(IDEX Online) - There were many losses during May, especially among goods under 0.3-cts, and many gains, especially among goods over 2.0-cts, amid ongoing uncertainty. Manufacturers have been switching to LGDs as the preferred replacement for naturals smalls, which have been in desperately short supply, especially since sanctions were imposed on Russia. This largely accounts for these price d...Read More
RAPAPORT... Dubai-based luxury conglomerate Damac Group has purchased Swiss jeweler De Grisogono in an effort to penetrate new sectors."Keeping in line with our ambitions to expand our business into the luxury and high-end fashion realm, bidding for De Grisogono came to us naturally," Damac founder and billionaire Hussain Sajwani said Tuesday. "A relatively young but established brand, it has imme...Read More
RAPAPORT... Hong Kong's hard-luxury sales saw an upswing in April as the health situation improved and the government released new retail vouchers.Revenue from jewelry, watches, clocks and valuable gifts climbed 14% year on year to HKD 3 billion ($382.7 million) for the month, the municipality's Census and Statistics Department reported Wednesday. The increase comes after two consecutive months of...Read More
(IDEX Online) - Supermodel Karen Elson is the face of Natural Diamond Council's (NDC) newest campaign.She wears Bulgari, Cartier, Van Cleef & Arpels, Bucherer, Chanel, Gucci, Louis Vuitton, and many more brands in the first ever digital cover for Only Natural Diamonds, the NDC's consumer-facing digital platform.British-born Elson (pictured), 43, also a singer-songwriter, was chosen a...Read More
RAPAPORT... Israel and the United Arab Emirates (UAE) have reached a trade deal that will abolish certain tariffs on diamonds and jewelry.The Comprehensive Economic Partnership Agreement (CEPA) will eliminate customs duties on more than 96% of products across a range of sectors, the countries said Tuesday after signing the document. It will advance bilateral trade beyond $10 billion within fi...Read More
(IDEX Online) - Foreign sales of Swiss watches slowed in April, as China was hit by Covid lockdowns.Total export revenue was just under $2bn, its lowest since August 2021, according to figures released by the Federation of the Swiss Watch Industry. That's up 7.3 per cent on April 2021.Sales to the US, by far the biggest single market, was up 37 per cent to $335m.But exports to second-pl...Read More
(IDEX Online) - The first steps towards setting up a traceability program have been taken in Democratic Republic Congo (DRC), which dominates the world's supply of diamonds from artisanal and small-scale mining (ASM).A pilot project involving Antwerp World Diamond Centre (AWDC), the DRC mining ministry and tech company Everledger aims to establish a fully transparent value chain in a country...Read More
RAPAPORT... With the US imposing sanctions on Alrosa and other Russian entities, there is rising concern about the impact on the diamond market, considering the vast rough supplies from the country. The following is a resource center to help the trade gain clarity on the crisis and its effects on the industry.May 31: How the War Has Shaken Up Diamond Supply (Joshua Freedman)May 27: Alros...Read More
(IDEX Online) - Pandora and LVMH are both enter the Top 10 of $100m supersellers in National Jeweler magazine's annual State of the Majors report published yesterday. Signet remains in first place, with sales across North American of $7.30bn in 2021, a huge increase from $4.84bn the previous year. Walmart, Amazon and Costco are second, third and fourth respectively, unchanged from last year,...Read More
(IDEX Online) - Raiders fled empty-handed after they were kicked and punched by staff at a jewelry store in California, USA.One of the four robbers smashed a display case with a hammer at the Princess Bride Diamonds, in the Bella Terra shopping mall, Huntington Beach (on Sunday 29 May).But staff, together with the owner's relatives, fought back. One female employee can be seen on CCTV repeate...Read More
RAPAPORT... Revenue at Mumbai-based diamond and jewelry manufacturer Asian Star surged in the past fiscal year as the economy recovered and Covid-19 restrictions loosened.Group revenue - including at subsidiaries - jumped 73% to INR 44.3 billion ($570.3 million) for the year ending March 31, the company said Monday. Diamond sales soared 82% to INR 39.02 billion ($502.3 million), while revenue from...Read More
RAPAPORT... The diamond industry finds itself in the middle of many external forces. The Russia-Ukraine war has altered the supply situation and damaged US demand for Alrosa goods. Lockdowns in China have reduced sales in the most important Far East market. While spending is still robust on American shores, inflation has prompted some traders to worry. This combination of factors has created...Read More
(IDEX Online) - A diamond merchant accused of smuggling $26m of diamonds has been arrested by customs officials at Delhi airport. Meet Kachhadiya, who ran a Universal Diamonds, in Surat's Sachin Special Economic Zone (SEZ), allegedly evaded duty when he exported 30 consignments of "lab grown" diamonds to Hong Kong from February 2021 to May 2021. He'd reportedly been evading...Read More
RAPAPORT... Fresh off the GemGen??ve show, founders Thomas Faerber and Ronny Totah join Rapaport's Avi Krawitz to discuss the trends they saw there.In this episode of the Rapaport Diamond Podcast, the executives also talk about the role of trade fairs in general, and share their impressions of the colored-gem and antique-jewelry markets amid the recent turbulence.Listen to the podcast here:Di...Read More
RAPAPORT... Swiss watch exports saw a more moderate rise in April as China's coronavirus measures reduced demand in the key market, according to the Federation of the Swiss Watch Industry.While global shipments climbed 7% to CHF 1.92 billion ($2 billion) for the month, the increase was weaker than in the first quarter, the organization reported Tuesday."The growth in Swiss watch exports lost...Read More
RAPAPORT... US-based jewelry brand Shy Creation has appointed Kari Allen as executive vice president. Allen was previously director of sales for Gucci, before which she served as vice president of luxury jewelry and timepiece brands Charriol and Damiani, Shy Creation said last week. She was also president of Versace's US business. In her new position, Allen will focus on the company's sales a...Read More
RAPAPORT... An emerald ring set with pink diamonds from Rio Tinto's Argyle mine has raked in $1.1 million at auction.The piece, named Majestique, was part of a collaboration between Muzo and Argyle Pink Diamonds, Rio Tinto's brand for the fancy-colored stones from its Australian mine. It was the star of Muzo's May auction in Hong Kong, the emerald miner and jeweler said last week.Set with a cushio...Read More
(IDEX Online) - TAG Heuer is now accepting crypto payments for watches sold online in the US.The luxury Swiss watchmaker says it's a "significant step on its digital transformation journey".Customers will be able pay with Bitcoin, Ethereum and a selection of 10 other cryptocurrencies, with a maximum spend equivalent to $10,000 in each transaction."We have been following cryptocurrency develop...Read More
(IDEX Online) - A necklace of 33 exceptional jadeite beads sold for over $8.8m at Christie's Magnificent Jewels live auction in Hong Kong. The beads (measuring approximately 15.0 to 12.3 mm) were set with an 11-carat cushion-cut Burmese ruby surrounded by oval-cut diamonds. The piece (pictured) sold for $8,836,123 to a collector on the phone after "spirited competition". Christie's said...Read More
(IDEX Online) - Diamond dealers in Antwerp are suing their banks for blocking their US dollar accounts when they implemented AML (anti-money laundering) legislation.They're set to take a group action, claiming they have suffered disproportionately from the implementation of EU rules.Robin van Beurden, an Antwerp diamond broker, told the German broadcaster Deutsche Welle he'd already won...Read More