(IDEX Online) - Prices of fancy color diamonds rose by one per cent in the last quarter - compared with a 6.7 per cent slide for white diamonds in the same period.The Fancy Color Research Foundation (FRCF) today said average prices across all color categories had risen, although there were some price drops among particular size and intensity combinations.Yellows were up 1.4 per cent in Q3 2022, fo...Read More
(IDEX Online) - Lab grown manufacturers in Surat are to get a tax break after the state government announced they would no longer have to pay duty of up to 15 per cent on their electricity bills.It represents a significant saving in a sector where energy accounts for almost 70 per cent of expenditure.The move follows an announcement by the State Bank of India (SBI) in August that it would start le...Read More
(IDEX Online) - Two cases of attempted frauds involving synthetic moissanite are highlighted in the GIA's latest quarterly journal Gems & Gemology.In one case a 7.42-ct rough stone, presented to its New York lab, had been carved into an octahedron, with stepped edges and coarse textures deliberately chosen to imitate the appearance of a natural diamond.In the other, what appeared to be a...Read More
(IDEX Online) - The first of eight stones from the De Beers Exceptional Blue Collection to be offered at auction remains unsold after it failed to reach its minimum.The 5.53-carat cushion brilliant-cut fancy vivid blue carried an estimate of $11m to $15m and was the headline lot at Sotheby's Geneva Magnificent Jewels and Noble Jewels auction.It is part of a collection of just over 32 carats r...Read More
(IDEX Online) - Sarine reports a quarterly increase in revenue and profit, largely driven by the rollout of its improved Meteorite Plus technology, for high-speed automated processing of small rough diamonds.The Israel-based tech company said overall sales of capital equipment were up 53 per cent in Q3 2022, compared with the same period last year.Revenue for the quarter rose 20 per cent to $14.5m...Read More
RAPAPORT... Brilliant Earth lowered its outlook ahead of the crucial fourth quarter, noting that consumers were hesitant about making purchases.The online-focused jeweler expects full-year sales of $436 million to $446 million, down from an earlier forecast of $450 million to $470 million, it said Thursday. Fourth-quarter revenue will be between $116 million and $126 million, compared with ac...Read More
RAPAPORT... Revenue from Richemont's jewelry brands was solid in the first fiscal half as demand grew in all regions and the Asia-Pacific market recovered.Sales from the company's jewelry maisons - Cartier, Van Cleef & Arpels, and Buccellati - rose 24% year on year to EUR 6.34 billion ($6.58 billion) for the six months ending September 30, the luxury giant reported Friday.Europe and Japan prov...Read More
RAPAPORT... Petra Diamonds has halted production at its Williamson mine in Tanzania for at least three months following a wall breach.The pause will give the company time to build a new tailings storage facility that was already under construction before last week's incident at the site. The new facility shares a wall with the old one; this adjoining wall collapsed. "[Williamson]'s technical...Read More
RAPAPORT... US shoppers shelled out cash heartily online for holiday gifts in October as retailers offered deals to get customers spending early.Total e-commerce sales for the month rose 11% over September's figure to $72.2 billion and were on par with the $72.4 billion spent in October 2021, even as inflation grew, Adobe said Friday."Despite inflationary pressures and the rising cost of borrowing...Read More
(IDEX Online) - Petra Diamonds says it will suspend operations for up to three months following the breach of its tailings dam at the Williamson mine, in Tanzania.The UK-based miner also reported three minor injuries and damage to 13 homes after the breach caused widespread flooding.A team of experts from Tanzania's National Environment Management Council (NEMC) is currently assessing the dam...Read More
(IDEX Online) - Blue Nile is, for the first time, moving into lab grown bridal jewelry.The new direction follows the $360m all-cash buyout by Signet in August.Blue Nile, an online-only retailer, announced a deal in November 2020 to sell fashion jewelry produced by Lightbox, De Beers' lab grown division.But this marks its first foray into the world of engagement rings and loose diamonds.The "d...Read More
RAPAPORT... A blue diamond weighing 5.53 carats failed to find a buyer at Sotheby's Geneva on Wednesday despite being billed as the star of the auction. The cushion brilliant-cut, fancy-vivid-blue diamond is part of an eight-piece group called the De Beers Exceptional Blue Collection, which Sotheby's has spread between its various Magnificent Jewels sales. No bids matched the stone's threshold pri...Read More
(IDEX Online) - Two men have been arrested and charged over an $800,000 raid on a New York jewelry store, in which staff were attacked with bear spray.At least six masked gang members sprayed the bear-repelling aerosol - like pepper spray but stronger - at Revel Jewelers, in the Bronx, in August.Workers were taken to hospital suffering bear spray exposure - stinging eyes, noses and lungs, and coug...Read More
News: Polished trading cautious as Indian suppliers return from Diwali break. US driving demand. Focus on memo as jewelers limit inventory during economic uncertainty. Rising expectations for the season; NRF projects Nov.-Dec. retail sales +6% to +8%. Consolidation continues as JBT reports number of jewelry businesses -2% to 23,702 in 3Q. Brands gaining market share in India; Titan Company 2Q reve...Read More
RAPAPORT... Sales and earnings rose at India's Asian Star in the second fiscal quarter, driven by strong growth in its diamond manufacturing division.Group revenue jumped 15% year on year to INR 13.31 billion ($163 million) - including subsidiaries - for the three months ending September 30, Asian Star reported Wednesday. Net profit increased 1% to INR 309 million ($3.8 million).The Mumbai-ba...Read More
Dear Friends, The world is changing, and so is Rapaport. We are revolutionizing our information services. Rapaport is now going super-digital.Rapaport digital news and editorial will now be free at Rapaport.com. Our new website launches this Tuesday, November 15, 2022. Rapaport.com will be our new digital home and information center, with real-time news, articles, analysis, data, videos, podcasts,...Read More
(IDEX Online) - Pandora, the world's biggest jewelry brand, says it's on track to reach 2022 revenue targets despite "macroeconomic and geopolitical uncertainty".The Danish jeweler, which has 6,400 outlets globally, reported a three per cent rise in third quarter sales and still expects to meet its full-year guidance of $3.48bn to $3.55bn."With strong financials and our position in...Read More
RAPAPORT... A surge in visits to the GemGen??ve show signaled strong orders despite global economic uncertainty. More than 5,000 people attended the Swiss gem and jewelry fair's fifth edition from November 3 to 6, according to preliminary figures from organizers - over 7% more than the previous event, which took place in May. There were also 176 exhibitors, slightly below May's numbers."The m...Read More
RAPAPORT... Kering-owned jewelry brand Pomellato has established a long-term equity partnership with an Italian goldsmith company that will help improve its manufacturing capabilities.The minority interest in Valenza-based Costanzo & Rizzetto will provide Pomellato with additional productive capability and will allow the company to grow faster, the jeweler said Wednesday. It will also enable t...Read More
(IDEX Online) - A huge 21.01-carat diamond has sold online for $2.5m, setting a new world record.The D / IF gem, set in a platinum engagement ring, was bought by a 59-year-old businessman after viewing it online.He had it delivered by an armed security to an hotel in Montana, USA, and promptly proposed to his partner. She accepted.Don Palmieri, founder and president of GCAL (Gem Certification &...Read More