DiamondBuzz
EU opts against tariffs on US Diamonds
In a welcome move for Belgium’s diamond industry, the European Council has officially decided not to impose import tariffs on polished diamonds originating from the United States. The decision, hailed as a strategic and balanced one, comes amidst a broader framework of EU countermeasures in response to tariffs introduced by the U.S. during the Trump administration.
The Antwerp World Diamond Centre (AWDC), which represents the interests of the Belgian diamond industry, has applauded the EU’s stance. Karen Rentmeesters, CEO of AWDC, emphasized the importance of this decision, highlighting the potential economic fallout had tariffs been implemented.
“We are extremely pleased and grateful that our efforts over the past weeks have led to the European Council’s decision not to impose tariffs on US diamonds,” said Karen Rentmeesters. Rentmeesters expressed appreciation for the coordinated support from the Flemish and Belgian governments, as well as the EU, in safeguarding the industry’s interests.“This decision demonstrates that the Flemish and Belgian governments, as well as the EU, recognise and actively support both the strategic importance of the diamond sector in Belgium and the principle of free trade in diamonds.”
The United States remains a crucial trading partner for Belgium, accounting for nearly $3.9 billion in polished diamond trade annually — approximately 16% of the country’s total diamond trade. Antwerp, as the epicenter of Belgium’s diamond industry, relies heavily on the fluid movement of diamonds across borders, particularly with the U.S.
Rentmeesters noted that the diamond trade often involves multiple transatlantic shipments, especially for processes like grading and certification performed at U.S.-based labs. Tariffs could have resulted in double taxation — once upon entering the U.S., and again on re-entry into the EU — severely affecting profitability and logistics.
The AWDC also questioned the effectiveness of reciprocal tariffs as a political or economic tool, arguing that such measures would have little to no tangible impact on the U.S., while severely disrupting Belgium’s diamond sector.
Another complexity lies in the origin-based nature of import tariffs in the diamond industry. Since most polished diamonds are not cut in the U.S., any tariffs targeting “US diamonds” would only affect a small fraction of the trade. Nevertheless, enforcement would necessitate rigorous documentation and inspections, resulting in increased administrative burdens and shipment delays.
She concluded with optimism, calling for continued dialogue and negotiated resolutions to broader trade disputes, while encouraging the EU to maintain its measured and trade-friendly policies moving forward.
DiamondBuzz
De Beers Shuts Down Lightbox, to Refocus on Naturals
Citing steep price declines and shifting market dynamics, De Beers discontinues its lab-grown jewelry brand to focus on premium natural diamond offerings under its renewed “Origins Strategy.”
De Beers has announced the planned closure of its lab-grown diamond jewelry brand, Lightbox, marking a strategic pivot back to its core business of natural diamonds. The company is currently in talks with potential buyers for Lightbox’s assets, including its remaining inventory, as it seeks to streamline operations and focus on higher-value market segments.
Launched in 2018, Lightbox was positioned as an accessible lab-grown diamond (LGD) brand, offering transparent pricing at $800 per carat to underscore the difference in value between lab-grown and natural diamonds. However, since then, the LGD jewelry market has experienced a dramatic shift, with wholesale prices falling by approximately 90% due to oversupply and intensifying global competition—especially from low-cost producers in China and mass-market retailers in the U.S.
De Beers cited this sustained price decline as the primary driver behind the decision to discontinue the brand. According to the company, the move aligns with its belief that lab-grown diamonds, increasingly commoditized, occupy a fundamentally different category from natural diamonds, which are positioned as rare, emotionally significant, and high-value.
The closure is part of the broader “Origins Strategy” unveiled in May 2024, which aims to refocus the business on high-return areas and reinvigorate consumer demand for natural diamonds. This includes increased investment in industry-wide marketing and initiatives that emphasize the unique value proposition of natural stones.
De Beers Group CEO Al Cook commented, “The persistently declining value of lab-grown diamonds in jewelry underscores the growing differentiation between these factory-made products and natural diamonds. As lab-grown production expands and prices drop, the gap will only widen.”
De Beers affirmed that it will support all current Lightbox customers through the transition, maintaining warranties and after-sales services. The company is also working closely with employees, retail partners, and suppliers to ensure a smooth wind-down of operations.
Meanwhile, De Beers’ synthetic diamond manufacturing subsidiary, Element Six, will shift its focus entirely to industrial and technological applications, where synthetic diamonds continue to show strong growth potential. “We are excited about the expanding role synthetic diamonds can play in fields like quantum computing, high-performance electronics, and medical technology,” Cook added
Russian diamond mining giant Alrosa has unearthed the largest gem-quality diamond ever discovered in the country. The rare amber-coloured crystal weighs an impressive 468.30 carats and measures 56 x 54 x 22 mm. It was recovered in the Republic of Sakha (Yakutia).
“This year will undoubtedly mark a historic milestone for Russia’s diamond industry,” said Alrosa CEO Pavel Marynichev. “In early April, we unveiled the largest diamond ever cut in Russia — over 100 carats, which took more than two years to polish. And now, nature has gifted us this extraordinary discovery. It is the biggest gem-quality diamond ever mined in Russia.”
In tribute to the 80th anniversary of the end of World War II, the diamond has been named “80 Years of Victory in the Great Patriotic War.”
Lucapa Diamond Company delivered a strong financial performance in the first quarter of 2025, reporting a 36% year-on-year increase in revenue. The company earned $12.8 million from three run-of-mine diamond sales and one tender of goods from its Lulo mine in Angola during the quarter ending March 31.
The average diamond price per carat rose by 42% to $1,523, reflecting improved market conditions and a focus on higher-grade mining zones. Lucapa recovered 6,027 carats in Q1, up 6% from the same period in 2024. A 74% rise in the grade of ore mined helped offset the impact of a temporary production halt caused by a community-led blockade.
Managing Director Alex Kidman attributed the strong start to continued operations in the higher-grade lezirias (floodplain areas) during the wet season, noting that the performance represents a marked improvement over the same period last year.
Despite the positive trends in pricing and production, Lucapa flagged potential risks ahead due to recently introduced U.S. import tariffs. Although the tariffs came into effect after the quarter closed, the company said market uncertainty remains, with some buyers pausing purchases amid ongoing trade tensions.
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