RAPAPORT... The number of crimes against US jewelers exceeded pre-coronavirus levels last year - but the value of losses fell, according to the annual Jewelers' Security Alliance (JSA) report on the subject.The tally rose 17% to 1,687 events in 2021 compared with 1,438 in 2019, the JSA said last week. The total dropped 1.8% versus 2020, when 1,718 crimes occurred. Dollar losses declined 31% t...Read More
(IDEX Online) - US rapper Kendrick Lamar has revealed that Tiffany & Co made the diamond-encrusted crown of thorns he wore for the cover of his new album.It was fashioned from 50 thorns, encrusted with over 137 carats of diamonds in the form of 8,000 cobblestone micro pav?? (C) diamonds, he told British Vogue magazineLamar, 35, wore the Jesus-inspired crown on the cover of his new album of Mr....Read More
(IDEX Online ) - De Beers and the Botswana government have again delayed agreement on a new contract for the supply of rough diamonds. The sales agreement, which governs the Debswana joint venture between both parties, was extended by a year in December 2020 and was due to be renegotiated this month. The original delay was blamed on the Covid crisis. Diamond revenue accounts for a fi...Read More
The Jewelers Vigilance Committee (JVC) distributed this member alert on June 29, 2022.The US and Other G7 Nations Institute Ban on Imports of Russian Gold On June 26, 2022, President Biden along with the other members of the G7 announced together that they would collectively ban the importation of Russian gold in their countries.The G7 includes the U.S., Canada, France, Germany, Italy, J...Read More
RAPAPORT... French auction house Artcurial will offer a 17.5-carat diamond at its upcoming Monaco Luxury week, where it expects the stone will realize up to EUR 1.5 million ($1.6 million).The emerald-cut, D-color mounted diamond will lead a series of three sales, that will take place on July 18, 19 and 20, Artcurial said Tuesday. A ring bearing a 12.39-carat, fancy-intense-yellow diamond flanked b...Read More
RAPAPORT... De Beers Forevermark will require its partners to sell the brand's own jewelry designs in a strategic shift aimed at achieving greater consistency.Previously, Forevermark customers were able to select loose diamonds from the brand and place them in their own or third-party designs. The company's target for implementing the change is January 1, 2023, Charles Stanley, president of D...Read More
(IDEX Online) - David Gotlib is to replace Chaim Pluczenik as president of the Antwerp World Diamond Centre (AWDC), representing the interests of its 1,600 members. He will be assisted by Sahag Arslanian and Amish Jain, who were appointed as vice presidents. Mr Gotlib (pictured), of the IDRP Group, a third-generation diamantaire, said after his appointment: "Antwerp has again demonstrate...Read More
News: Trading slowed following Vegas highs as US dealers head for vacation. Industry expects 3Q lull but remains optimistic for holiday season. Recession fears grow after US GDP shrinks 1.6% in 1Q. Polished prices declining amid weak economic outlook and rise in inventory. Russian rough shortages likely to impact polished supply in 2H. Traceable non-Russian diamonds expected to sell at ethical pr...Read More
(IDEX Online) - There were many losses in June, as there were in May. The war continues in Ukraine, as do the sanctions on Russian rough, and Indian manufacturers are still filling the supply gaps, especially among smalls, by switching to lab grown. In May we saw more increase among goods over 2.0-cts seeking refuge from the stock market. In June those increases were limited to goods over 4.0-cts....Read More
RAPAPORT... Rio Tinto has put the Star-Orion South diamond project in Canada on hold until the end of the year while it weighs a possible exit from the venture.The Australian miner will not contribute financially to the Fort ? la Corne (FalCon) exploration during that time other than for care and maintenance, its joint-venture partner Star Diamond said Wednesday. Over the next six months, Rio Tin...Read More
RAPAPORT... Luk Fook's sales weakened in the past months as Covid-19 dampened retail spending across greater China, the Hong Kong-based jeweler reported.Group same-store sales - in Hong Kong and the mainland - declined in March and April amid a resurgence of the virus in both locations, the retailer said Tuesday. Same-store sales in Hong Kong and Macau returned to "slight" growth for the peri...Read More
RAPAPORT... De Beers and the Botswana government have extended their current supply contract by another year, meaning the current terms will remain in place until June 2023."Following further positive progress towards a new agreement being made in the first half of 2022, the two parties have agreed to the one-year extension to enable the finalization of the ongoing discussions," De Beers said...Read More
(IDEX Online) - Zales has launched a new diamond cut with 185 facets - compared with the 58, including the culet, of a traditional brilliant cut - claiming it creates a "breathtaking sparkle".The US jeweler, which has 2,800 stores and is part of the Signet group, says its Celebration Infinite diamonds, with more than three times the regular number of facets, are expertly cut for excellent li...Read More
(IDEX Online) - The demolition of Canada's Victor diamond mine - which involved flying in specialist machinery in Hercules cargo planes - was completed ahead of time, despite many challenges.The site, in a remote and frozen area of northern Ontario, is now being returned to its natural state.Victor was identified in 1987 as Canada's first economically viable diamond deposit.De Beer...Read More
(IDEX Online) - Gwyneth Paltrow is again under fire, over the price of her new "everyday" jewelry collection.Social media users say the new range - including a $7,900 gold necklace with 1.96 ctw of white diamonds - is "out of touch", "unaffordable" and far from being "everyday".The Hollywood A-lister, aged 49, launched new pieces branded as G. Label through her online business Goop last week. ...Read More
(IDEX Online) - The Russian Ministry of Finance has condemned "far-fetched" accusations that diamonds are funding its invasion of Ukraine and should therefore be outlawed by the Kimberley Process.It issued a statement insisting Russia "has always been and remains an exceptionally responsible participant of the Kimberley Process".And it said tax and dividend payments from Russian diamond mining ope...Read More
(IDEX Online) - Swarovski, the family-owned crystal and jewelry company, is to have an "outsider" permanently at the helm for the first time in its 127-year history.The Austria-based business has appointed Alexis Nasard (pictured), from Switzerland, currently a senior business advisor at management consultants McKinsey & Company.He replaces Michele Molon, a non-family member, who served as CEO...Read More
RAPAPORT... Digital-marketing expert Ben Smithee, founder of The Smithee Group, joins Rapaport's Avi Krawitz to discuss the rapidly changing media space and how it is impacting the diamond and jewelry industry. In this episode of the Rapaport Diamond Podcast, the two delve into how the trade can use data and content to drive businesses forward with thoughtful, intentional strategic planning. They...Read More
RAPAPORT... Hong Kong jeweler Luk Fook's revenue and profit rose by around 30% to 40% for the full fiscal year that ended March 31, the company estimated.A low base of comparison with the previous year - which saw pandemic-related restrictions - is responsible for the increase during the period, Luk Fook said last week. In fiscal 2021, business in China was weak, and Hong Kong and Macau were on lo...Read More
RAPAPORT... The US, UK, Canada and Japan have placed sanctions on the import of Russian gold in an effort to eliminate revenue used to fund President Vladimir Putin's war on Ukraine.The four countries made the decision to ban Russia's biggest non-energy export at the G7 summit in Germany on Sunday, the UK government said. The remaining G7 participants - France, Italy and Germany - will likely foll...Read More