Many of Surat's diamond factories will not survive COVID-19, industry sources have warned, as India's went into "Lockdown 4.0". As many as 90 per cent of the city's 5,000 units are small, unregistered and vulnerable. They're also less able to implement any kind of social distancing rules, likely to be implemented when lockdown eases.The nature of cutting and polishing typically...Read More
(IDEX Online) - First Lady Melania Trump traded up the 15-carat Graff diamond engagement ring Donald gave her, for an even bigger and more expensive rock. The president-to-be gave her a premium D-color, FL, emerald-cut diamond ring, before they wed in 2005. But the former Solvenian model, aged 50, later had the stone replaced with a 25-carat diamond, according to British newspaper The Daily Expres...Read More
RAPAPORT... The Indian diamond trade has postponed its one-month freeze on rough imports until June 1 to give companies more time to complete outstanding shipments.The Gem & Jewellery Export Promotion Council (GJEPC) and four other industry bodies had originally called for a pause in imports from May 15. They announced the plan on April 23, allowing around three weeks to import goods they...Read More
RAPAPORT... Swarovski has appointed Giovanna Battaglia Engelbert as its first creative director as part of the company's new business realignment.Engelbert, who has worked as a creative director, international editor and fashion consultant for luxury brands for more than 20 years, was already serving as a creative consultant for Swarovski's business-to-business (B2B) division, the crystal mak...Read More
(IDEX Online) - Former De Beers boss Nicky Oppenheimer and his family saw their $6.85bn fortune dip slightly, as they slipped down the annual Rich List, published by the Sunday Times newspaper in London.They remain the wealthiest representatives of the diamond and jewelry sector in the ranking of the 1,000 richest individuals and families who either live in Britain or have significant links t...Read More
(IDEX Online) - The GIA has reopened its labs in Antwerp, Carlsbad, Gaborone, Johannesburg and Tokyo as lockdown restrictions are eased. Opening hours are limited and restrictions on face-to-face contact mean some centers will only accept diamonds by transport or by prior appointment. The Gemological Institute of America labs in Bangkok, Hong Kong and Ramat Gan remain open. London, Mumbai, New Del...Read More
(IDEX Online) - Indian government officials are under increasing pressure to allow up to 30 per cent of diamond workers in Surat to return to work. The cut-and-polish hub has been dormant since the COVID-19 lockdown was imposed on 25 March. Authorities 200 miles away in Mumbai last week said jewelry businesses there could allow up to 10 per cent of their workforce to return, as long as they were f...Read More
RAPAPORT... The Gemological Institute of America (GIA) has reopened laboratories in five locations following COVID-19 shutdowns.The organization's labs in Johannesburg and Tokyo recommenced limited operations on May 7, the GIA said Monday. Visitors to the Johannesburg lab must make an appointment, have a permit, and wear a mask. The Tokyo location will accept and return goods by delivery only...Read More
RAPAPORT... US polished-diamond imports fell in March to their lowest level since December 2002 as the coronavirus hit global trading. The month saw the 12th consecutive year-on-year decline, according to Rapaport archives based on data from the US Commerce Department. US Trade Data for March 2020Read More
RAPAPORT... Baselworld's organizers are planning to change the event's name, restructure its format and choose a new location following its falling-out with exhibitors and the cancellation of its January 2021 show."The date of January 2021 has been abandoned and the name of Baselworld is going to be dropped," a spokesperson for parent company MCH Group told Rapaport News Monday. "A new format...Read More
RAPAPORT... The Diamond Producers Association (DPA) has revealed plans for a radical overhaul that will see it change its name, drop the "Real Is Rare" tagline and introduce a new advertising campaign for the holidays.Starting June 1, the marketing group will unveil a fresh identity and launch new consumer and trade websites and social-media campaigns, David Kellie, the DPA's new CEO, said Tu...Read More
(IDEX Online) - The price of super-rare pink diamonds is to set to rocket with the forthcoming closure of the Argyle mine in Western Australia, which has been responsible for 90 per cent of world supplies.Owners Rio Tinto plan to cease production by the end of 2020, when economically-viable reserves will run out.The value of pink diamonds sold at its annual tenders has been appreciating by an aver...Read More
RAPAPORT... E-commerce sales at Michael Hill reached an all-time high in late April and early May as the Australia-based retailer responded to changing consumer attitudes amid the coronavirus pandemic.Digital revenues for the three weeks ending May 14 broke a record the company set during the 2019 Christmas season, it reported Thursday."The surge in our digital sales signals a notable shift i...Read More
RAPAPORT... Jewelry was the top gift US moms received this Mother's Day, with most consumers purchasing online due to store closures, according to a survey by MVI Marketing.Some 57% of husbands who bought their wives a Mother's Day gift purchased jewelry, while 13% gave their partners a watch. Meanwhile, 31% of daughters and 47% of sons bought their mothers jewelry for the holiday. Other popu...Read More
RAPAPORT... Jewelry was the top gift US moms received this Mother's Day, with most consumers purchasing online due to store closures, according to a survey by MVI Marketing.Some 57% of husbands who bought their wives a Mother's Day gift purchased jewelry, while 13% gave their partners a watch. Meanwhile, 31% of daughters and 47% of sons bought their mothers jewelry for the holiday. Other popu...Read More
RAPAPORT... De Beers has appointed Sally Morrison director of public relations for natural diamonds. The long-serving branding specialist has been chief marketing officer for the company's lab-grown line, Lightbox, since 2017.Based in New York, Morrison will sit within De Beers' consumer and brands division, focusing on media, trade and designer outreach for natural diamonds, with an emphasis...Read More
(IDEX Online) - Over 80 per cent of the world's diamond reserves are held by just three countries - Russia, Congo and Botswana - according to new estimates.There are 1.1 billion carats of unmined diamonds globally, says the London-based finance publication Learnbonds. More than half (52 per cent) are in Russia, 13 per cent in Congo and eight per cent in Botswana.The research says product...Read More
RAPAPORT... It could take up to three years for the luxury market to get back on track, as it relies heavily on consumer sentiment and travel, Richemont chairman Johann Rupert predicted."The luxury industry is dependent on customers' willingness to spend - the so-called 'feel-good factor' - and has benefited from increased international travel in recent years," Rupert said last week. "There w...Read More
RAPAPORT... An Antwerp court has prohibited the World Federation of Diamond Bourses (WFDB) from publicly blacklisting former president Ernie Blom over a payment dispute in Dubai.Blom had sought an injunction to prevent the organization from complying with requests from the Dubai Diamond Exchange (DDE) after the bourse ruled against him last December.The judge sided with Blom on May 12 after h...Read More
RAPAPORT... The trading floor at the Israel Diamond Exchange (IDE) will resume "regular activities" next week, bourse president Yoram Dvash announced in a Facebook post Sunday.From May 24, the hall will function under a new format to ensure it is safe and compliant with government rules, Dvash said, without providing details. The bourse's management approved the move unanimously.The trading f...Read More