RAPAPORT... Swiss watch exports rose 4.4% to CHF 1.74 billion ($1.72billion) in March as UK retailers continued to stockpile in preparation forBrexit. "The UK was a special case once again, because ofstockpiling in the run-up to Brexit," the Federation of the Swiss WatchIndustry reported last week. "Other European markets continued to lose ground." Exports to the UK rose 76% to CHF 134.7 million (...Read More
RAPAPORT... Kering noted strong sales in its jewelry-and-watch divisionin the first quarter, amid growing Asian demand and a positive reception at the Salon International de la Haute Horlogerie (SIHH) fair in Geneva. "Jewelry delivered solid growth, thanks in particular to thesuccess of creations by Boucheron, Qeelin and Pomellato," the company said lastweek. New watch modelsthe retailer unveiled...Read More
RAPAPORT... De Beers jewelry subsidiary Forevermark has promoted chiefoperating officer Nancy Liu to CEO, as Stephen Lussier steps back. She will take over the day-to-day running of the brand,allowing Lussier, who has been CEO since 2009, to increase his focus on shapingDe Beers' strategy at the consumer level, the company said last week. He willalso continue in his position as Forevermark chairma...Read More
De Beers Group announced that Nancy Liu will become the new Forevermark CEO, stepping up from her current role as COO and taking over the day to day responsibility for the diamond brand. Stephen Lussier will continue to oversee the strategic role Forevermark plays within the Group's brand portfolio as Forevermark Chairman. "This is a moment of great opportunity for diamonds. As symbols of nature,...Read More
On April 23, the 13th OECD Forum on Responsible Mineral Supply Chains will take place in Paris, France. The World Diamond Council (WDC) will be an active participant at the event and during the event the Ad Hoc Committee of the Kimberley Process (KP) will also meet.In a blog, WDC Stephane Fischler emphasized the increasing importance of the OECD forum to the mineral extraction industry, noting tha...Read More
According to the South African publication the Sunday Telegraph, Anglo American, the parent company of the De Beers Group, has mobilized no less than three investment banks - Morgan Stanley, Goldman Sachs and Centerview - to help thwart a hostile takeover bid from the well-known mining tycoon Anil Agarwal. Agarwal currently holds 20 percent of Anglo American, by means of his holding comp...Read More
Jewelers Mutual Insurance Company has taken steps to modernize its corporate structure and become a mutual holding company, while retaining its long-term focus and dedication to its policyholders - and preserving its mutuality. This change allows Jewelers Mutual to preserve its core mutuality and membership control while operating under a more flexible structure that better enables it to operate i...Read More
RAPAPORT... Swiss watch exports rose 4.4% to CHF 1.74 billion ($1.72billion) in March as UK retailers continued to stockpile in preparation forBrexit. "The UK was a special case once again, because ofstockpiling in the run-up to Brexit," the Federation of the Swiss WatchIndustry reported last week. "Other European markets continued to lose ground." Exports to the UK rose 76% to CHF 134.7 million (...Read More
Lukewarm investor sentiment for natural diamonds seems to contradict the stable demand and favourable supply forecasts for natural diamonds, US-based diamond analyst Paul Zimnisky notes in a statement released last week. He recalls that during State-owned Russian diamond company Alrosa’s Capital Markets Day, on March 18, the company noted that the questions most frequently asked during one-o...Read More
Russia’s predominantly State-owned global diamond mining major, Alrosa, and Angola’s State-owned national diamond mining company, Endiama, signed a memorandum of understanding (MoU) early this month.This marks the latest stage in the development of the relationship between the two entities, which have been cooperating for more than 25 years. They are the cofounders and main shareholder...Read More
The world's top diamond producer by output, Alrosa (MCX:ALRS), announced this week the launching of diamond production at its Zarya pipe in Yakutia, eastern Russia.The new 300-meter deep deposit, operated by the Aikhal Mining and Processing Division and which started to be prepared for mining in 2016, is expected to have a mine life of over 10 years.To prepare the Zarya pipe, 14 million cubic mete...Read More
South Africa's Petra Diamonds (LON:PDL) has found yet another big rock at its iconic Cullinan mine, the third coloured diamond over 100-carats since March that has been unearthed at the operation.It is the third Type II D-colour gem-quality diamond weighing more than 100 carats recovered at Cullinan since MarchThe 209.9 carat, D colour, Type II gem-quality diamond is also the fourth such stone d...Read More
Polished market slow amid tight liquidity. Business activity disrupted by national elections. Parcels of 0.30 to 0.50 ct. diamonds selling better than certs. Manufacturers reducing polished production, leading to selective shortages. Steady US demand for 1 ct., SI-I1 diamonds supporting the trade. Dealers expecting more trading to shift from Mumbai to Surat in coming years. RoundRead More
Sentiment mixed, with slow trading before Easter andPassover. Selective buyers looking for 3X (X3) fine VS-SI diamonds. Steady USdemand for 1 to 1.50 ct. goods ahead of summer wedding season. Diamond cuttersreducing production and seeking to offload excess 0.30 to 0.50 ct. inventory.Alrosa 1Q sales -37% to $988M, rough-price index -3%. Chow Tai Fook and LukFook signal slowdown during Chinese New Y...Read More
RAPAPORT... Gitanjali Gems, whose chairman is a suspect in India'slargest bank fraud, is expected to go into liquidation, after its lendersrejected a recovery plan.Creditors voted by a 54% majority on March 28 not to extend Gitanjali's "corporate-insolvency resolution process," a six-month window during which a company's ability to repay its debts is assessed. That process therefore lapsed on...Read More
RAPAPORT...What's the current state of the rough, polished and retail markets?Avi Krawitz, Rapaport's Senior Analyst and News Editor, analyzes the key trendsin this hour-long webinar. Click here for more.Read More
RAPAPORT... Alrosa has started diamond production at a newdeposit in Yakutia with an expected mine life of 11 years, it said Wednesday. The Zarya pipe will help compensate for the diminishing resources at the miner's Komsomolsky open-pit site, Alrosa noted. It will havethe capacity to process 1.25 million tonnes of ore per year. Zarya, which is inthe Aikhal division, cost the Russia-based min...Read More
RAPAPORT... Two Sotheby's New York auctions brought in a combined $21.5million Wednesday, with a blue-diamond ring achieving the top price. The cut-cornered square modified brilliant-cut, 3.24-carat,fancy-intense-blue, VVS1-clarity diamond ring, flanked by two pear-shapeddiamonds, fetched $2.3 million, or $709,877 per carat. It had been estimated at $2.5million to $3 million for the Magnificent Je...Read More
Alrosa reported the results for its diamond production during the first quarter of 2019. The company mined and processed 7.8 million carats, an increase of 18 percent compared to the first quarter of 2018. Alrosa sold 10.6 million carats for $1billion, an increase of 19 percent for the quarter. The average diamond recovery per ton was 1.23 carat. Of the 10.6 million carats sold, some 7.9 mi...Read More
RAPAPORT... The US government wants the jewelry industry to declare the origin of all materials in products, trade organizations learned this week.State Department officials met with industry representatives on Monday to brief them on the plans.The possible rules would cover all raw materials in jewelry,including diamonds, other gemstones, metals and additional parts, according to a source pr...Read More