(IDEX Online) - BlueRock says it sold an exceptional 14.8-carat diamond for $167,000 - equating to $11,300 per carat, as bidding returned to pre-Covid levels.The UK-based miner, which reports all stones over $50,000, also sold a 12.8-carat diamond in December 2020 for $76,000, as well as an 8.7 carat diamond for $37,000.It said recent high-value gems at its Kareevlei mine, in the Kimberley r...Read More
(IDEX Online) - Botswana must end its dependence on diamonds and diversify into gold, metals, coal and other commodities, says it president, Mokgweetsi Masisi. After a year in which rough exports were badly hit by Covid travel bans and depressed demand, he said it was "more imperative than ever" that the nation exploit its other natural reserves.Exports by Debswana, which controls most of Bot...Read More
(IDEX Online) - Diamond billionaire Beny Steinmetz is facing civil court action in a row over mining rights in Guinea - for which he was sentenced to five years in jail earlier this month.A Swiss court convicted him of paying $8.5m in bribes to an ex-wife of the former president, to secure iron ore rights for the BSGR Group (Beny Steinmetz Group Resources).Steinmetz, 64, (pictured) who holds Frenc...Read More
RAPAPORT... Group revenue at Watches of Switzerland grew in the third fiscal quarter as increased online sales and domestic spending offset a drop in tourism.Sales rose 6% year on year to GBP 272.6 million ($374.4 million) in the three months ending January 24, the company said last week.Revenue in the UK increased 1.5%, with online sales up 121%. Sales in the US jumped 16%, as the company opened...Read More
(IDEX Online) - Pandora reported an increase in its Q4 net profit, up by almost five per cent to $289.6m, despite the ongoing uncertainty around COVID-19.Online organic growth more than doubled, up by 104 per cent, and online sales contributed 32 per cent of total revenue. Overall organic growth was four per cent.The Danish jeweler, best known for its charm bracelets, saw revenue fall by 0.8 per c...Read More
Polished market segmented. Goods below 1 ct. softening, with slowdown in D, IF category after strong 2020 recovery. 1.50 ct. and larger firm. 1 ct. RAPI -0.6% in Jan., 3 ct. +1.7%. Polished inventory expected to rise in coming months after strong Dec.-Jan. rough buying. De Beers Jan. sales +18% to $650M. Let??eng 4Q sales +6% to $55M, average price +11% to $1,907/ct. Hong Kong dealer market slowin...Read More
RAPAPORT... Pandora's revenue fell 1% year on year to DKK 7.89 billion ($1.27 billion) in the fourth quarter as lockdowns forced stores to close in key markets.Around 10% of physical stores around the world were shut during the period, with traffic at self-owned retail locations falling 60% compared with the same period a year ago, the Danish jeweler reported Thursday. Online sales partly com...Read More
RAPAPORT... The positive sentiment the diamond market experienced during the past few months was a welcome change from the gloomy tone that characterized 2020. Buoyed by holiday sales that proved better than expected, the trade gained the confidence to buy again, even with activity limited mostly to online platforms.For the first time in many years, polished suppliers struggled to fill orders due...Read More
RAPAPORT... Swatch Group, which owns Harry Winston and several prestigious timepiece brands, saw sales tumble last year as lockdowns around the world sapped demand, especially at tourist locations.Revenue fell 32% to CHF 5.6 billion ($6.21 billion) in 2020, the Swiss company reported last week, noting that the decline was less severe in the second half than in the first. Sales of watches and...Read More
RAPAPORT... Dominion Diamond Mines has completed the sale of its Ekati mine in Canada, and has resumed operations at the site.Arctic Canadian Diamond Company, a business owned by two of Dominion's bondholders, has acquired all of Dominion's assets, except its 40% stake in the Divaik mine, which it shares with joint-venture partner Rio Tinto, Dominion said Wednesday.Under the terms of the agreement...Read More
RAPAPORT... The Gemological Institute of America (GIA) is offering $2 million in scholarships this year, with the funds available mainly for distance-learning courses due to the pandemic.Prospective students around the world may apply, with the deadline falling on March 31 for all classes that start between June and December 2021, the GIA said Wednesday. On-campus availability is limited. The...Read More
(IDEX Online) - A collection of high-end watches and jewelry seized from criminals by British police and valued at $1.1m is being auctioned off.Among the 100-plus lots are 15 Rolex, Patek Philippe and Hublot watches and items of diamond jewelry by Cartier and Tiffany & Co. They were were all reclaimed by UK police forces and Government agencies under the Proceeds of Crime Act, whereby con...Read More
RAPAPORT... The All India Gem and Jewellery Domestic Council (GJC) has named Ashish Pethe as its new chairman as part of a shake-up of its leadership team.The council, which represents India's domestic jewelry industry, elected nine new board members, who in turn picked Pethe as chairman, he told Rapaport News this week. His term began on January 1 and will last two years. He succeeds Anantha...Read More
RAPAPORT... De Beers' rough-diamond sales soared to $650 million in January, its highest for any month since 2018, as manufacturers replenished inventory following the holiday season.The total was 18% more than the $551 million the miner garnered a year earlier, and 44% above the $452 million it reported in December, De Beers said Wednesday. This was despite the company implementing a sharp i...Read More
(IDEX Online) - US jeweler Helzberg is expanding its own-brand offering, with a new range of a dozen lab-grown diamond engagement rings.It's been selling other brands of bridal and other lab-grown jewelry since 2017.But it has now partnered with Jenny Packham, a favorite designer of the British Royal Family, who has created a dozen platinum rings with colorless lab-grown diamonds.Helzberg say...Read More
(IDEX Online) - Junior miner Diamcor says it has resumed operations at Krone-Endora mine, in South Africa, after almost a year of Covid-enforced closure.The Canadian company has delivered 4,174 carats of rough diamonds for tender and sale since December. The mine had been closed since March because of the pandemic.It acquired the deposit at Venetia Project from De Beers in February 2011, and...Read More
(IDEX Online) - Botswana is increasing its value-added tax to boost revenue after a disastrous year for diamonds and other minerals.The country relies on mining for 80 per cent of its foreign earnings and has been badly hit by the global pandemic.Finance minister Thapelo Matsheka announced a VAT increase from 12 per cent to 14 per cent when he presented his annual budget on Monday, the first time...Read More
(IDEX Online) - A young Indian jeweler has smashed the Guinness World Record for the most diamonds set in one ring - a dazzling 12,638.Harshit Bansal, 25, took the title from another Indian jeweler, Kotti Srikanth, whose 7,801-diamond ring was officially recognized in September 2020.Harshit, founder of Renani Jewels in Meerut, said he was inspired to set a new record while studying jewelry design...Read More
RAPAPORT... De Beers has pledged to donate GBP 10,000 ($13,641) to support skills development for a jewelry-design student in one of the four countries in which it operates.The Provenance Award, part of the De Beers Group Designers Initiative, will go to an up-and-coming designer in Botswana, Canada, Namibia or South Africa, the miner said Tuesday.The company will announce the winner at its Shinin...Read More
RAPAPORT... Most US jewelers have recorded sales growth since stores reopened, supported by a shift toward digital business and strong engagement-ring demand, according to a study into the pandemic's impact on the market.One-third of retailers said post-lockdown sales had been slightly higher than a year earlier, while a further 21% reported a "significant surge," a survey found. Some 27% exp...Read More