RAPAPORT... The number of jewelry stores operating in the US fell 4.2% year on year to 24,280 in the first quarter as exits from the industry more than doubled, according to data from the Jewelers Board of Trade (JBT).The number of companies leaving the sector rose to 323 for the quarter, from 125 in the same period of 2019, the JBT's figures showed. The number of new businesses declined 19%...Read More
RAPAPORT... The World Federation of Diamond Bourses (WFDB) has named Yoram Dvash as acting president following Ernie Blom's decision to stand down temporarily.The WFDB's executive committee elected the Israel Diamond Exchange president in a Zoom meeting Sunday, it said in a statement. He had already been named president designate at a previous WFDB congress."The diamond industry, like all oth...Read More
RAPAPORT... The World Federation of Diamond Bourses (WFDB) has named Yoram Dvash as acting president following Ernie Blom's decision to stand down temporarily.The WFDB's executive committee elected the Israel Diamond Exchange president in a Zoom meeting Sunday, it said in a statement. He had already been named president designate at a previous WFDB congress."The diamond industry, like all oth...Read More
RAPAPORT... The World Federation of Diamond Bourses (WFDB) has named Yoram Dvash as acting president following Ernie Blom's decision to stand down temporarily.The WFDB's executive committee elected the Israel Diamond Exchange president in a Zoom meeting Sunday, it said in a statement. He had already been named president designate at a previous WFDB congress."The diamond industry, like all oth...Read More
RAPAPORT... Michael Hill's sales fell 12% in the third fiscal quarter as stores closed due to the coronavirus pandemic.Group revenue dropped to AUD 105.1 million ($66.8 million) in the three months ending March 31, the jeweler reported last week. The company was forced to close all its retail locations in Canada on March 20, and shut stores in Australia and New Zealand a few days later. Same-...Read More
(IDEX Online) - Bosses at Anglo American are donating 30 per cent of their earnings to coronavirus charities. Board directors and group management committee members have made a three-month pledged, which will total more than $1m. The company's Anglo American Foundation will match their donations dollar for dollar. Anglo American is one of the world's largest mining businesses and is pare...Read More
Diamond bourses organisation, the World Federation of Diamond Bourses (WFDB), has elected Yoram Davash as president.His election took place at a meeting of the executive committee of the WFDB held via Zoom.AdvertisementHe had already been elected president designate at a previous congress of the organisation.Davash succeeds Ernie Blom as president.AdvertisementThe president of the organisation cha...Read More
RAPAPORT... Rio Tinto has maintained its diamond-production outlook for 2020 despite market shutdowns due to the coronavirus pandemic.The miner expects to produce between 12 million to 14 million carats from its Argyle mine in Australia and its Diavik deposit in Canada during the year, it noted Friday. The forecast comes even as diamond output dropped 10% year on year in the first quarter. Th...Read More
RAPAPORT... De Beers' mining operations in Botswana have been on hold for more than two weeks amid a national lockdown, the company told Rapaport News.Debswana, the company's joint venture with the government, paused activities on April 2 when the coronavirus-related restrictions began, a De Beers spokesperson said Friday. The miner had not previously disclosed its full response to the Botswana lo...Read More
(IDEX Online) - A diamond weighing 50.36 cts has been recovered as work continues behind closed doors at the Grib mine, in Archangelsk, northern Russia. Owners AGD Diamonds say the transparent, regular-shaped, jewelry-grade stone was found during lockdown on 13 April. "The exclusive jewelry grade diamond became the second large diamond mined by company's specialists this year," it told the g...Read More
RAPAPORT... LVMH saw a slump in jewelry and watch sales in the first quarter as the COVID-19 pandemic led to the closure of most of its global stores.Revenue for the category fell 24% to EUR 792 million ($861.3 million) for the three months ending March 31, the company said last week. The spread of the outbreak affected luxury products in all the company's major markets. "The economic environ...Read More
(IDEX Online) - The Fancy Color Research Foundation says COVID-19 has hit trade so badly that it won't be publishing its regular quarterly index. Its Fancy Color Diamond Index (FCDI) has been tracking changes in wholesale buying prices of yellow, pink and blue stones since 2015. But government lockdowns and travel restrictions have brought trading in fancy color diamonds to a virtual halt and...Read More
(IDEX Online) - Russian mining giant Alrosa aims to meet its full-year production target for 2020, despite coronavirus. It recovered 8m cts in the first quarter, a drop of nine per cent on Q1 2019, but says the outlook for the whole year remains at 34.3m cts. That figure that was reduced late in 2019 from 38.7m cts. State-owned Alrosa produces around 25 per cent of diamonds globally, and almost 30...Read More
RAPAPORT... Alrosa maintained its production forecast for 2020 as the company reduced its rough-diamond stockpiles in the first quarter despite weak market conditions.The miner expects production to rise 11% to 34.2 million carats this year, it said Thursday, but cautioned that its ability to sell will depend on the coronavirus situation. "The diamond industry started 2020 in a good shape as...Read More
Diamond industry under stress as mining, manufacturing and retail centers remain closed during COVID-19 lockdown. US government starts $2.2 trillion stimulus to help relieve liquidity pressures as new unemployment claims exceed 20 million in April. US retail sales slide -6.2% in March. China retail reopening to light traffic. Chow Tai Fook 4Q China same-store sales -50%, Hong Kong/Macau -65%. Some...Read More
RAPAPORT... Five major watch brands have pulled out of the 2021 Baselworld show, prompting organizers MCH Group to consider the event's future.Rolex, Patek Philippe, Chanel, Chopard and Tudorwill launch a new fair in Geneva in early April 2021 alongside the Watches & Wonders show (formerly SIHH), they said Tuesday.The five companies cited Baselworld's postponement of its 2020 edition to J...Read More
RAPAPORT... Lucapa Diamond Company has created a partnership with a high-end diamantaire to cut and polish a portion of rough from the Mothae mine in Lesotho.The miner sought the deal after coronavirus lockdowns halted sales of its diamonds through regular tenders in Belgium, the company said Tuesday. The diamantaire purchased 3,963 carats from Mothae for $2 million, or $505 per carat. That i...Read More
(IDEX Online) - The future of Baselworld, the world's largest watch and jewelry event, is hanging in the balance after an exodus of five big-name exhibitors.Rolex, Patek Philippe, Chanel, Chopard and Tudor all said they were pulling out of the show - rescheduled for January 2021 because of coronavirus - in protest at the new date and refund policy.The brands they have joined...Read More
(IDEX Online) - Canada's Renard diamond mine is to remain closed, even though a coronavirus ban on its operations was lifted yesterday. Owners Stornoway Diamond say it will remain on care and maintenance because the rough market is so depressed. The company said 540 workers would be affected and 50 would remain on site at in the James Bay region of north-central Quebec. Work was suspended at...Read More
RAPAPORT... US retail sales saw the largest monthly drop ever recorded, as stores were ordered to shut down amid the COVID-19 pandemic.Total purchases fell 6% year on year in March, and 9% compared to February, according to data the National Retail Federation (NRF) reported. The slowdown was even steeper than the 4.3% decline in November 2008, during the Great Recession. NRF based these numbe...Read More