RAPAPORT... With the US imposing sanctions on Alrosa and other Russian entities, there is rising concern about the impact on the diamond market, considering the vast rough supplies from the country. The following is a resource center to help the trade gain clarity on the crisis and its effects on the industry. Rapaport Trade AlertUS Department of the Treasury announces sanctions against Russi...Read More
RAPAPORT... Alrosa clients have continued to buy rough from the miner by sending payment in currencies other than dollars following a range of sanctions on Russia by Western governments.While punitive measures by the US and other powers don't ban dollar transactions with Alrosa, the Russian company has asked customers to pay in euros and other currencies, industry insiders told Rapaport News....Read More
RAPAPORT... Hong Kong's hard-luxury market saw its weakest growth in a year as the government implemented stronger limitations on business operations during the fifth wave of Covid-19.Revenue from jewelry, watches, clocks and valuable gifts rose 7% year on year to HKD 3.61 billion ($462.7 million) in January, the municipality's Census and Statistics Department reported last week. After the categor...Read More
RAPAPORT... Douglas Hucker has left his position as CEO of the American Gem Trade Association (AGTA) after 24 years.During his time with the organization, Hucker upped AGTA's focus on education and key issues such as treatment disclosure and the origin of gemstones, the AGTA said last week. He also formed affiliations with other industry groups, including the World Jewellery Confederation (CIBJO),...Read More
The first in a series of webinars on the future of diamonds looks at sustainability: What is it, and why does it matter?...RAPAPORT... Sustainability has emerged as a key driver of business strategy in recent years, growing from the need to protect the planet, uplift communities and ensure that products and services make a positive contribution to society. But what is driving this interest? A...Read More
RAPAPORT... Lucapa Diamond Company has upped its total revenue forecast for the Merlin mine over the next 14 years amid the increase in rough prices.The Australian miner reevaluated its outlook based on the strong demand and low supply scenario currently playing out in the market, which has led to a 42% surge in the price of rough diamonds, it said Thursday.Revenue for the life of mine will come t...Read More
US sanctions Russia, including Alrosa and its CEO. No sanctions on doing business with Alrosa but banking system shut down. Significant supply disruptions expected to impact market. Alrosa is the largest rough producer with 2021 sales of 45.5M cts. for $4B, profits of $834M. Diamond trading robust, but sentiment weakened by economic and geopolitical uncertainty. 1 ct. RAPI +5.6% in Feb. despite co...Read More
RAPAPORT... Alrosa has voluntarily stepped down as vice chair of the Responsible Jewellery Council (RJC) in light of Russia's war in Ukraine, the standards authority announced Thursday.The diamond miner will also leave the organization's board of directors temporarily, the RJC noted. The decision was "communicated" to the board during a meeting on Thursday, it added. Alrosa declined to commen...Read More
RAPAPORT... Australian miner Odessa Minerals has applied for two licenses to explore an alluvial deposit south of the defunct Argyle mine, believing it holds diamond "runoff" from the famed site.The Argyle South area is a 40-kilometer channel that carried diamonds from eroded Argyle kimberlite pipes through multiple drainage systems toward Lake Argyle, Odessa said last week. Previous exploration o...Read More
RAPAPORT... Alrosa has highlighted concerns about the impact of the US's punitive measures after reporting its strongest annual earnings in five years.Revenue jumped 51% to RUB 326.97 billion ($2.99 billion) in 2021 as the diamond market recovered from the previous year's downturn, the Russian miner reported Wednesday. This drove net profit to RUB 91.32 billion ($834 million), almost triple 2...Read More
(IDEX Online) - A gang of nine masked thieves used hammers to smash glass display cases in a brazen attack on a jewelry store.Police have released CCTV footage of the attack on Iceberg Diamonds, at the Sun Valley Mall, in Concord, California, USA.One of the thieves, brandishing a hammer, prevented staff from intervening. The raiders fled before police arrived on Tuesday evening.Shoppers at the mal...Read More
Strong jewelry sales growth spurring diamond trading. Rising expectations for Thanksgiving weekend despite earlier start to holiday shopping. Savvy jewelers focused on enhancing consumer experience rather than price. US orders driving market for 1 to 2 ct. polished, but 0.30 to 0.50 ct. softening as inventory rises. High rough costs making manufacturers cautious about reducing polished prices. De...Read More
(IDEX Online) - The bodies of a mother and her two young children in Zimbabwe have been found in an open pit reportedly left unsecured by the Chinese diamond miner Anjin.Local media say the deaths are being treated as murder and suicide, and are related to a domestic dispute.But the incident has provoked anger against Anjin for failing to seal the pits and prevent them filling with water.Villagers...Read More
RAPAPORT... Imagine the scene: A family is sitting together in a cozy living room, drinking mugs of cocoa, excitement on their faces as they reach for the beautifully wrapped gifts under the Christmas tree. It's the picture you see in every magazine, store window and television show in the US this time of year. But now, reimagine the tableau minus the presents under the tree. It just doesn't...Read More
(IDEX Online) - Investors were duped into handing over more than $1m to a man who claimed to own a diamond mine, say police in Australia.He allegedly claimed to be the owner of a non-existent mine in Sierra Leone and offered his victims the opportunity to invest. Once they paid an initial sum, he allegedly asked for equipment and various gifts for his employees - which he then sold.One...Read More
RAPAPORT... The Gemological Institute of America (GIA) has appointed Dave Bindra and Marcus ter Haar to its board as governors.Bindra, the vice president of operations and head of acquisitions at B&B Fine Gems, is a colored-gemstone specialist with experience in sourcing and cutting, the GIA said Wednesday. He serves on the boards of the Jewelers Vigilance Committee (JVC), American Gem Society...Read More
RAPAPORT... Evan Yurman will take over as president of US luxury jeweler David Yurman, the company announced this week.The current chief creative officer will assume the new role immediately, succeeding Carol Pennelli, who has stepped down as president and chief commercial officer. Evan Yurman, the son of the brand's cofounders, has previously led the company's men's, wedding, and high-...Read More
(IDEX Online) - A 1.02-ct fancy vivid blue diamond, described as the "property of a gentleman", is leading a Christie's online sale.The unmounted oval modified brilliant-cut gem carries an estimate of $405,000 to $675,000. It is certified by GIA as SI2 clarity.Among the other highlights of Jewels Online: The London Edit is a signed Cartier 32.10-ct round brilliant-cut diamond ring ($270...Read More
RAPAPORT... US retail sales rose in October as consumers began holiday shopping earlier to avoid shortages amid supply-chain disruptions, the National Retail Federation (NRF) said. Revenue grew 1.7% versus the previous month and jumped 16% over the same period a year ago, according to data the US Census Bureau reported Tuesday. That compares to a 0.8% month-on-month increase in September."October'...Read More
RAPAPORT... Alrosa plans to increase its rough-diamond output next year as new mining resources come onstream, enabling it to address the market's supply shortages amid strong demand.The company expects to produce around 33 million to 34 million carats in 2022, up to 5% more than this year, executives said last week in an investor call. Given the industry's low inventory levels, it's likely t...Read More