Diamond Stocks Articles

Rio Tinto Reveals First Jewelry Under Argyle Brand

Oct 19, 2022 / Leah Meirovich

RAPAPORT... Rio Tinto has debuted an AUD 6 million ($3.8 million) ring, the first piece of jewelry from its Argyle Pink Diamonds brand.The ring, named the Argyle Romantica, contains 3.42 carats of pink, red and blue diamonds from the miner's Argyle deposit in Western Australia, which closed in November 2020, Rio Tinto said last week. The jewel was created by Singapore-based jeweler John Glajz, one...Read More

Luk Fook Sales Jump Amid Drop in Gold Price

Oct 19, 2022 / Joshua Freedman

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

US Jeweler Shoots Dead Two Robbery Suspects

October 19, 22 / John Jeffay

(IDEX Online) - Police say the owner of jewelry shop in Florida, USA, shot dead two robbery suspects.Officers responded to an incident at responded to the Magic Mall, on West Colonial Drive, Orlando, just before noon on Friday 14 October.They found one person dead at the scene after the owner opened fire. At least one of the alleged raiders is said to have been armed.A second suspect escaped in a...Read More

Bidding for 303-ct Yellow Diamond to Start at $1

October 19, 22 / John Jeffay

(IDEX Online) - The world's largest internally flawless diamond, a 303.1-carat fancy deep brownish-yellow stone, is to be sold without reserve at Sotheby's New York. Bidding for the Golden Canary Diamond will start at just $1 on 7 December -  a deliberate move by the auction house to provoke fierce bidding - but is expected to reach its high estimate of $15m. It has been re-cut from...Read More

De Beers' New Mine Faces Polar Bear Concerns

October 18, 22 / John Jeffay

(IDEX Online) - De Beers' plans for a diamond mine on Canada's Baffin Island has raised concerns about neighboring Inuit communities, as well as polar bear and caribou populations.The UK-based miner bought the Chidliak Project in September 2018 as part of its purchase of Peregrine Diamonds for C$107m.Wildlife groups are now warning that caribou populations are already in decline and the...Read More

LVMH Reports Growth in Watch and Jewelry Businesses

October 18, 22 / John Jeffay

(IDEX Online) - LVMH reports a 23 per cent growth in revenue (16 per cent organic) for it watches and jewelry businesses in the first nine months of 2022.The French luxury conglomerate said growth across all it sectors - including wines and spirits, fashion and leather goods, and perfumes and cosmetics - was 28 per cent for the same period, with a total revenue of $55.6bn.LVMH (Louis Vuitton Moet...Read More

Rio Tinto Output Gains from Diavik Buyout

Oct 18, 2022 / Joshua Freedman

RAPAPORT... Diamond production at Rio Tinto jumped in the third quarter as the company benefited from taking full ownership of the Diavik mine.The global resources giant assumed possession of the Canadian deposit in November 2021 after Dominion Diamond Mines, which previously owned 40% of the site, hit financial difficulties.As a result, Rio Tinto's share of Diavik production rose 43% year on...Read More

Collection of Blue Diamonds to Fetch Over $70M

Oct 18, 2022 / Leah Meirovich

RAPAPORT... Sotheby's will sell a group of eight fancy-blue diamonds from De Beers across its global Magnificent Jewels auctions, expecting the set to bring in more than $70 million.The stones are cut in various shapes and range from 1.22 to 11.29 carats, with a total weight of 32.09 carats, Sotheby's said last week. The polished originates from five rough blues that De Beers and Switzerland-based...Read More

Inflation Dents US Retail Sales in September

Oct 18, 2022 / Leah Meirovich

RAPAPORT... US retail sales were flat in September as shoppers faced price hikes, political unrest and an unstable economy.Revenue was unchanged from the month before, compared with a 0.4% month-on-month increase in August, according to data the US Census Bureau released last week. September sales climbed 8% from a year earlier."Consumer demand remained intact during September and continues to be...Read More

Fugitive Modi Awaits Verdict in Extradition Appeal

October 18, 22 / John Jeffay

(IDEX Online) - Fugitive diamond billionaire Nirav Modi is awaiting the outcome of his last-ditch appeal against extradition back to India.   The High Court in London says it will hand down its verdict as soon as possible after a two-day hearing.   Modi, 51, (pictured) is accused of fraudulently using letters of undertaking offered by the Punjab National Bank (PNB) in an alleged $1.85bn...Read More

Neil Ventura to Exit De Beers

Oct 18, 2022 / Joshua Freedman

RAPAPORT... De Beers veteran Neil Ventura will leave the company amid a raft of leadership changes at the miner.Ventura, who is executive vice president for strategy and innovation, "has decided to move on and pursue other interests," De Beers announced Monday.Ryan Perry, currently head of strategy, will succeed him as acting executive vice president for strategy and innovation and will also...Read More

