RAPAPORT... Tiffany & Co. has created its first ever line of engagement rings for men in an effort to appeal to a broader client base.The collection, named after the jeweler's founder, Charles Lewis Tiffany, is part of an effort to promote "love and inclusivity" and "[pave] the way for new traditions to celebrate our unique love stories," Tiffany said last week. Tiffany will offer the signet-s...Read More
RAPAPORT... Greenland Ruby, a miner of rubies and sapphires in the island nation, has reached an agreement with a specialist financier for an $18 million working-capital facility.The financing, spread over three tranches, is "believed to be one of the largest" in the history of colored gemstones, the company said in a recent statement. The deal with Nebari Natural Resources Credit Fund I will...Read More
(IDEX Online) - Rounds and fancies saw little movement through April, although price increases slightly weighed decreases. There was little movement among the smallest round goods, under 0.30-cts although 0.45-0.49-cts were busy, with an even split between prices moving up and down. The most notable category was 3.00-3.99-cts, which saw widespread price drops among I1-I3 clarities. Price rises pre...Read More
(IDEX Online) - Two brothers have been arrested over the murder of a jeweler at her store in Indianola, Mississippi, USA.Jamie Iverson, 67, was shot in the head after two masked men walked into Paul's Jewelry, where she was working alone last Friday morning (23 April).Daquarius Wright, 20, and Kenterius Wright, 19, both face a single capital murder charge. They were arrested last Tuesda...Read More
Diamond markets mixed. US and China recovery fueling optimism, but uncertainty remains due to worrying coronavirus situation in India. Europe relatively weak. Supply volatility expected in short term. Polished inventory levels declining as manufacturers reduce capacity and GIA backlog rises. Cutters focused on 1 ct. polished and larger. Small De Beers sight projected for next week. US consumer con...Read More
RAPAPORT... Pandora has signed a new EUR 950 million ($1.15 billion) credit facility whose pricing is linked to the progress it will make on twin sustainability objectives.The credit line refinances Pandora's current undrawn facility, which is scheduled to mature in May 2022 but whose size was not disclosed in the company's statement Thursday. However, the Danish jeweler said that a EUR 400 millio...Read More
RAPAPORT... The diamond industry has rallied behind efforts to alleviate the dire Covid-19 situation in India, with various campaigns to raise funds and bring much-needed medical supplies to the country. "The international diamond and jewelry industry is a close-knit community, actually a family, made up of members from around the globe, many of whom live or originate in India," said Yoram Dvash,...Read More
RAPAPORT... A number of pieces sold for well above their estimates at the Bonhams London Jewels auction, which garnered a total of GBP 2.7 million ($3.8 million).A Bulgari ring set with a step-cut, 10.04-carat Colombian emerald bracketed by diamonds was the top seller, fetching GBP 598,750 ($835,223), more than double its GBP 250,000 ($348, 736) high valuation, Bonhams said Wednesday. A ring conta...Read More
RAPAPORT... Diamond Foundry has raised $200 million to bring production up to "mining" levels, giving the lab-grown maker a valuation of $1.8 billion, it said Wednesday.The Series C investment from Fidelity, which completed at the end of March, will help Diamond Foundry lift annual output to 5 million carats at its factory in Washington state by the end of 2020, a company spokesperson said in...Read More
(IDEX Online) - Alrosa is set to give shareholders their biggest-ever half-year dividend.The Russian state-owned miner is proposing a $942m payout for H2 2020, an increase of 47 per cent on the full-year payout for 2019. It amounts to just under 13 US cents a share.That's in spite of the global pandemic that saw diamond sales at virtually zero a year ago. No dividend was paid in H1 2020...Read More
RAPAPORT... The dramatic spike in Covid-19 infections in India has injected uncertainty into the diamond market. As the country struggles with the severe humanitarian crisis, the industry has reduced its manufacturing and trading activity significantly. The rate of new daily coronavirus cases started to rise in mid-March and escalated rapidly. That left hospitals stretched beyond capacity, without...Read More
(IDEX Online) - An emergency fundraising campaign has been launched by the WFDB to send medication and equipment to India as it battles a catastrophic spike in Covid fatalities.The global diamond community is being urged to contribute as the official number of COVID-19 deaths today hit 200,000. Many experts fear the real figure is far higher.The executive committee of the World Federation of Diamo...Read More
RAPAPORT... China's polished-diamond imports rose almost fivefold in the first quarter as the mainland retail market extended its recovery, according to data from the country's main bourse.Net shipments into China via the Shanghai Diamond Exchange (SDE) grew 393% year on year to $722 million during the three months ending March 31, the institution reported Tuesday. Import volume jumped 394% t...Read More
(IDEX Online) - Jewelry buyers in western Europe are more likely to embrace lab-grown diamonds than those in the USA, says new research.Forty-one per cent said they'd bought or been given an LGD, compared with 32 per cent in the USA.More than 1,500 consumers in France, Italy, Germany, Spain and Great Britain took part in the survey, by market research consultants The MVEye. They had all spent...Read More
(IDEX Online) - Greenland's first ruby mine is receiving a huge financial boost with an $18m investment from a mining financier.It's been described as "one of the largest financings in colored gemstone history".Greenland Ruby opened its Project Aurora ruby and pink sapphire mining operation at Aappaluttoq, in the southwest of the country, in 2017 and predicts the deposit has a 10-year li...Read More
(IDEX Online) - Diamond Foundry aims to increase its production of lab-grown diamonds to 5 million carats a year.The Silicon Valley start-up, which counts Leonardo DiCaprio among its high-profile backers, plans to open a second factory abroad as it ramps up production from 500,000 carats by next year.The company, launched in 2012, has just received a new cash injection of $200m, taking its valuati...Read More
(IDEX Online) - A jeweler was shot dead during an armed raid at the store she ran with her husband in Indianola, Mississippi, USA.Jamie Iverson, 67, was working alone at Paul's Jewelry, on Friday morning, when two masked men walked in. She was reportedly shot in the head and later died of her injuries in hospital.She and husband Rodney had been married for 43 years. They had run the store and...Read More
RAPAPORT... De Beers is considering underground mining at its Jwaneng open-pit deposit in Botswana as a "likely approach" to extending the life of the world's most valuable diamond mine beyond the mid-2030s."The underground mining project is still in the study phase and is yet to be approved," a De Beers spokesperson said Tuesday in an email to Rapaport News. "If approved, it would have the potent...Read More
RAPAPORT... Gemfields clocked its highest auction revenue since March 2016 at a sale of emeralds from its Kagem mine in Zambia amid strong pricing and increased demand.Revenue from a series of five mini-auctions between March 15 and April 17 reached $31.4 million as 59 companies placed bids, Gemfields said last week. The miner sold 271,000 carats of emeralds at an average price of $116 per carat,...Read More
RAPAPORT... eBay has introduced an escrow service for purchases of expensive watches, aiming to enhance consumer trust in high-end digital shopping.The option allows buyers and sellers an "added convenience" via a "trusted" third party, Escrow.com, which holds funds until the transaction is complete, eBay said Monday. The online marketplace will not charge processing fees on transactions, and...Read More