She has been Hearts on Fire’s acting global president since 2021, leading items teams across Hong Kong, China, Taiwan, and North America. She reports to Sonia Cheng, vice chairman of Chow Tai Fook Jewellery Group, which purchased the company in 2014.

Maltez previously worked at miner Rio Tinto in a variety of roles, eventually serving as head of Rio Tinto Diamonds for Asia. Following that, she founded Bravva Consulting, where she worked with GIA and Swarovski on corporate strategies and new business initiatives.

Hearts on Fire recently added several employees to its sales staff, including veterans of De Beers, Gabriel and Co., and Pandora.

(Photo courtesy of Hearts on Fire)

It is one of 20 shops within Showfields, an “experiential lifestyle store,” and plans to stay in the space until November.

Lightbox—which will have its first-ever booth at the JCK Show in Las Vegas next month, in the lab-grown pavilion—has done pop-up stores in the past.

Last year, the brand said it was looking into opening brick-and-mortar stores in the United States in 2024. A statement announcing the Brooklyn location said Lightbox “will continue to grow its retail presence.”

The 250 sq. ft. shop in Williamsburg is outfitted with mirrors, prismatic crystals, and hidden lighting elements that showcase the jewelry, including earrings and solitaire pairs up to 4 cts. t.w.

While Lightbox once vowed to keep its offerings under $1,000, it is now stocking higher price-point items, with pieces that start at $250 and go up to $3,700.

“With its future-forward approach and unique retail platform, Showfields gives us the ability to meet and engage with customers and share the Lightbox story in a more meaningful way,” said Antoine Borde, who was appointed Lightbox CEO last year.

Lightbox product is sold online and at 165 retail stores across the United States and Canada.

A rendering of the new Lightbox concept shop (photo courtesy of Lightbox)

Marcus Orduña (top) joins the company as business national account manager. He previously spent five years with De Beers Forevermark as a wholesale sales executive.

Brooke Penuela also comes to Hearts on Fire from De Beers, where she served as education manager for North America for more than seven years. She will be Hearts on Fire’s retail training director.

Both Orduña and Penuela are filling newly created roles at Hearts on Fire.

The Boston-based brand has also hired Liz Paris and Jenny Pak as territory managers, supporting the California and Pacific Northwest markets, respectively. Paris was most recently a regional sales manager for Gabriel & Co. Pak worked for 10 years at Pandora as a divisional sales manager.

In other news, Hearts on Fire promoted Kevin Sweeney, who has been with the company for 15-plus years, from customer experience manager to senior manager, key accounts. Cecily Bowen, a Hearts on Fire employee for over five years, was also promoted to senior manager, key accounts, from territory manager, key accounts.

The hires and promotions come as the company seeks to connect more with its retail partners, through more frequent in-store visits, regional training events, and in-person engagements.

“Over the course of the last year, we listened and heard they were missing the one-on-one in-person connection,” said Rebecca Foerster, president of Hearts on Fire North America, in a statement. “Now, with this team in place, we can expand and improve our reach through more frequent travel and through Hearts on Fire–hosted training and events.”

Hearts on Fire is owned by Chinese jeweler Chow Tai Fook, which purchased the diamond brand in 2014.

(Photos courtesy of Hearts on Fire)

The mysterious counterpart to the more popular sparkling white, a black diamond absorbs light, like the seemingly bottomless depths of the ocean. If one were to believe in fairy tales—or curses—they might believe in the sinister tales a black diamond may tell; some even believe black diamonds are from outer space (space diamonds are, in fact, a real thing).

Where the average consumer is concerned, though, black diamonds might simply be a cool, more dramatic version of the white or fancy color stones, and examples like the Sex and the City black diamond engagement ring point to the variation as a chic, high fashion alternative for brides-to-be.

Goth “vampire weddings” are still having a moment (though they’re not as zeitgeisty as in 2022), for which black diamonds are perfectly on-theme.

In fashion jewelry, the black provides a sleek and elegant look to bracelets, pendants, and earrings, and you can often find them in sterling silver—an excellent price point option for shoppers seeking something new.

Below are some of the latest black diamond styles to suit myriad tastes.

Top: Ring in 14k yellow gold with treated black diamonds and diamonds, $3,835; Lali Jewels

My chief takeaways were, of course, centered on diamonds. I saw how they were mined, and how both Botswana and South Africa had managed, and benefited from, their diamond resources.

