(IDEX Online) - British fashion designer Debbie Wingham created a breathtaking $26m diamond-encrusted party dress for a billionaire birthday girl.It was studded with 15 red diamonds, from one and a half to four carats worth $23.8m in total, plus a host of other gems.Wingham has a reputation for adding extravagant sparkle to cake and couture for the ultra-rich. In 2015 she baked and decorated...Read More
(IDEX Online) - Alrosa boss Sergei Ivanov has told Russia's President Vladimir Putin he's "confident" of a deal to sell millions of carats of rough to the government's Gokhran - its precious metals and gems repository.Such an arrangement would provide a lifeline for the miner, which is only now recovering from months of dismal sales as a result of the global pandemic.The Alrosa CEO...Read More
RAPAPORT... Belgium's polished shipments slumped last month as the cancellation of the September Hong Kong show and continued uncertainty around Covid-19 stalled the sector's recovery."Rough is performing really well; polished is still somewhat subdued," a spokesperson for the Antwerp World Diamond Centre (AWDC) told Rapaport News on Monday. "It's not like polished is flying out the doors any...Read More
RAPAPORT... The global market for secondhand hard-luxury goods is benefiting from emerging consumer trends that have intensified during Covid-19, according to Boston Consulting Group (BCG). The category is growing by 8% per year, the management firm said in a recent report.Rising online sales, changing consumer preferences and increased concerns about sustainability are driving demand for the...Read More
RAPAPORT... There was a moment during the 2019 Academy Awards ceremony that made the jewelry world stop and gasp. Lady Gaga, who would later that evening collect the coveted Oscar for best original song, stepped onto the red carpet in an Alexander McQueen dress, black leather gloves, and a storied yellow-diamond necklace by Tiffany & Co. The necklace's 128-carat center stone, which compan...Read More
RAPAPORT... Sotheby's will sell the largest vivid-purple-pink diamond ever to appear at auction, with expectations it could achieve up to $38 million at a November sale.The oval modified brilliant-cut, 14.83-carat, fancy-vivid-purple-pink, internally flawless, type IIa stone is set to go under the hammer at the Magnificent Jewels and Noble Jewels auction in Geneva on November 11, Sotheby's said Mo...Read More
(IDEX Online) - The world's largest vivid purple-pink diamond to be offered at auction could fetch $38m, says Sotheby's. The ultra-rare, IF-clarity, Type IIa 14.83-carat gem was mined and cut by Alrosa and is the largest pink rough diamond ever produced in Russia.It has been named after a celebrated Russian ballet, The Spirit of the Rose and will be offered at the Magnifi...Read More
RAPAPORT... Bonhams has hired Hans-Kristian Hoejsgaard, the former CEO of Baselworld owner MCH Group, as its chairman. He will replace Bruno Vinciguerra, who became global CEO of the auction house earlier this year.Hoejsgaard is the chairman of Swiss lingerie and textile company Calida Group, as well as non-executive director of MCH Group and Barclays Bank Switzerland, Bonhams said last week....Read More
(IDEX Online) - The proposed sale of the Ekati mine in Canada is off, after owners Dominion reached an "impasse" with its buyer's insurers. The troubled miner had hoped to complete the $146m sale next month to another subsidiary of its parent group, The Washington Companies.But they couldn't reach agreement on $280m of surety bonds posted with the Government of the Northwest Territo...Read More
(IDEX Online) - The vast new bourse being built in Surat is set to attract $20bn of exports from Mumbai and create 200,000 job when it opens next year. The world's largest office building - covering a site larger than The Pentagon in the USA - will boast nine 11-story towers, housing 4,400 offices and bringing merchants and manufacturers under one very big roof.The Surat Diamond Bo...Read More
RAPAPORT... Dominion Diamond Mines' sale of Ekati is off the table after the buyer failed to agree on an arrangement with insurers to cover future costs of the site.Affiliates of the Washington Companies, Dominion's owner, were due to acquire the Canada-located diamond mine for $126 million. However, talks between the purchaser and three issuers of surety bonds - Aviva Insurance Company of Ca...Read More
RAPAPORT... Ralph Vantyghem, the president of Canada's Vantyghem Diamonds, died on October 3 after a three-year battle with kidney cancer, according to a statement by his family. He was 72.Vantyghem and his wife, Arlette, grew up in Belgium, and later moved to Canada. In 1973, they founded Vantyghem Diamonds, an importer and wholesaler of loose stones, which expanded nationwide."He placed muc...Read More
(IDEX Online) - Alrosa's rough and polished sales bounced back to pre-Covid levels in September, as demand recovered.The Russian miner reported totals sales of $336m, up almost a quarter (23 per cent) on the same month last year ($258.7m). It again offered discounts and other incentives to buyers.Sales for September 2020 were the highest since February, ($346m) before widespread lockdowns and...Read More
(IDEX Online) - The world's first hackathon for the gem and jewelry world is to take place later this month.It's a two-day team event aimed at finding new and disruptive solutions to unique and complex issues in the industry.GemHack 2020 takes place over the weekend of 24 and 25 October, with participants competing remotely for cash prizes.Hackathons bring together computer programmers a...Read More
(IDEX Online) - Pandora has updated its financial guidance after re-opening more stores than expected, and reporting surprisingly brisk trade despite the pandemic.The Denmark-based jewelry chain also said online sales had rocketed by 89 per cent.It is now predicting slightly more encouraging organic growth for 2020 - down between 14 and 17 per cent, compared with previous guidance of between 14 an...Read More
RAPAPORT... Shares in Pandora jumped 17% Friday after a surge in online sales and the reopening of most of its stores led the company to lift its guidance for the full year.The Danish jeweler now expects revenue for the year to decline between 14% and 17%, compared to a drop of 14% to 20%, it said last week. Approximately 90% of Pandora's stores were open during the third quarter, with another 5%...Read More
RAPAPORT... Alrosa's sales rose for a second consecutive month in September as manufacturers returned to buying following a lengthy period of inactivity.Revenue from diamonds grew 30% year on year to $336 million, with rough sales up 28% to $328.2 million, the Russian miner reported Friday. Polished sales increased to $7.8 million from $2.2 million, reflecting the company's acquisition of dia...Read More
RAPAPORT... Dominion Diamond Mines' sale of Ekati is off the table after the buyer failed to agree on an arrangement with insurers to cover future costs of the site.Affiliates of the Washington Companies, Dominion's owner, were due to acquire the Canada-located diamond mine for $126 million. However, talks between the purchaser and three issuers of surety bonds - Aviva Insurance Company of Ca...Read More
RAPAPORT... The Natural Diamond Council (NDC) is looking to work more closely with retailers and the trade to take its marketing activities to the next level, CEO David Kellie explained in the latest episode of the Rapaport Diamond Podcast. Kellie stressed it would take an industry-wide effort to advance consumer desire for diamonds, and urged the trade to consider the jewelry featured i...Read More
RAPAPORT... Group revenue at Watches of Switzerland was stronger than expected during the second fiscal quarter as luxury products continue to perform well in both the US and UK markets.Sales rose 20% year on year to GBP 202.7 million ($262.6 million) for the first 10 weeks of the 13-week period ending October 25, the company said Tuesday. Revenue in the UK increased 13% to GBP 145.1 million...Read More