RAPAPORT... Jewelers of America (JA) will present a posthumous honor to industry leader Steven Kaiser at its next GEM Awards.Kaiser, who died in May of this year, will receive JA's Award for Lifetime Achievement at the event at New York's Cipriani 42nd Street on March 17, 2023, the organization said Wednesday. He was president and CEO for the US at the Kennedy watch group and chaired the Jewe...Read More
(IDEX Online) - The growth in sales of US jewelry and watches hit a two-year low in August, at just 3.7 per cent. That's according to the Department of Commerce, but it will likely be revised next month. The July figure, originally reported as 10.2 per cent - a significant rise on 5.3 per cent in June - has now been revised down to 5.9 per cent, based on actual through-the-till tra...Read More
RAPAPORT PRESS RELEASE, October 6, 2022, Las Vegas... Polished trading was slower than usual in September as US economic uncertainty and the slowdown in China affected sentiment. Dealers were cautious as polished prices continued to slide.The RapNet Diamond Index (RAPI?,,?) for 1-carat diamonds fell 3.8% in September. Having declined 9.7% in the third quarter, it was down 3% from the beginning of...Read More
(IDEX Online) - A European ban on Russian diamonds could cost 10,000 Belgian jobs, says the Antwerp World Diamond Centre (AWDC).Tom Neys, spokesman for the AWDC, told EUobserver the center was against an EU ban because Russia would welcome the opportunity to sell its diamonds in Dubai or India instead.He said Russia could switch export venues overnight and never return to Europe.Belgium's pri...Read More
RAPAPORT... De Beers' rough-diamond sales were seasonally lower in September as Indian factories prepared for the Diwali shutdown, the miner reported Wednesday.Proceeds came to $500 million at the company's eighth sales cycle of the year, which included the sight that ran from September 19 to 23as well as auction revenues. The total was 2% higher than a year earlier but 22% lower than in Augu...Read More
RAPAPORT... The diamond industry is facing contrasting trends at the start of the important fourth quarter. US jewelers are optimistic for the holiday season, but the trade is staying cautious amid the economic slowdown. In this episode of the Rapaport Diamond Podcast, Rapaport Senior Analyst Avi Krawitz and News Editor Joshua Freedman discuss the slump in diamond trading, acknowledging the impact...Read More
(IDEX Online) - Nineteen diamond workers were detained by police in Surat, India, as they prepared to hold a rally to demand better working conditions and more government support for the industry.Police said they had been denied permission to hold the event on Gandhi Jayanti, the public holiday on 2 October marking the birthday of Mahatma Gandhi, but were about to go ahead regardless.The Surat Dia...Read More
(IDEX Online) - US jeweler Kay is warning customers it may be forced to replace lab grown diamonds with natural diamonds. It blames "supply constraints".Lab growns retail at around half the price of natural diamonds, but are in short supply as global demand outstrips supply.Kay, the biggest jewelry brand in the US, with over 1,000 outlets, is advertising a $300 pair of sterling silver earrings, ?,...Read More
(IDEX Online) - An historic necklace from French Crown Jewels, set with diamonds and Burmese rubies, is being offered for sale, with a $375,000 price tag."This extraordinary necklace is truly fit for royalty," says MS Rau, antiques, jewelry and art sellers based in New Orleans, Louisiana, USA.The necklace was part of a huge collection, including items dating back 400 years, which was auctioned off...Read More
RAPAPORT... Israel's diamond shipments jumped sharply in September, reflecting annual variation in the timing of the Jewish holidays as well as the return of the main Far East trade show.Polished exports more than doubled to $420 million from $197.5 million a year earlier, the country's Economy and Industry Ministry reported Monday. Volume rose 60% to 128,540 carats, with the average export p...Read More
RAPAPORT... A richly colored diamond initially suspected to be treated soared past expectations at Heritage Auctions last week, fetching $1.8 million and setting a record for the Texas-based company.The round brilliant, 1.21-carat, fancy-orangey-red, I2-clarity stone went for 12 times its presale high estimate of $150,000, Heritage reported last week following the Thursday auction. Before the...Read More
(IDEX Online) - An attacker is seen emptying jewelry cabinets after brutally pistol-whipping the owner in Wilmington, Delaware, USA.The man, identified by police as Calvin Ushery, 39, repeatedly hit his victim in the head with a gun.The 68-year-old victim, a Korean American, collapsed to the floor and a surveillance camera shows Ushery climbing over the counter and stealing items. According t...Read More
(IDEX Online) - The IDEX Polished Price Index suffered a sixth consecutive month of decline in September. It was down 2.34 per cent, the biggest drop since the Index started falling early in March. In August it fell by 2.31 per cent. The September decline was almost a straight line, much as it has been in recent months. The Index began falling in early March. It was down 2.1 per cen...Read More
(IDEX Online) - Tests on a lab grown diamond revealed an unexpected orange phosphorescence, a possible consequence of defects internal crystal plane.The CVD-produced 1.547 carat, emerald cut H / VS1 stone was submitted to the Gemological Science International (GSI) Lab in Mumbai for post growth treatment identification.Most CVD (Chemical Vapor Deposition) diamonds show an orange, red, blue and som...Read More
RAPAPORT... A richly colored diamond initially suspected to be treated soared past expectations at Heritage Auctions last week, fetching $1.8 million and setting a record for the Texas-based company.The round brilliant, 1.21-carat, fancy-orangy-red, I2-clarity stone went for 12 times its presale high estimate of $150,000, Heritage reported last week following the Thursday auction. Before the...Read More
RAPAPORT... Hong Kong's retail sales of jewelry and other hard-luxury products increased for the fifth consecutive month as the coronavirus situation eased.Revenue from jewelry, watches, clocks and valuable gifts rose 4.3% year on year to HKD 3.3 billion ($420.1 million) in August, the municipality's Census and Statistics Department reported Friday.Sales across all retail categories slipped 0...Read More
(IDEX Online) - Indian's diamond industry is urging banks to raise loan limits after the rupee hit a record all-time low against the dollar. Export credits are fixed in rupee, leaving diamantaires less and less able to buy rough supplies. They have been calling on the government-owned Reserve Bank of India to follow a 2013 regulatory directive designed to insulate exporters from some currency...Read More
RAPAPORT... Belgium's parliament has voted in favor of a new banking law, paving the way for easier access to financial services among Antwerp's diamond dealers.The Basic Banking Law, which must still pass further obstacles, guarantees fundamental banking services to all Belgian companies. Businesses that suffer three refusals from a bank may file a request to a new Basic Banking Services Cha...Read More
(IDEX Online) - Losses among rounds were less marked than last month, as seasonal demand increased. Goods of 0.50-cts and up showed more mixed movement, and fancies saw significant gains, especially among 1.00-cts-2.99-cts goods. There has been some pickup in business in the last two or three weeks, though not what we'd expect in "normal" times.Gains among commercial goods (0.50-cts to 2.00-c...Read More
(IDEX Online) - Scientists now believe there is water far deeper below the earth's surface than originally thought - thanks to rare inclusions in diamond sent for routine grading by GIA.The 1.5-ct D-color gem recovered at the Karowe mine, in Botswana, contained minerals which turned out to be hydrous (water-bearing).Examination of the diamond using advanced, non-destructive methods concluded...Read More