RAPAPORT... Signet Jewelers has told suppliers it will no longer buy metals and diamonds of Russian origin.Purchasing precious stones, silver, gold, and platinum from sanctioned companies or people is "likely to contribute to the ongoing human-rights abuses and conflict in Ukraine," the US retailer said last Wednesday in a letter to vendors, seen by Rapaport News.The request to stop providing...Read More
(IDEX Online) - Alrosa is to close its US office by the end of next month, in the wake of Russia's invasion of Ukraine and the subsequent sanctions on diamond imports. News of the closure comes just days after Rebecca Foerster (pictured) stood down as president of the Alrosa USA operation, citing "the geopolitical situation". The miner's New York office first opened in 2006,...Read More
US sanctions prohibit imports of Russian rough and polished but allow polished diamonds from Russian-mined rough if they were cut elsewhere. Supply decline unlikely as Alrosa clients find alternative payment methods for next week's contract sale. JVC warns that US may broaden ban to include transformed polished. EU and UK import sanctions expected. Rapaport issues statement. Retailers considering...Read More
RAPAPORT... The European Union has prohibited exports of diamonds, jewelry and other luxury goods to Russia in response to the continued war in Ukraine.Tuesday's sanctions prohibit the "sale, supply, transfer or export" of a range of products to any person or entity in Russia or for use in Russia. These include rough and polished diamonds, various precious metals and stones, jewelry, and meta...Read More
(IDEX Online) - Indian jewelry chain Titan Co has bought a $20m stake in the US lab grown retailer Great Heights.In a separate move it also announced plans to open around 20 stores in the next three years outside India, including the US.Titan bought a 17.5 per cent stake in Delaware-based Great Heights Inc, which sells lab grown jewelry through its Clean Origin brand. It reported gross reven...Read More
(IDEX Online) - The Kimberley Process is urging Russia to immediately ends its war in Ukraine. In a strongly-worded statement the Kimberley Process Civil Society Coalition (KP CSC) also called on governments and the diamond industry to make sure that diamonds from Russia do not finance the conflict. The coalition also urges KP chair Botswana to call a special plenary meeting to that end. It says i...Read More
RAPAPORT... US retail sales will increase between 6% and 8% this year amid strong wage growth and declining unemployment, the National Retail Federation (NRF) forecast.The organization expects total sales of $4.86 trillion to $4.95 trillion for the year, while online purchases are predicted to reach between $1.17 trillion and $1.19 trillion - a jump of 11% to 13%, the NRF said Wednesday."NRF...Read More
RAPAPORT... US consumers spent $1.7 trillion online in the first two years of the Covid-19 pandemic, with inflation boosting the dollar total, according to Adobe.The figure for the period from March 2020 to February 2022 is $609 billion more than for the two preceding years combined, Adobe said Tuesday. E-commerce spending in 2021 rose 9% year on year to $885 billion.The higher prices of goods con...Read More
The recent US sanctions on Russian diamonds have shone a spotlight on the trade's traceability programs, and have left retailers between a rock and a hard place.RAPAPORT... Russia's invasion of Ukraine is another defining moment for the diamond industry. On March 11, the US government banned imports of Russian diamonds. The sanctions extend to rough from Russia and stones cut and polished in the c...Read More
(IDEX Online) - Gold coins minted in Australia have been set with 78 pink diamonds from the iconic Argyle mine.The limited edition of just eight are legal tender, with a nominal value of AUD 2,500, but are being sold to collectors for AUD 262,800 (US$190,000).The coins (pictured), named The Jewelled Koi, are set with 80 white diamonds, as well as the Argyle pinks, and contain 10oz of gold.They hav...Read More
RAPAPORT... Platinum Guild International (PGI) has promoted Kevin Reilly to senior vice president following a 16-year tenure with the trade organization.In his new role, Reilly, who has been vice president since 2006, will be responsible for developing strategic partnerships with companies at all levels of the supply chain and formulating programs to help them build their platinum-jewelry business...Read More
(IDEX Online) - Sarine is utilizing its scanning and mapping technologies to provide accurate dollar valuations of rough diamonds in terms of their polished potentialIt is harnessing digital data from its existing Galaxy, DiaExpert and Advisor products The company says this information will provide the finance sector with the confidence to extend to working capital for a polishing operation,s...Read More
(IDEX Online) - New sanctions by the European Union ban the export of diamonds and any other luxury goods to Russia with a value over $330.The move, announced yesterday in response to Russia's ongoing invasion of Ukraine, covers the sale precious stones, crystal, caviar, wine, handbags, leather products, shoes and coats.However the 27-nation EU did not follow the US's lead in banning the...Read More
RAPAPORT... The Dubai Multi Commodities Centre (DMCC) has signed an agreement with Botswana's Okavango Diamond Company to cross-promote the industry through various business endeavors. Under the partnership, Okavango will hold diamond auctions and viewings at the Dubai Diamond Exchange (DDE), which is part of the DMCC. They will also exchange information, analytical materials and forecasts on the...Read More
(IDEX Online) - US sanctions on importing rough diamonds from Russia do not apply to stones mined there but cut and polished elsewhere, according to the Jewelers Vigilance Committee (JVC).The ban, announced last Friday, covers "unworked or simply sawn, cleaved or bruted" diamonds, or what generally referred to as "rough diamonds", but does not extend to gems polished in other countries.The Office...Read More
RAPAPORT... Sarine Technologies has launched a valuation service for rough diamonds, aiming to support the lending sector by making it easier to assess how much collateral is worth.The Israeli company will analyze rough stones with its existing technology and then value the expected polished outcome using various sources of pricing data, it said Monday. It will refine the estimate via "statis...Read More
RAPAPORT... Gem Legacy, a nonprofit that provides training, education and community development in East African colored-gemstone mining regions, has launched a for-profit adventure travel company.The business, called Gem Legacy Adventures, will offer guided tours of various initiatives run by the nonprofit and the areas in which it operates, it said Monday. Participants will also be taken on safar...Read More
While the Rapaport Group recognizes the importance of Alrosa and Russia's 30% supply of the world's rough diamonds, we support US sanctions against Russian diamonds. We mourn the loss of life and ongoing suffering. We protest Russia's act of war against Ukraine and pray for peace.On Friday, March 11, President Joe Biden issued an executive order restricting the import of Russian diamonds into the...Read More
RAPAPORT... Russian-mined diamonds polished in other locations are allowed into the US under the latest import sanctions - but buying them is risky, says the Jewelers Vigilance Committee (JVC).President Joe Biden's March 11 executive order prevents the import of items with either of two harmonized tariff codes: 7102.31.00 or 7102.39.00. The first refers to "unworked or simply sawn, cleav...Read More
(IDEX Online) - De Beers issued a brief statement following the imposition of US sanctions on Alrosa, its biggest rival, assuring retailers they could buy from them "with confidence".The UK-based miner gave assurances that all its diamonds were from Botswana, Canada, Namibia or South Africa.An executive order announced by US president Joe Biden last Friday prohibits the importation of rough...Read More