(IDEX Online) - Thieves targeting passengers on a train in India discarded diamonds worth over $11,000 as fakes, say police.The stole purses containing the valuables from two women traveling on the Howrah-Mumbai Gitanjali Express near Gondia, in Maharashtra state, according to The Times of India. "They melted the stolen gold ornaments and sold them to a goldsmith," investigation officer Pravi...Read More
Indian suppliers filling final orders ahead of Diwali break. Manufacturing slowing before the festival with factories closing from Nov. 4 to 22. Robust US jewelry sales stimulating diamond trade. High expectations for the holiday season. De Beers research shows sustainability ranks alongside price and design in consumer considerations when buying jewelry; Insight Report estimates 2020 global rough...Read More
RAPAPORT... Millennials and Generation Z will lead growth in precious-jewelry sales in the coming year amid rising consumer sentiment and an increasing attachment to emotional gifts, according to Platinum Guild International (PGI)."Younger consumers...will be the driving force in the precious-jewelry market," PGI revealed in survey results last week. "Not only because they are the core consumers f...Read More
RAPAPORT... Jewelers of America (JA) has revealed the nominees for its 20th annual GEM Awards.JA will hand out the awards - which honor individuals and brands whose work raises the visibility and status of fine jewelry and watches - in three categories, it said Tuesday. Winners in Jewelry Design, Media Excellence and Retail Excellence will be announced during a ceremony on January 14 in New York.T...Read More
RAPAPORT... Lucapa Diamond Company's revenue rose in the third quarter amid strong demand and an increase in sales volume.Sales from the miner's Lulo deposit in Angola and Mothae in Lesotho soared 86% to $8.6 million for the three months ending September 30, it said last week. Sales volume jumped 57% to 15,690 carats, outweighing a 14% drop in the average price to $995 per carat. "The market for d...Read More
(IDEX Online) - A US jeweler is to sell diamonds that have been sent into space.Dianna Rae Jewelry has arranged with NASA for a first-ever batch of mined and lab grown gems to be included in a mission to the International Space Station early next summer.Buyers can reserve their stones before the flight, and will receive them in pieces of jewlery or loose on their return.The diamonds will be number...Read More
(IDEX Online) - The current shortage of rough diamonds could persist for several years, Alrosa's deputy CEO warned this week."Our industry will work with limited supply," Evgeny Agureev (pictured) told the Financial Times in an interview. "There are projects, but these projects will not provide goods next year or the year after."Alrosa, the world's biggest producer of diamonds by vo...Read More
(IDEX Online) - Over $50m of rough diamonds will be offered for sale at a debut event by the newly-established Gem Auctions DMCC in Dubai.The company was founded by veteran Alan Davies (pictured), CEO diamonds, energy and minerals at Rio Tinto until 2016 and now head of the Zambian mining company Moxico Resources.The sale of more than 100,000 carats - run-of-mine production and parcels - takes pla...Read More
RAPAPORT... Petra Diamonds' revenue jumped in the first fiscal quarter as the miner sold several high-value stones, with the category contributing nearly half of total sales.Revenue surged 48% to $114.9 million for the three months ending September 30, the company reported Tuesday. Petra offered three exceptional diamonds during the period, including a 39.34-carat blue, which sold for $40.2 millio...Read More
(IDEX Online) - Diamond buyers are prepared to pay an extra 20 per cent for the peace of mind that their purchase has a guarantee of sustainability.That's among the key findings of De Beers' eighth annual Diamond Insight Report, published today and titled Sustainability: shaping the future of the diamond sector.It found that over half (56 per cent) of consumers would pay a premium of 10...Read More
(IDEX Online) - Amazon leapfrogged Costco and Tiffany last year to become the third biggest watch and jewelry retailer in the US.Its 2020 sales leapt by almost 40 per cent, from $1.62bn to 2.24bn as the pandemic forced more and more customer online.Signet, with almost 2,500 outlets, remained the biggest seller by far, according to National Jeweler magazine's The $100m Supersellers league tabl...Read More
RAPAPORT... US consumers will spend more this holiday season as they return to travel and other experiences amid a reopening of the economy, according to a survey by Deloitte.Americans will shell out an average of $1,463 for festive purchases, compared to $1,387 in 2020, the consulting firm noted last week. Consumers with an annual income of $100,000 or more are expected to drive the increase, wit...Read More
RAPAPORT... Sustainability is now a leading consideration for diamond shoppers, with many prepared to pay a premium for proof of socially responsible origins, according to De Beers' annual Diamond Insight Report.Some 56% of consumers are willing to spend 10% to 20% more on natural-diamond brands that can demonstrate they operate in a socially and environmentally responsible way, the miner sai...Read More
RAPAPORT... India's diamond industry has urged Alrosa to provide opportunities for smaller manufacturers to buy its rough, arguing that the miner's current supply system favors larger customers.Officials from the country's Gem & Jewellery Export Promotion Council (GJEPC) met with Alrosa executives last week to push the matter, the trade group said Monday.Alrosa sells most of its rough thr...Read More
RAPAPORT... Some US retailers are considering scaling back their Black Friday markdowns and adding a new discount day in January or February, as supply shortages are disrupting the usual preholiday sales schedule.Black Friday may not make its true debut until after Christmas and New Year's because of a shipping bottleneck that has delayed retailers' orders. Many are concerned they will not have en...Read More
Sales of watches and jewelry in the US rose by just over 35 per cent year-on-year in August.That's broadly in line with the 36 per cent figure for July. Actual dollar sales this August were slightly higher than July. The percentage increase was slightly lower because of higher sales last August, as the post-lockdown recovery gathered pace. Sales were buoyed by an unexpected rise of 0.9 per ce...Read More
(IDEX Online) - A 6.75-ct pink diamond ring, with a high estimate of $10.9m, is among the highlights of the Christie's Geneva Magnificent Jewels Sale early next month.Lots previously announced include a pair of diamond bracelets that originally belonging to Queen Marie-Antoinette of France, comprising 112 diamonds with an estimate of $2m to $4m.And a ruby and diamond bracelet presented by Bri...Read More
RAPAPORT... The past few years have brought about extraordinary changes to the wedding and engagement jewelry industry. In addition to the Covid-19 pandemic, there have been significant social and political shifts, leading to both short- and long-term differences in the way retailers do business.The lasting effects of the coronavirusFor Ken Black, Covid-19 caused a boom in bridal sales. "When...Read More
(IDEX Online) - Alrosa is considering a request to supply rough diamonds direct to factories in India.The move was proposed last Friday by the Gem & Jewellery Export Promotion Council (GJEPC) as it hosted its first high-level international delegation since the pandemic.Colin Shah, GJEPC chairman said afterwards: "The direct sourcing of rough diamonds would help our micro, small and medium ente...Read More
RAPAPORT... Christie's will offer a number of high-value diamonds at its upcoming Geneva sale, including a ring featuring a 6.75-carat pink that could garner up to CHF 10 million ($10.9 million).The heart modified brilliant-cut, fancy-vivid-purple-pink, SI1-clarity diamond will be one of the stars at the November 9 Magnificent Jewels sale, the auction house said last week. It will be joined by a p...Read More