RAPAPORT... Jared will offer free virtual weddings to 1,000 couples who had to cancel or postpone their events due to the COVID-19 pandemic.The jeweler will begin holding the ceremonies, which are part of its #LoveCantWait campaign, at the end of May, it said Monday. The Signet Jewelers-owned banner will allow the couples to design a customized wedding, including selecting their own date, the...Read More
RAPAPORT... Lightbox, De Beers's lab-grown diamond jewelry brand, has delayed commissioning its new facility in Portland, Oregon, by a few months due to the COVID-19 pandemic."The building itself and plant infrastructure [are] already complete, and we are now in a phase of installing and commissioning the deposition equipment," Lightbox CEO Steve Coe said in an email to Rapaport News. "To ens...Read More
RAPAPORT... Mountain Province reported a loss in the first quarter as the stronger US dollar led to an increase in the miner's debts.The company posted a net loss of CAD 41 million ($29.1 million), compared with a profit of CAD 2.5 million ($1.8 million) in the same period of 2019. The appreciation of the US currency against its Canadian counterpart had a negative impact of CAD 30.8 million (...Read More
Trading limited but sentiment up slightly as Antwerp prepares to reopen trading floors on May 11. Select services returning to Israel Diamond Exchange. New York still on lockdown, restricting US diamond activity. 1 ct. RAPI +0.2% in April. Manufacturers curtailing rough purchases to ease liquidity pressure and focus on depleting polished inventories. Alrosa expected to reduce 2020 production guida...Read More
RAPAPORT... Signet Jewelers has reopened more than 130 US stores and is planning to unlock up to 50 more doors in time for Mother's Day as some states are allowing retailers to do business again. The company, which owns Kay Jewelers, Jared and Zales, has implemented initiatives to help it continue selling during the coronavirus pandemic, Bill Luth, Signet's executive vice president of global...Read More
JOHANNESBURG (miningweekly.com) – A full bench has heard the application for a judicial review of certain aspects of the Mining Charter gazetted in September 2018.Judge President Mlambo, judges Vally and Van Der Schyff reserved judgment on the application lodged by the Minerals Council South Africa on March 27, 2019, when the 180-day time limit came into effect for reviews under the Promotio...Read More
RAPAPORT... Lightbox, De Beers' lab-grown diamond jewelry brand, has delayed commissioning its new facility in Portland, Oregon, by a few months due to the COVID-19 pandemic."The building itself and plant infrastructure [are] already complete, and we are now in a phase of installing and commissioning the deposition equipment," Lightbox CEO Steve Coe said in an email to Rapaport News. "To ensu...Read More
(IDEX Online) - Diamond factory bosses are urging the Indian government to allow a partial return to work after the nationwide lockdown was again extended, to 17 May. Some other industries have resumed partial production after rules were relaxed to allow a third of workers to return, albeit with social distancing rules and frequent sanitizing. But the nature of the cutting and polishing process-...Read More
(IDEX Online) - Young Diamantaires have built and launched their own website - www.ydts.org - to help members grow their businesses. The group, part of the Antwerp-based World Federation of Diamond Bourses (WFDB), say it will function as a forum for discussion, networking, charitable activities. It will also cultivate leadership roles within the WFDB.Twenty-five members have alrea...Read More
RAPAPORT... Dominion Diamond Mines owes a combined CAD 1.2 billion ($820 million) to banks and other creditors, according to a court document it filed as part of its insolvency petition.While a large portion is due to businesses in the Northwest Territories, where Dominion operates its Ekati mine, the listing also shows a CAD 593,017 ($422,429) debt owed to the Diamond Producers Association (...Read More
RAPAPORT... The Israel Diamond Exchange (IDE) has become the latest bourse to revive operations, as trading centers around the world slowly return to action following lockdowns.Facilities including banks, the post office, customs, the diamond controller's office and the Brinks safety-deposit room opened on Sunday after being partially or entirely closed for several weeks, the IDE said this we...Read More
RAPAPORT... Didier Giard, president of the French Association of Gemmology (AFG), died suddenly on Sunday, the organization reported.Giard represented the fourth generation in a family of jewelers that dates back to 1887. As head of the AFG, he organized the Paris Gemmological Rendez Vous, which has taken place 17 times since 1998. He was also vice president of the Union Fran??aise de la Bijouteri...Read More
RAPNET PRESS RELEASE, May 6, 2020, Las Vegas... RapNet, the world's largest marketplace for diamonds and jewelry, is partnering with web technology company Thinkspace to provide cost-effective website solutions for jewelry retailers.The new alliance enables RapNet members to easily and quickly develop high-quality websites for their retail stores, immediately populated with RapNet's vast inventory...Read More
RAPAPORT... The Israel Diamond Exchange (IDE) has become the latest bourse to revive operations, as trading centers around the world slowly return to action following lockdowns.Facilities including banks, the post office, customs, the diamond controller's office and the Brinks safety-deposit room opened on Sunday after being partially or entirely closed for several weeks, the IDE said this we...Read More
(IDEX Online) - Pandora reported a first-quarter loss of $3.49m, as sales across its 7,300 outlets fell by 13 per cent. The Danish jewelry retail giant, best known for its charm bracelets, said it had been badly hit by COVID-19, but insisted it was in a "strong financial position" to withstand ongoing effects of the pandemic.The global pandemic forced Pandora to close most of its outlets, fir...Read More
(IDEX Online) - Diamond trading is resuming in Antwerp this week ahead of the re-opening of the city's four bourses on Monday. Trading halls at the Antwerp Diamond Bourse, the Antwerpsche Diamantkring, the Diamond Club of Antwerp and Vrije Diamnthandel have all been closed for business since 17 March after the Belgian government imposed a coronavirus lockdown. "A two-month break...Read More
RAPAPORT... De Beers has paused the application process for its new sightholder contract due to the impact of COVID-19 on its clients' business operations."We've...been looking at ways that we might lighten the load on our customers and give them more time to focus on supporting their core business," said Paul Rowley, the company's executive vice president for diamond trading, in a web broadc...Read More
RAPAPORT... Gem Diamonds has recovered a number of large, high-quality stones at its Let??eng mine in Lesotho, all found in the first week after production resumed following the COVID-19 lockdown.They include a 60-carat, light-yellow, type I diamond, and three D-color, white, type II diamonds weighing 87, 66 and 23 carats, the company said Monday. It also found several diamonds over 10.8 cara...Read More
RAPAPORT... Alrosa has suspended production at two of its less profitable mines, citing the heavy impact of the coronavirus on diamond demand. The company will also rethink its group output plan for 2020 at its board meeting later in May. The Aikhal underground deposit will be on care and maintenance from May 15 to September 30, while mining will cease at the Zarya open-pit operations fr...Read More
RAPAPORT... Pandora reported a loss in the first quarter following global store shutdowns amid the coronavirus outbreak.The company posted a loss of DKK 24 million ($3.5 million), compared with a profit of DKK 797 million ($115.8 million) the previous year, the Danish charm maker said Tuesday. The loss was driven by the global shutdown of all the company's stores during the period as the COVI...Read More