IDEX Price Report for 1 October: Downward Pressure Persists
October 01, 26
September continued to show downward pressure on IDEX asking prices, with decreases substantially outnumbering increases in both rounds and fancies. Rounds showed the clearer weakness, with 247 price decreases against 96 increases. Fancies recorded .... Read More...
Smuggling Scandal: Jeweler Predicts Huge Loss amid Rush for Buybacks
October 01, 26Vietnam's largest listed jewelry retailer is forecasting a $241 million loss for 2026, after a diamond-smuggling scandal triggered a huge rush of buybacks. PNJ (Phu Nhuan Jewelry), which has 430 stores across the country, now assumes that customers ... Read More...
Indian Exporters Rush to Beat Threat of 100% US Tariff
September 30, 26Indian diamond and jewelry exporters are rushing to ship US-bound orders ahead of a potential 100% tariff that could be imposed from October 18. President Donald Trump announced the move on September 18, signing legislation that gives the... Read More...
Gemfields Faces $73.5m Loss after Ruby Mine Write-Down
September 29, 26Gemfields expects to report a $73.5 million net loss for the first half of 2026 after writing down the value of its Montepuez ruby mine (MRM) in Mozambique by $125.2 million. It follows lower-than-expected recoveries of premium-grade rubies. The impairment... Read More...
"Dealer" Stole $438,000 of Gems With Forged Checks
September 29, 26A man posing as a gem dealer has admitted stealing $438,000 worth of diamonds, precious stones and jewelry from four victims using forged checks. Arsen Canaj, 58, pleaded guilty at New York State Supreme Court to two counts of Grand Larceny... Read More...
Memo by John Jeffay
October 01There's a critical lesson to be learned from a diamond scandal currently unfolding in Vietnam. And it's the importance of customer confidence. In case you missed the big news from Ho Chi Minh City, here's what happened: PNJ (Phu Nhuan Jewelry) ... Read More...