RAPAPORT... Alrosa plans to stick with its production guidance of 34 million to 35 million carats this year despite Western sanctions on the Russian miner, according to a local news report."I think we are on track and so far, despite certain difficulties, we are working exactly according to plan in the first half of the year, somewhere in this range," Interfax quoted Alrosa CEO Sergey Ivanov...Read More
RAPAPORT... The global luxury industry grew by almost a fifth at the start of the year as European spending recovered at a faster rate than expected, according to Bain & Company."After its worst dip in history, the personal luxury goods market has experienced a V-shaped rebound," the consultancy said Tuesday in its spring update, entitled "Rerouting the Future."Sales increased by 17% to 1...Read More
RAPAPORT... De Beers' sales soared to $650 million in June as demand held up and the lack of Russian supply led to shortages.The total for the fifth cycle of 2022 was 36% higher than for the equivalent sale a year earlier and represented an 8% increase compared with May, according to data De Beers released Wednesday. The figure included the June sight, which took place two weeks ago, as well...Read More
(IDEX Online) - De Beers today announced $650m (provisional) of rough sales at its fifth sales cycle of 2022 - up over a third on last year amid ongoing sanctions against Russia.The UK-based miner attributed the rise in sales to positive sentiment in the US and China's gradual emergence from Covid lockdowns, but made no mention of its biggest rival, Alrosa.De Beers reportedly hiked the...Read More
RAPAPORT... Swiss watch exports grew strongly in May as demand strengthened in the US and Europe while orders of high-end timepieces surged.Global shipments rose 14% year on year to CHF 2.04 billion ($2.12 billion) for the month, the Federation of the Swiss Watch Industry reported Tuesday. Supply to the US market increased 35% to CHF 327.4 ($340.1 million), with exports to Europe gaining 32%....Read More
RAPAPORT... Profit at Hong Kong jeweler Tse Sui Luen (TSL) moved back into the black during the full fiscal year even as sales waned in the final quarter and into the new year.Profit came to HKD 15.4 million ($2 million) for the 12 months ending March 31, compared to a loss of HKD 44.1 million ($5.6 million) a year ago. Group revenue climbed 4.5% to HKD 2.77 billion ($352.7 million). Sales in...Read More
RAPAPORT... Pandora will assume ownership of 34 stores from its distributor in Portugal as part of its plan to expand its network and regain control of its brand.The jeweler will take over the full distribution and sales network of Vis??o do Tempo, which includes 25 concept stores and nine shop-in-shops, Pandora said Tuesday. All locations will open as Pandora-owned-and-operated stores on July 20....Read More
(IDEX Online) - The Kimberley Process (KP) is facing renewed pressure to consider whether it should still be certifying Russian diamonds.The KP Civil Society Coalition (KPCSC), the umbrella organization that oversees KP activities, blasted the watchdog for its "silence" over the invasion of Ukraine."The fact that the KP is unable to even discuss whether it should continue certifying Russian diamon...Read More
(IDEX Online) - Hong Kong billionaire Calvin Lo has launched a jewelry investment for the ultra-rich to take financial refuge in pieces by Van Cleef & Arpels, Cartier and Bulgari.The insurance tycoon has already attracted $1.1bn from a group of 42 high net worth individuals, mostly from Hong Kong.Lo, aged 46, who is reckoned to have a $1.7bn fortune, is head of RE Lee International, specializi...Read More
RAPAPORT... Gemfields recorded its highest auction revenue for rubies from its Montepuez mine in Mozambique since it started selling in 2014.The company saw revenue of $95.6 million from a series of seven mini-auctions between May 30 and June 17, with 94% of lots finding buyers, it said Monday. The sales took place in Bangkok but were performed via an online auction platform that allowed customers...Read More
(IDEX Online) - An anonymous buyer paid $12.96m for the flawless 101.41-carat Juno diamond at Sotheby's New York - and promptly renamed it Claire G, after his wife.The Type IIa pear-shaped D-color IF stone sold for way over its $10m high estimate.It was only the 12th +100-ct D-color diamond ever to sell at auction, and it is the fourth-largest pear diamond to be offered at auction.It was the...Read More
(IDEX Online) - Lab growns now account for around a fifth of the diamonds used by manufacturers in India, according to reports.The switch from mined gems has been prompted by ongoing sanctions against Alrosa, together with demand form the US for cheaper goods, amid spiraling inflation. Lab growns are 40 per cent cheaper.Among the beneficiaries are lab grown manufacturers in India, which...Read More
RAPAPORT... Steve Coe, CEO of De Beers lab-grown diamond jewelry brand Lightbox, will step down after running the business since its inception.Coe, who started at Lightbox in 2017 following a 21-year tenure at De Beers' synthetic diamond-manufacturing unit, Element Six, will leave the company in July, David Johnson, head of strategic communications for De Beers, confirmed to Rapaport News Mon...Read More
RAPAPORT... The World Diamond Council (WDC) has extended the term of its current officers for an additional year due to "unusual circumstances," it said Sunday.WDC bylaws state the term of its president lasts two years, after which the serving vice president automatically succeeds him or her. However, citing unforeseen circumstances during the 2020-to-2022 period, including the pandemic, the WDC h...Read More
RAPAPORT... India's rough imports rose 14% to $1.43 billion in May as the country sought to offset the decline in Russian rough supply. Polished exports grew 4% year on year to $2.09 billion, according to data from the Gem & Jewellery Export Promotion Council (GJEPC). Both measures had declined in April. The government is targeting 17% growth in all gem and jewelry exports in the current fisca...Read More
(IDEX Online) - Violent armed raiders left workers terrified when they stormed a jewelry store in New Jersey, USA, and fled with an estimated $1m or more of merchandise. The seven masked robbers threw staff to the ground as they ransacked display cases at Virani, specialists in antique-style Indian jewelry, in Iselin, New Jersey. Shocking CCTV images show a woman employee being forced to the groun...Read More
(IDEX Online) - Alrosa says it will not lower its forecast production of up to 35m carats this year - despite sanctions and banking restrictions imposed over its invasion of Ukraine.It also said plans to re-open the Mir mine, where a flooding accident claimed eight lives in 2017, were still under consideration.The Russian miner, part-owned by the government, said it was on course to meet H1 2022 g...Read More
(IDEX Online) - Three victims of Tinder Swindler Shimon Hayut are to recoup their financial losses through sales of a specially created Stronger Together bracelet.The $169 piece is being launched by Leviev Diamonds. Hayut, 31, from Israel, legally changed his name to Simon Leviev and falsely claimed to be CEO of the company.The Netflix documentary The Tinder Swindler, released in February, tells h...Read More
RAPAPORT... Swarovski has appointed former McKinsey & Co. executive Alexis Nasard as CEO, the company's first leader from outside the crystal maker's family to hold the post in its 127-year history.Nasard will start on July 4, taking over from interim CEO Michele Molon, who will assume the newly established role of chief commercial officer, Swarovski said last week. The move to onboard an...Read More
RAPAPORT... Jewelers for Children (JFC) raised $1.1 million at its annual Facets of Hope dinner in Las Vegas last week, bringing the organization's fundraising tally to over $60 million since its inception in 1999. The total will be distributed between the group's various charity partners. That includes $225,000 earmarked for St. Jude Children's Research Hospital, $235,000 going to each of Ma...Read More