RAPAPORT... Nathan "Nate" Light, who was responsible for the growth of Sterling Jewelers, died on March 12 at the age of 86.Light joined Sterling in 1977. As CEO, he helped turned the company from a 32-store chain into a retail giant with more than 1,000 branches and 14,000 employees. It's now a subsidiary of Signet Jewelers, the US's largest diamond retailer.Tributes on an online memorial pa...Read More
RAPAPORT... Silver-jewelry sales rose in 2020, marking the 12th consecutive year of growth, according to a study by the Silver Promotion Service (SPS).Some 42% of US jewelry retailers participating in the survey reported higher sales, with the majority noting double-digit increases of between 11% and 25%, the SPS said. Based on retailers' responses, 20- to 40-year-olds were the main purchasers of...Read More
(IDEX Online) - Tenants at a London apartment block have voted to drop the name Cecil Rhodes House.The building that is their home was named after the De Beers founder in 1957, but the left-wing Labour municipality (Camden Council) that owns it polled residents last month over a change of name.Those living in the 82 apartments voted against renaming it after the black boxer Bill Richmond or Indian...Read More
(IDEX Online) - Tiffany & Co is gearing up for another court appearance in its eight-year legal battle with Costco over the sale of generic diamond engagement rings bearing its name.The New York-based jeweler was awarded $21m in damages in 2013, but last year a federal appeals court concluded that customers were not likely to be confused by rings bearing the "Tiffany" name.Costco is now challe...Read More
(IDEX Online) - A new range of "diamond watches" feature a hand-drawn 3D image of a brilliant-cut gem on the dial.They're the creation of celebrated Canadian watch and jewelry designer Reena Ahluwalia (pictured with watch), who is also a keen diamond painter.She earned a Guinness World Record in 2019 for her Mudan Watch, with most diamonds set on a watch - 15,858 diamonds, totaling 50.01...Read More
(IDEX Online) - A Cartier bracelet featuring a flawless D-color 63.66-carat pear-shaped white diamond and rock crystal is to be auctioned at Sotheby's Hong Kong with an estimate of $5.1m to $8.4m.The Art Deco-inspired piece (pictured), part of the L'Odyss?? (C)e de Cartier - Parcours d'un Style high jewelry collection, took almost 2,000 hours to create.Also headlining at the Magnifi...Read More
(IDEX Online) - A collection of Hemmerle jewelry - with their trademark gems set in unorthodox materials - is to be sold by Sotheby's New York.The 19 lots, all owned by the late philanthropist, art patron and passionate collector Michelle Smith, represent the largest private collection of Hemmerle jewelry to appear at auction.They're among more than 400 lots of 20th and 21st century desi...Read More
Diamond market optimistic despite expected seasonal slowdown. Manufacturer liquidity getting boost from reduced inventory, faster turnover and firm prices. Concerns arising about rough market overheating amid reports that Alrosa increased prices for 1 ct. and larger by 4%-5%. Smaller De Beers sight expected next week. India Feb. rough imports flat at $1.5B, Belgium +28% to $877M. Signet Jewelers F...Read More
RAPAPORT... Alrosa has increased prices for the third consecutive contract sale, fueling concerns about unsustainable growth and tight manufacturing profits.The adjustments were 4% to 5% on average, with a focus on 1-carat rough and larger, insiders told Rapaport News this week. Prices of that category are now higher than pre-pandemic levels, a customer noted.Alrosa declined to comment on its...Read More
RAPAPORT... Swiss watch exports fell slightly in February as a drop in demand from Europe outweighed a rebound in other countries. Global shipments slid 0.3% year on year to CHF 1.6 billion ($1.73 billion) during the month, with exports to Europe down 14%. Supply to the UK declined 7% to CHF 96.1 million ($103.8 million) as many businesses rema...Read More
RAPAPORT... Signet Jewelers' sales and earnings rose in the fourth fiscal quarter as e-commerce helped the retailer capitalize on a recovery in consumer demand.Group sales increased 1.5% year on year to $2.19 billion for the three months ending January 30, which included the important holiday season, the company reported Thursday. Same-store sales - at branches open for at least a year - were...Read More
RAPAPORT... US polished-diamond imports were flat year on year at $1.43 billion in January, reflecting an easing of the industry's slowdown that dominated 2020. The month was the first since February 2020 that didn't feature a notable year-on-year decline, according to Rapaport archives based on data from the US Commerce Department.US Trade Data for January 2021 Read More
RAPAPORT... US retail sales faltered in February as winter storms impacted consumers' ability to shop, the National Retail Federation (NRF) said.Revenues slipped 3% versus January's total, with major snowstorms hitting the country's northeast, and ice storms in the south cutting power in many locations, according to data the US Census Bureau reported Tuesday. Government stimulus checks, increased...Read More
(IDEX Online) - A trader has been arrested on suspicion of diverting duty-free gold worth almost $14m back into India's domestic market.Preet Kumar Agarwal is accused of re-directing 250kg of gold after it had been formally cleared by airport Customs officers for export, thus evading tax. He was arrested last Thursday under the Prevention of Money Laundering Act.India's Enforcement...Read More
(IDEX Online) - A new website launched by CIBJO provides easy-to-understand definitions of natural and lab-grown diamonds to avoid confusion for anyone who buys, sells or handles them.The site at www.whatisadiamond.org defines a diamond as a mineral consisting essentially of carbon that crystallises in the isometric (cubic) crystal system."It defines a synthetic diamond or laboratory-grown d...Read More
(IDEX Online) - A lab-grown diamond company claims it's going beyond carbon neutrality, by creating gems that are carbon-negative. Ryan Shearman and Dan Wojno, co-founders of Aether Diamonds, based in New York, say their diamonds pull excess carbon from the atmosphere. As a result, every one they produce has a positive impact on the planet.They use a patent-pending technique called carbo...Read More
(IDEX Online) - VILLAGERS in south-eastern Zimbabwe claim they're being evicted from their homes to make way for gold and diamond mining - rather than dairy farming.Over 12,000 residents of Chilonga Village, in Chiredzi, say the project proposed by President Emmerson Mnangagwa is a "cover story".They say the real reason they're being removed is to allow large-scale mineral extraction in...Read More
RAPAPORT... The World Diamond Council (WDC) and the Responsible Jewellery Council (RJC) have agreed to work together on key issues such as the Kimberley Process (KP), conflict diamonds and sustainability.The two organizations have entered into a cross-membership partnership, meaning the RJC has become a member of the WDC, and the WDC has become a member of the RJC, they said Tuesday. The grou...Read More
RAPAPORT... The Gemological Institute of America (GIA) has started providing specific information on post-growth treatments for synthetic diamonds, marking the latest shift in its approach to the category.The institute's Laboratory-Grown Diamond Reports now say if there is evidence of a treatment to change the color of a stone, or if there is no evidence, a GIA spokesperson told Rapaport News...Read More
RAPAPORT... US e-commerce sales will hit $1 trillion for the first time next year, as the pandemic continues to impact consumer habits, Adobe Analytics predicted Monday.Digital spending will reach $850 billion to $930 billion this year based on the current growth trajectory, the company noted. Between March 2020 and February 2021, online sales rose 20% year on year to $844 billion, a difference of...Read More