(IDEX Online) - Alrosa is expected to top its dwindling stocks with more rough diamonds from Gokhran, Russia's state repository.Last month the miner bought about 70 per cent of the 1.02m carats, which were sold at auction for a total of $139.2m, according to the Interfax news agency.Alrosa has been warning of "a long period of supply deficit" in the rough market as consumer demand outstrips s...Read More
RAPAPORT... Christie's will offer a 24.45-carat diamond at its upcoming online sale, estimating it will fetch up to $2.55 million - the most for any jewel at a digital auction by the company.A necklace featuring the heart-shaped, D-color, internally flawless, type IIa diamond will lead the sale, which is named Jewels Online: Summer Sparkle and will run from August 4 to 18, Christie's said last wee...Read More
RAPAPORT... Titan Company's sales and profit recovered in the first fiscal quarter as the Indian jewelry retailer weathered the Covid-19 crisis that afflicted the country earlier this year.Revenue - including at subsidiaries - soared 74% year on year to INR 35.19 billion ($473.8 million) for the three months ending June 30, the company reported last week. The jeweler registered a profit of IN...Read More
RAPAPORT... India's gem and jewelry trade is planning to reach $44 billion in outbound shipments this fiscal year as part of the nation's push to expand some of its most important export sectors.The announcement by the Gem & Jewellery Export Promotion Council (GJEPC) followed a speech by Indian Prime Minister Narendra Modi in which he called for a jump in countrywide exports to $400 billi...Read More
(IDEX Online) - Christie's says a 24.45-carat heart-shaped diamond is the highest-valued jewel it has ever offered at an online auction.The D color, IF, Type IIa diamond pendant (pictured) has an estimate of of $1.55m to $2.55m.The gem leads the Jewels Online: Summer Sparkle sale, which closes on 18 August.Christie's previous record estimate for a high-value jewel online was $1m to $2m f...Read More
(IDEX Online) - Three shipments of counterfeit watches and jewelry, worth $5.6m if genuine, have been seized entering the US from Hong Kong.Customs and Border Protection (CBP) officers in Louisville, Kentucky intercepted 580 fake pieces of David Yurman jewelry on 30 July, which would have been worth $365,000.The following day they seized 2,411 counterfeit designer brand watches with a value, if ge...Read More
RAPAPORT... Sotheby's will host its first sale dedicated solely to Black jewelry designers, featuring custom-made and signature pieces from 21 participants.The exhibition, Brilliant & Black: A Jewelry Renaissance, will take place live in New York from September 17 to 26, with the pieces available for immediate purchase in-person, the auction house said last week. The jewelry can also be bought...Read More
RAPAPORT... Jewelry sales in the US saw a sharp spike in July as in-store traffic increased and customers had extra cash available to spend, according to Mastercard SpendingPulse.Sales in the category grew 83% year on year during the month, reflecting a favorable comparison with July of last year, when the Covid-19 pandemic forced many stores to close. However, jewelry spending also rose 54%...Read More
(IDEX Online) - Grib Diamonds sold $65m of rough at its tender in Antwerp, amid competitive bidding.Highlight of the sale was a 7.0-ct stone (pictured) described as "purplish-pink or pinkish-purple", which sold for a company record of $100,000 per carat."Demand was strong, bidding competitive, prices remained overall flat, with some weakness starting to creep in to the bigger sized rough +5cts to...Read More
RAPAPORT... Mountain Province's profit soared in the second quarter as consumer demand for diamonds returned and the health situation improved.The miner reported a profit of CAD 22.5 million ($18 million) for the three months ending June 30, compared with a loss of CAD 26.8 million ($21.4 million) during the same period last year, the company said Wednesday. The figure is also above 2019's second-...Read More
RAPAPORT... Sarine Technologies' revenue and profit exceeded pre-pandemic levels in the first half of 2021 as the diamond market bounced back.Sales surged 61% year on year to $36 million in the six months ending June 30, the Israel-based supplier of polishing equipment reported Thursday. Profit rose to $12.6 million from $1.2 million a year earlier."Results...benefited from the strong resurge...Read More
RAPAPORT... The meaning of corporate social responsibility (CSR) has changed significantly over the years. Back in the 1980s and 1990s, companies typically donated to charity on the quiet as a way of giving back to society; the idea certainly wasn't flaunted. However, corporate philanthropy expanded in the 2000s to the point where, today, many businesses put their societal contributions front...Read More
Diamond trading quiet amid summer lull and uncertainty over Covid-19 Delta variant. Dealers preparing for Vegas show, but travel restrictions will limit international presence. US supporting the market, with steady orders and good memo sell-through. Polished prices firm despite increase in inventory; 1 ct. RAPI +3.1% in July. Rising expectations for holiday season. Rough market stable after recent...Read More
(IDEX Online) - French police have arrested two men after a $2.4m heist at Chaumet, the iconic Paris jeweler.A raider posing as a smartly-dressed customer threatened staff he would detonate a bomb at the store (pictured), near the Champs-Elys?? (C)es. He forced them to hand over jewelery, loose gems and keys, which he used to lock them in before fleeing, on 27 July. Police say no violence was...Read More
RAPAPORT... Sales at Indian diamond manufacturer Asian Star soared in the first fiscal quarter as the global market recovered.Revenue increased more than fivefold to INR 8.65 billion ($116.5 million) for the three months ending June 30 from INR 1.64 billion ($22 million) a year earlier, the Mumbai-based company said Monday. Net profit skyrocketed to INR 207.74 million ($2.8 million) versus INR 4.3...Read More
RAPAPORT... De Beers had a strong first half of 2021, with sales in its rough and other businesses benefiting from the diamond market's sharp recovery. The miner also made some key strategic moves during the period in its retail and rough operations that signal a change in mindset for the company. However, challenges remain, and there are still questions about the motivations behind some of t...Read More
(IDEX Online) - Mountain Province bounced back from a loss of $18.3m last Q2 to a net income of $21.4m in the corresponding period for 2021. The Canadian miner, which jointly operates Gahcho Ku?? (C) (pictured), in Northwest Territories, with De Beers, agreed a short-term $33m loan last year with Irish billionaire Dermot Desmond, to ease its "near term liquidity needs". It has since rec...Read More
RAPAPORT... Rio Tinto's diamond division returned to profit in the first half of the year as demand picked up amid the reopening of the economy.The unit recorded a profit of $5 million for the six months ending June 30, the miner said last week. That compared with a loss of $40 million a year earlier, when the company incurred an impairment charge of $441 million related to its Diavik mine in Cana...Read More
(IDEX Online) - The affordable jeweler Piercing Pagoda is rebranding, opening up to 100 new locations, and introducing more facial and nose piercings in a major retail shift.The Signet-owned brand, which currently had 500 kiosks and stores, has already changed the name of some outlets to Banter by Piercing Pagoda, and will now roll that out across the board.It will expand into malls across the US,...Read More
RAPAPORT... Signet Jewelers has reached a new deal with its lenders and completed the final step in the sale of its credit portfolio."These actions, as well as S&P's recent upgrade of Signet's issuer credit rating resulting from our enhanced financial profile, demonstrate the progress we are making with our Inspiring Brilliance growth strategy," said Joan Hilson, the retailer's chief fina...Read More