After a difficult stretch for natural diamonds, the first week of October brought a mix of endings and cautious optimism. Canada’s last working diamond mine is changing hands, while voices from Botswana and De Beers say demand is starting to recover.
Canada’s last diamond mine changes hands
National Jeweler reports that De Beers Canada will take full ownership of the Gahcho Kué mine in the Northwest Territories under a new agreement with Mountain Province Diamonds. Until now De Beers held 51 per cent and Mountain Province 49 per cent; financial terms were not disclosed. Gahcho Kué opened in 2016 and, following the closures of Ekati and Diavik, is the only diamond mine still operating in Canada.
Its future is limited. The mine is expected to close at the end of 2027, after De Beers paused an expansion project that would have kept it running until 2030. Mountain Province’s chief executive, Jonathan Comerford, linked the deal to a material fall in diamond prices over the past year, which he put down mainly to tariff uncertainty and conflict in the Middle East.
Talk of a “bounceback”
The mood elsewhere is more upbeat. Speaking at events in New York in late September, Botswana’s President Duma Boko said diamond demand is “bouncing back”, according to National Jeweler. De Beers Group chief executive Al Cook has also said prices are rising and demand is stabilising. Industry analyst Edahn Golan of Tenoris told the publication that prices of diamonds of one carat and above rose by 3 to 4 per cent month on month in August, although most sizes are still below last year’s levels. Botswana’s Mmegi newspaper adds that natural-diamond jewellery sales in the United States rose by 8.8 per cent in the first half of 2026.
Colour keeps its place
Coloured gemstones are having their own moment. ELLE reports that Mejuri has, for the first time, set traceable Montana sapphires in naturally green-teal shades into its Salmon Gold collection, made with gold recovered from former mine sites. October is also the month of two birthstones, opal and tourmaline, which National Jeweler celebrated in its latest style roundup.
If you are drawn to colour, you can browse our sapphire rings, an October-ready opal solitaire ring from our opal rings, or our tourmaline rings.
Sources: National Jeweler, “De Beers to Take Full Ownership of Gahcho Kué” (5 October 2026) and “Botswana’s President, De Beers CEO Say Diamond Demand Is Recovering”; Mmegi, “Diamond sales show recovery in H1” (2 October 2026); ELLE, “Safe Word: The Best Jewelry Launches of October 2026” (5 October 2026); National Jeweler, “Amanda’s Style File: October’s Color Range”.
