DiamondBuzz
GJEPC Hosts De Beers’ Sean Lin for strategic discussions on reviving natural diamond demand in China
De Beers and GJEPC explore deeper collaboration to boost natural diamond demand in China amid improving consumer sentiment and a clear price divide with lab-grown diamonds.
Sean Lin, VP Sales, De Beers Group, visited the GJEPC head office in Mumbai on 27 November, where he was received by Kirit Bhansali, Chairman, GJEPC; Shaunak Parikh, Vice Chairman, GJEPC; Anoop Mehta, Convener – Diamond Panel, GJEPC; Ashish Borda, Convener – PMBD, GJEPC; and Ajesh Mehta, former Convener – Diamond Panel, GJEPC. The meeting touched on strengthening collaboration to promote natural diamond jewellery in China, including ongoing work with Chow Tai Fook.
Lin noted that consumer interest in natural diamonds is gradually improving, supported by signs of market recovery. He also shared that lab-grown diamonds in China largely remain in the low price, accessory-style segment, typically under USD 150 and sold through mass retail formats. This trend is helping preserve the value perception of natural diamonds among Chinese consumers.
Both sides discussed ways to deepen cooperation and support natural diamond jewellery category growth through targeted promotional initiatives and consumer education.
DiamondBuzz
Lesotho’s Kao Diamond Mine To Halt Operations Amid Industry Slump
The Mine’s Operator, Storm Mountain, Cited A Severe Financial Crisis Driven By A Prolonged Drop In Global Rough-diamond Prices, Rising Middle East Conflict
Lesotho’s largest diamond mine, Kao, will cease operations on June 30 and transition to care and maintenance. The mine’s operator, Storm Mountain, cited a severe financial crisis driven by a prolonged drop in global rough-diamond prices, rising Middle East conflict-related fuel costs, and stiff competition from lab-grown diamonds.
Despite a warning last October that the mine required $13 million in fresh capital to survive, the necessary investment did not materialise. According to CEO Neo Hoala, the steep market decline made continued operations unsustainable. The shutdown will impact roughly 750 workers.
The mine’s financial downturn is stark: in 2024, Storm Mountain sold 250,000 carats for $50 million—a massive drop from its $105 million revenue in 2022. Kao’s suspension reflects a broader crisis in the diamond sector, following recent insolvencies and closures at Canada’s Ekati mine and South Africa’s Ekapa and Finsch mines.
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