Pandora cut expected revenue in 2018 from 7 to 10 per cent to 4 to 7 percent.The stock plummeted 22% to DKK452 (US$70.30).Pandora (PNDORA.CO), which is headquartered in Denmark and employs 23,500 people worldwide, gave no reason for the change.The EBITDA margin was also cut from 35 per cent to 32 per cent.Earlier this month, the company laid off 397 workers. Pandora says it still plans to add 250...Read More
RAPAPORT... Pandora plans to lay off 397 employees after disappointing second-quarterresults and a weakened outlook for the rest of the year. While sales grew 4% in local currencies to $748.2 million(DKK 4.82 billion) for the quarter, the retailer lowered its revenue guidancefor the year to an increase of 4% to 7%, from its previous forecast of 7% to10%. It also expects lower profit margins, after...Read More
RAPAPORT... The Gemological Institute of America (GIA) is offering $2million in scholarships for 2019 to established and aspiring professionals. The grants are available to students interested inregistering for the institute's gemology and jewelry manufacturing-artsprograms, distance-education courses and lab classes. Successful applicantswill be able to use the scholarships at the GIA's schools i...Read More
(IDEX Online) - MVI Marketing LLC (MVI) reports that respondents in a study rated Tiffany, Pandora, Swarovski as the top jewelry brands they own or are most likely purchase. "In a new jewelry category, over 13% of respondents said they are very likely to purchase lab grown diamonds, over 43% said maybe they would purchase lab grown diamonds but don't know much about them, and 21% said...Read More
PERTH (miningweekly.com) – Diamond miner Lucapa has recovered more special and coloured diamonds from its Mothae diamond mine, in Lesotho.The special recoveries included a 28 ct stone from the North zone and two light pink diamonds.AdvertisementLucapa noted that the latest recovery was in addition to the other specials recently recovered, including an 89 ct yellow from the South-East zone, a...Read More
(IDEX Online) - Jewelry maker Pandora is firing 397 of its 27,000 employees, with 218 workers in Thailand losing their jobs. The firm said the move would "strengthen commercial functions, streamline manufacturing and shift resources to strategic priorities". CEO Anders Colding Friis says: "We have made important progress on our 2022 strategy since we launched it last year, and are on...Read More
RAPAPORT... Pandora plans to lay off 397 employees after disappointing second-quarterresults and a weakened outlook for the rest of the year. While sales grew 4% in local currencies to $748.2 million(DKK 4.82 billion) for the quarter, the retailer lowered its revenue guidancefor the year to an increase of 4% to 7%, from its previous forecast of 7% to10%. It also expects lower profit margins, after...Read More
RAPAPORT... The Gemological Institute of America (GIA) is offering $2million in scholarships for 2019 to established and aspiring professionals. The grants are available to students interested inregistering for the institute's gemology and jewelry manufacturing-artsprograms, distance-education courses and lab classes. Successful applicantswill be able to use the scholarships at the GIA's schools i...Read More
A court hearing has been scheduled for August 10 to consider a provisional liquidation application against Kareevlei Mining, a subsidiary of Aim-listed BlueRock Diamonds.The application was brought by former BlueRock CEO Riaan Visser.AdvertisementBlueRock believes the application is without merit.Kareevlei Mining holds the mining right over the Kareevlei diamond mine, in South Africa’s North...Read More
Gem Diamonds (LON:GEMD) revealed that the 10 rough, larger-than-100-carats diamonds that its Let??eng mine produced in the first six months of 2018 helped boost the company's sales by 43 per cent to $169.2 million.Rough stones from Let??eng, which is located in northern Lesotho, achieved an average price of $2,742 per carat, almost $700 more than last year's sale price.The highest price achieved w...Read More
RAPAPORT... Titan Company's profit increased in the fiscal first quarter,boosted by growth in all of the Indian retailer's main divisions. Profit jumped 38% year on year to $47.7 million (INR 3.28billion) in the three months ending June 30, while revenue climbed 9% to $651.9million (INR 44.87 billion), the company said. Its main business segments arejewelry, watches and eyewear. "All our core bus...Read More
RAPAPORT... Fancy blue diamonds continued to outshine other major color categoriesin price terms during the second quarter, the Fancy Color Research Foundation(FCRF) said. Prices of fancy blues climbed 6% year on year for the threemonths ending June 30, according to the FCRF, which released its quarterlyFancy Color Diamond Index (FCDI) on Monday. By contrast, prices of fancy pink diamonds declined...Read More
RAPAPORT... Global demand for gold jewelry fell 2% year on year to 510.3tonnes in the second quarter amid a weaker Indian market, the World GoldCouncil (WGC) reported last week. Appetite for gold jewelry in India fell 8% to 147.9 tonnes inthe three months ending June 30 as local prices climbed in response to therupee weakening against the US dollar. In addition, higher spending during thesame peri...Read More
RAPAPORT... The Diamond Producers Association (DPA) is worried lab-growndiamond suppliers will use the new Federal Trade Commission (FTC) guidelines toconfuse consumers - a claim synthetics companies reject.The FTC last month removed the word "natural" from itsdefinition of diamond, enabling growers to claim their stonesare 100% diamond. However, they still must disclose that they are not from the...Read More
(IDEX Online) - Fancy color diamond prices showed no significant change in the second quarter of 2018, the Fancy Color Research Foundation (FCRF) reported today. FCRF's Fancy Color Diamond Index indicated an overall rise of 0.1% in Q2 2018 for yellow, pink and blue fancy color diamonds, in all sizes and saturations. However, after having gradually decreased over the past 4 years, prices of...Read More
(IDEX Online) - Gem Diamonds Limited said the recovery of a record 10 diamonds greater than 100 carats during the first half of this year was behind a rise in revenue for the period. Gem Diamonds' CEO, Clifford Elphick commented: "We are delighted to see the continuation in the recoveries of large diamonds during the period with a record 10 diamonds greater than 100 carats recovered. This t...Read More
(IDEX Online) - The Second World Emerald Symposium will be held in Bogot??, Colombia, from October 12-14, the organizers have announced. Devoted entirely to emeralds, the Second World Emerald Symposium follows the first such event held in 2015. The organizers have confirmed the attendance of delegates from 25 nations, and the participation of eight emerald-producing countries: Afghan...Read More
(IDEX Online) - The Lucapa Diamond Company has welcomed a new Angolan government policy regarding the marketing of Angolan diamond production that has been formally enacted. The new laws are central to the new Angolan government's drive to double the country's diamond production by implementing more favorable investment and marketing policies designed to increase foreign investment in the d...Read More
(IDEX Online) - The Mouawad Group has acquired the 51.38 carat Dynasty diamond, the central diamond in a collection offered for sale by ALROSA. The total revenue from the sale of the Dynasty collection amounted to about $10 million. Fred and Pascal Mouawad, co-guardians of the jewelry firm, said: "We're very proud of this important acquisition. We will add it to our repertoire of hi...Read More
RAPAPORT... Titan Company's profit increased in the fiscal first quarter,boosted by growth in all of the Indian retailer's main divisions. Profit jumped 38% year on year to $47.7 million (INR 3.28billion) in the three months ending June 30, while revenue climbed 9% to $651.9million (INR 44.87 billion), the company said. Its main business segments arejewelry, watches and eyewear. "All our core bus...Read More