Last week, I had the opportunity to repeat the very best parts of that trip on a five-day return visit to Botswana as a guest of the Seattle-based retailer Ben Bridge. I was one of a handful of editors the company invited on the trip, which also included a group of diamond industry stakeholders hosted by De Beers—the New York City-based retailer-influencer Stephanie Gottlieb among them. All together, there were 15 of us, including two photographers hired by De Beers, whose images you’ll see below.

The trip kicked off in the capital of Gaborone (“Gabs” to the locals). On day 1, we toured the headquarters of De Beers Global Sightholder Sales (DBGSS), which relocated here from London in 2013. That afternoon, some of us split from the larger group to visit the Leo Schachter factory in nearby Molepolole, to see where Ben Bridge’s Signature diamonds are cut. (En route we made two pit stops: first, at Babies-R-Us, to swoop through the aisles in search of coloring books and puzzles for the two dozen kids at our second stop, Bana ba Keletso, a day care center long supported by Leo Schachter.)

On day 2, we journeyed to the Jwaneng Mine, the richest diamond mine in the world, located about 160 miles southwest of the capital. And on day 3, we flew to Kasane, a small city in the northwest of the country that is the gateway to Chobe National Park, one of the finest wildlife viewing destinations in the world (and home to some 45,000 elephants!).

Of all the press trips I’ve taken since I started writing about the gem and jewelry industry in 2000, none has been organized by a retailer. I wanted to understand why it was important for Ben Bridge to bring a cohort of American editors all this way.

Stacy Speicher, the company’s vice president of marketing—and one of two accomplished and amiable Ben Bridge executives who joined the trip (Angela Hope, vice president of merchandising, was the other)—shed light on the company’s ambitions:

“We really believe there’s a strong diamond story to be told, not only about how diamonds are ethically sourced but also about the lasting positive impact they have in the countries they’re sourced from,” Speicher told me. “This is such a great opportunity for journalists to see for themselves the good diamonds are doing.”

Having been to Gaborone and Jwaneng previously, I had a decent grasp of Botswana’s history with De Beers, and the importance of diamonds to the nation’s economy and social fabric. Debswana, a 50-50 joint venture between the De Beers Group and the government of Botswana, was established in 1969. It operates four mines—Jwaneng, Orapa, Letlhakane, and Damtshaa—and is the biggest contributor to De Beers’ rough diamond production.

(Note: JCK’s news director, Rob Bates, has covered the tenser-than-usual contract negotiations currently underway between De Beers and the Botswana government. The topic did not come up during our press visit. When I asked about it informally, I was told the issue would be settled by the end of June.)

But much has changed since 2004. In addition to the fact that De Beers’ sightholders now travel to Gaborone 10 times a year to view and buy their assortments (each sight is valued between $400 million and $500 million), many are now keenly focused on obtaining proof of their diamonds’ origins.

A diamond’s source mattered back then, too, of course. The Kimberley Process certification scheme was just a year old at the time of my first Botswana visit. And though the premiere of the Leonardo DiCaprio thriller Blood Diamond was still two years away, the trade was already deeply embroiled in the conflict diamonds crisis.

Today, the need to understand origin is more nuanced and arguably more acute than ever, given the rise of lab-grown diamonds and the war in Ukraine, which has stoked demand among diamond sellers in America for documentation proving their diamonds did not originate in Russia.

“While sourcing has been important to us for a long time, it hasn’t necessarily been at the forefront for the consumer, and that’s starting to shift,” Hope told me. “People are hungry to know and understand where their diamonds are from.”

Below are three things about De Beers’ operations in Botswana that made a lasting impression on me.

Diamonds hold multiple meanings for the people of Botswana.

On our first night in Gaborone, the De Beers team organized a spectacular bush brai (aka a good old-fashioned barbecue) at the Mokolodi Nature Reserve, where a number of DBGSS employees and local journalists—including the Botswana-born transgender activist Kat Kai Kol-Kes—joined us.

Over a dinner of grilled meat served at a long candlelit table, I spoke to two women, both on the communications team, who joined De Beers eight years ago. While I didn’t catch their names, I couldn’t mistake their appreciation for diamonds.

“Diamonds mean education, they mean health care, they mean empowerment,” one of the women told me.

In a similar chat with Bakang Phuthego, who works in De Beers’ social impact and sustainability portfolio, he recalled the moment he first heard that the company wanted to hire him. “I thought it was a joke—I didn’t believe it could be true,” he said. “When my father found out, he was so proud.”

That pride was palpable. And I was far from the only one who thought so. “Hearing the impact from the people of Botswana themselves was so meaningful,” Speicher said. “It’s not a corporate line. You’ve seen and heard this yourselves. And we’ll take this back to our managers and let them share as well.”

