(IDEX Online) - Trans Atlantic Gem Sales (TAGS) said more than 40 per cent of goods remained unsold at its latest tender.It blamed growing concerns over inflation in the US, Russian sanctions, and increased and Covid restrictions in China.The auction house, based in Dubai and Cape Town, said it sold just under $20m of rough from the $35m offered. In March, by contrast, it sold a company record of...Read More
(IDEX Online) - The world's biggest rough ruby - weighing 8,400 carats - could sell for up to $120m.The 2.8kg stone, known as the Burj Alhamal, was recovered in the village of Winza, central Tanzania, where rubies were first discovered in 2007.It is owned by the mineral and metal asset management company SJ Gold & Diamond and went on display on Friday in Dubai at the Waldorf Astoria Dubai...Read More
(IDEX Online) - Chow Tai Fook reported a significant slowdown in growth of its retails sales, as the resurgence of Covid across China took its toll.The country's biggest jeweler, with almost 6,000 outlets, said RSV (retail sales value) grew by 8.5 per cent in the quarter ending 31 March - compared to 31.1 per cent in the previous three months."During the fourth quarter, both Mainland China an...Read More
RAPAPORT... Trans Atlantic Gem Sales (TAGS) recorded a "significant" slowdown at its most recent rough-diamond tender.The company offered $35 million worth of rough from South African producers at the April sale, it said last week. However, the company sold only around $20 million, with many lots withdrawn after failing to reach their required prices."After many months of enthusiastic rough purcha...Read More
(IDEX Online) - Cartier says it will increase prices to cover the higher costs of diamonds, platinum and gold, and to offset rises in US and Chinese currencies against the euro.The rises on high-end luxury goods are described as "mild" - between three and five per cent - are not expected to deter wealthy buyers.Sales for the French luxury conglomerate - part of the Richemont group - have been robu...Read More
RAPAPORT... US retail sales grew in March as consumers continued to spend, thanks to increased wages and higher tax refunds.Revenue rose 0.5% from the previous month, versus a 0.8% increase in February, according to data the US Census Bureau released last week. March sales jumped 7% compared with a year earlier. "While prices soared in March and eroded spending power, shoppers remained resilient a...Read More
ok to post?RAPAPORT... Production from Mountain Province's Gahcho Ku?(C) mine fell in the first quarter amid the mining of lower-grade ore.Rough-diamond output at the Canadian mine fell 15% year on year to 1.2 million carats for the three months ending March 31 as the company operated in a newly discovered kimberlite resource that carried lower-grade ore than the area it had originally planned to...Read More
(IDEX Online) - A US jewelry retailer is facing legal action from three "whistleblowers" who allege they were fired for exposing a foreign gray market conspiracy involving Rolex watches.CD Peacock, which operates three stores in the Chicago area, says it will vigorously defend the action, and says in a statement that the "former disgruntled employees ???,? ? were terminated for cause".A similar ca...Read More
RAPAPORT... Chow Tai Fook saw sales decline in the fourth fiscal quarter as the latest surge of Covid-19 infections impacted retail in China and Hong Kong. The jeweler's retail sales value climbed 8.5% year on year for the three months that ended March 31, but that was a sharp drop from the 31% growth it had registered in the previous quarter. Revenue rose nearly 12% on the mainland, but fell...Read More
News: US retail supporting the market with steady demand, but dealer trading slow amid price uncertainty, China lockdown and Russian sanctions. US places Alrosa on OFAC Specially Designated Nationals list, blocking all US transactions with or benefiting the miner. American Gem Society urges members not to buy Russian-sourced diamonds even if cut outside of Russia and to require suppliers to sign e...Read More
(IDEX Online) - De Beers reported rough sales of $565m from its third sight of 2022 - up 26 per cent year-on-year.It was the first full sales cycle since Russia invaded Ukraine, prompting the US and EU to impose sanctions on the miner Alrosa, part-owned by the Russian government and De Beers' biggest rival.Sales at De Beers' second sight, which concluded at the end of February, were $652...Read More
(IDEX Online) - The World Diamond Council (WDC) says it has terminated Alrosa's membership.The move follows Russia's invasion of Ukraine, although the WDC made no mention of the war in a brief statement posted on its website.It said: "The termination of membership includes the cessation of any rights and benefits afforded to the WDC members, such as a seat on the Board of Directors, and...Read More
RAPAPORT... The Fuchsia Rose diamond surpassed its presale estimate at Christie's New York on Wednesday, achieving $6.78 million in the Magnificent Jewels auction.The 8.82-carat, fancy-intense-purple-pink, potentially internally flawless diamond ring comfortably beat its $4 million to $6 million estimate, bringing in just under $770,000 per carat and underscoring the strong demand for high-value j...Read More
RAPAPORT... De Beers reported strongsales at its April sight but warned of a slowdown due to the war in Ukraine andcoronavirus lockdowns in China."As we head into the seasonally slower second quarter of the year, diamondbusinesses are adopting a more cautious and watchful approach in light of thewar in Ukraine and associated sanctions, as well as Covid-19 lockdowns in China,"said De Beers CEO...Read More
RAPAPORT... Hearts on Fire appointed Rebecca Foerster as president of its North America operations, barely a month after the executive ended her tenure as head of Alrosa USA. She replaces Caryl Capeci in the role beginning May 1. Hong Kong-based Chow Tai Fook, which acquired Hearts on Fire in 2014, is rebranding the business as Hearts on Fire North America, with plans to boost growth in that...Read More
pastingRAPAPORT... Tiffany & Co. had a strong start to 2022, helping to power growth at parent company LVMH, the luxury conglomerate said Wednesday. LVMH reported a 24% rise in jewelry and watch sales year on year to EUR 2.34 billion ($2.53 billion), thanks to an exceptional performance from Tiffany and solid momentum from other brands such as Bulgari. The division saw 19% organic growth,...Read More
)IDEX Online) - One of the world's largest yellow diamonds - weighing 205.7-ct and known as the Red Cross Diamond - is to be auctioned by Christie's London.The fancy intense yellow, cushion-shaped stone (pictured) has a pavilion distinctively faceted in the shape of a Maltese cross.The original rough gem was recovered by De Beers, in South Africa, in 1901 and was sold in 1918...Read More
(IDEX Online) - Diamond manufacturers in India have cut their output, reduced working days from 12 hours to eight and are closing factories for two days a week as US sanctions on Russian diamonds begin to bite.The vast majority of the world's diamonds are cut and polished in Surat, but only about 10 per cent of Russia's diamond output is imported directly.Last week the US added Alrosa, t...Read More
RAPAPORT... Tiffany & Co. had a strong start to 2022 helping power growth at parent company LVMH, the luxury conglomerate said Wednesday. LVMH reported jewelry and watch sales rose 24% year on year to EUR 2.34 billion ($2.53 billion), driven by an exceptional performance by Tiffany and strong momentum from other brands such as Bulgari. The division saw 19% organic growth, which accounts f...Read More
(IDEX Online) - An extremely rare 8.82-ct fancy intense purple-pink diamond yesterday sold for $6,780,000 at Christie's New York.It was well above the pre-sale estimate of $4m to $6m.The pear modified brilliant-cut gem, known as the Fuchsia Rose diamond (pictured), was certified by GIA as "VVS1 clarity, potentially Internally Flawless, Type IIa" and was set with a pair of pear brilliant-cut d...Read More