Sotheby’s brought in over HKD 148.2 million ($19.1 million) at its April 25 High Jewelry auction in Hong Kong, with a standout pair of Cartier pink and white diamond earrings topping the sale. The earrings, set with a 6.32-carat fancy-intense-pink SI2-clarity diamond and a 6.03-carat D-color internally flawless diamond, achieved HKD 22.3 million ($2.9 million), despite missing their low estimate.

A total of 111 lots were sold at the event, which showcased exceptional pieces from luxury maisons such as Cartier, Graff, and Van Cleef & Arpels.

Among the highlights:

• A ring set with a 61.47-carat, fancy-greenish-yellow, VS2-clarity diamond fetched HKD 10.9 million ($1.4 million), within expectations.
• Another ring featuring a 45.15-carat, fancy-intense-yellow, VS1-clarity diamond sold for HKD 8.6 million ($1.1 million).
• A cushion-shaped, 11.56-carat Kashmir sapphire ring accompanied by two old European-cut diamonds achieved HKD 6.4 million ($818,495).
• An emerald-cut, 10.01-carat, D-color, internally flawless, type IIa diamond ring with a diamond-set band exceeded its estimate to bring in HKD 5.7 million ($736,646).
• Earrings set with cushion-shaped, 5.46- and 4.57-carat Kashmir sapphires surrounded by old European-cut diamonds realized HKD 5.5 million ($703,906).
• A Tiffany & Co. ring showcasing an 8.41-carat, D-color, internally flawless, type IIa diamond sold for HKD 4.3 million ($548,378).
• A 15.03-carat, fancy-vivid-yellow, internally flawless diamond ring flanked by triangular diamonds garnered HKD 4.1 million ($523,823).
• A Graff necklace featuring 38.45 carats of fancy-intense-yellow diamonds, complemented by additional diamonds in various shapes, sold for HKD 3.8 million ($491,107).
• A JAR ring highlighted by a 17.70-carat, fancy-brown-orange, I2-clarity diamond surpassed expectations with a final price of HKD 3.3 million ($425,626).

The results underscore continued demand for colored diamonds and rare gemstones at the high end of the market.

The Canadian government has introduced a series of tax-relief measures aimed at supporting the diamond-mining sector in the Northwest Territories, as the industry faces mounting financial challenges. The initiative seeks to preserve economic stability in a region where diamond mining contributes approximately 20% of its GDP, with major operations including Diavik, Ekati, and Gahcho Kué.

According to the Government of the Northwest Territories, the sector is currently under pressure from low global diamond prices, inflation, supply-chain disruptions, and emerging tariff impacts. These conditions have led to significant losses for mining companies. Mountain Province, co-owner of Gahcho Kué with De Beers, reported a $56.4 million net loss in 2024, while Ekati’s owner Burgundy Diamonds lost $94.7 million and Diavik operator Rio Tinto reported a $127 million underlying loss.

To address these issues, the government will double the number of local diamond valuations in 2025 and 2026, covering associated costs to help producers move rough stones to market more efficiently. A temporary reduction in the minerals tax rate will result in $11.2 million in property tax savings for the three mines. Additionally, funds previously set aside for carbon tax contributions will be released to ease cash flow constraints.

The government will also collaborate with Indigenous governments and development corporations to offer further infrastructure and transitional support.

“This is about protecting our economy from sudden shock,” said Caroline Wawzonek, minister of finance for the Northwest Territories. “These targeted, short-term supports are not about corporate profits — they’re about maintaining stability for the workers, families, communities, and Indigenous governments that rely on [the diamond] sector. Our government’s support must be directed to ensuring that Northwest Territory-based labor and businesses are protected in this challenging operating environment.”

De Beers reported an 11% decline in rough diamond production for Q1 2025, totaling 6.1 million carats, amid ongoing weak global demand. The sharpest drops came from Canada (down 40%) and South Africa (down 19%), while Botswana production fell 8% to 4.6 million carats due to planned reductions.

Rough diamond sales also took a major hit, falling 44% year-on-year to $520 million, with 4.7 million carats sold. The average realized price dropped 38% to $124 per carat, driven by a softer sales mix and a 15% decline in the De Beers price index.

Despite the downturn, De Beers reaffirmed its 2025 production guidance of 20–23 million carats, citing flexibility to adjust based on market shifts. The company is also navigating a dual-track strategy to divest or demerge from Anglo American, which is restructuring its portfolio. A new long-term sales agreement with the Government of Botswana was signed during the quarter, indicating a continued strategic partnership.