RAPAPORT... What if the pandemic presents the largest growth opportunity the jewelry industry hasever seen? Covid-19 and lockdowns have effectively wiped out in-person shopping, but they've also forced the jewelry industry as a whole to embrace e-commerce. The resulting data, if used correctly, can result in a long-overdue industry-wide recalibration that will dramatically improve efficiency and t...Read More
(IDEX Online) - De Beers and the Botswana government today said they were extending the contract between them - governing production of a quarter of the world's rough diamonds - by a year.The deal, which had been due to expire at the end of this month, is of critical importance to both sides, and talks to renew it had already been delayed.The year-long extension may give both parties ti...Read More
RAPAPORT... Belgium's polished-diamond exports fell 9% year on year to $612 million in November, marking the third consecutive month of decline. The slowdown reflects a 7% drop in shipments to the US, for a total of $194 million, according to data the Antwerp World Diamond Centre (AWDC) released this week.Belgium trade data for November 2020 Read More
RAPAPORT... A Canadian court has consented to Dominion Diamond Mines' sale of its Ekati site and most of its assets to two of its bondholders.Under the agreement, DDJ Capital Management and Brigade Capital Management are set to acquire "substantially all" of the miner's assets, except for its 40% stake in the Diavik mine, which it shares with Rio Tinto. In return, the purchasers will assume a numb...Read More
(IDEX Online) - Botswana Diamonds reported a second loss-making year but said demand was recovering and the future looked good.The Ireland-based explorer said it was making good progress on its newly-acquired KX36 high grade 3.5 hectare kimberlite pipe in the Kalahari about 260km north west of Gaborone, Botswana.It says it has an indicated diamond resource of 17.9 million tonnes at 35 carats per h...Read More
(IDEX Online) - A Cartier ring featuring a huge 21.86-carat Colombian emerald sold for $3.65m, almost four times the high estimate of $1m by Sotheby's New York.It was the headline lot in a sale of the "very complete jewelry wardrobe" collected by the late philanthropist and society hostess Cecile Zilkha.The square emerald-cut stone (pictured) was described as "richly saturated medium deep sli...Read More
(IDEX Online) - India's government is facing mounting pressure to reduce import duties on diamonds and precious metals to boost the jewelry industry's pandemic recovery.Manufacturers currently pay levies of 7.5 per cent on polished diamonds and 12.5 per cent on gold, silver and platinum."Duty reduction will boost the recovery, and help the industry, which is already a mega-employer, to g...Read More
(IDEX Online) - A fraudster who promised investors high returns and no risk in a rough diamond Ponzi scheme has been jailed for seven years by a US court.Jose Angel Aman, 52, and his partners claimed the money would be used to buy colored rough, which they'd sell on at a profit after having the stones cut and polished.Aman claimed the scheme was secured by an inventory he held worth $25m. He...Read More
(IDEX Online) - Grib Diamonds says it sold $35m of rough at its latest Antwerp sale, and described the market as "extremely buoyant".Overall prices were up by about five per cent, and all the 450,000 carats offered were sold."The main strength was in the bigger sizes but smalls and melees were also up," said head of sales Antony Dear. Increases among two-carat goods were in the high single di...Read More
RAPAPORT... Lucapa Diamond Company has unearthed a 101-carat rough from its Mothae mine in Lesotho.The company found the D-color, type IIa diamond in the mine's southern lobe region, it said last week. It's the fourth 100-carat-plus rough the miner has recovered from the site since it commenced operations in January 2019. Last week, Lucapa unearthed a 127-carat, high-quality diamond from its Lulo...Read More
RAPAPORT... A 14.7-carat diamond ring was the top seller for Christie's in Paris, nearly tripling its high estimate.The marquise-cut, E-color, SI1-clarity stone sold for EUR 437,500 ($531,812), or $35,322 per carat, well above its EUR 150,000 ($182,333) upper valuation. It was one of a number of noteworthy diamonds that led the sale Paris Jewels sale, which took place from November 24 to December...Read More
RAPAPORT... De Beers lifted prices of select goods at last week's sight, reflecting strong rough trading and improving demand in the corresponding polished categories, industry insiders told Rapaport News.Prices climbed by 1% to 2% for 0.75-carat rough goods and larger, as well as for -7 sieve sizes, sources said following the December sale. The miner also adjusted assortments, making some bo...Read More
RAPAPORT... The Indian Diamond & Colorstone Association (IDCA) has unveiled its new board and leadership team following elections earlier this month.Haridas Kotahwala of Royal India USA will remain as president, the New York-based IDCA said Thursday. The board also elected Rajeev Pandya of Ashi Diamonds as vice president, Rutali Gandhi of Sagar Star Corp as secretary, Amit Jhalani of TBR...Read More
(IDEX Online) - The cost of crime against jewelers in the US almost doubled in 2019.But the actual number of thefts, burglaries and robberies was virtually unchanged at 1,438, indicating a steep rise in the value of goods taken in each crime.The total cost last year was ?, ?101m, up 89 per cent, according to the Jewelers Security Alliance's (JSA) Annual Crime Report.The average loss from soph...Read More
RAPAPORT... The New York diamond district will take center stage in the first episode of a new CNBC miniseries that spotlights America's business cultures.Street of Dreams with Marcus Lemonis is a five-episode series that highlights the stories of the entrepreneurs and unique industries that define America's most iconic streets, NBC Universal, owner of CNBC, said last week. In the first episo...Read More
RAPAPORT... De Beers has trimmed its production plan for the next two years, aiming to avoid releasing too much rough into the market as the diamond sector attempts to exit the crisis that dominated 2020.The miner expects to unearth 33 million to 35 million carats in 2021, down from its previous forecast of 34 million to 36 million carats, parent company Anglo American said Friday in a presen...Read More
RAPAPORT... E-commerce spending in the US spiked in the week following Cyber Monday, as shoppers raced to make holiday purchases prior to the predicted rise in shipping costs, according to Adobe Analytics.Online sales jumped 49% year on year from December 1 to 9, with consumers buying before December 11, when vendors generally raise shipping charges for those who want their gifts by Christmas, Ado...Read More
RAPAPORT... An emerald and diamond ring was the top lot at the Magnificent Jewels sale at Sotheby's in New York, fetching nearly four times its presale valuation.The square emerald-cut, 21.86-carat stone, flanked by baguette diamonds, brought in $3.7 million against a high estimate of $1 million, the auction house said last week. The piece was one of 29 up for sale from the collection of philanthr...Read More
(IDEX Online) - Distiller Jack Daniel's has launched a range of men's wedding rings, incorporating wood from the oak barrels used to age its whiskey, and costing up to $5,000.It is partnering with Manly Bands, which already offers a range of over 300 rings made from damascus steel, antler, meteorite, tungsten, dinosaur bone and other non-traditional materials.The range of 17 rings in the...Read More
RAPAPORT... De Beers has reduced its production plan for the next two years, aiming to avoid releasing too much rough into the market as the diamond sector attempts to exit the crisis that dominated 2020.The miner expects to unearth 33 million to 35 million carats in 2021, down from its previous forecast of 34 million to 36 million carats, parent company Anglo American said Friday in a presen...Read More