Yes, the Jwaneng Mine is a giant open-pit operation. Here’s why that’s the wrong thing to focus on.

In the Setswana language, Jwaneng means “a place of small stones.” The mine lies on the edge of the Kalahari Desert, adjacent to the Jwana Game Park, where we spotted zebras, giraffes, and countless impala on a brief safari in the chilly morning hours before our mine visit.

The Jwaneng kimberlite pipe was discovered beneath the desert sands in 1971, just five years after Botswana declared its independence. At the time, there were only about 60 people living in the Jwana region, according to De Beers. Production began in 1982, spawning the growth of the local township, which now numbers some 18,000 people.

Known as “the prince of mines” because it is the richest diamond mine in the world by value, Jwaneng was a jaw-dropping sight. The open pit measures about 1.5 miles by 1.1 miles across and is now about 1,480 feet deep. Approximately 110 million tons of material is removed every year; about 30% is diamond-bearing.

As we stood at a viewpoint along the rim, we watched a steady stream of gargantuan Komatsu trucks ferry hundreds of tons of material from the bottom of the pit up snaking roads etched into the slopes of the mine. From a distance, they looked like mechanical ants attempting to terraform Mars. The scene was awe-inspiring and otherworldly.

When I visited Jwaneng in 2004, we were able to journey to the bottom of the pit and stand atop the most central of the mine’s three kimberlite pipes. With a yield of about 300 carats per 100 tons (meaning that De Beers is able to recover around 300 carats of gem-quality material for every 100 tons they mine), the central pipe is enormously valuable.

This time, we could only admire the pit, which is clearly much deeper now, from afar. By 2034, when the mine is expected to go underground, it’ll be extended to a depth of 2,677 feet, or about half a mile.

I posted some images from the mine to my Instagram and received a few disapproving comments from people, including some lab-grown advocates, who focused on the amount of earth that had been displaced over the past four decades—something on the order of 3.2 billion tons.

I understood where the critics were coming from, but I knew they lacked a larger context. They didn’t see the hospital that provides health care to the mine’s 12,000 employees and the surrounding community (each person in Botswana, we learned, has an average of seven dependents). Nor were they likely to know how, in a country where the unemployment rate hovers around 23%, those jobs are critical to so many livelihoods. After meeting many people who depend on the income generated by diamonds, it was easier to look past the size of that gaping pit and focus on the community that had grown up around it.

Women occupy leadership positions throughout De Beers’ operations in Africa.

During our Jwaneng tour, we met a woman who drives one of the Komatsu trucks that carries gravel from the bottom of the mine up to the rim. Though the word truck is something of a misnomer.

The Komatsu is bigger than most homes. Each of its four tires costs around $60,000. And though it’s not, technically, the biggest truck in the world, it has a capacity of 300-plus tons and looks more like a mobile apartment building than a vehicle. (There were plenty of jokes about how the elevated platform where the driver’s cab is located is bigger than many New York City apartments.)

In her yellow hard hat and blue and orange safety gear, the cheerful driver who gamely answered our questions was just one of the many women we met who hold positions of power and great responsibility across De Beers’ Botswana operations.

From the Gaborone-based team behind the “Building Forever” campaign to the security chief at the mine, the women impressed us with their competence, their openness, and what seemed like their genuine passion for diamonds.

“The takeaway, I think, for all of us is the incredible role women have played and are playing here,” Hope told me. “We’ve been searching in the U.S. for a more diverse way forward, and perhaps we should have been looking here a long time ago.

“For me, a really impactful moment was when we were having lunch at the mine and I was sitting with the head of security,” Hope added. “She has a CPA background. She was telling me about her education that was covered. For her, diamonds symbolize love, support, and strength. To hear the pride in what she’s doing—it was very meaningful.”

Top: A 79-carat rough diamond I held at the De Beers Global Sightholder Sales facility in Gaborone (all photos courtesy of the De Beers Group, except 2004 and Komatsu photos)

The news was announced in a statement from Fosun subsidiary Shanghai Yuyuan Tourism Mall, which can be seen in English here.

The grading lab’s buyer is BCP Asia II Topco Pte., a Singapore company wholly owned by a private equity investment fund controlled by Blackstone Group, the statement said.

According to the statement, as of Dec. 31, 2022, IGI’s assets were approximately $83.22 million, and its liabilities totaled around $24.2 million. Its operating income was estimated at $94.56 million in 2022; net profit, $34.51 million.

