(IDEX Online) - Costco says strong jewelry sales helped boost its Q4 e-commerce revenue by almost nine per cent.Richard Galanti, chief financial officer of the membership-only warehouse club, said jewelry was among its stronger departments as it reported a 20 per cent jump in net income for the quarter, to $1.67bn.He also said: "We actually sold a couple of rings in the $100,000 range," in an...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
(IDEX Online) - An extremely rare 93-ct black diamond has gone on display at London's Natural History Museum.The rough diamond, which weighed over 300 carats, is thought to have originated in Brazil. It was acquired by the lender's family during the late 1800s in Goa, India - a well-known gem cutting center at the time.The stone was cut and polished, and set into a white gold p...Read More
(IDEX Online) - Leading jewelers and miners are publishing a series of papers to promote greater traceability and sustainability in the colored gemstone supply chain.The documents, collectively called Ancient Craft, Modern Challenges, have been prepared for the Coloured Gemstones Working Group (CGWG), representing LVMH, Chopard, Kering, Richemont, Swarovski and the mining companies Gemfields and M...Read More
(IDEX Online) - Alrosa today reported rough and polished sales of $298m (preliminary) in September as consumer demand reached a "record high".The Russian miner said the US and China had demonstrated double-digit growth compared with 2019, and sales in Europe were gaining momentum.By comparison, sales for pre-Covid September 2019 were $259m and for September 2020 they were $336m.Alrosa has be...Read More
(IDEX Online) - At least 11 illegal miners - most of them digging for gold - have died in the last three months in accidents in Angola's central Huambo region.Many thousands of people across the country rely on unregulated and illegal gold mining for their livelihoods.At least 30 miners were killed in March 2019 when a mine in the south-west Hu?? -la Province collapsed. The accident was...Read More
RAPAPORT... Costco Wholesale's jewelry department was one of its strongest segments in the fourth fiscal quarter, helping to boost e-commerce sales by 9%.The retailer sold two rings with price tags of more than $100,000 during the period ending August 29, it said recently in an earnings call transcribed by The Motley Fool. Home furnishings, pharmacy and sporting goods also saw robust sales.This fo...Read More
RAPAPORT... Christie's will offer a Burmese pigeon's blood ruby and diamond ring at its upcoming sale in Hong Kong, estimating it will fetch up to $4.5 million.Along with the 8.11-carat jewel, the auction house will also sell a set of Burmese pigeon's blood ruby and diamond earrings, weighing 5.19 and 5.03 carats, at the November 28 Hong Kong Magnificent Jewels sale. The pair carries a high estima...Read More
RAPAPORT... Alrosa's diamond sales slipped to their lowest level this year as the market recovery calmed following months of robust growth. Proceeds dropped 11% year on year to $298 million in September, the Russian miner reported Monday. Sales were also 3% down from August."Alrosa maintains its policy of satisfying only requests backed by...real demand to ensure sustainability of the whole d...Read More
RAPAPORT... Rio Tinto has formed a joint venture with Angolan state-owned diamond company Endiama that will see the pair explore one of the country's potential mines.The deal focuses on the Chiri kimberlite in Angola's Lunda Sul region, Rio Tinto said Sunday. The mining giant has secured a 75% stake in the first phase of the 35-year agreement, while Endiama has retained a 25% interest, accord...Read More
(IDEX Online) - Newly discovered "cryogenic" diamonds change color from gray to yellow at extremely low temperatures, say experts at the GIA lab.They're the opposite of "chameleon" diamonds, first discovered in 1866, which change color at very high temperatures.Stephanie Persaud, senor analytic technician at the Gemological Institute of America (GIA) in New York, made the discovery by chillin...Read More
(IDEX Online) - Alrosa raised $37.8m from the sale of special-size rough diamonds (+10.8-cts) at three auctions in August and September.The Russian miner said reported strong interest and said demand and prices remained high in what is traditionally a quiet time of the year.A total of 349 lots, weighing over 6,000 carats, were sold at auctions in Antwerp, Dubai and Ramat Gan. Alrosa is required by...Read More
RAPAPORT... AGD Diamonds has recovered a 118.05-carat, gem-quality diamond from its Grib mine in Arkhangelsk, Russia.The stone, which the miner unearthed last week, is AGD's fifth over 50 carats this year, it said Friday. The discovery follows the sale of a 7-carat purple diamond with a pink tinge, for which it garnered $100,000 per carat at tender in July, a record average price for the company.R...Read More
RAPAPORT... Sotheby's will offer two pairs of jeweled Mughal glasses at auction, expecting each set to fetch up to GBP 2.5 million ($3.4 million).The first set, called the Halo of Light, features diamond lenses and small diamonds decorating the frame, while the second, named Gate of Paradise, contains emerald lenses in a similar frame, Sotheby's said last week. The glasses will be the highlight of...Read More
RAPAPORT... Alrosa garnered $37.8 million from three recent auctions of large rough diamonds, reporting steady demand for the category.The Russian miner sold 349 lots constituting more than 6,000 carats of goods, with each stone weighing 10.8 carats or more, it said Thursday. The auctions took place in Antwerp, Dubai and Ramat Gan during August and September, attracting more than 300 register...Read More
(IDEX Online) - A unique Patek Philippe watch, the only reference 3448/100 ever known to have been set with sapphire indexes, is to be sold by Phillips Hong Kong, with an estimate in excess of $1.28m.The model was introduced by the Geneva-based company in 1962 as the world's first self-winding perpetual calendar wristwatch. An estimated 568 were produced until the model was discontinued...Read More
RAPAPORT... Jewelry sales in the US saw a sharp spike in September as consumers updated their wardrobes and prepared for the holiday season, according to Mastercard SpendingPulse.Sales in the category grew 55% year on year during the month, reflecting a favorable comparison with September of last year, when stores were just beginning to recover from Covid-19 closures. Still, jewelry spending also...Read More
RAPAPORT... Sales at Titan Company jumped in the second fiscal quarter as the Indian jeweler benefited from a release of pent-up demand following the country's Covid-19 crisis earlier in the year.Jewelry sales leaped 78% year on year for the three months ending September 30, the retailer reported Wednesday in a trading update. Plain jewelry was the best performer, though studded jewelry also...Read More
RAPAPORT... Slowly but surely, the diamond and jewelry industry is moving away from Zoom calls and back to live interactions - at least partially. This year's JCK Las Vegas show featured a series of events that combined in-person attendance with online participation to accommodate varying approaches to the still rampant coronavirus.Among those adopting the hybrid model was the Rapaport Group,...Read More
Trade optimistic for US holiday season, but buyers cautious due to high price levels. 1 ct. RAPI -0.5% in Sep. Polished inventory rising, with large volume of 0.30 to 0.50 ct. goods. Six-week backlog at GIA Mumbai lab. Rough market firm during sight week amid shortfall in De Beers supply. De Beers holds first GemFair auction of rough from Sierra Leone artisanal miners. India Aug. polished exports...Read More