Diamond Stocks Articles

India Creates Task Force on Jewelry Industry Issues

Aug 20, 2020 / Rapaport News

RAPAPORT... India's finance ministry has agreed to form a special group to help resolve issues affecting the country's gem and jewelry industry.The task force will address various requests made by the trade, such as enabling direct sales of rough diamonds by miners in the country, reducing the polished import duty to 2.5% from 7.5%, and issues pertaining to the goods and services tax (GST), the Ge...Read More

India Creates Jewelry-Industry Task Force

Aug 20, 2020 / Rapaport News

RAPAPORT... India's finance ministry has agreed to form a special group to help resolve issues affecting the country's gem and jewelry industry.The task force will address various requests made by the trade, such as enabling direct sales of rough diamonds by miners in the country, reducing the polished import duty to 2.5% from 7.5%, and issues pertaining to the goods and services tax (GST), the Ge...Read More

Rapaport Weekly Market Comment

Aug 20, 2020 / Rapaport News

Polished market improving as governments ease Covid-19 restrictions. Dealers emphasizing digital trading. US and China driving demand for select categories. Uptrend in 0.30 to 0.89 ct. SIs. Suppliers staying firm on prices as dealers struggle to fill orders. Cutters consider increasing production as expectations rise for holiday season. Alrosa 2Q profit -98% to $3.6M. Tiffany extends traceability...Read More

Shutdowns Send Michael Hill's Profit Sliding

Aug 19, 2020 / Rapaport News

RAPAPORT... Michael Hill's earnings slumped 81% in the last fiscal year amid the temporary closure of most of its 290 stores in the second half.The Australia-based jeweler reported profit of AUD 3.1 million ($2.3 million) for the fiscal year ending June 30, as stores remained closed for a period of five to 13 weeks to stem the spread of the coronavirus. Group revenue fell 14% to AUD 492.1 million...Read More

Mountain Province to Double Investor Sales Deal

Aug 19, 2020 / Rapaport News

RAPAPORT... Mountain Province plans to sell an additional $50 million worth of rough diamonds from its Gahcho Ku?(C) mine to Dunebridge Worldwide to help generate liquidity and bolster the company.The sale "will significantly strengthen the company's financial position as it responds to the challenges posed by the Covid-19 pandemic," Mountain Province said Tuesday, describing it as being in "serio...Read More

Steinmetz Company Faces $288m Damages Case in Sierra Leone

August 19, 20 / John Jeffay

(IDEX Online) - Residents living near a diamond mine in Sierra Leone are seeking $288m in damages for illnesses allegedly caused by air and water pollution.They are seeking a freezing order on assets belonging to Guernsey-registered Octea, a subsidiary of Israeli billionaire Beny Steinmetz's BSG Resources, which is now in administration.An affidavit filed at Sierra Leone's High Court cla...Read More

Tiffany to Share Full Provenance of Its Diamonds

Aug 19, 2020 / Rapaport News

RAPAPORT... Tiffany & Co. will give consumers full details of each diamond's route from mine to jewelry, encompassing therough's origin as well as the locations of cutting, grading and setting.Beginning in October, the US retailer will share the story of each newly sourced diamond weighing 0.18 carats or more, it announced Tuesday. This builds on its existing practice of disclosing the re...Read More

June Jewelry Demand Rebounds in U.S. Market

August 19, 20 / Ken Gassman and John Jeffay

After a dizzying drop earlier this year, U.S. jewelry and watch sales showed a solid recovery in June.  Total fine jewelry and watch sales rose by almost 2 percent in June to an estimated $5.6 billion versus $5.5 billion in June a year ago, according to the latest data from the Department of Commerce.  While a 2 percent gain may sound modest, it is a dramatic recovery from Marc...Read More

Signet Requiring Customers to Wear Masks in Stores

Aug 19, 2020 / Rapaport News

RAPAPORT... Signet Jewelers has extended its face-mask policy, which had previously applied only to employees, to include customers as well.The jeweler will offer disposable masks to any shoppers who don't have one with them, it said Tuesday. The decision, part of Signet's new Love Takes Care program, follows a collaboration with the Cleveland Clinic regarding proper coronavirus protocols."It's ou...Read More

Mountain Province to Up Investor Sales Agreement

Aug 19, 2020 / Rapaport News

RAPAPORT... Mountain Province plans to sell an additional $50 million worth of rough diamonds from its Gahcho Ku?(C) mine to Dunebridge Worldwide to help generate liquidity and bolster the company.The sale "will significantly strengthen the company's financial position as it responds to the challenges posed by the Covid-19 pandemic," Mountain Province said Tuesday, describing it as being in "serio...Read More

