(IDEX Online) - Jewelers are pushing domestic sales of diamonds to consumers in India with a series of short promotional videos.Their message is "Say it with Diamonds". They are the ultimate gifting option for a birthday, anniversary or Valentine's Day, and more meaningful to a loved one than a new phone, designer dress or even a car.The Gem and Jewellery Export Promotion Council (GJEPC) whic...Read More
(IDEX Online) - British miner Petra Diamonds reported a $223m loss for the year to June after facing "unprecedented challenges". It follows the $258m loss it posted last year. Revenue slumped 36 per cent to $295.8m (FY 2019: $463.6m). Its Williamson mine, in Tanzania, has been on care and maintenance since April because of coronavirus. The Cullinan mine - source of source of...Read More
RAPAPORT... Swiss technology provider Synova has expanded its automated diamond-cutting system to include fancy shapes, it said Monday. The company, which is part-owned by De Beers, unveiled the DaVinci Diamond Factory last year at the Dubai Diamond Conference. Synova claims the machine will significantly speed up diamond manufacturing from weeks to hours, improve accuracy and symmetry, and r...Read More
RAPAPORT... It's been a tumultuous year, and the upcoming holiday forecast has not eased concerns. Although sales are still expected to increase over last year, the margin is slim, according to AlixPartners. The consulting firm estimates that revenues for October through December will be only 1% to 2.6% higher than they were in 2019. Even with online sales expected to grow by 25% to 30% year on ye...Read More
(IDEX Online) - Jennifer Lopez became the latest showbiz icon to wear Forevermark diamonds as she was honored at The People's Choice Awards Los Angeles.The singer/actress sported just over 36 carats of Rahaminov Asscher diamonds set in a pair of platinum drop earrings, and a Black Label square diamond bangle set in 18k white gold (2.25 ctw).J.Lo, 51, (pictured) accepted an award for Peop...Read More
RAPAPORT... The US recorded its 18th consecutive monthly fall in polished-diamond imports as the coronavirus pandemic continued to affect trading. Shipments dropped 10% year on year to $1.34 billion in September - the gentlest decline since March, according to data from the US Commerce Department. The category hasn't seen an increase since April 2019.US Trade Data for September 2020 Read More
(IDEX Online) - The Namibian government is to waive a royalty charged to Namdeb, the diamond venture it runs jointly with De Beers.The company says it needs to invest more heavily in marine explorations - which already account for three quarters of its production - as land deposits run out, but can't afford to do so.It pays a 10 per cent royalty on diamond sales and 55 per cent corporate tax...Read More
(IDEX Online) - Luxury spending will fall by almost a quarter this year as coronavirus sees the sector contracting for the first time in over a decade.Management consultants Bain & Co predict a 23 per cent drop in 2020, down by $257bn. Sales had been increasing year on year since 2009.They say the industry is "on a path to recovery by 2022-2023".Jewelry has seen sustained demand in Asia, and a...Read More
RAPAPORT... Luk Fook has projected a sharp fall in revenue and profit for the first half of the fiscal year amid a resurgence in the coronavirus in the second quarter and its economic impact.Revenue declined 50% year on year during the April-to-September period, while profit decreased 40%, the Hong Kong jeweler said. However, those figures are better than the company had expected given the rise in...Read More
RAPAPORT... Jewelry was one of the top-selling categories at Macy's during the third fiscal quarter, even as overall sales declined at the department-store chain.Group revenue dropped 23% to $3.99 billion in the three months ending October 31, while comparable-store sales - at owned and licensed shops open for at least a year - fell 20%, the retailer reported last week. However, sales rose at the...Read More
RAPAPORT... Israel's polished-diamond exports fell 37% year on year to $1.9 billion in the first 10 months of 2020, according to figures the government released last week.The decline, which reflects the impact of the pandemic, eased slightly in August when the global diamond market picked up, with polished exports for that month down 3% year on year. However, orders slipped 10% in September a...Read More
RAPAPORT... The US recorded its 18th consecutive monthly drop in polished-diamond imports as the coronavirus pandemic continued to affect trading. Shipments fell 10% year on year to $1.34 billion in September - the gentlest decline since March, according to data from the US Commerce Department. The category hasn't seen an increase since April 2019.US Trade Data for September 2020 Read More
(IDEX Online) - Fashion model Indira Scott is fronting a De Beers' campaign highlighting sustainability in the diamond sector.Five leading US designers - Jade Trau, Jennie Kwon, Julez Bryant, Sara Weinstock and Zoe Chicco - each produced a pendant featuring rough diamonds from Botswana, inspired by the country's people, wildlife and landscape after a visit last year.Their pieces, p...Read More
(IDEX Online) - Alrosa says demand remains strong for high-quality rough, after selling over $24m worth of large stones in Israel and Dubai earlier this month.The Russian state-owned miner also conducted sales of fancy colored rough in Israel and Belgium. It said it sold 64 per cent of 130 lots weighting 8,200 carats but did not disclose further details.Alrosa's sales of special size (over 10...Read More
(IDEX Online) - Exports of Swiss watches are suffering their sharpest decline since World War Two.They fell by just over a quarter - 25.8 per cent - in the first 10 months of 2020, according to new figures released by the Federation of the Swiss Watch Industry.But the rate of decline slowed in October to 7.1 per cent, the lowest figure this year. Total sales of wrist watches and other products las...Read More
RAPAPORT... Hong Kong-based jeweler Tse Sui Luen (TSL) fell into the red in its first fiscal half as the coronavirus and tensions between the US and China battered its business across the region.The retailer recorded a loss of HKD 41.6 million ($5.4 million) for the six months ending September 30, compared with a profit of HKD 1.5 million ($197,360) in the same period of 2019, it reported Wed...Read More
RAPAPORT... Sales of personal luxury goods will fall 23% this year, the first decrease since 2009, and are unlikely to recover for at least two years, Bain & Company predicted.Total sales for the category will drop to EUR 217 billion ($257.47 billion) in 2020 as the coronavirus pandemic shut stores around the world, Bain forecast Wednesday in its global luxury report. That represents the steep...Read More
RAPAPORT... Swiss watch exports saw their ninth consecutive monthly decline as US orders slipped and a fresh wave of European lockdowns cast a cloud over demand in the region.Global shipments fell 7% to CHF 1.88 billion ($2.07 billion) in October, the gentlest fall since February, the Federation of the Swiss Watch Industry reported Thursday. Exports to the US fell 5% to CHF 215.9 million ($23...Read More
Rising expectations for holiday season despite surge in Covid-19. US retail sales +5.7% in Oct. Digital driving growth in US and China: Walmart 3Q e-commerce +79% and Alibaba's 11/11 Singles' Day sales +26% to record $74B. Polished trading slow as Indian suppliers take Diwali vacation. Jewelers making final holiday orders. Steady demand for 1 to 2 ct., G-H, VS-SI goods in bridal category. Positive...Read More
RAPAPORT... Retail sales at US conglomerate Berkshire Hathaway rose 4% year on year to $4.21 billion in the third quarter as business resumed following coronavirus-related lockdowns.The company owns Borsheims, Helzberg Diamonds and Ben Bridge Jeweler, but derives around 65% of its retail revenues from its car dealership, Berkshire Hathaway Automotive. It does not provide specific data for its...Read More