International News
US luxury jewellery spending in May 2025 sees increase of 10.1% y-o-y
Luxury jewelry spending in May saw a significant increase of 10.1% year-over-year, according to data from Citigroup. This figure stands in stark contrast to the U.S. Department of Commerce’s estimate of only 2.9% for the same period.Citigroup’s analysis is based on the spending habits of over 10 million U.S. credit card holders. In comparison, the Department of Commerce uses its own estimates, later revising them with actual transaction data.
Luxury watch spending also showed a substantial rise, with Citi reporting a 14.7% increase, while the Department of Commerce reported a more modest 2.4% rise.
Overall luxury goods spending, though still weak, showed signs of recovery in May, declining by 1.7% year-over-year. This is an improvement from April’s 6.8% decline and March’s 8.5% decline.
Since September 2024, luxury jewelry has consistently outperformed other luxury segments, including handbags and apparel. In May 2025, jewelry was the only category to experience growth in both average spend per customer and the number of individual customers. This suggests a growing consumer preference for jewelry over other luxury items like handbags.
DiamondBuzz
Lost Florentine Diamond Resurfaces in Canada After a Century, Tracing Its Glittering Origins to India’s Golconda Mines
Once a royal treasure of the Medici and Habsburg dynasties, the 137.27-carat gemstone reemerges in a Montreal vault, reaffirming India’s Golconda as the cradle of the world’s most storied diamonds.
The legendary Florentine Diamond — a 137.27-carat light yellow gemstone believed to have originated from India’s famed Golconda mines — has been rediscovered in a Canadian bank vault, ending over a hundred years of intrigue surrounding its disappearance.
According to recent reports, the diamond—once among Europe’s most celebrated royal jewels—was located in a vault in Montreal, safeguarded for decades by descendants of the Austrian imperial Habsburg family. The gemstone vanished after the fall of the Austro-Hungarian Empire in 1918, following Emperor Charles I’s exile, sparking decades of speculation over its fate — whether it was stolen, lost, or secretly sold.
Historians now confirm that Empress Zita, widow of Charles I, discreetly transferred the diamond to Canada during World War II for safekeeping. Its authenticity was recently verified by a European jewellery house that historically served the Habsburg court, confirming the gem’s provenance and preservation.
Renowned for its pale yellow hue and unique double-rose cut with 126 facets, the Florentine Diamond boasts a storied history — from its origins in India’s Golconda mines, to the Medici treasury in Florence, and later as part of the Austrian Crown Jewels in Vienna.
Its rediscovery has reignited global fascination with India’s gem legacy, which gave birth to other iconic diamonds like the Koh-i-Noor, Hope, and Nassak. Experts say the find underscores the importance of provenance and gem heritage in an increasingly globalised jewellery market.
The Habsburg family has announced plans to publicly exhibit the diamond in Canada next year, with potential displays in Europe to follow.
After more than a century of obscurity, the reemergence of the Florentine Diamond not only restores a lost royal masterpiece but also revives India’s enduring connection to the world’s most illustrious jewels.
Lost Florentine Diamond Resurfaces in Canada After a Century, Tracing Its Glittering Origins to India’s Golconda Mines
P N Gadgil Jewellers Reports 127% Surge in PAT for Q2 FY26; Strong Growth Across Retail, E-commerce, and Franchise Segments
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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.