RAPAPORT... The coronavirus pandemic had a significant impact on the diamond supply chain in the first half of 2020, with businesses unable to operate and demand slumping. As retail sales dropped, jewelers had enough inventory to satisfy demand. This caused a dramatic reduction in polished and rough trading, which left mining companies with large inventories of diamonds they couldn't sell. In Rapa...Read More
RAPAPORT... Two industry groups have raised more than $27,000 to help jewelers whose stores sustained physical damage during the recent lootings in the US.Members of the industry donated to the Jewelers Relief Fund, a GoFundMe account created by the Diamond Council of America (DCA) and Jewelers of America (JA). The money was distributed directly to 10 independent jewelry stores whose premises...Read More
RAPAPORT... Baselworld owner MCH Group has established Houruniverse, a new trade fair for the watch, jewelry and gemstone industries that will run virtually throughout the year and feature an annual live event.Buyers and sellers can use the show's website to network and exchange information during the year. The live event, which will replace the canceled Baselworld show, will take place in Ap...Read More
RAPAPORT... The Gemological Institute of America (GIA) has teamed up with IBM Research to develop an automated system for grading the clarity of a diamond.The artificial intelligence (AI) technology uses data from tens of millions of diamonds GIA laboratories have examined in the past, applying the institute's existing grading standards. It's already in limited use at the GIA's New York and C...Read More
(IDEX Online)- Troubled Petra Diamonds has blamed the coronavirus pandemic for a 36 per cent drop in sales.The UK-listed miner is currently seeking a buyer as it faces mounting debts and says it's been dealt a significant extra blow by the combination of COVD-19, an already weak market and a series of power cuts affecting its mines in South Africa."The unprecedented impact of COVID-19 has sig...Read More
(IDEX Online) - De Beers is embarking on a huge modernization program that will affect all aspects of the business, CEO Bruce Cleaver said in a letter to staff.The move, in response to the COVID-19 pandemic, will include reviewing the way it sells rough stones, according to a report on the Bloomberg news website.It raises the possibility that the company's long-held tradition of holding Sight...Read More
RAPAPORT... The Diamond Development Initiative (DDI), which has worked to improve conditions for small-scale diamond miners for more than a decade, has merged with Resolve, an organization engaged in tackling social, health and environmental challenges.DDI will become a division within Resolve, called DDI@Resolve, with DDI executive director Ian Rowe serving as its director. DDI chairman and...Read More
RAPAPORT... Petra Diamonds' full-year sales dropped to their lowest level in almost a decade as the coronavirus aggravated an already weak rough market.Revenue fell 36% to $295.8 million in the fiscal year ending June 30, reflecting sluggish rough prices between July 2019 and February 2020 and a significant downturn during this year's Covid-19 pandemic, the company explained. Sales volume dec...Read More
RAPAPORT... Luk Fook's sales plunged 71% in the first fiscal quarter as the coronavirus continued to reduce foot traffic and tourism.Total same-store sales - at Luk Fook outlets open for more than a year - in Hong Kong and Macau dropped 76% in the three months ending June 30, the company said last week. Same-store sales of gold priced by weight slid 72%, while purchases of fixed-price jewelry...Read More
It's a sign of the remarkable times we're living through that a monthly drop in watch and jewelry sales of "only" 29.9 per cent sounds like good news.The year-on-year figure for May follows a devastating decline of 51.6 per cent* last month, and as such it hopefully indicates that recovery has begun and the worst of the coronavirus crisis is behind us. Lockdowns have been eased, st...Read More
RAPAPORT... The Diamond Development Initiative (DDI), which has worked to improve conditions for small-scale diamond miners for more than a decade, has merged with Resolve, an organization engaged in tackling social, health and environmental challenges.DDI will become a division within Resolve, called DDI@Resolve, with DDI executive director Ian Rowe serving as its director. DDI chairman and...Read More
RAPAPORT... Petra Diamonds' full-year sales dropped to their lowest level in almost a decade as the coronavirus aggravated an already weak rough market.Revenue fell 36% to $295.8 million in the fiscal year ending June 30, reflecting sluggish rough prices between July 2019 and February 2020 and a significant downturn during this year's Covid-19 pandemic, the company explained. Sales volume dec...Read More
RAPAPORT... Luk Fook's sales plunged 71% in the first fiscal quarter as the coronavirus continued to reduce foot traffic and tourism.Total same-store sales - at Luk Fook outlets open for more than a year - in Hong Kong and Macau dropped 76% in the three months ending June 30, the company said last week. Same-store sales of gold priced by weight slid 72%, while purchases of fixed-price jewelry...Read More
Market uncertainty continues as global coronavirus cases surpass 15M. Rise in Covid-19 infections disrupting efforts to reopen businesses in major diamond trading and cutting centers. Many Surat manufacturing units shut until end of July. US-China tensions fueling caution. Low expectations for next week's De Beers and Alrosa sales. Miners holding substantial rough inventory. Petra FY revenue -36%...Read More
(IDEX Online) - Alrosa says it will offer buyers "unprecedented" flexibility by halving their accumulated obligations to buy its diamonds.The company has been allowing increased deferrals since April and says that as a result volumes allocated for the second half of 2020 are nearly a third up on historical levels."Having considered the situation, Alrosa decided to reduce by 50 percent on average (...Read More
(IDEX Online) - The charity Jewelers for Children is holding a virtual version of its annual Rings of Strength event to support kids in need. Organizers hope participants will notch up a total of 6,000,000 steps - by walking, running, cycling or even lawn-mowing a 5k - during the upcoming virtual JCK Show (August 11 - 14). The usual format has been revised because of COVID-1...Read More
(IDEX Online) - Botswana must avoid all involvement with "synthetic diamonds" to protect its most valuable natural resource, said a government minister.Mmetla Masire told a parliamentary committee that engaging in their production or sale would compromise the value of its mined gems.Botswana is the world's second biggest diamond producing nation after Russia, and diamonds account for 70 per c...Read More
RAPAPORT... A twin-stone diamond ring sold for $9.3 million at Christie's Geneva Magnificent Jewels sale after "spirited bidding" from several participants competing via telephone, the auction house reported.The piece, created by designer Reza, features a pear modified brilliant-cut, 5.34 carat, fancy-vivid-blue, internally flawless diamond, and a pear brilliant-cut, 5.37-carat, D-color, inte...Read More
RAPAPORT... De Beers will allow clients to view goods in Antwerp and Dubai at next week's sight, with both the company and its Russian rival Alrosa maintaining their policies of enabling 100% deferrals.The two largest miners are continuing to offer flexibility to rough-diamond buyers amid weak polished demand and the partial shutdown of India's manufacturing sector. De Beers' July sight and A...Read More
RAPAPORT... Some Signet Jewelers team members will not return from furlough after the company restructured its store operations during the Covid-19 shutdown.The jeweler has recalled most of its furloughed employees, but has laid off an unspecified number, it noted. In June, the owner of Kay Jewelers, Jared and Zales announced it was closing 380 stores.The jeweler is moving toward a more digit...Read More