(IDEX Online) - Al Capone's diamond-encrusted platinum Patek Philippe pocket watch has sold for for $229,900, way above its $25,000 to $50,000 estimate.The watch - no longer working - is set with 90 single cut diamonds (.02-ct each / VS / EF).The condition report said: "Not working at present time. Dial is yellowed. Missing minute hand. Some rust on center post."It was among 174 lots sold by...Read More
RAPAPORT... US retail sales rose in September as consumer fears over the Covid-19 Delta variant redirected spending toward goods rather than services, the National Retail Federation (NRF) said.Revenue grew 0.7% versus the previous month and jumped 14% over the same period a year ago, according to data the US Census Bureau reported last week. That compares to a 0.9% month-on-month increase in Augus...Read More
RAPAPORT... Trans Atlantic Gem Sales (TAGS) garnered $5.2 million from the tender of a 118.58-carat rough diamond in Dubai, setting a local record.The price was the highest for any rough stone sold on the Dubai Diamond Exchange (DDE) tender floor, the bourse reported Thursday. The piece fetched $44,004 per carat."The stone generated huge interest from the leading specialist manufacturers from...Read More
(IDEX Online) - A ring with diamonds and a giant 8.11-ct pigeon's blood ruby - so-named because of its vivid crimson hue - is to be sold by Christie's Hong Kong with a high estimate of $4.5m.It will lead the Magnificent Jewels Auction on 28 November.The sale features additional high-value pigeon blood rubies - a pair of earrings with gems weighing 5.19-cts and 5.03-cts, and a high estima...Read More
RAPAPORT... Sotheby's garnered $50 million from its Hong Kong sale Tuesday, even as several big-ticket items failed to find buyers.A ring featuring an emerald-cut, 3.01-carat, fancy-vivid-blue, VS1-clarity, type IIb diamond was the top seller, Sotheby's told Rapaport News Wednesday. That piece, which also contains two modified triangular brilliant-cut, fancy-pink and fancy-intense-...Read More
RAPAPORT... De Beers' joint venture with the Namibian government has secured a new long-term business plan that will generate an extra 20 years of production from the country's land-based mining operations.Namdeb's land operations were due to finish their life span at the end of 2022 because of "unsustainable economics," De Beers said Thursday. However, a "series of positive engagements" betw...Read More
RAPAPORT... Retail sales at Hong Kong-based jeweler Chow Tai Fook rose 56% year on year in the second fiscal quarter as consumer demand persisted.The mainland China business drove the growth during the three months ending September 30, as did sales of gold jewelry, according to data the company released Tuesday. However, Hong Kong also saw an improvement relative to last year, as the worst of...Read More
(IDEX Online) - A diamond tech company is introducing laser inscriptions below the stone's surface, to deter fraud.That means the unique identifier can't be removed without dramatically altering the stone.US-based PhotoScribe Technologies says the subsurface technology it's using was developed some years ago but was "a solution looking for a problem".Its newly-launched PermaScribe p...Read More
RAPAPORT... Tse Sui Luen (TSL), one of Hong Kong's large jewelry retailers, went back into the black in the past six months as the Chinese market returned to strength, management estimated in a preliminary update.The company expects to report profits of at least HKD 2 million (around $257,000) for the first fiscal half ending September 30, it said Tuesday. While the figure is small, it repres...Read More
Rising expectations for US holiday season as retailers see strong sales momentum. Major jewelers carrying good inventory and hoping to capitalize on shipping delays affecting electronics and appliances. Signet Jewelers raises 4Q forecast, agrees to buy Diamonds Direct for $490M. LVMH 3Q jewelry sales +125% to $2.5B, buoyed by Tiffany acquisition. China outlook cautious after drop in domestic touri...Read More
RAPAPORT... Lucapa Diamond Company has raised its revenue guidance by up to 27% for the full year amid continuing positive market conditions.The Australia-based miner expects revenue for 2021 to be between AUD 66 million ($48.9 million) and AUD 71 million ($52.6 million), compared to the AUD 50 million ($37 million) to AUD 56 million ($41.5 million) it forecast in May, it said Thursday. The rise r...Read More
RAPAPORT... LVMH saw sales of jewelry and watches surge in the third quarter, buoyed by a strong performance from Tiffany & Co.Revenues from the category jumped 125% to EUR 2.14 billion ($2.48 billion) in the three months ending September 30, LVMH reported Tuesday. Sales for the segment also beat pre-pandemic levels, increasing 90% versus the same period of 2019. However, the figure for both t...Read More
(IDEX Online) - A British high street bank is facing a huge fine for failing to prevent a jewelry wholesaler from laundering almost $500m.NatWest could be ordered to pay up to $463m following an historic prosecution by financial regulators. The exact amount of the fine will be determined at another hearing, on 8 December.It's the first time a bank has been prosecuted under the Money Laun...Read More
(IDEX Online) - Signet is set to buy the jeweler Diamonds Direct in a $490m cash deal.The retailer, based in Charlotte, North Carolina, operates 22 freestanding off-mall stores in 13 US states, largely targeting bridal and younger markets.The Diamonds Direct leadership, including president Itay Berger will remain after the acquisition, which is expected to conclude early next year. Mr Berger will...Read More
RAPAPORT... Australian jeweler Michael Hill reported strong same-store sales in the first fiscal quarter amid robust consumer demand and a reopening of the Canadian market.Same-store sales - at branches open more than a year - rose 16% year on year to AUD 102.2 million ($74.9 million) during the three months ending September 26, the company said Tuesday. Group sales slipped 10% to AUD 107.6 millio...Read More
RAPAPORT... India Bore Diamond Holdings has found a piece of rough containing a separate diamond inside it.The 0.84-carat outer diamond is near-colorless, while the smaller inner stone resides in a tiny cavity and can move around freely, the Australian miner said Wednesday. India Bore discovered the specimen at the Ellendale mine in West Kimberley, Australia, where it operates a portion of the sit...Read More
RAPAPORT... Lucara Diamond Corp might spin off its digital sales platform and add another mine in Botswana, CEO Eira Thomas revealed in a recent interview.Clara Diamond Solutions uses an algorithm to match customers with the precise rough they need based on their polished requirements. The Canada-based miner acquired it in 2018 and has developed it into a larger business targeting other rough...Read More
(IDEX Online) - The controversial statue of Cecil Rhodes remains in place at Oxford University, but a plaque now explains that he "obtained his fortune through the exploitation of minerals, lands and people of southern Africa."The governing body at Oriel, the college Rhodes attended and where his statue is situated, voted in favor of removing it after setting up an independent commission of inquir...Read More
RAPAPORT... Borsheims has promoted Sunil Luthra to vice president of technology and security following an 11-year tenure with the jeweler.In his new role, Luthra will lead the development and strategic direction of the company's technology infrastructure, innovation and data security, the Berkshire Hathaway-owned company said Monday. He will also oversee the in-store security team. Luthra started...Read More
RAPAPORT... Signet Jewelers has agreed to purchase off-mall retailer Diamonds Direct USA for $490 million in a push to expand its bridal business.Diamonds Direct sells loose and mounted stones to consumers, with a focus on engagement rings and wedding bands. Headquartered in Charlotte, North Carolina, it operates at least 22 stores, mainly in the eastern half of the US. It claims to be the US...Read More