Luxembourg, 2 March 2026
The Jean Boulle Group (“the Group”) notes recent reports by diamond trade and market analysts of significantly increased prices of 5% to 12% for natural, large rough diamonds of 5 carats and above. The acute decline in production of large natural diamonds has highlighted the limited availability of these rough stones. By comparison, the overall diamond market currently remains weak, particularly for 0.75–2 carat rough diamonds, which continue to be impacted by factors including uncertainty over US import tariffs and weak demand from the US and China.
Today’s bifurcation of prices in the diamond market indicates outperformance of both large and fancy coloured natural diamonds. Whilst the weak demand for smaller stones was compounded by the past introduction of large volumes of lab-grown diamonds, these synthetic products continue to decline in prices. They trade as low as 98% below prices of their natural gem equivalents.
These trends are consistent with the historic downward trajectory of synthetic emeralds, sapphires and rubies, whose values have fallen dramatically over the last decade. In contrast, the values of their natural gem equivalents have risen (e.g. rubies +550%, sapphires +250%[1]).
The Group’s investment strategy is based on a long-term conviction that prices of responsibly sourced, high-value natural diamonds are considerably more robust throughout the price cycle. This is due to consistent demand for such diamonds and the scarcity of known deposits which contain them.
The Group’s strategy, based on long-term fundamentals, has been to acquire exceptional assets in the diamond industry. Notably the recent public investment, via Spirit Resources, in TSX-listed Star Diamond Corporation which owns the Fort à la Corne diamond project in central Saskatchewan, Canada. The asset is unusually rich in Type 2a D Color stones, with proportions in the larger size classes that are equal in quality, value or standard to the highest Type 2a D Color producers globally.
Commenting on market developments, Mr Jean-Raymond Boulle, said:
“Our current portfolio of diamond industry investments is focussed on jurisdictions which adopt responsible mining practices and where large, high-quality Type 2a D Color diamonds have been discovered. Like the discerning clients for gemstones of such rarity and size, we believe that the accretion in value over time of these discoveries will be exceptional.”
ENDS
Contacts
For Jean Boulle Group:
Michael Oke/Andy Mills
+44 207 321 0000
About Jean Boulle Group
The Group is principally active in natural resources, medical technology, therapeutics, energy, luxury and philanthropy. Since its foundation by Jean-Raymond Boulle the Group has completed transactions worth more than US$5 billion. Its investments span early-stage private funding for innovative technologies through to acquisitions, special situations and strategic investments in publicly traded companies on leading stock exchanges. The Group often co-invests alongside state investment and pension funds and uses its specific industry knowledge to discover, evaluate and develop new enterprises.
Mr. Boulle was the Chairman, founder and CEO of Diamond Fields Resources Inc., a company listed on the Toronto Stock Exchange that discovered the Voisey’s Bay Mine (acquired by Inco Ltd. in 1996 for $4.3 billion). Mr. Boulle was subsequently involved in several successful mining companies, including Adastra Minerals Inc. (acquired by First Quantum Minerals Ltd. in 2006 for approximately US$275 million) and World Titane Holdings Ltd. (acquired by Base Resources Ltd. in 2017 for US$90 million). Mr. Boulle started his career at the De Beers Diamond Trading Company London where he worked for ten years in Zaire, Sierra Leone and Belgium.
As an investor and entrepreneur, Mr. Boulle has founded a number of mining companies that have made discoveries of nickel, cobalt, copper, zinc, titanium and diamonds. The Group’s diamond assets are held principally via Spirit Resources s.a.r.l. (a significant investor in Star Diamond Corporation TSX-DIAM) and JBDM Ltd.
Mr. Boulle has successfully listed companies on the following stock exchanges: AIM (England), TSX (Canada), ASX (Australia) and SEM (Mauritius). Beyond mining, he has established businesses in sectors including medical technology, therapeutics, agriculture, luxury and energy. The Jean Boulle Group supports a range of environmental and conservation projects with a focus on Mauritius, where he was born.
About Star Diamond Corporation
https://www.stardiamondcorp.com/
The Company is a Canadian-based corporation engaged in the acquisition, exploration and development of mineral properties. Shares of the Company trade on the Toronto Stock Exchange under the trading symbol “DIAM”. The Company’s most significant asset is its interest in the Fort à la Corne property in central Saskatchewan. These diamondiferous kimberlites are located in close proximity to established infrastructure, including paved highways and the electrical power grid, which provide significant advantages for future mine development.
About JBDM
JBDM Limited is a privately held diamond exploration and development company focused on discovering the world’s rarest natural diamonds and establishing responsible operating practices to achieve sustained benefits for its stakeholders. The Company’s current diamond portfolio includes assets in Angola, Namibia and Finland, with its primary focus being the alluvial and kimberlitic diamond projects in Angola.
JBDM operates in jurisdictions with established regulatory systems, effective governance frameworks and appropriate safety and environmental standards. The Company invests where it also has access to personnel with the requisite skills and business principles to create demonstrable economic and social value.
Its highly experienced teams are expert at converting geological potential into sustainable shareholder returns by combining their knowledge of exploration, mining, investment, legal and marketing capabilities.
[1] Sources: Rapaport Diamond Report, Gemval Aggregate Index (GVA), Sukrup Gem Index (SGI), Finanzen.net | https://thenaturalgem.com/en/performance-of-gemstones