(IDEX Online) - A pioneering new app uses facial recognition-type technology to positively identify diamonds and combat fraud.It allows anyone in the jewelry industry with an iPhone or iPad and a $50 outlay to start registering and verifying diamonds using a special viewer that fits over the camera lens.Tech firm GemEx says its patented DiamondEye is the only affordable ID system in the marketplac...Read More
(IDEX Online) - An Indian laborer who leased a tiny square of land to dig for diamonds has unearthed a 10.69 carat stone valued at $67,000. Anandilal Kushwaha, 35, paid just $2.70 for the six-month rights to a 25ft by 25ft patch in an area of Panna, Madhya Pradesh, known for its diamond deposits. The stone will be auctioned by the mineral resources department and Mr Kushwaha says he'll share...Read More
(IDEX Online) - Alrosa is investing $12m seeking out new diamond reserves in Zimbabwe.The Russian state miner announced a joint venture in December 2018 with the national miner Zimbabwe Consolidated Diamond Company (ZCDC), and is now embarking on two-years of prospecting and preliminary exploration works for primary diamond deposits.Zimbabwe is hoping to exploit its rich diamond reserves and...Read More
RAPAPORT... The Jewelers Board of Trade (JBT) reduced companies' credit scores at an "unprecedented" rate in the second quarter as businesses missed payments during the Covid-19 crisis.Many jewelers that bought on terms of 90 days or less before the pandemic were unable to meet their obligations to suppliers because revenues dried up during lockdowns. As a result, the JBT downgraded 1,70...Read More
RAPAPORT... Alrosa will spend $12 million over the next two years prospecting and developing several diamond deposits in Zimbabwe.The government has allowed the Russian miner to begin exploration through Alrosa Zim, a joint venture with national miner Zimbabwe Consolidated Diamond Company (ZCDC). Geologists will start sampling and trenching this month in selected zones in the provinces of Mat...Read More
RAPAPORT... Independent US jewelers have weathered the Covid-19 crisis well, but face a serious challenge if the pandemic persists, according to Jewelers of America (JA) CEO David Bonaparte."Mainstream mom-and-pop retail jewelers, especially the ones that are in a standalone location, aren't doing that badly," Bonaparte said Monday in an interview with Rapaport News. "And they're starting to...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
(IDEX Online) - A new State of the Industry report in Australia reveals that nine out of 10 stores that were selling fashion jewelry in 2010 have since closed.Six of the seven chains that were then trading have either collapsed or moved entirely online, according to Jeweller magazine, which researched the report.There were 378 fashion jewelry stores across the country in 2010, it says. Ninet...Read More
(IDEX Online) - An Australian goldsmith has crafted the world's most expensive chess set, costing $4m.The pieces are made of 18k white gold, adorned with a total of 513 carats of fine white diamonds, South Sea pearls and AAA Ceylon Blue sapphires. Colin Burn's Pearl Royale chess pieces replicate those from the standard 1849 Staunton set found in millions of homes, made origina...Read More
(IDEX Online) - Fugitive Indian jeweler Mehul Choksi is facing new charges, that he sold lab-grown diamonds, claiming they were mined.He is already a key suspect, along with his nephew Nirav Modi, in an alleged $1.85bn fraud against the Punjab National Bank (PNB).New charges brought by India's Enforcement Directorate (ED) detail claims that he cheated top executives in India, Dubai, Hon...Read More
RAPAPORT... Swatch Group, the owner of Harry Winston and Omega, recorded the first half-year loss in its history as the coronavirus devastated sales from February onward.Sales dived 46% to CHF 2.2 billion ($2.34 billion) in the six months ending June 30 as the pandemic forced the closure of up to 80% of stores. This led to a loss of CHF 308 million ($328 million), compared with a profit of CH...Read More
RAPAPORT... Petra Diamonds has sold three exploration projects to Botswana Diamonds for $300,000, the mining companies announced Monday.The transaction includes Petra's KX36 project, a kimberlite in Botswana the miner discovered in 2010, as well as two other prospecting licenses in the country, and a bulk-sampling plant. Botswana Diamonds will acquire the assets by buying holding company Seka...Read More
RAPAPORT... Swiss watch exports dropped heavily in June as continued slowdowns in Hong Kong and the US outweighed a recovery in China.Total shipments fell 35% year on year to CHF 1.13 billion ($1.21 billion), the fourth consecutive monthly decline, the Federation of the Swiss Watch Industry reported Tuesday. "Watch exports continued to fall sharply in June, albeit with some possible hints of...Read More
RAPAPORT... The coronavirus pandemic has accelerated the use of technology in the diamond supply chain, diminishing the fear that many in the industry had toward embracing innovation, according to David Block, CEO of Sarine Technologies."The fear of utilizing technology is in many ways dissipating because of Covid-19, as people have to use it to communicate [with their customers]," Block said...Read More
(IDEX Online) - A rare 21.52-carat Colombian emerald ring with two half-moon diamonds sold for its high estimate of $1.2m at Phillips, in Hong Kong.It was the lead item in a sale that realized a total of $6m, a 54 per cent increase on the auction house's Jewels and Jadeite sale last year.There were a record number of online bids from 20 countries, a 163 per cent increase on the previous year....Read More
(IDEX Online) - Gemist, the pioneering "try and buy" online jewelry retailer, has announced an investment from the innovation division of De Beers.The Los Angeles-based company is the first platform that allows buyers to design their own ring or earrings from a smartphone or other device.They select the stones, metals and settings of their choice and have them made to their exact specifications to...Read More
RAPAPORT... Mountain Province anticipates the market for rough diamonds will start to improve toward the end of the third quarter when retailers prepare for holiday sales."While prices in the post Covid-19 period remain under pressure, the demand for rough diamonds is gradually opening up, with demand for certain categories being demonstrated," CEO Stuart Brown said last week. Covid-19 issues...Read More
(IDEX Online) - The lab-grown and mined diamond sectors have "called a truce" as they unite against the common enemy of declining demand, claims an expert writing for business magazine Forbes. More and more jewlers are now selling them side by side, argues writer and market researcher Pamela N. Danziger, as the producers of both lab-grown and mined diamond each provide a more clearly defined...Read More
RAPAPORT... Poly Auction's Magnificent Jewels, Watches and Handbags sale garnered HKD 91.9 million ($11.9 million), with a number of diamond pieces selling within expectations.A jadeite necklace with a diamond and ruby clasp was the top lot at the July 8 auction, fetching $3 million. Some 76% of lots were sold at the Hong Kong auction.Other notable items included a round brilliant-cut, 10.01-...Read More
RAPAPORT... Alrosa has embarked on a restructuring at its Mirny mining division that will allow it to reduce operating costs while limiting job losses.The Russian miner has merged the processing-plant team with several other units, thereby eliminating the need for some jobs, it said last week.The move will affect 670 of Mirny's approximately 2,600 workers, with most of them moving into vacant...Read More