RAPAPORT... Alrosa has recovered a 236-carat, intense-yellow-brown diamond, the largest natural colored diamond found in Russia.The stone, which the miner recovered from its Ebelyakh deposit in Yakutia, is an estimated 120 million to 230 million years old, Alrosa said last week. The company's United Selling Organization unit is currently studying and evaluating the diamond to decide whether it wil...Read More
(IDEX Online) - The vast republic of Yakutia, in Russia, has yielded its largest ever natural color diamond, a 236-ct rough intense yellow-brown stone.It was found at the Ebelyakh alluvial diamond deposit, operated by a subsidiary of the state miner Alorosa, on the Anabar River.The diamond (pictured) is 47 x 24 x 22 mm and it is estimated to be 120-230 million years old. "Such a large n...Read More
RAPAPORT... Polished-diamond imports into Hong slumped in the second quarter as the Covid-19 pandemic damaged local demand. Shipments into the municipality fell 45% year on year to $2.24 billion, the weakest for any quarter since 2009 - outstripping the first quarter's low of $2.33 billion.Diamond imports into Hong Kong reflect the local retail market, as well as that of China, for which the...Read More
RAPAPORT... Revenue from the retail division of Warren Buffett's Berkshire Hathaway fell 16% to $3.37 billion in the second quarter, the company reported Saturday.The division, which includes jewelry chains Borsheims, Helzberg Diamonds and Ben Bridge Jeweler, was hit by shutdowns affecting many of the company's retail outlets. Pretax earnings for the entire retail unit dropped 39% to $148 million....Read More
RAPAPORT... Mountain Province reported a loss in the second quarter as the coronavirus pandemic closed markets and hit demand.The miner posted a net loss of CAD 26.8 million ($21.8 million) for the three months ending June 30, compared with a profit of CAD 10.3 million ($7.7 million) during the same period last year, the company said Wednesday. "Our [second-quarter] financial and operational figur...Read More
RAPAPORT... Sarine Technologies ended the first half of 2020 in the black as deep cost cuts offset the effects of Covid-19.The supplier of diamond-polishing equipment made a profit of $1.2 million for the period, compared with a loss of $2.8 million a year earlier, it reported Thursday. The company brought its expenses down by around 20% year on year in response to the unprecedented situation...Read More
(IDEX Online) - The diamond market could take "the best part of two years" to recover, Goldman Sachs analyst Jack O'Brien has warned.India's manufacturing midstream, responsible fort the vast majority of the world's diamonds, has collapsed because of a lack of credit, resulting in significant stockpiles, he said.And Russian miner Alrosa expects to have amassed a year's worth of...Read More
(IDEX Online) - An extremely rare gold Rolex Daytona sold for $1.5m, a record high price for a watch in any online auction.It fetched almost twice the high estimate of $800,000 in a week-long auction by Sotheby's, in London. It also set a record for highest price ever paid for a wristwatch in the UK.Only 10 examples of the Daytona JPS (John Player Special) Ref. 6264 in 18k yellow gold a...Read More
(IDEX Online) - The Sewel?? ? diamond, the second largest rough gem ever found, is in Singapore on a "worldwide tour" before owners Louis Vuitton decide what to do with it. The 1,758-carat stone, the size of a tennis ball, was discovered in the Karowe mine in Botswana in April 2019, and is the biggest diamond since the 3,106-carat Cullinan was discovered in South Africa in 1905. The French luxury...Read More
RAPAPORT... Mountain Province reported a loss in the second quarter as the coronavirus pandemic closed markets and hit demand.The miner posted a net loss of CAD 26.8 million ($21.8 million) for the three months ending June 30, compared with a profit of CAD 10.3 million ($7.7 million) during the same period last year, the company said Wednesday. "Our [second-quarter] financial and operational figur...Read More
RAPAPORT... Sarine Technologies ended the first half of 2020 in the black as deep cost cuts offset the effects of Covid-19.The supplier of diamond-polishing equipment made a profit of $1.2 million for the period, compared with a loss of $2.8 million a year earlier, it reported Thursday. The company brought its expenses down by around 20% year on year in response to the unprecedented situation...Read More
Polished market improving due to select demand from US and China. Shortages supporting prices; 1 ct. RAPI +1.9% in July. Jewelers acclimating to new normal by emphasizing digital sales and lower in-store inventory. De Beers considering layoffs and investing in tech to enable more efficient and customized supply. Rough trading slow and availability low after small De Beers and Alrosa sales. Alrosa...Read More
(IDEX Online) - A woman has appeared in a British court over the audacious heist in which a gang swapped $5.3m of diamonds for a bag of worthless pebbles.Georgeta Danila, 52, was extradited from France last month and has now been charged with conspiracy to steal from the luxury London jeweler Boodles (pictured), in March 2016.The thieves posed as wealthy Russian businessmen to dupe jewelers out of...Read More
(IDEX Online) - The Chinese jewelry retail chain Chow Sang Sang has warned that its first-half net profits for 2020 could fall by as much as 70 per cent.Profits are expected to be down from $79.4m to $ 25.8m.The COVID-19 pandemic forced it to close most of its 400 outlets in February, and they were only able to re-open the following month with limited hours.The two-week quarantine also deterred fo...Read More
RAPAPORT... Just as the sun emerged from behind the clouds and diamond demand began to recover from a glut in the manufacturing sector, the coronavirus pandemic hit. Its rapid spread forced many miners to shut down temporarily and prevented them from selling their rough. This left several companies on extended care-and-maintenance plans for the foreseeable future, and led some heavyweights to anno...Read More
(IDEX Online) - The Danish jeweler Pandora is to launch a range of Star Wars-themed charm bracelets and other items of jewelry.It's working with Lucasfilm to launch a capsule collection inspired by the 1977 blockbuster and its eight prequels and sequels.Star Wars spawned the most successful ever movie merchandising franchise, grossing an estimated $70bn.The Star Wars x Pandora collection will...Read More
RAPAPORT... Alrosa expects to finalize a sale of rough to Gokhran in the next two months, aiming to reduce its stockpiles while ensuring the diamond industry doesn't receive a flood of goods.Gokhran - Russia's state gem and precious-metal depository - would store the diamonds until the market stabilizes, Alrosa deputy CEO Evgeny Agureev said Monday. The parties are currently negotia...Read More
RAPAPORT... The US retail outlook is declining after the country's economic recovery slowed in July amid a resurgence of coronavirus cases, according to the National Retail Federation (NRF). "A lack of clarity regarding job outlook and future finances tends to influence spending behavior," said NRF chief economist Jack Kleinhenz. "Coupled with that, uncertainty about further fiscal support fr...Read More
RAPAPORT... The estate-jewelry sector has fared well during the Covid-19 crisis as customers have continued to show interest in designer goods, dealer Rick Shatz told the Jewelry Connoisseur Podcast.Higher-end clients - on whom the pandemic has taken a lower toll - have still bought signed pieces, perhaps seeing security in these purchases, Shatz said in an interview with Rapaport Editor in C...Read More
RAPAPORT... The estate-jewelry sector has fared well during the Covid-19 crisis as customers have continued to show interest in designer goods, dealer Rick Shatz told the Jewelry Connoisseur Podcast.Higher-end clients - on whom the pandemic has taken a lower toll - have still bought signed pieces, perhaps seeing security in these purchases, Shatz said in an interview with Rapaport Editor in C...Read More