RAPAPORT... A private collector in Asia paid $13 million for a pear-shaped stone he renamed the Claire G diamond, after his wife, at the most recent Sotheby's sale in New York.The 101.41-carat, D-color, internally flawless stone, previously known as the Juno diamond, was estimated to fetch in excess of $10 million at the June 16 Magnificent Jewels sale. The result is one of the highest prices achi...Read More
(IDEX Online) - A limited-edition Patek Philippe watch that was launched with a $35,893 price tag last April is now selling for up to $551,700. Demand for the rare, olive green-dialed variant of the Nautilus 5711/1A model has been so intense that buyers are prepared to pay more than 1,400 per cent over the odds on the secondary market. The market monitor Watch Charts currently reports $442,000 as...Read More
(IDEX Online) - A five-carat Paraiba tourmaline - one of the "newest" gemstone varieties - is to be auctioned at Bonhams Hong King with a high estimate of $484,000.Tourmaline was first discovered in the 1500s in a variety of colors. But vivid blue/green examples were only discovered in 1989. They are called Paraiba after state in Brazil where they were found and can command significantly hig...Read More
(IDEX Online) - Luxury brands have cut their forecasts for growth in China from 18 to per cent to just three per cent, as Covid lockdowns continue to shatter consumer confidence. Management consultants Oliver Wyman published their findings based on interviews with clients representing more than $50bn in retail sales of premium consumer and luxury goods in the country. "There is a huge doubt about...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... Phillips's New York Jewels auction brought in $5.2 million, with a 43.15-carat, fancy-yellow diamond ring taking the top spot.The old European brilliant-cut, VS2-clarity piece, accented with round brilliant-, single- and baguette-cut diamonds, fetched $816,500 at the June 2 auction, just under its high presale estimate, Phillips said. In total, the auction house sold 75% of items on of...Read More
News: Sentiment positive following Las Vegas shows. Fairs had busy visitor traffic; jewelers with good liquidity after profitable 2021 bought vigorously ahead of holiday season. US jewelry sales +22% in May, says Mastercard. High end robust. Consumers purchasing diamonds as hedge against inflation and stock market slump. Many concerned about rising cost of living as Fed hikes interest rates 0.75%...Read More
RAPAPORT... The International Colored Gemstone Association (ICA) has appointed industry veteran Doug Hucker as CEO, to succeed Gary Roskin.Hucker was the CEO of the American Gem Trade Association (AGTA) for the past 24 years, before leaving in March. He has also served on the boards of a number of industry associations, including the American Gem Society (AGS), the Jewelers Vigilance Committee (JV...Read More
(IDEX Online) - The Responsible Jewellery Council (RJC) says Kering, Richemont and other members have rejoined, after their high-profile departures over the organization's ties with Russia."Most of the small number of members who briefly left the RJC in late March rescinded their resignations within a few weeks, including all the Kering and Richemont maisons, retaining their long-standing RJC...Read More
(IDEX Online) - The Kimberley Process (KP) must "stop turning blind eye to Russia's invasion of Ukraine and take fight against conflict diamonds seriously". The KP Civil Society Coalition (KPCSC), the umbrella organization that oversees its activities, issued a strongly-worded statement on Tuesday, accusing the KP of being "no longer fit for purpose".An attempt by Western...Read More
RAPAPORT... US retail sales slowed slightly in May amid rising inflation and higher prices for essential goods.Revenue slipped 0.3% from the previous month, versus a 0.7% increase in April, according to data the US Census Bureau released Wednesday. May sales rose 8% compared with a year earlier. Several other factors also contributed to the slowdown."There's been little relief from inflation, and...Read More
(IDEX Online) - Gem Diamonds has recovered an exceptional Type II 245-carat diamond (pictured) from its Letseng mine in Lesotho.It's the third +100-carat stone in three weeks from the world's highest dollar per carat kimberlite diamond mine.London-based Gem recovered a 129-carat stone on 23 May at Letseng, the world's highest diamond mine, 3,100 meters above sea level in the Maluti...Read More
RAPAPORT... The International Colored Gemstone Association (ICA) has appointed industry veteran Doug Hucker as CEO, to succeed Gary Roskin.Hucker was the CEO of the American Gem Trade Association (AGTA) for the past 24 years, before leaving in March. He has also served on the boards of a number of industry associations, including the American Gem Society (AGS), the Jewelers Vigilance Committee (JV...Read More
RAPAPORT... Sentiment was high as the 2022 JCK Las Vegas show came to an end, with exhibitors reporting solid orders amid an overall upbeat US retail market.Robust consumer spending and shortages of goods supported trading, despite concerns about inflation, interest rates and a stock-market decline. Foot traffic was strong following two years of limited gatherings."We expected the show to be...Read More
RAPAPORT... US jewelry sales rose in May amid a return to in-person shopping and a surge in weddings and travel, according to Mastercard SpendingPulse.Revenue for the category jumped 22% year on year during the month, the highest growth of all segments Mastercard monitors, it reported Wednesday. The majority of weddings and social events were pushed back during the Covid-19 pandemic. Many consumer...Read More
RAPAPORT... Beryl Raff will leave her role as chairman and CEO of Helzberg Diamonds after 13 years with the company.Raff, who is set to retire on July 1, will continue to advise and consult the executive team at the Berkshire Hathaway-owned jeweler as a nonexecutive chairman, the jeweler said Tuesday. She is the longest-serving nonfamily CEO at Helzberg."Helzberg Diamonds is my family," said Raff....Read More
RAPAPORT... Richemont and Kering have rejoined the Responsible Jewellery Council (RJC) after withdrawing their brands over the Russia controversy, according to the standards organization's chairman."There were 24 companies within those groups that resigned," David Bouffard said at the Rapaport Social Responsibility Conference, which took place Sunday during the JCK Las Vegas show. "Within a m...Read More
(IDEX Online) - A luxury jeweler in Ukraine that started making body armor after the Russian invasion is now sending wedding rings to frontline soldiers.Oberig's manufacturing base in Kharkiv - Ukraine's heavily-shelled second city - has so far contributed more than 6,000 items of body armor to the war effort.And now it's sending silver wedding rings - 148 and counting - to soldiers...Read More
(IDEX Online) - Lusix, the solar-powered lab grown company, has announced $90m in an investment round for its Sun Grown Diamonds.LVMH Luxury Ventures is among those funding the Israel-based company, founded by Benny Landa, the "father of commercial digital printing" who sold his company Indigo to HP for $830m.Half the $90m was revealed in February, when the company said it had secured funding from...Read More
RAPAPORT... The Las Vegas shows set the tone for the industry moving into the second half of the year. But how was the mood considering the economic and geopolitical headwinds facing the trade, and what does this signal for the market? In this episode of the Rapaport Diamond Podcast, News Editor Joshua Freedman and Senior Analyst Avi Krawitz discuss sentiment at the shows, along with the big news...Read More