(IDEX Online) - Gemfields has halted operations at its Montepuez ruby mine, in Mozambique, and evacuated the site after an attack on a nearby facility by rebels.Thousands of people have died since the start of the brutal Cabo Delgado conflict in October 2017, aimed at establishing an Islamic state in Mozambique.Gemfields said in a statement that "an attack attributed to insurgent activity has been...Read More
RAPAPORT... Watchmaker Breitling plans to create "end-to-end traceability" for its entire product portfolio by switching exclusively to lab-grown diamonds and artisanally mined gold over the next few years.The company will feature synthetic stones produced by Fenix Diamonds in India and accredited by SCS Global Services, Breitling said last week. The watchmaker will use only lab-grown in its timep...Read More
RAPAPORT... Kering's jewelry brands saw solid results in the third quarter, even as restrictions in China presented challenges.Sales at Kering's "other houses" segment - which includes jewelry, watches and other fashion products - climbed 17% year on year on a reported basis to EUR 995 million ($984.3 million), the French luxury conglomerate said last week. Group revenue jumped 23% to EUR 5.14 bil...Read More
RAPAPORT... A rebel strike at a neighboring site has compelled Gemfields to pause operations at its Montepuez ruby mine in Mozambique.The Cabo Delgado insurgency, which has been ongoing since August, moved closer to the company's site, following an attack Thursday on a deposit belonging to Gemrock, approximately 12 kilometers away, Gemfields said last week. The miner is currently verifying details...Read More
(IDEX Online) - This scale of devastation from a tailings dam burst at an old diamond mine in South Africa can be seen in this image from space.It shows the five-mile plume of grey sludge that killed at least two people and hundreds of animals, wrecked 350 homes and damaged infrastructure and farmland at Jagersfontein, in the Free State province.The picture was taken by NASA's Landsat 9 satel...Read More
RAPAPORT... De Beers has released its sales schedule for next year, with the miner holding its usual 10 sights across the 12-month period.The miner sells most of its rough to sightholders through a contract system under which clients make certain purchasing commitments in return for consistent supply. In April 2021, the miner introduced a new sales agreement offering more bespoke supply for m...Read More
(IDEX Online) - Raiders smashed their way into a New York jewelry store with a sledgehammer, then fled with over $500,000 of merchandise.Surveillance video released by NYPD (New York Police Department) shows three hooded intruders bursting into Cellini, in Midtown, Manhattan, in the early hours of last Saturday (15 October).They smashed display cases, grabbing jewelry and high-end watches."A full...Read More
(IDEX Online) - Fugitive Indian diamond merchant Jatin Mehta has gone to court in Britain to challenge the freezing of his assets.He is accused of defrauding15 lenders out of more than $1bn lent to his companies Winsome Diamonds and Jewellery Ltd and Forever Precious Diamonds & Jewellery Ltd in 2013 and of then laundering the money to fund his lab grown diamond business. He denies all accusati...Read More
RAPAPORT... US consumers will purchase fewer gifts this holiday season as they contend with higher prices and weaker financial situations, according to a survey by Deloitte.Americans will buy an average of nine presents for their loved ones this year, compared to 16 items in 2021, as household incomes reach their lowest level in a decade, the consulting firm noted last week. Some 37% of those surv...Read More
(IDEX Online) - The GIA, industry leader in diamond grading, is taking over the work of AGS Laboratories in what is being described as a strategic collaboration.The AGS Laboratories research staff, intellectual property, technology and Las Vegas facility will integrate into GIA, says a joint statement issued yesterday.Both the American Gem Society (AGS) and GIA (Gemological Institute of America) a...Read More
RAPAPORT... Shipments of Swiss watches rose 19% year on year in September, achieving one of the highest totals in history amid increased US demand.Total exports for the month came to CHF 2.24 billion ($2.23 billion), the Federation of the Swiss Watch Industry reported Thursday.Supply to the US, the sector's largest market, grew 33% to CHF 367.8 million ($366 million), while orders to China climbed...Read More
RAPAPORT... Informa plans to bring its Jewelry & Gem World (JGW) trade show back to Hong Kong in September 2023, benefiting from a loosening of local coronavirus measures.The fair, previously one of the industry's most important events of the year, has not taken place in its usual form since before the pandemic, as travel bans and quarantine rules have deterred exhibitors and buyers. The...Read More
RAPAPORT... India's polished-diamond exports rose 12% year on year to $2.13 billion in September as a higher average price offset a drop in volume, according to recent data from the country's Gem & Jewellery Export Promotion Council (GJEPC). Rough imports decreased during the month. This indicated an improvement in the sector's inventory situation following two consecutive months in which...Read More
(IDEX Online) - Canadian junior miner Diamcor says it is refining its operation in South Africa and is producing more carats and more specials.It reported yesterday that it had delivered 5,593 carats of rough diamonds for its first tende3r of the quarter, from processing quarry material at the Krone-Endora at Venetia Project."The total includes several individual gem quality diamonds in the Specia...Read More
RAPAPORT... Is the growth in lab-created diamonds being driven by consumer desire or the retail jeweler's sales pitch? The question arose in a recent episode of the Rapaport Diamond Podcast, as well as in a webinar panel discussion Rapaport hosted earlier this year with lab-grown producers and marketers.The podcast guest was Kieron Hodgson, managing director and research analyst for commodities an...Read More
(IDEX Online) - Rio Tinto has unveiled its first piece of jewelry in its Argyle Pink Diamonds Icon Partner program.It's a one-off $3.75m ring handcrafted with 3.42 carats of pink, red and blue diamonds from the iconic Australian mine, which closed in November 2020 after reaching the end of its life.The Argyle Romantica, created by Singapore-based John Glajz, is part of a strategy to protect t...Read More
RAPAPORT... The American Gem Society (AGS) will close its laboratory operations at the end of this year, with the Gemological Institute of America (GIA) taking on elements of the organization.AGS Laboratories' intellectual property (IP), technology, research staff and Las Vegas facility will become part of the GIA, the two organizations announced Wednesday. AGS Laboratories will continue...Read More
News: Diamond market cautious ahead of Diwali festival. Indian manufacturers raising discounts to boost sales before the break, since factories close from Oct. 24. Dealers expect further price declines and lack urgency to buy. US bridal and high end lifting the industry as early holiday shopping begins. Consumers seeking deals as inflation, rising interest rates and volatile stock market squeeze...Read More
RAPAPORT... Hong Kong-based jeweler Luk Fook enjoyed a sales boost in the second fiscal quarter as a decline in gold prices spurred consumer demand.Same-store sales - at self-operated shops open for at least a year - jumped 40% for the three months ending September 30 compared with the same period of 2021, the company reported Tuesday.The yellow metal's value has tanked in dollar terms since...Read More
RAPAPORT... Retail sales at Hong Kong-based jeweler Chow Tai Fook rose 26% year on year in the second fiscal quarter as strong demand from local consumers outweighed weakness in tourist spending.The mainland China business drove the growth during the three months ending September 30, as did higher-value sales of gold jewelry, according to data the company released last week. Hong Kong sales a...Read More