RAPAPORT... Kering's jewelry and watch divisions grew sharply in the first quarter amid strong sales in North America and Western Europe.Revenue from the company's "other houses" segment, which includes jewelry and watches, rose 35% year on year to EUR 973.4 million ($1.05 billion) for the three months ending March 31, the company said last week. "Kering's other houses posted an extremely strong f...Read More
(IDEX Online) - Petra Diamonds says revenue increased by a third (33 per cent) in the last quarter to $140.6m, driven by a surge in prices.The UK-based miner said like-for-like prices at its March tender were up 37.6 per cent on December and a 157.88ct Type IIa white stone from its Cullinan mine sold for $5.5m.CEO Richard Duffy spoke of a "positive outlook for the business" in a trading update pub...Read More
(IDEX Online) - The GIA grading lab says it will soon be able to tell retailers and consumers which country their diamonds come from.It says it is developing a service called Source Verify, that buyers will access through its online Report Check service at no extra cost.GIA (Gemological Institute of America) does not specifically mention sanctions on Russian diamonds, but president and CEO Susan J...Read More
(IDEX Online) - The Kimberley Process faces criticism for failing to act on Russian diamonds, in a hard-hitting report by a Belgium-based independent research institute."Following several failed reform attempts, the Kimberley Process still looks at conflict through a 20-year-old lens," says Hans Merket, (pictured) researcher for the International Peace Information Service (IPIS) in a report entitl...Read More
RAPAPORT... Production at the Diavik diamond mine in Canada slipped in the first quarter amid "significant" impacts from the coronavirus pandemic, owner Rio Tinto reported Wednesday.Output fell 2% year on year to 991,000 carats for the three months ending March 31. Production was 14% lower than the previous quarter. During the period, the availability of ore was lower than the year before as...Read More
(IDEX Online) - Australia's diamond industry is to be revived with the launch of Burgundy branded gems, with price tags of up to US$7.5m.It hasn't produced diamonds since the closure of the iconic Argyle mine, in November 2020, but Ellendale, famous for its yellow gems, is due to resume operations by the end of the year.Perth-based Burgundy, which now owns the deposit, will mine, polish...Read More
(IDEX Online) - De Beers today signed diamond-mining agreements with the government of Angola, signaling its return to the country after more than two decades. Both sides appear to be patching up a "difficult" relationship, after Angola halted all diamond contracts in 2000 and granted a monopoly to Sodiam, the newly-created, state-run company.De Beers went on to file arbitration proceedi...Read More
RAPAPORT... Petra Diamonds' revenue rose in the third fiscal quarter amid the sale of high-value stones and continued strong prices for rough.Sales climbed 33% year on year to $140.6 million for the three months ending March 31, the company said Wednesday. At Petra's March tender, prices increased 38% on a like-for-like basis compared with the previous sale in December. The hike outweighed a 31% d...Read More
News: Diamond market quiet over Passover and Easter holidays. Steady US demand for 1 to 1.50 ct. sizes supporting the trade, but dealer prices continue to soften. US retail solid; jewelers expecting strong summer wedding season. Dealers cautious due to Russia crisis and China Covid-19 lockdown. Rough trading slow. Uncertainty surrounds upcoming Alrosa sale (April 26 to 29). Long gap until next De...Read More
(IDEX Online) - A New York jeweler has been charged with laundering money for violent gang members.Stanislav "Steve" Yakubov, allegedly acted as a fence for armed attackers who stole watches and jewelry worth $2m in a series of assaults on jewelers near their homes in New York and New Jersey.He was arrested last month and has since been indicted in Manhattan Federal Court on allegations that he bo...Read More
(IDEX Online) - LVMH says revenue from its watch and jewelry division jumped by 24 per cent in the first quarter of this year, up to $2.53bn. Organic growth was 19 per cent.Overall earnings across all luxury groups rose 29 per cent, year-on-year, to $19.4bn, the French conglomerate said.The newly-acquired jeweler Tiffany & Co. had "an excellent start to the year," it said, driven by strong gro...Read More
RAPAPORT... Christie's will offer a jadeite bead necklace that could fetch up to $11 million at its upcoming Hong Kong auction.A number of colored diamonds will also be up for sale at the May 25 Magnificent Jewels sale, Christie's said Monday. A ring by Moussaieff featuring a 3.06-carat, fancy-vivid-blue diamond and a pink, internally flawless diamond is estimated at up to $7.5 million, while a 13...Read More
Host Avi Krawitz and veteran industry journalist Rob Bates discuss the diamond trade's Russia dilemma, among other topics affecting the market. RAPAPORT... Seasoned industry journalist Rob Bates, the new director at JCK Online, joins Rapaport's Avi Krawitz to discuss his new book, Murder Is Not a Girl's Best Friend, as well as the industry themes that are central to his writing. In this episo...Read More
(IDEX Online) - As many as 1.5m people in Gujarat, India, could be affected by sanctions on Russian diamonds, according the industry body GJEPC.Around 800,000 people living in rural areas will be "directly impacted" and a further 700,000 with some link to the industry will be affected, it said, though it did not provide further details.Dinesh Navadiya, regional chairman of the GJEPC (Gem and Jewel...Read More
(IDEX Online) - Three illegal diamond miners died and 10 were rescued when a tunnel collapsed in Northern Cape, South Africa.It happened at the Nuttaboy Mine, at Kliensee, an area known for illegal underground mining.Last October four miners died at the same mine, when a shaft collapsed, trapping others 1,000 meters underground.And in 2012 a tunnel collapsed at the nearby Bontekoe mine, killing 10...Read More
RAPAPORT... The Gemological Institute of America (GIA) will launch a consumer-facing service that will verify the country of origin for natural and lab-grown diamonds.The service, called GIA Source Verify, is currently in development, the institute said Monday. The organization will determine a stone's origin information using third-party-verified documents, including Kimberley Process (KP) certif...Read More
RAPAPORT... Hong Kong-based jeweler Luk Fook reported same-store sales fell 8% in the fourth fiscal quarter as a sharp uptick in coronavirus cases restricted consumer purchases. Same-store sales dropped 17% year-on-year in Hong Kong and Macau for the three months ending March 31, as the rise in virus cases and tighter restrictions hindered sales, the jeweler said last week. Same-store sales of gol...Read More
RAPAPORT... Jewelers of America (JA) has announced the winners of its 32nd annual CASE Awards for jewelry design, recognizing retail and supply members whose pieces feature creativity, artistry, style and excellence.A panel of judges chose the honorees from more than 140 applicants in eight categories, evaluating overall design, marketability, originality and manufacturing quality. Winners receive...Read More
(IDEX Online) - Mountain Province reported a 15 per cent drop in production as it processed lower grade ore.But the Canadian miner said the discovery of kimberlite at its Gahcho Ku?? (C) mine (pictured) in a remote part of Northwestern Territories provided "significant opportunities for additional diamonds to be discovered".It recovered 1,185,156 carats in the first quarter of 2022, according to i...Read More
(IDEX Online) - African diamond miners are expected to reap the benefits of sanctions against Russia over its invasion of Ukraine.The US has outlawed trade with Alrosa and blocked the company from its banking system, though it has not imposed restrictions on Russian diamonds that are cut and polished elsewhere."Many diamond industry participants from cutters to polishers, traders, wholesalers will...Read More