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, Endiama report first new kimberlite field in over 30 years in Angola
De Beers Group, in partnership with Angola’s Endiama, has discovered a new kimberlite field—its first in over 30 years—during initial drilling in July 2025. The find marks a major milestone in their long-term collaboration to responsibly develop Angola’s diamond resources.
De Beers Group, in partnership with Angola’s national diamond company Endiama, has reported the discovery of a new kimberlite field in Angola—the company’s first such find in over 30 years.The breakthrough occurred in July 2025, when the joint venture intersected kimberlite in its very first drill hole, targeting a cluster of high-priority sites identified through airborne surveys earlier in March 2025.
In the months ahead, De Beers and Endiama will carry out additional drilling, ground geophysical studies, and laboratory testing to confirm the nature of the kimberlite and evaluate its diamond-bearing potential.The find marks a significant milestone in the partnership between De Beers and Angola. It comes on the back of two Mineral Investment Contracts signed in April 2022 and a Memorandum of Understanding agreed at the 2024 Mining Indaba. These agreements have laid the foundation for a long-term collaboration focused on responsibly developing Angola’s diamond resources.
Al Cook, CEO of De Beers Group, said: “Angola is, in our view, one of the best places on the planet to look for diamonds, and this discovery reinforces our confidence. It is a powerful reminder of what can be achieved through partnership, and I commend President Lourenco and his government for all the work they have done to enhance transparency, adopt international best practices, and create a business friendly environment, all of which has enabled us to return to Angola and seek new sources of supply. We are excited about the role De Beers can play in helping the country deliver on its huge potential, both below and above the ground.”
DiamondBuzz
BlueStone Jewellery Rs 1,541 crore IPO subscribed 66%
BlueStone Jewellery and Lifestyle’s ₹1,541 crore IPO has reached 66% subscription on the final bidding day, with QIBs leading at 85% of their allotted quota.
BlueStone Jewellery and Lifestyle’s Rs 1,541 crore IPO has been subscribed 66% overall as per the latest update on the third and final day of bidding. Among investor segments, Qualified Institutional Buyers (QIBs) have shown relatively stronger interest, having subscribed to 85% of their allotted portion.
BlueStone plans to raise up to Rs 1,541 crore via its IPO, comprising a fresh equity issue of Rs 820 crore and an OFS of 1.39 crore shares by existing investors, including Accel India III, Saama Capital II, Kalaari Capital, Iron Pillar, and Sunil Kant Munjal.
Ahead of the IPO launch, BlueStone secured Rs 693 crore from anchor investors. In the grey market, the response to the issue has been lukewarm, with the IPO trading at a modest premium of just 0.4% over its issue price of Rs 517 per share.
The latest Grey Market Premium (GMP) for BlueStone Jewellery’s IPO is hovering between Rs 2-4 above the issue price of Rs 517 per share. This points to a potential listing price of around Rs 520, implying a modest estimated gain of about 0.4% per share.
DiamondBuzz
Alrosa Revenue Drops 25% Amid Sanctions and Inflation, Despite Profit Bump from Asset Sale
Order for lab-grown polished diamonds to be executed in 3 months; company strengthens foothold in Far East market
Russian diamond giant Alrosa reported a 25% drop in revenue for the first half of 2025, citing geopolitical tensions, global sanctions, and macroeconomic headwinds such as high interest rates and inflation as key factors behind weakening demand and rising costs.
Revenue for the January–June period fell to 134.3 billion roubles, while core earnings (EBITDA) dropped 42% to 37.1 billion roubles, the company said on Tuesday. The state-backed miner noted that elevated borrowing costs, inflationary pressures, and higher taxes continue to erode profitability.
Alrosa, which has been under U.S. sanctions since 2022, is grappling with increasing isolation in global markets. In January 2024, G7 countries imposed a direct ban on Russian diamond imports, followed by additional restrictions on Russia-origin diamonds routed through third countries—a move also backed by the European Union.
Despite these challenges, Alrosa posted a 10.8% year-on-year rise in net profit to 40.6 billion roubles ($506.7 million) for H1 2025, buoyed largely by a one-time gain from the sale of its 41% stake in Angola’s Catoca diamond mine. The deal, finalised in May 2025, transferred Alrosa’s stake to a subsidiary of Oman’s sovereign wealth fund, amid pressure on Angola to cut ties with Russian entities due to ongoing Western sanctions.
The sale brought in 15.9 billion roubles, helping partially offset the operational downturn. Prior to the deal, Catoca was jointly owned by Alrosa and Angola’s national diamond company, Endiama EP.
Meanwhile, Alrosa’s net debt soared nearly tenfold to 61 billion roubles, although its liquidity position remained stable, with cash, equivalents, and bank deposits rising 8.4% to 115.4 billion roubles.
“The relatively high level of the key rate and inflation continued to have an additional negative impact on the group in the first half of 2025,” the company stated, highlighting rising fuel and material costs.
Russia’s central bank recently began easing monetary policy, cutting the key interest rate from 20% to 18% in late July, offering some hope for relief in the second half of the year.
Alrosa remains the world’s largest producer of rough diamonds by volume, but faces ongoing hurdles in maintaining global market access amid increasing geopolitical friction.
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