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US jewellery, watches sales up by 4.4 per cent year-on-year

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Sales of watches and jewelry in the US showed further signs of growth in December 2024, up 4.4 per cent year-on-year, according the latest figures from the US Department of Commerce. But there’s been a marked slowdown since the 10 per cent increases of last September and October.

November saw sales up by just 3.0 per cent, revised down from 5.8 per cent based on actual through-the-till transactions rather than estimates. October has been revised up from 9.7 per cent to 10.0 per cent.

The average monthly year-on-year growth for the full year is 5.4 per cent, so December was little below par. Having said that, it was the 15th consecutive month of growth after a long period (the end of 2022 and much of 2023) of falling sales.

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De Beers Suspends Production At Venetia Mine Amid Global Diamond Market Slowdown

The Decision Comes As The Natural Diamond Industry Continues To Face Significant Headwinds, Including Declining Consumer Demand, Competition From LGDs

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Global diamond producer De Beers has announced a temporary two-year suspension of production at its flagship Venetia Mine in South Africa, citing prolonged weakness in global diamond demand and the need to optimize operations.

The Venetia Mine, which contributes more than 40% of South Africa’s diamond production and supports a workforce of over 4,000 employees, will undergo infrastructure upgrades during the suspension period. The company said the pause will enable it to enhance operational efficiency and expand production capacity, positioning the mine for a stronger restart when market conditions improve.

The decision comes as the natural diamond industry continues to face significant headwinds, including declining consumer demand, particularly in China, and intensifying competition from lower-priced lab-grown diamonds. These market dynamics have weighed heavily on diamond prices and profitability across the sector.

De Beers stated that the temporary closure forms part of a broader strategy to reduce costs, streamline operations, and strengthen long-term competitiveness in a challenging business environment.

The announcement also highlights broader concerns for South Africa’s mining industry, a key contributor to the country’s economy and employment. Industry observers note that mining unions have previously expressed concerns over potential job losses as companies adjust to changing market conditions.

Despite the current market challenges, De Beers reaffirmed its long-term commitment to the natural diamond industry, emphasizing that the infrastructure investments at Venetia are intended to ensure the mine is well-positioned to resume production efficiently when global demand recovers.

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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.

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