(IDEX Online) - Plans by Botswana Diamonds to buy the loss-making Ghaghoo mine have collapsed, after it failed to secure a joint venture partner.The Irish explorer had a a non-binding agreement with owners Gem Diamonds, dependent on it finding a partner by 10 May. But it says there's still a possibility it will resurrect the agreement.The mine, about 300 km northwest of the capital Gaborone,...Read More
(IDEX Online) - Fashion model Molly Sims dazzled at the Met Gala, wearing 120 carats of diamonds.She wore a $1m necklace in her hair, courtesy of Ring Concierge, the New York jeweler that specializes in designs "for women, by women".Sims, 48, has featured in campaigns for Jimmy Choo, Escada, Giorgio Armani, Michael Kors, and Chanel.She also wore two pairs of pear and marquise cluster earrings (16...Read More
RAPAPORT... The Diamond Club West Coast (DCWC) has chosen its 2022 board of directors, with Moshe Salem set to serve another term as president.Salem, the president of MS Diamonds and Jewelry, has been part of the organization since 1988. He will be joined by Kalpesh Jhaveri and Antranig (Tony) Ayvazian, who were reelected as co-vice presidents of the Los Angeles-based trade group, the DCWC said la...Read More
(IDEX Online) - Russia stands accused of selling party of its huge $140bn stockpile of gold on the black market, as it seeks to evade sanctions imposed by the US, EU and UK (the world's biggest gold-importing nation).The Switzerland-based Global Initiative Against Transnational Organized Crime says in a report that illicit gold markets and gold laundering are compelling options for Moscow, as...Read More
RAPAPORT... Pandora plans to build a new jewelry-crafting facility in Vietnam that will enable it to expand the business and meet increasing consumer demand.The new site, which will create 6,000 jobs and have an annual capacity of 60 million pieces of jewelry, is set to open at the end of 2024, Pandora said last week. The Danish jeweler will design the factory according to the Leadership in Energy...Read More
RAPAPORT... Indian jeweler Titan Company plans to add 600 new stores across 300 cities in the next three years as it pushes ahead with an expansion strategy.The company, which operates brands including Tanishq, Mia, CaratLane and Zoya, is aiming to grow its jewelry business by a factor of 2.5 over the next five years, it said in an investor presentation last week. Titan currently boasts a 6%...Read More
RAPAPORT... Brilliant Earth lowered its revenue guidance as geopolitical and economic concerns began to weigh on retail demand, even after strong first-quarter figures."As the second quarter progresses, we are seeing impact from the uncertain geopolitical and macroeconomic environment, reflected in moderating sales trends and in our updated outlook," cofounder and CEO Beth Gerstein said Thurs...Read More
(IDEX Online) - Brilliant Earth, the US-based "ethical jeweler", has reported $100m of sales in the first three months of 2022, a year-on-year increase of 41.5 per cent.It predicts another strong performance in Q2, despite ongoing geopolitical uncertainties.Net income for the quarter was $3.4m and adjusted EBITDA was $8.4m. The company is forecasting net sales of $450m to $470m for the full year,...Read More
(IDEX Online) - Artisanal diamond miners in Liberia have received basic training in grading and valuing gems.The move, by the Japanese NGO Diamonds for Peace, is designed to help them avoid exploitation, and to negotiate a fair price for their stones.A trainer from the UK spent two days teaching a group of 25 miners from communities in the northern counties of Bomi and Gbarpolu. Many particip...Read More
(IDEX Online) - Pandora today announced plans to build a $100m factory in Vietnam, as part of a plan to boost its total production capacity by 60 per cent.It will create 6,000 jobs, producing up to 60m jewelry items a year.The Danish jeweler, best known for its charm bracelets, aims to double revenue in the US and treble it in China (both from 2019 levels). The new factory in Vietnam will su...Read More
(IDEX Online) - A pure platinum coin weighing 1kg, and set with 462 fancy vivid pink diamonds (6.5 tcw) from the Argyle mine is to be auctioned.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.There are 436 coins altogether, using a total of 46.7 carats of Argyle pinks.The Ultima...Read More
RAPAPORT... US e-commerce spending fell in April to its lowest this year amid rising interest rates and continued inflation, according to Adobe Analytics."As the cost of borrowing and economic uncertainty rises for consumers, we are beginning to see the early impact on both online inflation and spend," said Patrick Brown, vice president of growth marketing and insights for Adobe.Shoppers shelled o...Read More
RAPAPORT... A 228-carat stone made history as the largest white diamond ever to sell at auction, raking in nearly $22 million at Christie's Magnificent Jewels in Geneva.The pear-shaped, 228.31-carat, G-color, VS1-clarity diamond, called The Rock, fetched $21.9 million at the May 11 auction, within its presale estimate of $20 million to $30 million, Christie's said Wednesday. It beat the previous r...Read More
News: Market sentiment mixed as summer wedding season begins. US 8.3% April inflation fuels caution but positive retail momentum continues with jewelry sales +33%, Mastercard reports. Alrosa cancels rough sales, continues supplying Russia's Gokhran. Shortages anticipated. De Beers scales up Tracr blockchain as crisis accelerates traceability efforts. Savvy dealers seeking ethically sourced goods....Read More
(IDEX Online) - The largest white diamond ever auctioned sold yesterday for $21.9m at Christie's Magnificent Jewels sale in Geneva.The 228.31-ct G/VS1 pear-shaped gem, called The Rock, beat its low estimate of $20m, but fell short of the $30m high estimate.The record auction price for a white diamond remains with a 163.41-ct D/IF Type IIa rectangular cut-cornered diamond, which sold at Christ...Read More
RAPAPORT... Israel's diamond trade grew at a slower pace in April as the Russian conflict reduced global market sentiment.Polished exports for the month rose 38% year on year to $443.7 million after returns of unsold items, compared with a 58% jump in March, the Ministry of Economy and Industry reported last week. Export volume slumped 55% to 60,836 carats, with the average price more than tr...Read More
RAPAPORT... Sotheby's garnered $36.4 million from its most recent Geneva sale, even as several top lots failed to find buyers.A 7.17-carat, fancy-intense-purple-pink, VVS2-clarity diamond ring was the top seller at the May 10 Magnificent Jewels and Noble Jewels auction. The cut-cornered rectangular modified brilliant-cut stone brought in $5.6 million, or $790,464 per carat, within its price estima...Read More
RAPAPORT... Gem Diamonds' sale of its Ghaghoo mine in Botswana has broken down for the third time in five years.Okwa Diamonds, owned by Vast Resources and Botswana Diamonds, struck a deal with Gem Diamonds last year to purchase the deposit for $4 million. That sale was dependent on Botswana Diamonds securing a funding partner after Vast dropped out, which it failed to do by the May 10 deadline, Ge...Read More
(IDEX Online) - A small-time farmer in the the central Indian state of Madhya Pradesh recovered an 11.88-carat diamond, which has been valued at $65,000.Pratap Singh Yadav said he'd use proceeds from the sale of the stone to set up a business and pay for his children's education.He struck lucky while digging a small patch of land leased from the authorities in the diamond-rich Panna dist...Read More
RAPAPORT... The word "metaverse" is suddenly on everyone's lips, but what does it mean and why is it important for the diamond industry? That was the topic for the second episode of "Fast-Tracking the Future," a webinar series sponsored by Sarine Technologies.Titled "Diamonds in the Metaverse," the session explored non-fungible tokens (NFTs) and their potential benefits for the market. The pa...Read More