JB Insights
De Beers’ total revenue for 2023 decreases by 35% ; underlying EBITDA plunges by 95%
De Beers reported a steep drop in revenue and profit for the year 2023, as the global diamond industry faced a severe downturn due to the challenging macro-economic conditions, limited consumer demand growth and a cautious retail scenario. De Beers’ total revenue decreased by 35% to $4.3 billion, compared to $6.6 billion in 2022. The average realised price of its rough diamonds was $147 per carat, a 25% decrease from $197 per carat in 2022.
The company attributed the lower prices to a larger proportion of lower value rough diamonds being sold, as well as a 6% decrease in the average rough price index, which reflects the market conditions and the product mix.
The company’s underlying EBITDA (earnings before interest, taxes, depreciation and amortisation) plunged by 95% to $72 million, from $1,417 million in 2022. The company said the lower sales volumes and prices negatively impacted its margins in the trading business.
De Beers also recognised an impairment of $1.6 billion to the carrying value of its assets, reflecting the near term adverse macro-economic outlook and industry-specific challenges, such as the oversupply of polished diamonds, the reduced availability of credit, and the consumer preference shift to lab-grown diamonds. De Beers also reported a stable sales performance for its retail business, De Beers Jewellers, despite the global macro-economic headwinds and the challenging Chinese sector. The miner said the long-term outlook remains favourable, driven by the ongoing
JB Insights
Top 10 India’s Jewellery Traditions: Where Craft Becomes Identity
-By JewelBuzz
From Centuries-Old Techniques To Regional Artistry, These 10 Jewellery Traditions Reflect India’s Cultural Legacy, Craftsmanship, and Enduring Human Touch
India’s jewellery is far more than ornamentation—it is a reflection of identity, heritage, and regional storytelling. Across the country, every piece carries the imprint of its origin, shaped by local traditions, cultural influences, and generations of skilled artisans. From intricate silverwork to vibrant enamel detailing, these designs are deeply tied to the communities that create them.
What sets Indian jewellery apart is its deep-rooted connection to time and tradition. These crafts were not born in factories but evolved within homes and workshops, passed down through families and perfected over centuries. Each technique reflects patience, precision, and human touch, making every creation unique and meaningful.
In today’s fast-paced world of mass production and uniform design, these traditional jewellery forms stand as a reminder of authentic craftsmanship and enduring legacy. They are not just objects of beauty but living traditions, preserving stories of culture, survival, and artistic excellence that continue to define India’s diverse identity.
Top 10 Regional Jewellery Traditions
Silver Filigree, Cuttack (Odisha)

Delicate like lace, yet crafted entirely from silver, this art—known as Tarakasi—dates back to the 13th century. Artisans twist ultra-fine silver wires into intricate patterns.
The process requires immense precision, often taking days to complete a single piece. It is widely used in creating decorative items, bridal jewellery, and heritage collectibles.

Gulabi Meenakari, Varanasi (Uttar Pradesh)
Jewellery that appears hand-painted, known for its signature pink enamel work. The craft involves fusing metal oxides onto gold and silver at high temperatures. Its distinctive pastel hues set it apart from other meenakari styles in India. The craft flourished under royal patronage and remains closely associated with Varanasi’s artistic legacy.



Thewa, Pratapgarh (Rajasthan)

A unique technique where intricately carved gold sheets are fused onto coloured glass, often depicting royal hunts, folklore, and nature.
Each piece is handcrafted using age-old skills preserved within artisan families. The vibrant glass backgrounds—typically red, green, or blue—enhance its regal appeal.


Hupari Silver Jewellery, Kolhapur (Maharashtra)
In Hupari, jewellery-making is a family tradition. Known for durability and fine detailing, each piece reflects generational skill. The town is one of India’s largest hubs for handcrafted silver jewellery. Its artisans are known for blending traditional motifs with contemporary designs.



Karimnagar Silver Filigree (Telangana)

Distinct from Cuttack’s style, this form features bolder motifs like peacocks, swans, and geometric patterns, giving it a unique identity.
The craft often produces statement pieces and decorative artefacts. It has been recognised for its craftsmanship and continues to support local artisan communities.


Hyderabad Lac Bangles (Telangana)
Crafted using heated lac, these bangles are hand-moulded and studded with stones, making them vibrant and deeply tied to bridal traditions.
They are especially popular during weddings and festive occasions. The process involves multiple stages of heating, shaping, and embellishment by skilled craftsmen.



Axomiya Gohona (Assam)

Traditional Assamese jewellery made primarily in gold, featuring motifs like junbiri (crescent moon), dholbiri, and lokaparo, is inspired by nature and Ahom-era royalty.
These pieces are often worn during festivals like Bihu and weddings. The bold designs reflect Assam’s rich cultural symbolism and heritage.


Temple Jewellery of Nagercoil (Tamil Nadu)
Originally designed for temple idols, now worn by Bharatanatyam dancers and brides, often depicting gods, goddesses, and temple architecture.
Crafted mainly in gold, these pieces are known for their antique finish and intricate carvings. They remain an essential part of South Indian bridal trousseaus.


Agates of Cambay (Gujarat)

Crafted in Khambhat, artisans heat, dye, and polish agate stones into beads and jewellery. This is a 4,000-year-old craft with global appeal.
Khambhat has been a historic trading centre for agates since ancient times. The finished stones are exported worldwide for use in jewellery and decorative items.



Odisha Brass & Bell Metal Tribal Jewellery
Created using age-old casting techniques, molten metal is hand-poured into moulds to form bold, earthy ornaments that reflect tribal identity and rituals.
These pieces are deeply symbolic, often representing social status and community traditions. The raw, rustic aesthetic makes them distinct from mainstream jewellery styles.



These jewellery traditions are more than decorative forms—they are living expressions of India’s cultural identity and craftsmanship. Each piece carries the legacy of its region, shaped by generations of artisans, local narratives, and time-honoured techniques.
As the industry evolves, the value of these traditions lies in their authenticity, individuality, and human touch—qualities that cannot be replicated by mass production. Preserving them is not just about sustaining craft, but about protecting heritage and supporting artisan communities.
In celebrating these traditions, we don’t just admire their beauty—we honour the stories, skills, and identities that continue to define India’s jewellery landscape.
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