RAPAPORT... HB Antwerp has acquired the manufacturing facility of AMC Diamonds, a Belgian large-stone specialist and De Beers sightholder, bringing with it 13 employees as well as the company's machinery and technology."With this acquisition, HB Antwerp confirms its ambition to bring the diamond-polishing process back to Antwerp in its entirety by combining the typical Antwerp savoir faire wi...Read More
RAPAPORT... Nonprofit group Gem Legacy will launch an auction of donated jewelry and loose gems to celebrate its second anniversary, with the proceeds going to fund new tool kits for artisanal miners in Africa."Tools are absolutely essential to small gem miners' success," Rachel Dery, director of communications and outreach for Gem Legacy, said last week. "The tool kit will provide them with more...Read More
Business improving ahead of holiday season. Retailers preparing inventories amid steady US and Far East demand for 0.30 to 2 ct. goods in all colors and clarities. Shortages supporting prices. Dealers struggling to fill orders due to low manufacturing and high shipping costs. Polished production rises to 60% of capacity as governments ease Covid-19 restrictions. Cutters' profit margins up followin...Read More
RAPAPORT... The pandemic forced the Gemological Institute of America (GIA) to pause operations at many of its laboratories, but didn't stop the organization pushing ahead with crucial projects that could transform diamond grading.The institute announced a collaboration with IBM on automated grading that could streamline the processing of high-volume goods. It began giving specific color and c...Read More
(IDEX Online) - Exports of polished diamonds form Belgium were up 6.3 per cent in August, compared with the same month last year, in spite of the coronavirus pandemic.Total sales were $343m, according to figures released by the Antwerp World Diamond Centre (AWDC) on Tuesday. Carats sold were down 8.3 per cent to 156,795.Exports were down over 50 per cent by dollar value in the first half of 2020 b...Read More
(IDEX Online) - Alrosa reported its best monthly sales figures since February, with a $216.7m total for rough and polished.Between April and July monthly sales averaged just over $30m.The recovery has been sparked by increased demand, especially in the US and China, and the company's offer to buyers of greater flexibility during the coronavirus pandemic.The Russian state-owned miner said last...Read More
RAPAPORT... Sotheby's will offer a D-flawless diamond over 100 carats in Hong Kong next month, taking the unusual step of selling the stone without setting a reserve price.The oval-shaped, 102.39-carat, type IIa stone is one of only eight white diamonds of that quality over 100 carats ever to appear at auction, Sotheby's said Thursday. Global manufacturer Diacore cut and polished the diamond over...Read More
RAPAPORT... LVMH plans to countersue Tiffany & Co. after the companies' $16 billion marriage turned sour, accusing the US jeweler of management errors during the coronavirus."[Tiffany's] first-half results and its perspectives for 2020 are very disappointing, and significantly inferior to those of comparable brands of the LVMH group during this period," LVMH said Thursday. "LVMH will be t...Read More
(IDEX Online) - Fugitive diamond billionaire Nirav Modi would be a suicide risk if he were extradited to India, his lawyer told a British court.He would also be unlikely to get a fair trial on charges of defrauding the Punjab National Bank out of $1.85bn because his case has become so "politicized".Modi, 49, (pictured) was India's most wanted man until he was arrested in London in March 2019,...Read More
UNI Diamonds and IDEX, along with other data driven companies, come together to create the first fully-transparent price guide for the natural polished diamond industryThe Diamond Price Guide, secured by QEDIT's Privacy-Enhancing Technology, will be continuously updated, using real-time inventory data from industry manufacturers and wholesalersTEL AVIV: SEPTEMBER 9, 2020 - UNI Diamonds,...Read More
RAPAPORT... Petra Diamonds has received allegations of human-rights abuses at its Williamson mine in Tanzania, including claims of killings and on-site violence.Security guards at Williamson shot or seriously beat people at the mine, causing deaths and serious injuries, UK law firm Leigh Day claimed Wednesday. Most of the alleged abuses were the acts of private contractors that Petra had depl...Read More
RAPAPORT... Alrosa's sales rose 19% year on year to $216.7 million in August as the miner reduced rough prices to spur demand amid an improvement in the diamond market.The month saw the company's first revenue increase since February, as manufacturers sought rough goods to fill shortages ahead of the holidays. It was also the highest sales value since the start of the coronavirus crisis.Rough sale...Read More
(IDEX Online) - French luxury conglomerate LVMH has dramatically pulled out of its delayed $16.2bn acquisition of the jeweler Tiffany & Co, blaming the threat of US tariffs.Tiffany accused LVMH of deliberately stalling in order to renegotiate the agreement.It responded by filing a lawsuit to enforce the deal, which was originally agreed last November, before the coronavirus pandemic.It should...Read More
(IDEX Online) - Petra Diamonds has been accused of breaching human rights at its Williamson diamond mine, in Tanzania.The UK-listed miner, which put itself up for sale last month, today said that lawyers had filed complaints against it and mine operators Williamson Diamonds Limited (WDL) alleging "human rights violations, personal injuries and deaths" on behalf of 32 anonymous individuals.The UK-b...Read More
RAPAPORT... August saw Belgium's first increase in polished-diamond exports for 16 months, after a long period of inactivity led to a buildup in demand."There's definitely demand and shortages in certain categories. People are buying again," Karen Rentmeesters, senior communications manager at the Antwerp World Diamond Centre (AWDC), told Rapaport News Tuesday.Polished shipments out of the co...Read More
RAPAPORT... Lucapa Diamond Company will sell rough from its Mothae mine in Lesotho directly to diamantaires through private partnerships, allowing it to secure higher prices for its production, it said Wednesday.The new sales channel was approved by the government of Lesotho to overcome the challenges presented by the coronavirus, which make it difficult to sell at tender. Lucapa will also receive...Read More
(IDEX Online) - Signet boss Gina Drosos says the company's much-improved digital performance is a "tremendous opportunity" to attract customers and increase market share.Last week the jeweler reported e-commerce sales leapt to 72.1 per cent in the second fiscal quarter, accounting for a record $270m revenue.In an earnings conference call the CEO said the company had already trained over half...Read More
RAPAPORT... LVMH has abandoned its acquisition of Tiffany & Co., citing a trade dispute between the US and France and a disagreement over the timing of the deal.Tiffany has sued LVMH in response, claiming that the luxury giant was in breach of the takeover agreement and intentionally stalled completion so it could renegotiate the $16 billion price.The French government ordered LVMH to def...Read More
RAPAPORT... August saw Belgium's first increase in polished-diamond exports for 16 months, after a long period of inactivity led to a buildup in demand."There's definitely demand and shortages in certain categories. People are buying again," Karen Rentmeesters, senior communications manager at the Antwerp World Diamond Centre (AWDC), told Rapaport News Tuesday.Polished shipments out of the co...Read More
RAPAPORT... Signet Jewelers plans to have James Allen e-commerce displays in 80 of its Jared locations this holiday season following a successful trial of the store-in-store concept. "Given positive sales results and strong traffic gains, we plan to expand this new format to over 80 locations, or one-third of our jewelry fleet, prior to holiday," Signet CEO Gina Drosos said Thursday in an ear...Read More