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 International Gemological Institute (IGI) reported robust financial results for the first quarter, driven by increased demand for certification of both lab-grown and natural diamonds. Revenue rose 10% year-on-year to INR 3 billion ($35.8 million) for the three months ending March 31, marking a 15% increase over the previous quarter.

Growth was seen across all certification segments. Loose natural-diamond certification rose 1% year-on-year, accounting for 16% of IGI’s operations. Certification of loose lab-grown diamonds grew 9%, making up the majority of the business at 54%. Grading of natural-diamond jewelry surged 21%, while lab-grown jewelry grading recorded an impressive 87% increase. These segments now represent 21% and 7% of the company’s business, respectively.

Net profit climbed 12% year-on-year to INR 1.41 billion ($16.5 million), and rose 24% compared to the previous quarter.

“The company has seen strong growth momentum across all its segments compared to the previous quarter as well as the first quarter of the last financial year,” said IGI CEO Tehmasp Printer. “Along with our core segments of natural-diamond certification and lab-grown diamond certification, we are also seeing strong demand for certification of natural diamond and lab-grown diamond jewelry, which will further accelerate the growth of our business.”

To support this rising demand, IGI announced plans to expand its laboratory capacity and invest in technology aimed at increasing operational efficiency and reducing turnaround time for services.

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.”