(IDEX Online) - The Angolan diamond mine blamed for a toxic tailings leak that turned rivers red says the discharge did not contain any hard metals.Catoca accepts that it accidentally released sand and clay into tributaries of the River Congo in July.But it says independent tests it commissioned on water samples have since shown no evidence of toxic hard metals, according to a Reuters news report....Read More
RAPAPORT... US consumers will shell out 5% less this holiday season than before Covid-19, reflecting lower spending on items other than gifts, the National Retail Federation (NRF) predicted.Americans said they would spend approximately $997.73 on seasonal purchases, compared with $1,048 in 2019, the NRF said last week. Many shoppers also felt less inclined to purchase gifts for coworkers amid cont...Read More
(IDEX Online) - Two thirds of jewelers now sell lab grown diamonds, says a survey of over 600 independent retailers across the United States and Canada.That figure is up from just 10 per cent five years ago, according to Instore, the US magazine for the jewelry industry, which commissioned the survey.More than half (56 per cent) said the best lab growns were technically as good as the best mined d...Read More
(IDEX Online) - Thieves stole $1.2m of gems after ordering a 67-year-old New York jeweler to open the trunk of his car at gunpoint.They grabbed two bags of jewelry, ran from the scene, on 47th Street, in Borough Park, Brooklyn (between 14th and 15th Avenue), last Friday lunchtime, then drove away in a black Ford Taurus.CCTV footage from the neighborhood watch alliance Boro Park Shomrim, shows the...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
RAPAPORT... A much-anticipated cryptocurrency sale at Sotheby's Hong Kong fell short of expectations, as only one of the eight pieces up for auction found a buyer, the company told Rapaport News Thursday.On offer was a Harry Winston necklace containing a total of 177.51 carats of diamonds, including nine graduated pear-shaped, D-color, internally flawless stones. The jewel was intended to be the h...Read More
Jewelers optimistic for the holiday season. Polished demand outpacing supply, but inventory levels rising and buyers concerned about price increases. Approximately 1.7M stones valued at $7.5B on RapNet. Supplier prices firm due to high rough costs. Strong memo sell-through. De Beers sees robust rough demand at $490M Sep. sight; 3Q production +28% to 9.2M cts., sales volume +18% to 7.8M cts. Alrosa...Read More
RAPAPORT... E-commerce spending in the US is set to break all previous records for the holidays, topping $200 billion for the first time, according to the Adobe Digital Economy Index.Sales will rise 10% year on year to $207 billion over the November-to-December period, Adobe predicted in its annual holiday shopping forecast Wednesday. However, the major shopping days are losing prominence in...Read More
RAPAPORT... De Beers' full-year production will be at the lower end of its previous guidance because of "continuing operational challenges," parent company Anglo American said Thursday.The miner now expects to recover around 32 million carats of rough diamonds for 2021, tightening the plan from an earlier range of 32 million to 33 million carats. The new outlook is "subject to the extent of a...Read More
(IDEX Online) - Tiffany & Co's new brand ambassadors, Beyonce and Jay-Z star in ad campaign for the jeweler, inspired by the classic 1961 movie Breakfast at Tiffany's.Date Night shows Beyonce, 40, and Jay-Z , 51, snuggling up as they're driven through New York city in the back of a Rolls-Royce, stopping for pizza and champagne.The two-minute playfully romantic video, partly shot...Read More
RAPAPORT... HRD Antwerp has terminated its collaboration with a local partner in Turkey and Dubai, the Belgian grading organization said.Mehmet Can ?-zdemir and his company had managed HRD's laboratory in Turkey since 2014, Ellen Joncheere, HRD's CEO, told Rapaport News Wednesday. HRD owned 50% of the business in Turkey in a joint venture, while the pair also operated a partnership in Dubai i...Read More
(IDEX Online) - India' gross import of rough diamonds leapt to $9bn from April to September as it bounced back from Covid.That's a rise of 255 per cent on $2.6bn for the same period during Covid-hit 2020, according to GJEPC (Gems and Jewellery Export Promotion Council). Exports of gems and jewelry increased to $19.3 bn, compared to $8.7bn.Colin Shah, chairman of GJEPC, said, "The sector...Read More
RAPAPORT... Prices of rough and polished diamonds will continue to rise amid a prolonged shortage in supply and strong jewelry demand, Alrosa said.Miners reduced rough-diamond production by 20% in 2020, leading to inventory depletion, the Russian company explained Tuesday in its annual report on the diamond investment market. Additionally, Covid-19 regulations forced lockdowns at some deposit...Read More
(IDEX Online) - Angelina Jolie wore a 14-carat gold chin cuff to a movie premiere, sparking a social media frenzy.The Hollywood A-lister left onlookers bemused with the $50 piece that loops over the lower lip and fits snugly under the chin. The online community didn't pull its punches. One said: "They must have bets with each other who can start the most ridiculous fads."Another po...Read More
RAPAPORT... Kering's jewelry brands performed well in the third quarter amid the debut of new lines and strong demand in Asia."All jewelry houses delivered outstanding performances," the French luxury conglomerate said Tuesday. "Boucheron's new collections were very well received, resulting in exceptional growth, particularly in China and South Korea."Sales at the company's Pomellato brand remaine...Read More
(IDEX Online) - De Beers today reported a fourth consecutive month of strong rough sales with proceeds from Sight 8 at $490m (provisional).Demand was driven, in part, by factories stocking up in India ahead of the Diwali two-week shutdown in early November.Sales for Sights 5, 6, 7 and 8 (June to October) have averaged sales of just under $500m, after a dip in May (Sight 4) to $385m.Sales for Sight...Read More
RAPAPORT... Christie's will offer a 74-carat diamond necklace that could fetch up to $7 million at its upcoming Hong Kong auction.The piece contains a 73.68-carat, F-color, internally flawless center stone, called the Snowdrop Diamond, and 78 additional diamonds weighing a total of 130.92 carats. It will headline the auction house's November 28 Magnificent Jewels sale, together with a heart-shaped...Read More
(IDEX Online) - The De Beers subsidiary Lightbox has started selling its lab grown diamonds loose, to meet the demand for custom-made pieces.Until now they have been available only in ready-made pieces of fashion jewelry.Lightbox CEO Steve Coe said: "Lightbox Loose will open up a world of possibilities for a broad range of consumers to experiment with customization, personalization and creative de...Read More
RAPAPORT... De Beers continued to see strong demand at its latest sales cycle as manufacturers bought rough diamonds ahead of the holidays and the seasonal shutdown in India.Proceeds from the miner's eighth sale of the year - including the September sight - rose 5% year on year to $490 million, up from $467 million in the equivalent period of 2020, the company reported Wednesday. Sales were,...Read More
(IDEX Online) - HRD Antwerp has terminated its collaboration with a diamond grading lab in Turkey, in what it describes as "the end of unhappy marriage".The lab, branded as HRD Istanbul, was set up as a joint venture six years ago. Ellen Joncheere, CEO of HRD Antwerp, (pictured) said the deal with a private management company had now ended."For many years it was like a difficult marriage," sh...Read More