303ct. Polished Yellow to Hit Auction Block at Sotheby's

Oct 18, 2022 / Leah Meirovich

RAPAPORT... Sotheby's will offer a yellow diamond weighing more than 300 carats at its upcoming New York auction, where it is expected to fetch more than $15 million.The pear-shaped, 303.10-carat, fancy-deep-brownish-yellow stone is one of the largest polished diamonds in the world. It is also the largest flawless or internally flawless diamond ever graded by the Gemological Institute of America (...Read More

"Painful Memories" if Camilla Wears Koh-i-Noor Diamond

October 16, 22 / John Jeffay

(IDEX Online) - The iconic Koh-i-Noor diamond is again threatening to sour relations between India and Britain, with the prospect of Queen Consort Camilla wearing it at the forthcoming coronation, next May.The 105.6-ct D-color stone was "surrendered" by the last Sikh ruler of India, the Maharajah of Lahore, when Britain annexed the Punjab in 1849. India has been demanding its return since the coun...Read More

Prada Uses 100% Recycled Gold in New Collection

October 16, 22 / John Jeffay

(IDEX Online) - Prada, the Italian fashion house best known for its luxury handbags, has launched a debut collection of sustainable fine jewelry.It says it is using 100% certified recycled gold across all pieces in the Eternal Gold collection.Prada's website currently shows three items - a signet ring, a bangle set with 0.344 cts of diamonds, and a pendant necklace in yellow gold with diamond...Read More

Collection of Eight Blue Diamonds Could Sell for $85m

October 16, 22 / John Jeffay

(IDEX Online) - Sotheby's is to sell a collection of eight blue diamonds with a combined value, based on its high estimates, of over $85m.The De Beers Exceptional Blue Collection - a total of just over 32 carats recovered from Petra's historic Cullinan mine, in South Africa - will be sold in Geneva, New York and Hong Kong from November 2022 to early 2023.The highlight is the De Beer...Read More

Surat Extends Diwali Closures Amid Slow Demand

October 13, 22 / John Jeffay

(IDEX Online) - Diamond factories are extending their Diwali breaks from 15 days to 25 days amid ongoing slow demand from the US, Europe and China.   An estimated one million workers will be forced to take 10 extra days of unpaid leave as units close from 21 October to 15 November.  The closure will inevitably have an impact on the city's wider economy.   Factory closures are s...Read More

25% Hike in Israel's Polished Exports

October 13, 22 / John Jeffay

(IDEX Online) - Israel's polished diamond exports rose by 25 per cent to $3.2bn in the first three quarters of 2022.Polished imports for the same period were up 19 per cent to $2.5bn, according to the Diamond Controller of the Israel Ministry of Economy and Industry.Net import of rough diamonds to Israel fell slightly, by 0.5 per cent, to $1.5bn. and exports fell by 1.0 per cent to $1.3bn.How...Read More

Tiffany Sparkles as LVMH Sales Soar

Oct 13, 2022 / Leah Meirovich

RAPAPORT... LVMH saw sales of jewelry and watches surge in the third quarter, buoyed by a strong performance from Tiffany & Co.Revenue from the category jumped 25% year on year to EUR 2.67 billion ($2.58 billion) in the three months ending September 30, LVMH reported Tuesday. Sales in the US, Europe and Japan benefited from local demand as well as the recovery in international travel, while th...Read More

Rapaport Market Brief - October 13, 2022

Oct 13, 2022 / Rapaport News

News: Mixed expectations for the holiday season. US jewelry sales steady, but economic uncertainty affecting sentiment. IMF lowers 2023 global growth forecast due to China slowdown, Ukraine war and inflation pressure. Jewelry outpacing other luxury sectors, says Mastercard. LVMH 3Q jewelry and watch revenue +25% to $2.6B. Diamond trading slow. Manufacturers holding enough inventory ahead of Oct. 2...Read More

Titan Sales Rise Amid Higher-Value Purchases

Oct 13, 2022 / Leah Meirovich

RAPAPORT... Sales at Titan Company, an India-based jewelry retailer, increased in the second fiscal quarter as consumers spent more in the lead-up to the festive season.Jewelry sales climbed 18% year on year for the three months ending September 30, the company reported last week. Plain gold jewelry performed well, and studded jewelry saw a significant jump in the amount shoppers spent per item. R...Read More

Share to Youtube Share to Facebook Facebook Share to Linkedin Share to Twitter Twitter Share to Tiktok