RAPAPORT... Watches of Switzerland set out a five-year plan to expand globally after recording sales growth during a difficult year for the jewelry and timepiece sector.The UK-based company, which owns the Mayors brand, aims to become the leader in the US watch segment and enter the European Union market, it said Thursday. The retailer also intends to continue "outperforming" the UK market, i...Read More
(IDEX Online) - Diamond billionaire Dan Gertler has lost two contracts to explore for oil in Democratic Republic of Congo (DRC).The move was announced by the government's hydrocarbons ministry, which said it was terminating production sharing agreements with two of his companies, Caprikat Ltd. and Foxwhelp Ltd.It is now reported to be considering possible sales of the blocks, along the countr...Read More
(IDEX Online) - A flawless 101.38-carat diamond has become the most expensive gem ever sold in a cryptocurrency transaction.The pear-shaped D-color Type IIa diamond, named The Key 10138 after its carat weight, fetched $12.3m, to be paid in Bitcoin or Ethereum by an anonymous buyer.It failed to reach its $15m high estimate in a single-lot at Sotheby's Hong Kong on Friday, but came close to bei...Read More
(IDEX Online) - Lucapa reported record revenues for Q2 of 2021 from both at its Lulo alluvial mine, in Angola, and the Mothae kimberlite mine, in Lesotho.The Australian miner described the performances as "very solid".Lulo brought in $28.7m, its highest quarterly revenue, at an average $4,476 per carat as it processed record volumes.A tender of seven top-quality and fancy colored diamonds diamond...Read More
RAPAPORT... Sotheby's sold a 101.38-carat diamond to an anonymous buyer for $12.3 million, garnering the highest price for any jewel or gemstone purchased with cryptocurrency.The auction house offered the pear-shaped, D-flawless diamond, called The Key 10138, at a single-lot auction on June 9 in Hong Kong, it said last week. The polished stone originated from manufacturer Diacore, and is the secon...Read More
RAPAPORT... Jewelry sales in the US more than doubled in June, as shoppers continued their return to spending amid the reopening of the economy, according to Mastercard SpendingPulse.Sales in the category grew 108% year on year during the month, reflecting a comparison with June of last year, when the Covid-19 pandemic forced many stores to close. However, jewelry spending also rose 59% versus 201...Read More
RAPAPORT... Alrosa recorded its highest sales in five months as steady polished demand and a lack of rough supply boosted trading. Diamond revenue jumped to $410 million in June, up from $31.3 million during the coronavirus crisis a year earlier, the Russian miner reported Friday. Sales rose 12% versus May 2021."Diamond jewelry [is enjoying] strong demand across all the key markets, while rou...Read More
RAPAPORT... Debswana, De Beers' joint venture with Botswana, is pondering the sale of the Damtshaa mine, after it paused production in November amid challenging market conditions.The group placed the mine - one of its lowest-producing assets - on care and maintenance because its operational costs outweighed its marginal cash flow during the coronavirus pandemic. The disposal of the mine is only on...Read More
(IDEX Online) - Attendances at this year's big trade shows in Las Vegas may be hit by Covid-caution and a shift of dates from early June to late August.Just over half (54 per cent) of the 515 people surveyed by National Jeweler magazine said they expected to be there for JCK Las Vegas, as well as Luxury by JCK, AGTA GemFair, and the Las Vegas Antique Jewelry & Watch Show.By comparis...Read More
RAPAPORT... Cutting through the corporate jargon that is typical of its earnings reports and strategic plans, Signet Jewelers - under the leadership of CEO Gina Drosos - has a clear vision of its objectives and the role it plays in the sector."We want to be - and to lead - the change we want to see in our industry and in the world," Drosos wrote in the company's annual report for fiscal 2021,...Read More
RAPAPORT... Global rough-diamond production slumped last year, new data showed, as miners slashed output in response to the Covid-19 pandemic.The total value of diamond recoveries slid 32% to $9.24 billion in 2020, according to figures the Kimberley Process (KP) released recently. Production volume dropped 23% to 107.1 million carats, while the average price fell 12% to $86 per carat.De Beers...Read More
(IDEX Online) - De Beers Canada has admitted failing to report levels of mercury in water systems around its disused Victor diamond mine.The case was brought as a private prosecution by Ecojustice, a non-profit environmental law organization that provides funding to lawyers to use litigation to defend and protect the environment.It said De Beers had failed to report mercury and methylmercury level...Read More
RAPAPORT... Lucapa Diamond Company's cutting and polishing partnership with Graff subsidiary Safdico paid off in the second quarter, driving a sharp increase in sales amid a recovery in the rough market.Safdico, a manufacturer, has the right to purchase up to 60% of goods from Lucapa's Lulo deposit, with the miner receiving some of the proceeds from the polished sales.In the second quarter, the mo...Read More
Polished trading seasonally slow due to US summer vacations. Market optimistic for holiday season. Steady demand, shortages and high rough costs supporting prices. 1 ct. RAPI +2.7% in June. Cutters under pressure to raise production but concerned about rough valuations ahead of De Beers' July 12 sight. Kimberley Process reports 2020 global rough production -32% to $9.24B, volume -23% to 107.1M cts...Read More
RAPAPORT... Christie's has hired a new leadership team for its watch business in the Americas as sales in the division continue to grow.Keith Davis will be head of the watch department, Christie's said Tuesday. Before joining Christie's, Davis served as director of timepieces for Heritage Auctions in New York. He has also worked as commercial director for the North American division of watch brand...Read More
RAPAPORT... Sales at India's Titan Company jumped in the past fiscal quarter as the jewelry retailer managed to maintain operations during the country's severe Covid-19 outbreak.Revenue surged 117% year on year - excluding bullion sales - during the three months ending June 30, the company reported Tuesday. Jewelry sales rose 107%.The impact of the outbreak was small until the third week of A...Read More
RAPAPORT... Signet Jewelers saw its position surge on a 2021 National Retail Federation (NRF) list of the top 100 retailers, which ranks companies based on annual retail sales.The retailer - the only jewelry specialist to make the 2021 list - came in at number 78, the NRF data showed Tuesday. That spot is well above last year's ranking of 98. In 2019, it failed to make the list. Walmart maintained...Read More
(IDEX Online) - Police seized diamonds worth $33,000 from smugglers in the central Indian town of Gariyaband after enlisting the help of residents. The area is well known for its for diamondiferous kimberlite rocks. Officers encouraged locals to provide information on illegal digging, and as a result they confiscated 221 rough stones, according to The New Indian Express. ...Read More
(IDEX Online) - Watch retailers are facing a seismic shift as manufacturers increasingly cut out the middleman and sell to direct to consumers.In the premium to ultra-luxury watches industry, an estimated $2.4bn in revenue will transfer from multibrand retailers to watchmakers from 2019 to 2025 as a result of DTC (direct to consumer) sales, says the annual State of Fashion report by the Business o...Read More
(IDEX Online) - Sales at Luk Fook fell by over a fifth as the retail jeweler was hit by a tourism slump.Same-store sales for Hong Kong, where the company is based, and for Macau, slumped by 47.1 per cent, due largely to Covid-related travel restrictions.Luk Fook also has stores in Mainland China, Singapore, Malaysia, Cambodia, the Philippines, the United States, Canada and Australia. Mainland stor...Read More