RAPAPORT... Can my company survive this crisis? How long will the shutdown last? Should I lay my workers off? Should I apply for government support? The coronavirus outbreak has left US jewelers with a string of questions. There aren't many definitive answers yet, as the outbreak has shown signs of worsening before it gets better, and estimates vary as to the severity of the economic impact....Read More
RAPAPORT... Pandora has hired two new marketing executives to head the global business units that it established recently as part of its strategic reorganization.Frederique Gouzard will lead the "moments" global unit, which includes charms and collaborations, the Danish jeweler said Monday. She was previously a global brand marketing director for De Beers Diamond Jewellers (now De Beers Jewel...Read More
RAPAPORT... Tiffany & Co. has donated $1 million to aid efforts to stem the spread of COVID-19, with a portion allocated toward providing essential medical supplies to New York.The jeweler will contribute $750,000 to the COVID-19 Solidarity Response Fund for the World Health Organization (WHO), it said Monday. Those funds will help countries around the world prevent, detect and respond to...Read More
RAPAPORT PRESS RELEASE, April 7, 2020, Las Vegas... Diamond prices fell in March as the spreading coronavirus led to a dramatic decline in the global economy. Diamond markets are under pressure and facing a severe liquidity crisis as jewelry retail, diamond manufacturing and trading shut down.The RapNet Diamond Index (RAPI?,,?) for 1-carat diamonds dropped 6.8% during the month and 8.7% in the fir...Read More
RAPAPORT... The Jewelers Board of Trade (JBT) will issue two parallel credit ratings for companies during the current crisis to reflect the impact of the shutdown on cash flow.The organization's credit reports, which score jewelers' debt history, will include one rating using its usual methods, mirroring the realities of COVID-19, and a second showing the situation before the downturn.The JBT offe...Read More
RAPAPORT... A rough diamond changes hands at least five times before it reaches the cutting wheel, an industry veteran explained to my amazement when I first started writing about the market. A polished stone is traded even more often before being set into a piece of jewelry, he continued.The journey a diamond undergoes from mine to finger is truly a global one. It can be unearthed in Lesotho, sol...Read More
(IDEX Online) - Anglo American, parent company of De Beers, has detailed a wide-ranging package of health and social care measures for its 90,000 employees worldwide during the coronavirus crisis. It includes paying all its 47,000 employees in South Africa, during the current 21-day lockdown, and making its hospital and other healthcare facilities available to Covid-19 patients. The company is als...Read More
RAPAPORT... Gem Diamonds' average selling price fell 6% to $1,615 per carat in the first quarter compared with the previous three months, the company said Monday.The miner brought in $6.7 million from its second flexible tender of large, high-quality rough from the Let??eng mine in Lesotho. The first flexible tender yielded $12 million. The company also sold $7.8 million during the quarter at...Read More
(IDEX Online) - Billionaire British jeweler Laurence Graff has launched a perfume range inspired by his 302.37-carat emerald-cut Lesedi La Rona diamond.A collection of six fragrances are being sold in bottles shaped like the iconic stone at $340 for 100ml.Mr Graff, 81, paid $53m in 2017 for a rough 1,109-carat stone discovered by Lucara at their Karowe Mine, in Botswana. It was the world'...Read More
RAPAPORT... The World Federation of Diamond Bourses (WFDB) has adopted Get Diamonds as its official trading platform, the organization's president Ernie Blom told Rapaport News. The WFDB's executive committee agreed in a Zoom meeting on Sunday night to support the platform, which until now has been run by the Israel Diamond Exchange (IDE). That includes funding its development and preparing a...Read More
RAPAPORT... Mining at Rio Tinto's Argyle deposit in Australia is proceeding as usual, despite a lockdown amid the coronavirus pandemic.The company has received full approval from the Western Australian state government to continue its production operations prior to the mine's expected end of life later this year, it told Rapaport News Monday. Operations are also in full swing at Diavik, the C...Read More
RAPAPORT... De Beers is using its mining sites in Botswana and its technology production center in the UK to help the fight against COVID-19.Debswana, the company's joint venture with Botswana, is making facilities available for the government to use as treatment or isolation centers, parent company Anglo American said Monday. It's offering two of its ambulances, and compiling databases of re...Read More
LSE-listed Gem Diamonds’ second round of the flexible tender sales process has been concluded and raised a further $6.7-million for a selection of large, high-quality diamonds recovered at its Letšeng mine, in Lesotho.The company achieved an average value of $1 615 /ct for the first quarter of 2020.AdvertisementThe flexible tender sales process was put in place as a result of th...Read More
RAPAPORT... De Beers is using its mining sites in Botswana and its technology production center in the UK to help the fight against COVID-19.Debswana, the company's joint venture with Botswana, is making facilities available for the government to use as treatment or isolation centers, parent company Anglo American said Monday. It's offering two of its ambulances, and compiling databases of re...Read More
(IDEX Online) - A US jeweler who was shot in one of several robberies at his store has died of coronavirus-related complications.Randy Flatau, 70, had run Randy's Fine Jewelers, in Beaumont, south-east Texas, selling jewelry and watches for several decades.He hadn't traveled recently, but reportedly had underlying health issues.Relatives told the local KFDM TV channel he was a great man...Read More
RAPAPORT... Phillips has pushed back the date of its Hong Kong Jewels and Jadeite sale due to restrictions arising from the COVID-19 pandemic.The auction was slated for the week of May 31 to June 2 along with a number of other spring sales, including its Hong Kong watch auction, Phillips said Monday. Those events are now scheduled to take place the week of July 5."As we navigate through these...Read More
JOHANNESBURG (miningweekly.com) – Diversified mining company Anglo American is going to remarkable lengths to support South Africa through the devastating Covid-19 crisis.The London- and Johannesburg-listed company, headed by Australian Mark Cutifani, is showing far-reaching corporate humanitarianism by taking firm steps to support employees, host communities, contractors, suppliers, hospita...Read More
RAPAPORT... The recent declines in diamond trading and pricing follow a rise in supply and a severe drop in demand, Rapaport Senior Analyst Avi Krawitz explained in a webinar last week. The presentation, titled "Understanding the Impact of the Coronavirus on the Diamond Market," highlights some of the ways the pandemic is changing the trade, along with an opportunity to ensure a return to growth w...Read More
RAPAPORT... Alrosa CEO Sergey Ivanov has sold a portion of his stake in the company to help fight the COVID-19 pandemic.Ivanov offloaded half of his shares in the Russian mining company for RUB 18.5 million ($241,670), Alrosa said last week. The proceeds of the sale will be donated to help stem the spread of the coronavirus in the Mirny district of Yakutia, where Alrosa operates."All proceeds...Read More
RAPAPORT... The Kimberley Process (KP) is trialing the use of digital certificates for rough-diamond shipments, claiming the method will increase efficiency and reduce fraud.Russia, which is chairing the global certification scheme this year, will test the idea with exports to select countries, a spokesperson for the country's KP operation told Rapaport News. Participating nations will identify of...Read More