Sotheby's Worldwide Jewelry Chairman Exits

Aug 19, 2020 / Rapaport News

RAPAPORT... Two senior jewelry executives at Sotheby's have recently stepped down from their roles.David Bennett, the company's chief auctioneer and worldwide jewelry chairman, retired earlier this summer following a 42-year career, Sotheby's told Rapaport News last week. During his time with the auction house, Bennett was named among the top 10 most powerful people in the art world by Art+Auction...Read More

Alrosa Allows 100% Refusals at August Sale

Aug 18, 2020 / Rapaport News

RAPAPORT... Alrosa will enable long-term clients to refuse all their supply allocations at this month's contract sale, continuing the policy it introduced in July."We should admit that we are at the very beginning of the market recovery, which is still [tempered] by a number of external factors, including travel restrictions," Alrosa deputy CEO Evgeny Agureev said in a statement Tuesday. "To...Read More

Purple Diamonds Found at Ellendale, Australia

August 18, 20 / John Jeffay

(IDEX Online) - A number of extremely rare purple diamonds have been unearthed at the Ellendale field in Western Australia.Junior miner India Bore Diamond Holdings found fancy yellow diamonds at a large alluvial deposit, but tests by the Delta Diamond Laboratory, in Perth, revealed that many featured a highly rare and attractive purple fluorescence under ultraviolet light (see picture).Ellendale f...Read More

Coronavirus: India to Showcase Gems at Virtual Event

August 18, 20 / John Jeffay

(IDEX Online) - Indian gem and jewelry manufacturers will "meet" international buyers online as their Buyer-Seller Meet goes virtual for the first time.Organizers GJEPC say the event, using high-end cameras to showcase goods, will "give buyers an experience better than the real one".The usual live event, with face-to-face meetings, has been canceled because of the COVID-19 pandemic.The GJEPC is ex...Read More

Alrosa Allows Buyers Another Zero Buyout Month

August 18, 20 / John Jeffay

(IDEX Online) - Alrosa will again permit zero buyouts at its August tender, in the face of continued weak demand, it said today.The Russian state-owned miner adopted the same policy last month, when rough sales plunged to just $22.7m.Buyers will have the option of visiting Alrosa's office in person this month, travel restrictions permitting, or viewing goods online.The miner maintains a price...Read More

Recovery Being Hit by COVID-19 Surges, says Pandora

August 18, 20 / John Jeffay

(IDEX Online) - Pandora posted a second-quarter loss of $27.9m and warned that recent surges in COVID-19 infections would continue to stall its recovery.By contrast, the Danish jewelry retail giant, best known for its charm bracelets, made a Q2 profit of $84.3m in 2019.The pandemic forced the closure of 90 per cent of its 7,300 outlets and in Q1 of 2020 saw the company report a $3.5m loss. Revenue...Read More

Tiffany Loses to Costco in Name Appeal

August 18, 20 / John Jeffay

(IDEX Online) - Tiffany has lost the latest round of its seven-year trademark battle with the warehouse club giant Costco.The New York-based jeweler has been challenging its sale of generic diamond engagement rings bearing the "Tiffany" name.Tiffany & Co was awarded $21m in damages in 2013 after a US district judge ruled that Costco had acted in bad faith by using its name to describe setting...Read More

SK Jewellery Sees Profit Slump

Aug 18, 2020 / Rapaport News

RAPAPORT... Singapore-based SK Jewellery Group reported a sharp drop in earnings during the first half of 2020 as store closures and other restrictions implemented during the coronavirus pandemic impacted sales. Net profit fell 81% to SGD 514,000 ($376,256) as revenue slid 44% to SGD 39.8 million ($29.1 million) during the period ending June 30. The jewelry retailer experienced similar steep...Read More

Pandora Expects Market Weakness to Persist

Aug 18, 2020 / Rapaport News

RAPAPORT... Pandora believes the challenging market will continue through the end of 2020 amid a resurgence in coronavirus cases in key business locations."[The second quarter of] 2020 will not be forgotten anytime soon," said Pandora CEO Alexander Lacik. "Covid-19 has changed our societies and challenged global brands around the world. The pandemic may leave a lasting effect on consumer behavior....Read More

Appeals Court Backs Costco in $21M Tiffany Case

Aug 18, 2020 / Rapaport News

RAPAPORT... A US court overturned a $21 million judgment previously awarded to Tiffany & Co. in its ongoing case against Costco Wholesale Corporation over use of the jeweler's name to describe generic engagement rings.A lower-court judge erred in finding Costco liable for using the name "Tiffany" on its displays, a federal appeals court ruled Monday in a 3-0 decision. The court believed "reaso...Read More

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