RAPAPORT... Signet Jewelers has agreed to pay $175 million to resolve a 2008 legal dispute involving 68,000 female workers who alleged it discriminated against women.Class members who filed the suit against Sterling Jewelers - the division of Signet that oversees Kay Jewelers and Jared - will receive about $125 million combined from the settlement, while the remainder will cover attorneys' fees an...Read More
RAPAPORT... E-commerce jeweler Blue Nile is planning to list on the Nasdaq exchange, wooing investors with a projected compound annual growth rate of 8% to 17% over the next two years. The listing will be through a merger with Mudrick Capital, a special-purpose acquisition company (SPAC), with the new entity continuing to operate under the Blue Nile label, the firms announced Friday in a fili...Read More
(IDEX Online) - At least FORTY diamond miners are feared dead after a mine collapsed in Democratic Republic of Congo (DRC), according to the country's minister of the interior.The artisanal workers were in underground shafts in Samba, near the city of Tshikapa, in the southwestern region of Kasai.Initial reports after the mine collapse on Tuesday (7 June) indicate there were six fatalities. T...Read More
(IDEX Online) - A new record for the world's largest polished lab grown diamond has been set by Indian company Ethereal Green Diamond LLP, with a 30.18-carat stone.It snatches the title from Greenlab, another Indian company, which announced just over two weeks ago that it had produced a marquise step cut 27.27-carat diamond.Both stones were certified by IGI. The 30.18-carat emerald-cut gem, c...Read More
RAPAPORT... Shares in Signet Jewelers soared nearly 9% in early trading Thursday as the company's revenue edged out analysts' forecast and its full-year guidance surpassed expectations.Revenue rose 9% to $1.84 billion in the 13 weeks that ended April 30, as the retailer sold a larger proportion of high-value goods and introduced several new offerings, Signet reported Thursday. That figure is sligh...Read More
(IDEX Online) - This year could prove to be a tipping point for lab growns, say IDEX Online's expert analysts in their new 2021 Pipeline report.The industry enjoyed a "dream year", but the mined sector lost a potential revenue of $20bn to lab growns, they say.Sanctions on Russian rough - around 30 per cent of global supply - could now force high-end jewelers to start using lab growns in their...Read More
(IDEX Online) - Chow Tai Fook today reported a 41 per cent increase in revenue, despite ongoing Covid lockdowns and their impact on sales.China's biggest jewelry retailer said earnings for the year to 31March 2022 were HK$98.9bn (US$12.6bn) and gross profit was up by 11.3 per cent to HK$22.3 (US$2.8bn).Despite "the lingering effects of the pandemic and global economic uncertainties," the reta...Read More
RAPAPORT... De Beers raised prices of smaller rough diamonds at its June sight in response to a strengthening market for that category.The increase was around 8% to 10% across all goods under 0.75 carats, market insiders said Wednesday. "They held back [adjusting prices] for two sights, being responsible and not wanting to jump on speculation after the Russian invasion," a source explained. "...Read More
News: Las Vegas shows open amid hopes they will boost sentiment for 2H. US demand steady. China improving. Concerns about pending shortages continue as supply splits between Russian and non-Russian goods. Cutters finding ways to buy Alrosa rough to serve centers open to Russian-origin polished. De Beers raises prices of small rough amid strong demand, scarcities, and high premiums on secondary ma...Read More
RAPAPORT... A diamond weighing more than 100 carats smashed its high estimate at Christie's New York Wednesday, raking in $20 million.The emerald-cut, 103.49-carat, D-flawless, type IIa Light of Africa was the star of the Magnificent Jewels auction, surpassing its $18 million presale upper price tag. The stone is the fifth most-valuable colorless diamond Christie's has ever offered, it said Thursd...Read More
RAPAPORT... The Gemological Institute of America (GIA) will shutter its Antwerp laboratory on July 31 in response to dwindling demand, the organization confirmed to Rapaport News.It informed clients of the closure earlier this week, a GIA spokesperson said Wednesday. Customers will still be able to send submissions to other GIA laboratories using Malca-Amit's shipping services, he added."This...Read More
RAPAPORT... The Gemological Institute of America (GIA) plans to convert all of its paper reports to digital within the next three years, beginning with its Diamond Dossier in 2023.The digital reports, which it will link to an app, will be more secure than their paper counterparts, the GIA said Tuesday. They will be paired with a new inscription-matching service, called GIA Match iD. This feature c...Read More
RAPAPORT... Zack Kramer has left his position as president of Brilliant Earth after just over a year in the role.In June, he became chief operating officer of financial services company Pendrell Corporation, according to his LinkedIn profile. Kramer started at Brilliant Earth in March 2021, following three years as vice president and general manager of sound and audio brand Sonos.Brilliant Earth,...Read More
(IDEX Online) - A huge 1kg platinum coin, set with 6.5-carats of Argyle pink diamonds, smashed estimates when it sold at auction for just over US$1m.The one-off creation is the highlight of the Royal Canadian Mint's Opulence Collection, featuring gems from the iconic Australian mine that closed in November 2020.The rose gold-plated, platinum coin, known as The Ultimate, was hand set with 462...Read More
(IDEX Online) - The Responsible Jewellery Council (RJC) appointed seven directors at its AGM, but has yet to find a permanent replacement for executive director Iris Van der Veken.She quit at the end of March over the council's failure to take a tougher stance against Alrosa, the miner that is one-third owned by the Russian government.The London-based watchdog was also rocked by the departure...Read More
(IDEX Online) - Sanction-hit Alrosa is expected to make no dividend payment to shareholders for the second half of last year, citing the need to "maintain sustainability of its operations".The miner, a third owned by the Russian government, today announced that its supervisory board was recommending the move.In 1H 2021, Alrosa paid out just over $1bn (RUB64.7bn) to shareholders, more than 70% of t...Read More
(IDEX Online) - Bank of America is forecasting a 15 per cent increase in diamond prices this year, amid the ongoing squeeze on supplies.It says supply of diamonds is now the lowest since the Great Financial Crisis of 2008. And the US currently accounts for a half of global demand, says the bank, one of the world's largest financial institutions.Sanctions on Russia, over its invasion of Ukrain...Read More
RAPAPORT PRESS RELEASE, June 7, 2022, Las Vegas... Diamond trading was stable in May despite concerns about inflation, rising interest rates and slumping stock markets. Polished prices initially declined but later steadied as dealers anticipated supply shortages resulting from Russian sanctions.The RapNet Diamond Index (RAPI?,,?) for 1-carat diamonds slid 0.5% in May but was 9.3% higher on June 1...Read More
RAPAPORT... The Natural Diamond Council (NDC) is expanding its reach into the United Arab Emirates (UAE) through partnerships with three jewelry retailers that will help "familiarize" younger consumers in the region with natural diamonds.The NDC will work with Malabar Gold & Diamonds, Jawhara Jewellery and La Marquise Jewellery to advocate the "natural-diamond dream" and enhance trust in the i...Read More
RAPAPORT... The Responsible Jewellery Council (RJC) has elected World Diamond Council (WDC) president Edward Asscher as one of the new representatives to its board.Asscher will represent the trade association forum on the RJC's board of directors, the industry standards organization said last week. His appointment was announced along with several others at the RJC's annual general meeting (AGM) on...Read More