RAPAPORT... Petra Diamonds has sold two special stones from its Cullinan mine in South Africa into a partnership with diamond sourcing and supply company Stargems.The South African subsidiary of Dubai-based Stargems Group purchased a 342.92-carat, white, type IIa diamond for an upfront payment of $10 million, Petra said Wednesday. The same buyer also paid $3.5 million for an 18.30-carat, blue...Read More
(IDEX Online) - Australian jewelry chain Michael Hill has been hit by the repeated closedowns in Australia and New Zealand, but saw a large rise in online sales and net profit, the company reported in its fiscal year 2021 results. The group lost 10,447 store trading days in FY21: with 3,458 days lost in Australia, 6,525 days lost in Canada, and 464 days lost in New Zealand. Net profi...Read More
RAPAPORT... Mercury Free Mining (MFM) has appointed Avi Levy, the North America president of the International Gemological Institute (IGI), to its board of directors.Together with MFM, Levy will actively campaign to eliminate mercury use in mining through education and funding research that explores alternative methods, IGI said Monday. Levy's new position is part of an effort by IGI to advance it...Read More
RAPAPORT... Melissa Quick will join the board of directors of nonprofit group Gem Legacy after committing to the organization's mission following visits to mines in Africa. The president of Steve Quick Jeweler in Chicago, Illinois, Quick saw the positive impact the industry can have on artisanal gem-mining communities and wanted to help with fundraising, Gem Legacy said last week. Through her jewe...Read More
Long-time jewelry industry member Melissa Quick is to join the board of directors of Gem Legacy which works to expand beneficiation in colored gemstone mining areas and communities via children, education, and entrepreneurship. Quick has been a retail store owner for more than 25 years together with her husband and business partner Steve. She first visited East Africa, where many of the...Read More
(IDEX Online) - International Gemological Institute (IGI), North America president Avi Levy has been appointed to the board of directors of Mercury Free Mining (MFM). MFM's mission is to reduce global mercury pollution which is caused by artisanal gold mining. The MFM says that such mining is responsible for 40% of global mercury pollution. The MFM says that more than 15 million...Read More
RAPAPORT... Christie's sold a 24.45-carat diamond pendant for $2 million at its recent online auction, the second-highest price the company has achieved for a jewel sold online.The heart-shaped, D-color, internally flawless, type IIa stone fell within its presale estimate at the August 4 to 18 Summer Sparkle sale, the company said last week. In total, the auction brought in $5.1 million. An emeral...Read More
(IDEX Online) - Mining company Anglo Pacific Group PLC has appointed former De Beers Trading Company CEO Varda Shine as an independent non-executive director. Shine will also serve on the company's audit committee, and will chair the remuneration committee, effective from 1 September. "Varda is a highly experienced mining non-executive director, executive mentor and mining indu...Read More
RAPAPORT... Store closures in Australia have deprived Michael Hill of "significant" revenues since late June and will likely dent profit, the jeweler cautioned this week.Group sales fell 2% year on year in the first seven weeks of fiscal 2022, which began on June 28, the company said Monday. This reflected the loss of 2,755 trading days during the period, and came despite rising sales in Cana...Read More
Tiffany & Co. said that singers Beyonc?? (C) and JAY-Z will star in its latest campaign celebrating modern love. Tiffany's debut of "ABOUT LOVE" marks the latest evolution of the luxury jeweler's new creative direction. The campaign is the result of a close collaboration and a shared vision between both the singers and Tiffany & Co. "Beyonc?? (C) and JAY-Z are the...Read More
RAPAPORT... Rough-diamond prices have fallen by up to 5% on the secondary market since last month's release of goods by Russia's state gem depository, according to estimates from Alrosa.The Gokhran auction on July 23 brought almost $140 million in inventory into the supply chain, easing the sector's shortages, the Russian miner's deputy CEO, Evgeny Agureev, told Rapaport News Thursday.Rough h...Read More
RAPAPORT... Rough-diamond prices have fallen by up to 5% on the secondary market since Russia's state gem depository released a stockpile of goods last month, according to Alrosa.The Gokhran auction on July 23 brought almost $140 million in inventory into the supply chain, easing the sector's shortages, the Russian miner's deputy CEO, Evgeny Agureev, told Rapaport News Thursday.Rough has been...Read More
RAPAPORT... Tiffany & Co.'s latest marketing campaign will star Beyonc?(C) Knowles-Carter and husband Jay-Z, as the luxury jeweler aims for a creative take on modern love.The About Love campaign features Beyonc?(C) wearing the 128.54-carat yellow Tiffany Diamond, the first time it's been worn in a campaign, the company said Monday. The celebrities will also showcase pieces from the Tiffany T c...Read More
RAPAPORT... Gem Diamonds has sold its Ghaghoo mine in Botswana for $4 million, after trying to offload the asset for four years.Okwa Diamonds, a company owned by Vast Resources and Botswana Diamonds, has entered into a binding agreement to acquire the deposit, which has been on care and maintenance since March 2017, Gem Diamonds said Monday. Ghaghoo's gross assets were valued at $3.5 million as of...Read More
Gem Diamonds Limited is selling Gem Diamonds Botswana Proprietary Limited (GDB) to Okwa Diamonds (Pty) Ltd. GDB's main asset is the Ghaghoo diamond mine in Botswana. The mine has been on care and maintenance since March 2017, and is wholly owned by GDB. As of 31 December 2020, the gross assets of GDB were US$3.5 million and the loss attributable to GDB for the 12-month period ended 31...Read More
RAPAPORT... De Beers will introduce stones of up to 2 carats from its Lightbox lab-grown diamond jewelry line, along with a high-end collection.The company, which previously only offered pieces up to 1 carat, will release the larger-sized pink, blue and white stones in October, it said last week. The new stones will follow the brand's previous pricing of $800 per carat, meaning a 1.5-carat diamond...Read More
RAPAPORT... Jewelry was one of the top-selling categories at Macy's during the second fiscal quarter as shoppers refreshed wardrobes in preparation for a return to going out."We saw continued strength in dressy apparel, fine jewelry and fragrances as our customers prepared for in-person social events and back to school," Macy's CEO Jeff Gennette said last week in an earnings call transcribed by Th...Read More
RAPAPORT... Alfred L. Woodill, a former executive director of the American Gem Society (AGS), died on August 17 at the age of 101.Known to his friends as "Big Al" or "Mr. AGS," Woodill served in the position from 1947 to 1987, the organization said in a statement Thursday. "We are all heartbroken at the loss of this great man, who was so instrumental in shaping the American Gem Society," said...Read More
RAPAPORT... Swiss watch exports skyrocketed to well above pre-pandemic levels in July amid increased domestic spending in the US and China.Global shipments rose 8% compared to the same month of 2019, reaching CHF 2.05 billion ($2.23 billion), the Federation of the Swiss Watch Industry said last week. Exports jumped 29% year on year, reflecting a favorable comparison with the Covid-19 downturn in J...Read More
The Federation of the Swiss Watch Industry has reported a "marked recovery" in watch exports in July, following a first half of the year that was practically identical to the period before the COVID-19 crisis. Exports of Swiss watches, many of which are set with diamonds, showed a 29.1% increase compared with 2020 which marked the start of a slow and uncertain recovery, driven almost exclus...Read More