RAPAPORT... US retail sales will rise by 4% to 6% year on year this holiday season as higher prices compensate for sluggish consumer sentiment, Deloitte predicted.Revenues will total $1.45 trillion to $1.47 trillion from November to January, the professional-services group projected Tuesday. E-commerce sales will grow by 13% to 14% for a total of between $260 billion and $264 billion.The over...Read More
(IDEX Online ) - A jeweler in Texas, USA, has been jailed after he failed to deliver $3.9m of pre-paid Rolex watches to a customer.Santiago Mora, 40, was sentenced to 27 months in prison after pleading guilty at an earlier hearing to committing wire fraud.In an effort to pay the customer and others, Mora obtained a total $500,000 in merchant cash advances via wire transfer by impersonating and usi...Read More
(IDEX Online) - Beyonce is starring in Tiffany & Co's latest campaign, Lose Yourself in Love, which the jeweler describes as an exploration of "fearless creativity."The American singer, songwriter, producer, and actress has been promoting the brand, together with husband Jay-Z, since April 2021. In the new campaign she models Tiffany Lock - the new, gender-neutral diamond bracelet -...Read More
(IDEX Online) - Britain's three biggest jewelry chains will all close their stores on Monday to mark the funeral of Queen Elizabeth.Beaverbrooks, Signet UK (H Samuel and Ernest Jones), and the Watches of Switzerland Group (Goldsmiths, Mappin & Webb and Watches of Switzerland) have more than 500 stores between them.Many smaller multiples and independent retailers will also remain closed fo...Read More
RAPAPORT... Petra Diamonds saw a rise in earnings and announced a return to dividend payments following strong rough demand during the past fiscal year.Revenue jumped 44% to $585.2 million for the 12 months ending June 30, the miner reported Tuesday. Profit before tax and one-off extraordinary charges came to $141.9 million, compared with a loss of $18.3 million a year earlier. Net profit fel...Read More
RAPAPORT... The US jewelry industry is on track to experience modest growth this holiday season as strong economic trends are likely to offset inflationary pressure, according to Mastercard SpendingPulse.Jewelry sales will rise 2.2% year on year for the period from November 1 to December 24, the data provider predicted Monday. That would equate to a 33% increase compared to 2019, Mastercard f...Read More
(IDEX Online) - Police shot and injured a man suspected of stabbing a jewelry sales associate with a kitchen knife in Atlanta, Georgia, USA.They named him as Jose Reyes-Serrato, 27, and say the employee, who worked at Macy's department store, at the Mall of Georgia, as 55-year-old David Walker.Both men have been recovering in hospital after the incident and are expected to survive.Local polic...Read More
(IDEX Online) - Petra Diamonds today announced increased sales of $102.9m at its latest rough tender, and revealed it would reinstate dividends to shareholders on the back of a revenue hike.The UK-based miner said it sold 520,011 carats at its first tender of FY2023, down nine per cent on the previous tender in June. But an 11 per cent in prices pushed overall revenue up from $93m.Average price pe...Read More
(IDEX Online) - British actress Lily James fronts a new campaign for the Natural Diamond Council, promoting the beauty of natural diamonds.The 33-year-old Emmy-nominated star, known for roles in Pam and Tommy and Downton Abbey, has been appointed by as the council's global ambassador."It has been illuminating to discover the positive impact of the natural diamond industry across the globe and...Read More
(IDEX Online) - Sixteen Argyle Pinks are being offered for sale in what is described as a "once-in-a-lifetime opportunity" for collectors.Leibish is hosting a Festival of Argyle Tender Pink Diamonds at its offices in New York until 19 September.It describes the event as "the largest Tender stone collection in the world".A 1.28 carat, Fancy Deep Purplish Pink, 2PP, Oval shape Diamond with I1 clarit...Read More
This article was first published in September 2022 in a special Rapaport supplement, sponsored by the GIA and titled Future Proof.RAPAPORT... Although artificial intelligence (AI) has been around for decades, many of the ways in which it works remain murky in the eyes of much of the world. And while that is not a problem for technology companies or labs such as the Gemological Institute...Read More
(IDEX Online) - The IDEX Polished Price Index suffered another month of steady decline during August, down by 2.31 per cent. That's the biggest monthly drop since it began falling in early March. It was down 2.1 per cent in April, 0.69 per cent in May, 1.18 per cent in June and 2.05 per cent in July. January and February, by comparison, showed sharp increases, up by 5.67 per cent and 4.14 per...Read More
(IDEX Online) - Sales of jewelry and watches bounced slightly in July, up by 10.2 per cent, year-on-year. The previous month's sales, initially reported as just 0.8 per cent, have now been revised up to 5.3 per cent, based on actual through-the-till transactions. And sales for May have been revised up from 5.1 per cent to 6.0 per cent. However, overall sales growth in rece...Read More
RAPAPORT... At least one person has died in a dam collapse at the Jagersfontein mine in South Africa, a diamond deposit in which Stargems recently invested."The tailings of the abandoned local mine burst open, leading to damages to infrastructure, personal property and homes," the South African government said in a statement on its website Sunday. "The untold damages in and around the communi...Read More
RAPAPORT... Sales of platinum jewelry in the US rose by a quarter in the three months ending June 30 as the sector weathered geopolitical and economic difficulties, according to an industry organization's estimates."Global supply-chain issues, the Russia-Ukraine war and sanctions on Russian companies all caused challenges for the jewelry business in the US," Platinum Guild International (PGI)...Read More
(IDEX Online) - A parcel of "natural" sapphires submitted for grading included a 48.63-ct piece of glass and two lab grown stones.The Gemological Institute of America (GIA) described the selling of simulants and synthetics mixed with natural stones as "an old form of deception".It usually happens close to mines, where inexperienced buyers assume the gemstones come directly from the source???,?"and...Read More
RAPAPORT... Two trade organizations have become affiliate members of the Watch & Jewellery Initiative 2030 (WJI), a sustainability program launched by luxury brands.The World Jewellery Confederation (CIBJO) and France's Union Fran??aise de la Bijouterie, Joaillerie, Orf??vrerie, des Pierres et des Perles (UFBJOP) have also entered into a strategic collaboration with the WJI, the group ann...Read More
(IDEX Online) - The death of Queen Elizabeth II has reignited the debate over the future of the iconic 105.6-ct Koh-i-Noor diamond.The centerpiece of her crown, a Type IIa D-color gem said to be the world's most valuable diamond, will reportedly be worn by Queen Camilla, wife of the new King Charles III, at his coronation.But several countries - among them India, Pakistan, Iran, and Afghanist...Read More
RAPAPORT... The Natural Diamond Council (NDC) has launched a new advertising campaign ahead of the holidays, signing up British actress Lily James as its global ambassador.Under a cloud of funding problems, the industry-wide marketing group has secured James for an initial two-year contract with possible extensions, NDC CEO David Kellie told Rapaport News Wednesday. She is the star of a 45-se...Read More
News: US market optimistic as holiday season approaches. Sales not expected to match 2021, but jewelers seeing steady interest as consumer confidence improves. Memo houses selling well. Luxury jewelry doing better than commercial qualities. International dealers and manufacturers cautious. China weak amid new Covid-19 restrictions. Ongoing quarantine for travelers is limiting Far East trade. Poli...Read More