RAPAPORT... The Indian diamond industry has urged the government to cut taxes and lift red tape ahead of the country's annual Union Budget, arguing that exports could double under the right conditions.The Gem & Jewellery Export Promotion Council (GJEPC) has called for import duty on polished stones to drop to 2.5% from the current 7.5%, it said Thursday. The council also wants India to pe...Read More
RAPAPORT... Blue Nile has launched an exclusive line of Lightbox lab-grown diamond jewelry, its first foray into synthetics in its 21-year history.De Beers-owned Lightbox seemed like the obvious choice for a partner, given the alignment of the two companies' perspectives, Blue Nile CEO Sean Kell told Rapaport News Thursday."We've been watching the lab-grown diamond market for some time. We th...Read More
RAPAPORT... Sales at Sarine Technology improved in the third quarter as diamond-manufacturing levels increased following a lockdown in India, the equipment producer reported Wednesday.Revenue rose 25% versus the previous quarter to $7.4 million in the three months ending September 30, reflecting an increase in diamond scans using its Galaxy machines, Sarine noted. However, the figure was stil...Read More
Sentiment mixed as Nov.-Dec. holiday season begins amid continued rise in Covid-19 cases. Dealer trading slow as manufacturers focus on direct supply to jewelers. E-commerce supporting retail market. Adobe predicts online holiday sales +33% to $189B. LVMH takeover of Tiffany back on at lower price of $131.50 per share ($15.8B). Blue Nile debuts synthetics with De Beers' Lightbox brand. Sotheby's N...Read More
(IDEX Online) - India's diamond industry is calling for the duty on rough imports to be slashed from 7.5 per cent to 2.5 per cent.It also wants an exemption from a two per cent e-commerce (equalization) levy on rough sales and a tax amendment that would allow rough to be sold in the Mumbai SNZ (Special Notified Zone).The Gem and Jewellery Export Promotion Council of India (GJEPC) say the meas...Read More
(IDEX Online) -Tiffany and LVMH have settled their highly-publicized differences over a $16.2bn takeover.The French luxury conglomerate LVMH walked away from the deal in September, citing a tit-for-tat war over US trade tariffs and a poor performance by Tiffany & Co during the pandemic.But after bitter legal threats from both sides, LVMH has now negotiated a modest three per cent ($425m) disco...Read More
(IDEX Online) - Yoram Dvash is to stand down as president of the Israel Diamond Exchange (IDE) to focus on his role at the helm of the World Federation of Diamond Bourses He'd been acting president of the WFDB since April and was confirmed in the position for a three-year term by a digital election two weeks ago.He replaces Ernie Blom, from South Africa, who said he was stepping aside fo...Read More
RAPAPORT... Tiffany & Co. and LVMH have settled their public dispute, agreeing to a reduced price for their takeover deal after the French luxury group walked away last month. LVMH will pay $131.50 per share for Tiffany, rather than the $135 to which the companies agreed in late 2019, they announced in a joint statement Thursday. That shaves around $420 million off the original deal's val...Read More
(IDEX Online) - Diamond dealers are to be guaranteed basic banking services under a new law passed last week by Belgium's federal parliament.The move has been welcomed by the Antwerp World Diamond Centre (AWDC) which says many of its members have been rejected multiple times or have had their accounts closed. Banks around the world are suspicious of the diamond trade, consider it t...Read More
(IDEX Online)- Almost all jewelry retailers who sell lab-grown diamonds in the US say their margins are better than with mined gems. And more and more consumers are asking for them.Those are among the key findings of Gaining Critical Mass, a study by US-based MVI Marketing LLC (THE MVEye). Almost four out of 10 independent jewelers are sell lab-growns, says the report, and Signet, the biggest...Read More
(IDEX Online) - Angola, the world's sixth biggest diamond producer, will open its own bourse by the end of next year.Peter Meeus, the industry veteran who oversaw the establishment of Dubai's bourse and served as its president, is acting as consultant for the project.Diamantino Azevedo, the country' minister of mineral resources and petroleum, pledged that the Angola Diamond E...Read More
(IDEX Online) - Gem Diamonds reported increased sales after its Letseng mine resumed operations and demand for its diamond improved.The London-based miner was hard hit by the coronavirus pandemic and in September it said revenue had slipped from $93.1m in H1 of 2019 to $69.5m.But today's Q3 2020 trading update shows positive cash flow, revenue of $25.6m and much-reduced debt.It achieved highe...Read More
RAPAPORT... Dominion Diamond Mines may have to enter liquidation if it fails to find a buyer or investor, chairman Brendan Bell warned in a court filing last week.The company has been seeking restructuring options after its planned sale of the Ekati deposit in Canada collapsed earlier this month, Bell said in an October 23 affidavit. The best outcome would be one that saves the Ekati mine and...Read More
RAPAPORT... Gem Diamonds' sales rose sharply in the third quarter as rough prices from its lucrative Let??eng mine in Lesotho topped pre-coronavirus levels amid a recovery in the large-stone market.Revenue grew to $60.5 million in the three months ending September 30, the company said Wednesday - a 67% rise versus the amount it reported for the same period a year ago. The average selling...Read More
RAPAPORT... E-commerce spending in the US is set to "shatter" all previous records for the holidays, according to Adobe Analytics.Sales will rise 33% year on year to $189 billion over the November-to-December period, Adobe predicted in its annual online holiday shopping predictions Wednesday. That figure could rise if the US government distributes another round of stimulus checks, and if the Covid...Read More
RAPAPORT... Israel Diamond Exchange (IDE) president Yoram Dvash will not run for a third term, choosing instead to focus on his leadership position at the World Federation of Diamond Bourses (WFDB).Elections for the IDE presidency are due to take place in December, the bourse said Wednesday. Dvash, who has headed the exchange since 2015, became acting president of the WFDB in April, and was e...Read More
(IDEX Online) - The deal for LVMH to buy Tiffany & Co may be off - but it's still been officially approved by regulators.The French luxury conglomerate pulled of its $16.2bn acquisition in a shock move in September that has left both sides locked in a bitter legal battle.But on Monday the European Commission said all the regulatory approvals to prevent a monopoly were in place.It�...Read More
RAPAPORT... Belgium's federal parliament has approved a new law entitling diamond companies to open bank accounts even after suffering repeated rejections.The Basic Banking Law guarantees fundamental banking services to all Belgian companies, the Antwerp World Diamond Centre (AWDC) explained in a note to the industry last week. Following parliamentary approval last Thursday, the law will come into...Read More
(IDEX Online) - A Graff brooch featuring a brilliant-cut 107.46-carat fancy yellow diamond could fetch up to $3.6m as one of the key attractions at a live Christie's auction later this month.Another fancy yellow diamond, a rectangular step-cut gem weighing 28.88 carats and set in a ring, also has an estimate of up to $3.6m. And a exceptional pair red, white and blue colored diamond earrings c...Read More
RAPAPORT... Petra Diamonds' revenue jumped in the three months ending September 30 as rough prices grew and the company sold inventory it couldn't shift during the peak of the Covid-19 crisis.Sales rose 33% year on year to $82 million during the miner's first fiscal quarter, while sales volume increased 55% to 936,749 carats, the company reported Tuesday. Prices at its September tender were 21% hi...Read More