(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
(IDEX Online) - Alrosa and De Beers have both reported disastrous Q2 sales - down over 90 per cent - because of COVID-19.The two miners, who account for more than half of all diamonds produced globally, said they'd been by an unprecedented slump in demand.Alrosa's rough sales were down 91 per cent year on year to $74.1m and De Beers' fell 96 per cent to $56m.Both companies hav...Read More
(IDEX Online) - Lucara is to sell all its larger rough diamonds through the Antwerp-based HB Group in what it describes as a "groundbreaking partnership".The Canadian miner has a reputation for high-value type IIa diamonds at its Karowe Mine, in Botswana, and was proud to announce its discovery of the 1,758-carat Sewelo (pictured), the world's second largest diamond, last April.It has been st...Read More
(IDEX Online) - A New York businessman who allegedly promised investors huge returns from wholesale jewelry deals has been charged with running a $200m Ponzi scheme.Gregory Altieri, 53, lured them with returns of up to 70 per cent within five months on cash used to buy jewelry at closeout prices during the two-year scheme, according to district court papers for the for the Eastern District of New...Read More
RAPAPORT... US retailers recorded their first year-on-year sales growth since the beginning of the year in June, as more businesses began to reopen following coronavirus-related lockdowns, according to government data.Revenue for the month grew 1.1% over the same period last year, and rose 8% over May's figure, data from the US Census Bureau showed."The retail sales numbers from last month were ve...Read More
RAPAPORT... De Beers has invested in jewelry company Gemist, which enables customers to create customized jewelry online and try it at home prior to purchasing.Shoppers can choose from a variety of stones, metal and settings to create a piece, then use the company's "try-and-buy" system that provides them with a no-cost replica of the jewelry. If they decide they like it once they've tried it...Read More
RAPAPORT... Diamond production at Rio Tinto dropped 7% year on year in the first half of 2020 as the miner recovered lower-grade ore at its Diavik mine in Canada.The company's share of production at the Argyle and Diavik mines came to 7.7 million carats for the six months ending June 30, it said last week. Diavik yielded 1.8 million carats for the company, a 17% decrease compared to the same...Read More
RAPAPORT... Australian jeweler Michael Hill reported a sharp drop in revenue during the fourth quarter, as the coronavirus pandemic forced it to shut down most of its stores.Group sales slumped 61% to AUD 133.1 million ($93.1 million) during the three months that ended June 30, with drops across all markets, the company said last week. Same store sales - at branches open more than a year - fe...Read More
RAPAPORT... Australian jeweler Michael Hill reported a sharp drop in revenue during the fourth quarter, as the coronavirus pandemic forced it to shut down most of its stores.Group sales slumped 61% to AUD 133.1 million ($93.1 million) during the three months that ended June 30, with drops across all markets, the company said last week. Same store sales - at branches open more than a year - fe...Read More
RAPAPORT... Australian jeweler Michael Hill reported a sharp drop in revenue during the fourth quarter, as the coronavirus pandemic forced it to shut down most of its stores.Group sales slumped 61% to AUD 133.1 million ($93.1 million) during the three months that ended June 30, with drops across all markets, the company said last week. Same store sales - at branches open more than a year - fe...Read More
(IDEX Online) - The businessman who launched the Cofix chain of no-nonsense coffee shops in Israel is now moving into lab-grown diamonds.Avi Katz has just opened the first X Lab Diamonds store at a mall near Tel Aviv and plans a roll-out to London and Moscow, as well as more locations within Israel.His introduction in 2013 of a fixed five-shekel ($1.50) price for coffee and a range of other drinks...Read More
(IDEX Online) - US rapper Gucci Mane has spent $250,000 having his teeth studded with diamonds.The Hip Hop star, aged 40, already owns a a 35-carat diamond pinky ring, which was a $1m gift from his wife, Keyshia Ka'oir Davis, an Audemars Piguet Royal Oak Baguette watch (also $1m) and Three Amigos platinum chains, valued at $250,000.Now he's been showing off a video of his newly-sparkling...Read More
RAPAPORT... De Beers' sales and production nosedived in the second quarter as the coronavirus crushed diamond demand throughout the pipeline and forced shutdowns at several mines."Demand for rough diamonds was significantly impacted by a combination of Covid-19 restrictions [affecting] consumer demand and access to southern Africa, as well as severely limited midstream cutting-and-polishing...Read More
RAPAPORT... Lucara Diamond Corp. will sell all its rough diamonds over 10.8 carats through a manufacturing partnership with HB Group that will provide the miner with regular income during the market slowdown.HB, founded by Antwerp-based diamantaire Oded Mansori, will purchase any special-size rough produced from Lucara's Karowe mine in Botswana through the end of the year, the mining company...Read More
RAPAPORT... The current plight of Petra Diamonds is a frustrating example of the impact Covid-19 has had on the diamond industry, highlighting the lack of readiness for such a downturn.As an important mid-tier diamond miner, the company has annual production of around 3.5 million to 3.8 million carats, but is burdened by high debt from its efforts to extend the life of its operations and maintain...Read More
RAPAPORT... Sales at Richemont's jewelry brands plummeted in the first fiscal quarter as the coronavirus forced the company to shut most of its stores in major markets.Proceeds from the group's jewelry maisons, which include Cartier, Van Cleef & Arpels and Buccellati, dropped 41% to EUR 1.08 billion ($1.24 billion) in the three months ending June 30, the company said Thursday. Sales at wa...Read More
RAPAPORT... Alrosa's sales and production slumped to their lowest levels in over a decade in the second quarter amid unprecedented weak demand for rough diamonds during the coronavirus crisis.Rough sales fell 91% year on year to $74.1 million, lower than during the 2009 slowdown, as the miner allowed its contract customers to defer purchases to later in the year. Sales volume dropped 92% to 6...Read More
Diamond markets quiet amid new wave of coronavirus infections. Demand selective with dealers filling specific orders from US and Chinese jewelers. Midstream inventory reduced as manufacturers limit rough buying. Lucara to sell 10.8 ct.+ rough to HB Group for price based on polished outcome. De Beers 2Q production -54% to 3.5M cts., sales -96% to $56M, 1H prices -21% to $119/ct. Alrosa production -...Read More
RAPAPORT... The current plight of Petra Diamonds is a frustrating example of the impact Covid-19 has had on the diamond industry, highlighting the lack of readiness for such a downturn.As an important mid-tier diamond miner, the company has annual production of around 3.5 million to 3.8 million carats, but is burdened by high debt from its efforts to extend the life of its operations and maintain...Read More
(IDEX Online) - A memorial to Cecil Rhodes, founder of the De Beers diamond empire, has been beheaded in South Africa.Damage to the statue, at the top of Table Mountain, Cape Town, was discovered on Monday. Nobody has claimed responsibilty for the attackCalls to remove monuments to Rhodes - accused of being a racist, a white supremacist and the father of apartheid - have intensified since the...Read More