RAPAPORT... Jewelry sales at Richemont grew 3% for the full fiscal year as double-digit increases in Asia Pacific, the Middle East and Africa outweighed a lackluster performance in other regions.Proceeds from the category rose to EUR 7.46 billion ($9.08 billion) for the 12 months ending March 31, Richemont said last week. The increase was driven by solid sales of the company's Cartier, Van Cleef &...Read More
Diamond market seasonally slow. US and China retail recovery driving demand. Multi-channel offerings stimulating growth as consumers return to stores. Polished inventory declining due to India supply constraints. Shortages supporting prices. Rough market stable after smaller De Beers May sight valued at $380M. Alrosa 1Q revenue +44% to $1.2B, profit up nearly eightfold to $326M. Hong Kong 1Q polis...Read More
RAPAPORT... GGTL Laboratories has identified a necklace containing 50 large synthetic rubies, which a client submitted after being told the stones were natural.The buyer sent the piece to the Liechtenstein-based lab with a request to identify the country of origin, as well as any treatments to the stones, GGTL said last week.The rubies appeared to be of high quality, with a deep, saturated color,...Read More
RAPAPORT... Jewelry was one of the top-selling categories at Macy's during the first fiscal quarter amid an influx of new, younger customers seeking luxury products."We had very strong results with new customers," Macy's CEO Jeff Gennette said Wednesday in an earnings call transcribed by Seeking Alpha. "Fragrances, women's shoes, big ticket, fine jewelry [and] men's clothing are all kind of on-ram...Read More
RAPAPORT... An 8.21-carat diamond ring was the top seller at the Bonhams New York Jewels sale, garnering $500,313, nearly double its high estimate.The piece, set with an oval-shaped modified brilliant-cut, D-color, VS1-clarity diamond, was designed in 1910. It was the star of the May 19 auction, which brought in a total of $3.7 million, Bonhams said Wednesday."[The ring] was the final lot in today...Read More
RAPAPORT... The Natural Diamond Council (NDC) has teamed up with Chow Tai Fook to promote mined stones in China, marking the trade organization's first collaboration with a retailer."Chow Tai Fook is a leading enterprise in China's jewelry industry, with massive influence," David Kellie, CEO of the NDC, said Thursday. "By joining hands with Chow Tai Fook in the China market, we hope to ignite...Read More
(IDEX Online) - India's overall exports of polished diamonds totaled $2.25bn in April, up slightly on $2.16bn in March, according to new figures from the Gems and Jewellery Export Promotion Council (GJEPC).The industry appeared to hold firm despite the devastating surge in Covid infections and deaths throughout the month.The seven-day average number of daily deaths was 350 at the start of Apr...Read More
(IDEX Online) - Chow Tai Fook and the Natural Diamond Council (NDC) are to work together to promote mined diamonds in China.It's the first time the NDC has announced a partnership with a retailer. It describes it as "a multi-year partnership (that) provides for a significant investment in marketing, advertising, visual merchandising and sales professional education."Chow Tai Fook, based in Ho...Read More
(IDEX Online) - Thieves smashed their way into a jeweler's store from an adjoining bakery, drilled into the safe and made off with a $200,000 haul.Staff arrived on Monday morning to find a gaping hole in the wall at Torquay Jewellers, in Torquay, a seaside resort in south-west England. Nothing appeared to have been taken in the weekend raid, until they realized the triple-skinned safe, c...Read More
RAPAPORT... The Responsible Jewellery Council (RJC) has joined a United Nations forum that aims to accelerate the implementation of the 17 sustainable development goals (SDGs).As a member of the United Nations Global Compact (UNGC) SDG Ambition Platform, the RJC will help its 1,400 member companies step up their sustainability efforts and set targets to meet specific benchmarks, it said last week....Read More
RAPAPORT... The Plumb Club has signed up Evolution Diamond and Cynergy Trading Corp. as its newest members, the industry organization said this week.Evolution is a lab-grown diamond manufacturer specializing in bridal, fashion and men's jewelry, The Plumb Club said Monday. Cynergy is the North American arm of India-based diamond-jewelry manufacturer Creations Jewellery."Both companies will be grea...Read More
(IDEX Online) - Alrosa reported a Q1 increase in net profits to $326m, up 13 per cent on Q4 2020.That's despite an eight per cent drop in quarter-on-quarter revenue (to $1.23bn) and a nine per cent drop in sales volume to 15.5m carats (gem quality and industrial).Its year-on-year performance hugely exceeded that of 2020, when the global pandemic brough the industry to a virtual halt. Net prof...Read More
RAPAPORT... The Gemological Institute of America (GIA) has provided $25,000 in scholarships that will fund distance-education courses for graduates of the Diamond Council of America (DCA).The money will enable individuals who have graduated from at least one course at the DCA to continue their education at the GIA in a number of courses, the DCA said Monday. Students may use scholarships to pay fo...Read More
RAPAPORT... Alrosa saw a sharp rebound in profit in the first quarter as the mining company capitalized on a strong recovery in the diamond market.Net profit soared to RUB 24.02 billion ($325.9 million) from RUB 3.06 billion ($41.5 million) a year earlier, the Russian miner reported Tuesday. Revenue jumped 44% year on year to RUB 89.31 billion ($1.21 billion). Strong retail demand in the US a...Read More
(IDEX Online) - GIA has highlighted another fraudulent attempt to pass off an "impostor" lab-grown diamond as a higher-value natural stone.The lab has already reported a number of gems being submitted for grading with fraudulent inscriptions.In the latest incident a 3.075-carat lab-grown was submitted for update in Antwerp, bearing the girdle girdle inscription of a 3.078-carat natural stone.The a...Read More
RAPAPORT... US retail sales were flat in April as consumer spending slowed following stimulus-driven purchasing the previous month, the National Retail Federation (NRF) said.Revenue was unchanged over March's figure and rose 51% year on year, reflecting coronavirus-related store closures during April 2020, according to data the US Census Bureau reported last week. By contrast, March saw a 10% mont...Read More
RAPAPORT... De Beers registered its weakest sales total since August as rough demand wobbled during India's Covid-19 wave.The fourth sales cycle of 2021 saw proceeds of $380 million, down from $450 million in the third cycle, the miner reported Wednesday. Revenues included the sight that took place in early May, as well as auctions."We continue to see robust demand for diamond jewelry in the...Read More
(IDEX Online) - De Beers reported a fall in rough sales for a third consecutive month as India's Covid crisis hit midstream capacity. Provisional sales at its fourth sight of 2021 were $380m, the lowest this year. Sales in January peaked at $663m, a three-year-high. They fell to $550m in February and again to $450m in March. De Beers said it was still offering sight holders increased flexibi...Read More
RAPAPORT... The Gemological Institute of America (GIA) has seen a rise in submissions of lab-grown diamonds with counterfeit inscriptions that make the stones appear natural.Clients using the GIA's update or verification services are increasingly sending in goods that prove to be synthetic, the organization said Monday. These stones have falsified girdle engravings that reference a genuine na...Read More
RAPAPORT... Rio Tinto will unveil a record number of diamonds over one carat at its final pink-diamond tender, including the largest fancy-intense pink it has ever offered for sale.The 3.47-carat stone, known as the Argyle Eclipse, will headline the Argyle Pink Diamonds Tender, which has run since 1984. The tender comprises 70 rare polished colored diamonds originating from the Australian mine, Ri...Read More