Fosun has owned 80% of the lab, through Alpha Yu BV, a subsidiary of Shanghai Yuyuan Tourism Mall. The other 20% was maintained by Lorie Holding BV, controlled by IGI’s current CEO Roland Lorie.

IGI first acknowledged it was up for sale last year. India’s Economic Times reported the Blackstone deal was pending Thursday.

Fosun will get $455.38 million for its 80% stake, which it purchased in 2018 for $101.8 million. Lorie Holding will receive $113.85 million for its 20% share. At press time, it was unclear if Lorie will continue as CEO, or if other changes were pending.

IGI confirmed the sale to JCK but declined further comment, saying a statement will be issued this weekend.

Founded in 1985, Blackstone is the world’s largest alternative asset management company, overseeing $991 billion in assets. IGI was founded in 1975 and has 25 diamond grading labs throughout the world.

(Photo courtesy of International Gemological Institute)

The report, sourced to “two people directly aware of the development,” said the deal could be signed as early as this weekend. The sale would reportedly give IGI an enterprise value of $500 million to $550 million; Fosun paid $109 million for its 80% stake in 2018. The newspaper also said IGI has $150 million in debt.

Fosun Group, one of China’s largest non-state-owned conglomerates, currently owns 80% of the lab, through its subsidiary Shanghai Yuyuan Tourist Mart Co. International Gemological Institute CEO Roland Lorie and his family own the other 20%.

The Economic Times article said that Goldman Sachs private equity and CVC Capital had also looked at acquiring the grading service.

A Blackstone spokesperson tells JCK, “We will let you know when there are developments on this front.” IGI and Lorie did not respond to requests for comment.

IGI acknowledged it was up for sale in December. At that time, Fosun reportedly valued it at $215 million.

Founded in 1975, IGI has grading labs and training schools in Antwerp, New York, Hong Kong, Shanghai, Mumbai, Bangkok, Tokyo, Dubai, Tel Aviv, and other locales.

(Photo courtesy of International Gemological Institute)

Marinychev replaces Sergey S. Ivanov, who had served as CEO since 2017. Ivanov will continue to work on Alrosa’s supervisory board and will advise the company about strategy.

Since 2016, Marinychev has headed Almazy Anabar, one of the key production assets of Alrosa. Previously, he held the position of first deputy chairman of the government of the Republic of Sakha (Yakutia).

Ivanov’s departure has been discussed since Russian news sources reported it in December.

On Feb. 24, 2022, following Russia’s invasion of Ukraine, Ivanov was added to the U.S. Office of Foreign Assets Control’s Specially Designated Nationals (SDN) list, preventing him from holding U.S. assts. Ivanov—also known as Sergey Ivanov Jr.—is the son of the former chief of staff to Russian president Vladimir Putin.

While it’s not clear if Ivanov’s designation prompted his departure, it’s not likely to change the United States’ view of Alrosa, as the company was added to the SDN list last April.

U.S. officials have recently indicated their desire to crack down on imports of Russian diamonds, possibly in concert with the other member nations of the G7.

Ivanov has generally been credited with making Alrosa a more transparent company, which regularly published sales and financial results—a practice that ceased following the Ukraine invasion and resulting sanctions.

“As CEO, I will continue to build on [Alrosa’s] leadership position in the global diamond industry,” said Marinychev in a statement. “Despite the difficult geopolitical conditions, we will strengthen the resource base, improve production efficiency and management quality.

The news means that the world’s two major diamond miners—Alrosa and De Beers—both have new CEOs. Al Cook took over as De Beers CEO in February.

(Photo courtesy of Alrosa)

Zerouki has been the group’s vice president for the past three years. She takes over from Edward Asscher, who completed the second of two nonconsecutive terms as WDC president.

WDC also elected Ronnie VanderLinden its new vice president. The organization’s bylaws say VanderLinden, who also is president of the International Diamond Manufacturers Association, will become WDC’s next president when Zerouki ends her term in office.

In other WDC news, its board elected Anoop Mehta, president of the Bharat Diamond Bourse, treasurer, and re-appointed Udi Sheintal, managing director for the Israeli Diamond Manufacturers Association, as secretary.

Born in the United Arab Emirates, Zerouki has worked at De Beers since 2005, when she joined the company as a supply chain analyst. In 2009 she became manager of De Beers’ best practice principles program, and in 2014 she was named the company’s head of international relations.

