(IDEX Online) - Pandora reported an increase in its Q1 revenue, even though it's having to close more retail outlets because of the Covid pandemic.The Danish jeweler, best known for its charm bracelets, said sales for the quarter were up 13 per cent on organic basis to $719m.That's in spite of the fact that 35 per cent of its 7,000 points of sale globally were closed for business as of t...Read More
RAPAPORT... The US government has placed sanctions on an important state-owned gemstone company in Myanmar, its latest attempt to deprive the military of funding.American businesses may no longer transact with Myanma Gems Enterprise (MGE), an entity "responsible for all gemstone activities" in the country, the US Treasury Department said Thursday. A subdivision of Myanmar's Ministry of Mines,...Read More
(IDEX Online) - Five banks and two diamond brokers in Italy are alleged to have made $590m by selling clients gems for investment at vastly-inflated prices, according to a Reuters report.Four of the banks - Banco BPM, Banca Aletti, UniCredit and Monte dei Paschi (MPS) - and one broker - IDB - are facing possible prosecution over the alleged fraudulent diamond sales, together with over 100 former e...Read More
RAPAPORT... Alrosa's sales grew last month as manufacturers continued to restock inventory amid rising consumer demand in the US and China."Jewelry sales results at key markets, including the US and China, indicate persistently high demand from end consumers," said Alrosa deputy CEO Evgeny Agureev. "Alrosa retains its commitment to a prudent sales strategy, aimed at keeping the industry balance th...Read More
RAPAPORT... Gemfields brought in $58.9 million at its first auction of rough rubies in more than a year, expressing optimism as operations at its Mozambique mine gradually resumed.The miner held seven small sales of high-, medium- and commercial-quality goods between March 15 and April 8, noting on Thursday that its last ruby auction had been in December 2019. Viewings took place in Bang...Read More
RAPAPORT... Pandora's revenue increased in the first quarter, even as more than one-third of its stores remain shut due to Covid-19 restrictions.The company's sales rose 13% on an organic basis to DKK 4.5 billion ($719.3 million) versus the same quarter in 2020, the jeweler said last week. Like-for-like sales grew 21% year on year. Sales for the three months ending March 31, 2020, were impacted by...Read More
(IDEX Online) - Virtual try-on of jewelry . . . the jewelry store as a shopping experience . . . less discounting of jewelry . . . these are a few of the ideas tossed out by the Wall Street Journal in a recent article called "A New Future for Retail After Covid." Actually, the article wasn't specifically addressed to jewelers; we added the word "jewelry" to the topics the newsp...Read More
(IDEX Online) - Alrosa announced total sales of $345m in March, down slightly on the previous month ($372m), but still in line with its expectations amid ongoing consumer demand.Revenues from rough and polished diamonds were more than double those of March 2020, when the global pandemic struck, and sales dipped to $153m.The Russian state-owned miner said stocks of polished diamonds stocks were at...Read More
(IDEX Online) - Israel's diamond trade is showing clear signs of recovery, with steep year-on-year rises for imports and exports in the first quarter of 2021.Net imports of rough diamonds were up 75.6 per cent to ?, ?476m, said the Ministry of Economy. And net exports of rough diamonds increased by 66.3 per cent to $389.8mIsrael was largely unaffected by the global pandemic during the corresp...Read More
RAPAPORT... Diamond-grading laboratories and other industry services are allowed to operate during Mumbai's Covid-19 lockdown, according to a clarification by India's Gem & Jewellery Export Promotion Council (GJEPC).The state government of Maharashtra has exempted manufacturing and related support activities from the restrictions it imposed this week, the GJEPC said in a statement Wednesd...Read More
Polished trading slower after robust 1Q. Concerns about high Covid-19 infections in Europe and India. Bharat Diamond Bourse sharply restricts activity. Surat manufacturing and exports continue. US jewelers optimistic as consumer confidence grows in March. Vaccine rollout and $1,400 stimulus checks fueling retail spending. Rough market cooling. Cutters anticipate rise in polished inventory as GIA r...Read More
(IDEX Online) - Lucara has announced a two-year extension to its deal with HB Antwerp to market the large rough stones (+10.8-cts) that represent 70 per cent of its revenue.The Canadian miner reached an initial agreement last July to sell the stones from its Karowe mine, Botswana, to the Belgian manufacturer based on the estimated polished outcome.Any adjustments are made later, based on the actua...Read More
RAPAPORT... Revenue at Titan Company increased in the fourth fiscal quarter as consumer sentiment continued to improve following the wedding season.Jewelry sales rose 70% year on year for the three months ending March 31, as consumers took advantage of lower gold prices to purchase wedding jewelry for events that had been deferred. Titan also benefited from a favorable base comparison with the sam...Read More
RAPAPORT... The Gemological Institute of America (GIA) has identified a fancy-color diamond containing rare lines of blue, positing that the stone was originally brown before it underwent treatment.The round brilliant, 1.50-carat, fancy-intense-green-yellow diamond contained blue "graining," an unusual phenomenon, according to researchers from the GIA in Carlsbad, California. While fancy-colo...Read More
RAPAPORT... Lucara Diamond Corp. has added an extra two years to its supply deal with HB Antwerp, enabling it to continue selling all its rough above 10.8 carats to the Belgium-based manufacturer."Lucara is beginning to see the benefits of this strategy in accessing a broader marketplace and delivering regular cash flow based on final polished sales," Lucara CEO Eira Thomas said Wednesday. "We bel...Read More
(IDEX Online) - De Beers sales slowed at its March sight, down to $440m as pent-up demand appeared to flag.In January the UK-based miner sold $650m of rough - a three-year high - followed by $550m in February. It has reportedly been increasing prices at recent sights at the midstream restocks, while maintaining flexibilities introduced to help holders earlier in the pandemic.New supply contra...Read More
RAPAPORT... Xcel Brands, which owns several apparel labels, has acquired Logo by Lori Goldstein, a lifestyle brand encompassing clothing and jewelry. Goldstein, an American stylist and designer, launched Logo in 2009. The brand has since clocked up retail sales of more than $1.5 billion, Xcel said Monday. The investment will help enhance the brand's product merchandising and design, acco...Read More
(IDEX Online) - Rocksbox, the pioneering jewelry rental company, has been acquired by Signet, the world's largest retailer of diamond jewelry.Signet says the move should help it reach new customers - primarily young women - following the success of its three-year Path to Brilliance recovery program. Rocksbox, founded by Meaghan Rose in 2012, provides subscribers with three rented p...Read More
(IDEX Online) - A bride and groom used their smartphones to exchange virtual rings in a blockchain wedding.Peter Kacherginsky and Rebecca Rose authorized the Ethereum transactions at a traditional Jewish ceremony in San Francisco, California, USA.The couple, who both work for the cryptocurrency company Coinbase, swapped specially-designed NFTs (non-fungible tokens) named Tabaat - the Hebrew word f...Read More
RAPAPORT... Jewelers of America (JA) has announced the winners of its 31st annual CASE Awards for jewelry design, recognizing retail members whose pieces feature creativity, artistry, style and excellence.This year, JA expanded the prizes to include 14 different categories after a record number of entries, it said Tuesday. A panel of judges chose the honorees from nearly 200 applicants, evaluating...Read More