sell GemIntro across the market and promote the course as part of its educational offering at its campuses in Mumbai, Surat, Ahmedabad, Kolkata and Bengaluru. 

GemIntro is an online-only Ofqual Level 2 certified gemmology qualification that provides a “fundamental grounding” in scientific gemmology through interactive lessons. Developed by the Gemmological Association of Great Britain (Gem-A), this course is said to be suited to jewellery brands, independent retailers, manufacturers and auction houses that want to upskill their teams. 

According to Gem-A, the latest collaboration is “built on shared values”, with both groups focused on “engaging the next generation of gemmologists and providing accurate and scientific gemmology information that kickstarts careers and enhances existing pathways”.

IIG director, Rahul Desai, said: “GemIntro is a great platform for Indian gem enthusiasts and will allow them to acquire an international qualification. India is a leading exporter of polished diamonds, gemstones, and fine jewellery and this collaboration will help uplift the skill level of the Indian gem and jewellery sector enormously. I appreciate Gem-A’s outstanding cooperation with IIG on the up-skilling and reskilling of Indian gem enthusiasts.”

Gem-A CEO, Alan Hart, added: “One of the most important aspects of nurturing new gemmologists is providing an accessible and affordable gateway into the subject. GemIntro was created to fill this gap and provide students with a recognised, Ofqual Level 2 qualification that can serve as a launchpad for further study. 

“I would like to thank IIG for joining us on this journey and becoming one of the first international organisations and education providers to secure a GemIntro Corporate Licence.”

He added: “GemIntro is a gateway to further gemmology education and training, whether that be the Gem-A Gemmology Foundation or other professional qualifications offered by our partners and Accredited Teaching Centres (ATCs). We are thrilled to be working with IIG to deepen our relationships with the Indian market and are now in conversation with other geographic regions to expand the course’s reach further.”

Alrosa has reported pre-tax profits of RUB31.2bn (£31.6m) from RUB9.5bn (£96.3m) for the three-month period ending 30 September 2021. 

Sales in Q3 hit their highest level since 2010 for the third quarter period, which Alrosa said is traditionally considered to be the “weakest” period of the year.

The price index in Q3 increased by 10% quarter-on-quarter and by 25% year to date, having exceeded its 2018 levels.

Meanwhile revenue grew to RUB75.6bn (£76.6m) from RUB48.6bn (£49.2m) in 2020 but it was down 18% quarter-on-quarter as there was a 20% lower diamond sales volume during the period.

Alexey Philippovskiy, CFO of Alrosa, said: “The strong end demand for jewelry and the corresponding demand for polished diamonds since the beginning of the year was initially met thanks to the rough diamond stocks accumulated by producers in 2019–2020.

“However, by the start of Q3’21, producers had run out of their stocks and began supplying ‘freshly’ produced diamonds. In the coming years, the global diamond production will remain 20–25% below the pre-pandemic levels.” 

He added: “On the back of the strong demand and limited supply, polished and rough diamond prices rebounded by 9% and 12%, respectively, versus the early 2019 levels.”

The firm also stated that mined diamonds result in 80 days of lost work per 1,000 employees every year, compared to no lost work time for LGDs.

An infographic released by the New York-based group also targeted the cost of natural diamonds by claiming that LGDs are 40-50% cheaper per carat than mined diamonds.

Environmental sustainability was also placed into focus on the infographic, with the company stating that 1ct of LGDs disrupts 0.07sq ft of land and produces 1lbs of mineral waste.

The same amount of mined diamonds supposedly disrupt roughly 100sq ft of land and create 6,000lbs of mineral waste.

Despite the differences in sustainability, LooseGrownDiamond.com said that “a lab created diamond is a diamond made of the same material as natural diamonds”.

The group added that LGDs are “pure carbon, crystalised in an isotropic 3D form”, making them “completely identical” to mined diamonds other than their creation process.

The code will ensure that the diamonds have been discovered in Botswana, Canada, Namibia, or South Africa, and has played a “direct role” in the group’s “building forever” mission to improve environmental and social sustainability.

For the US and China, the code is set to focus on diamonds larger than 0.30 carats by inscribing the invisible code onto the table of the stone so as not to impact its grading.

Moreover, the code will also be available in India on a jewellery report that covers smaller diamonds within a jewellery piece.

David Prager, executive VP and chief brand officer at the company, said: “For most consumers it will create a step-change in the connection they have to the story of their diamond – not just where it came from and how it was sourced – but the positive difference it made in people’s lives.

“The Code of Origin is live in a development phase in markets around the world now and has had a very encouraging response. We will be working with our Sightholders and US retailers in the months ahead and will continue to look for further development partners to support our intention to scale the programme.”

The development comes as part of a wider shift in marketing approach to further connect customers to the group’s social actions.

Stephen Lussier, executive VP consumer markets and chairman of De Beers Jewellers and De Beers Forevermark said it is “the most significant” change in the group’s marketing approach “in the past decade”.

He added: “We will focus our marketing investment on driving what we call “fame and love” for the De Beers brand because the De Beers brand drives desire for De Beers Jewellers, De Beers Forevermark and awareness for De Beers Code of Origin.”

Provided by CO2-logic, the label has been validated by the international independent certification body Vinçotte.

In addition to the label, the process for gaining certification complied with PAS 2060, which sets requirements for achieving and demonstrating carbon neutrality.

An international standard, the PAS 2060 builds on the ISO 14001 and PAS 2050 standards, and is published by the British Standards Institution (BSI).

Thierry Silber, CEO at Madestones, said: “This ‘CO2-neutral’ label not only guarantees real climate protection efforts, it also empowers companies to break through the fog of empty environmental claims. 

“This label is for consumers and procurement departments of any organisation seeking to buy more responsibly. It is the recognition of real efforts to save our planet.”