In addition to her work at De Beers—where she has helped launch its Tracr and Gemfair programs—Zerouki serves on the board of directors of the Responsible Jewellery Council and this year was appointed to the board of the Jewelers Vigilance Committee.

In April, she was a guest on the JCK’s podcast, The Jewelry District, along with husband Mahiar Borhanjoo, who also works in the diamond business.

The World Diamond Council represents the industry in front of the Kimberley Process, the certification scheme that aims to prevent conflict diamonds from entering the legitimate supply chain.

(Photo courtesy of the World Diamond Council)

On a recent call with JCK, she spoke about the general trends that all diamond jewelry retailers should capitalize on, the specific product trends poised to perform well in the second half of 2023, and what younger diamond consumers care about most.

What was the impetus for the report NDC recently published, “Diamond Facts: Addressing Myths & Misconceptions About the Diamond Industry”?

It’s something we constantly do, addressing the myths of the industry and busting them with facts. Especially with the boom we’ve seen in the industry, with demand being up, it also means confusion and misleading information is more prevalent. The objective was twofold: to protect the integrity of the industry overall and to protect the consumer, make sure they’re equipped with data that’s best for them.

It’s about providing an arsenal of tools that the industry can use that’s very consumer-friendly. We really focused on 11 facts or myths—the ones that come up the most and have a lot of confusion around them. We created an article on our website with a four-page summary that independent jewelers love and have been using for internal training. And then we have the full 40-plus-page report that backs up all of the facts.

Let’s shift gears: What’s your read on the diamond jewelry marketplace in 2023?

A bit mixed, but overall very positive. We hear a lot from official retail partners. We are not seeing a slowdown in fashion jewelry and the self-purchasing trend, which is still growing at a pace that’s exceeding that of bridal. (Signet had forecasted a slowdown in bridal because of the peak in engagements last year.) Overall we’re hearing things are good—demand is there despite inflation, recession, all the things you hear about.

We’re also seeing the tech implosion, like when Silicon Valley Bank collapsed, as just another opportunity for people to appreciate the value of natural diamonds. When something like that happens and creates a feeling of uncertainty in the marketplace—and we saw this at the height of the pandemic—we see people investing in things that have tangible, lasting value. It’s good for our category.

Can you talk a little about diamond trends this year?

There are general trends and more specific product trends. First, the general trends: One that keeps growing and not slowing down is self-purchase. All data is pointing to the fact that it’s outpacing bridal, especially in terms of volume. Yes, self-purchase is pegged to milestone events, but also “just because.” There’s a frequency of purchase opportunities. And coupled with that, men’s jewelry is not slowing down either. Men are donning diamonds.

Interestingly, quiet luxury—this move against disposable fast fashion and toward more conscious consumerism—natural diamonds, I think, have a central place there. Their generational value, their uniqueness, their personalized expressions. The long-lasting value of diamonds, the recycling of diamonds generationally—it’s all in direct opposition to disposable fast fashion. And with quiet luxury, you can make a more subtle statement about your style, your story, and your status.

Another general trend: On the frontier of innovation are the contemporary designers, who are doing inventive, original things with diamond jewelry, showing us how they should be worn and styled. When you think about it, the Tiffanys and Cartiers are really looking to heritage, whereas contemporary designers are looking to their own stories and the future. We know Gen Z is now at the getting-engaged phase. We also know they are buying diamond jewelry before getting engaged. Tennis necklaces and tennis bracelets are among the most searched terms and the most requested graduation gifts.

What about specific product trends?

What we hear from retailers is there’s no slowdown in diamond classics, driven by the self-purchase phenomenon. “I’ve got to get my foundation. I need my studs, my hoops, my tennis necklace.”

We’ll be launching at JCK a report identifying trends for the year. We’re looking at statement or choker necklaces, this idea of “second skin” bangles, a return to the ’90s. We’re also seeing a return to the ’70s—bold but still very free, a reflection of where we are culturally, with bold shapes and color and individuality.

Demand for unusual engagement rings is not slowing down. The classic diamond solitaire will always be popular, but we’re seeing more demand for something unique, like the “akimbo” setting, where the stones are askew. These rings are so playful and elegant. They’re changing things up.

It really ties into what the younger consumer is looking for. They want originality, less conventional things—natural diamonds that are not as perfect, might have a little salt-and-pepper. They are embracing inclusions, a reflection of how we present ourselves. There are no boundaries. They see beauty in imperfection. People are really feeling connected to that.

Top: Calamari earrings in 18k white gold with 2.36 cts. t.w. diamonds, price on request; Martin Katz