DiamondBuzz
JA, key industry persons met Washington officials on concerns about Russian sanctions
Jewelers of America (JA) and key industry figures met with lawmakers in Washington, DC, last week to express their concerns about plans for sanctions on Russian diamonds.
Jewelers of America (JA) and key industry figures met with lawmakers in Washington, DC, last week to express their concerns about plans for sanctions on Russian diamonds.
“JA has been working tirelessly behind the scenes, and this visit to Washington, DC, was a critical step to ensure we minimize unnecessary disruptions to the US diamond industry,” JA president and CEO David Bonaparte said in a statement Tuesday. “We are very concerned about the additional requirements that could take effect on September 1.”
These would include adopting a European Union proposal forcing all 0.50-carat and larger diamonds destined for Group of Seven (G7) markets to pass through a single import channel in Belgium, Bonaparte noted.
JA supports efforts to keep diamonds of Russian origin out of the supply chain, including the more stringent rules that went into effect on March 1, it said. These require importers to self-certify that diamonds of 1 carat or larger are not Russian, notwithstanding their having been manufactured in a third country.
However, mandating physical verification and certification in Belgium for all rough diamonds “would cause maximum damage to the global diamond and jewelry supply chain, while having minimal effect on Russia’s diamond revenues,” JA argued in the statement.
Joining Bonaparte on the visit were Jon Bridge, chairman and counsel emeritus at Ben Bridge Jeweler; Dave Meleski, president and CEO of Richline Group; Matthew Swibel, vice president for sustainability and social impact at Signet Jewelers; and Ronnie VanderLinden, immediate past president of the Diamond Manufacturers Importers Association of America (DMIA) and president of the International Diamond
DiamondBuzz
De Beers Cuts Diamond Production But Sees Sales Rise
The Main Reasons For The Drop Were Planned Repair Work In Botswana and Slower Operations At Its Venetia Mine In South Africa. Demand For Diamonds Grew In The US and India.
De Beers produced 11% fewer diamonds in the third quarter of 2026 compared to last year, bringing total production down to 6.8 million carats. The main reasons for the drop were planned repair work in Botswana and slower operations at its Venetia mine in South Africa before it temporarily pauses production for two years.
Despite lower production, overall diamond trading improved. Demand for diamonds grew in the US and India, and the market became better balanced. However, lab-made diamonds continued to hurt sales of cheaper natural diamonds.
Production Highlights by Country
Botswana: Down 20% to 4.8 million carats due to maintenance at the Orapa mine.
South Africa: Down 37% to 418,000 carats as the Venetia mine slowed down.
Namibia: Up 8% to 495,000 carats.
Canada: More than doubled to 1.06 million carats because the Gahcho Kué mine processed higher-quality ore.
On October 16, De Beers took full ownership of Canada’s Gahcho Kué mine after taking over its partner Mountain Province’s 49% share. Starting in the fourth quarter, De Beers will report all production from this mine on its own books. This will raise De Beers’ official production numbers, but it will not change the overall amount of diamonds in the world market.
Sales Revenue: Reached $731 million for the quarter, up 4% from $700 million last year.
Sales Volume: Nearly doubled to 8.7 million carats, up from 4.6 million carats a year ago.
Even though sales volume went up, the average price De Beers received per carat so far this year fell 37% to $97. This was caused by an 18% drop in overall rough diamond prices and the fact that De Beers sold a higher proportion of cheaper diamonds this year.
Because De Beers now owns 100% of the Gahcho Kué mine, it raised its full-year 2026 production target to 25–28 million carats (up from 21–26 million). It also lowered its expected production cost from $80 to about $70 per carat. The company said it will keep watching market demand and adjust its production as needed.
-
National News2 hours agoPrecious Metal Futures Continued Their Downward Momentum
-
JB Insights1 hour agoIndia’s Major Retail Jewelers See Double Digit Revenue Growth
-
DiamondBuzz1 hour agoDe Beers Cuts Diamond Production But Sees Sales Rise
-
National News22 hours agoBHIMA Jewellery Receives Prestigious IAGES Accreditation
JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.