(IDEX Online) - An associate of fugitive jeweler Nirav Modi was due to appear at a court in India today, after he was reportedly deported from Egypt.Subhash Shankar Parab, 50, is accused, along with Modi, of involvement in the $1.85bn fraud against the Punjab National Bank (PNB) in 2018.Officials sources suggest he may "spill the beans" and reveal much more about the case, according to multiple me...Read More
RAPAPORT... Michael Hill's revenue rose in the third fiscal quarter amid an increase in digital sales and the reopening of its store network.Group revenue climbed 11% to AUD 131.6 million ($97.6 million) in the three months ending March 27, the jeweler reported Tuesday. While the company faced no mandatory store lockdowns during the quarter, it did see lower foot traffic, it noted. However, digita...Read More
RAPAPORT... The World Diamond Council (WDC) ended Alrosa's membership on Friday in response to the latest US sanctions against the Russian miner."The deciding factor [was] the sanctions issued by OFAC [the Office of Foreign Assets Control] on the evening of [April 7]," the WDC said Monday. "The termination of membership includes the cessation of any rights and benefits afforded to WDC members...Read More
RAPAPORT... Watches of Switzerland has appointed David Hurley as deputy CEO of the company and president of its North America segment.Hurley, who joined the luxury watchmaker in 2015, was previously executive vice president of the US division. His promotion "reflects the importance of the US market to the growth plans of the group," the UK-based retailer said Monday. The company's acquisition of t...Read More
(IDEX Online) - Jennifer Lopez is again engaged to actor Ben Affleck - and this time she has an 8.5-carat natural green cushion modified brilliant-cut diamond to prove it. Affleck, 49, first proposed in November 2002, when he presented singer-actress J.Lo, 52, with a Harry Winston 6.1-carat radiant-cut fancy intense pink diamond. They called off the engagement two years later. Fans are...Read More
(IDEX Online) - A legal case against Italian banks and diamond brokers has been delayed after a judge ruled it should take place in Trieste rather than Milan.UniCredit, Italy's second biggest bank, is among those alleged to have sold diamonds to clients for investment at vastly-inflated prices.The delayed prosecution could result in charges being dropped, as they are subject to a seven-year t...Read More
(IDEX Online) - Businesses in the US must cease all dealings with Alrosa, says the Jewelers Vigilance Committee (JVC), including any memo/consignment agreements.It issued updated guidance to members following the US Treasury Department's announcement on 7 April of further restrictions on the miner, which is one-third owned by the Russian government.Alrosa is now on its Specially Designated Na...Read More
RAPAPORT... A number of large diamonds will feature in a May 2 jewelry sale at Heritage Auctions, including a 21.93-carat stone estimated to fetch up to $250,000.The round brilliant-cut, W- to X-color, VVS2-clarity diamond necklace also has baguette-cut diamonds set into the chain, Heritage Auctions said last week. The piece is owned by a private seller, who will also offer an unmounted round bril...Read More
(IDEX Online) - The Responsible Jewellery Council (RJC) has appointed vice chairman John Hall to serve as interim executive director.It follows the resignation on 29 March of Iris Van der Veken, over its failure to take a tougher stance against Alrosa, the miner that is one-third owned by the Russian government.Hall (pictured) was a founding member of London-based watchdog and worked previously as...Read More
Distinguishing natural diamonds from laboratory-grown stones has been difficult for jewelers. Until now.The Growing Popularity of Laboratory-Grown DiamondsLaboratory-grown diamonds are increasingly available in greater quantities, higher quality and new colors at price points that many find attractive. It is no wonder then that laboratory-grown diamonds are a growing presence in the marketplace, w...Read More
| ADVERTORIAL | Distinguishing natural diamonds from laboratory-grown stones has been difficult for jewelers. Until now.The Growing Popularity of Laboratory-Grown DiamondsLaboratory-grown diamonds are increasingly available in greater quantities, higher quality and new colors at price points that many find attractive. It is no wonder then that laboratory-grown diamonds are a growing presenc...Read More
RAPAPORT... Titan Company's jewelry revenue declined at the start of 2022 as a fresh coronavirus wave and the Russia crisis dampened consumer spending.Sales for the segment dropped 4% year on year in the fourth fiscal quarter, which ended March 31, the Indian jewelry retailer reported last week. The downturn reflected an unfavorable comparison with a period of strong recovery a year earlier,...Read More
(IDEX Online) - Demand for used Rolex and other high-end watches is "absolutely off the scale," with some prices almost doubling in a year.Experts say the pandemic and its travel restrictions have directed luxury spend away from vacations, and towards pricey timepieces.Pre-owned gold Rolex Cosmograph Daytonas (pictured) that were selling for $52,000 a year ago can now fetch $96,000.A used Rolex Mi...Read More
RAPAPORT... Israel's diamond trade saw robust figures in the first quarter as the industry's recovery continued, though the Russia crisis has raised questions about how long the trend will last.Polished exports - after returns of unsold items - soared 58% year on year to $1.31 billion for the three months, the country's Ministry of Economy and Industry reported last week. Polished imports inc...Read More
(IDEX Online) - Gemfields announced an all-time record from at its latest auction, with the sale of emeralds worth $42.3m.The London-based miner said it sold all of the 4.52m carats offered from the Kagem mine in Zambia, in which it holds a 75 per cent stake, at a record price of $9.37 per carat.The sale of rough emeralds was held in Jaipur, India from 15 March to 1 April 2022."Our most recent auc...Read More
RAPAPORT... A 45.46-carat diamond was snapped up for $4.6 million at a recent online sale at Christie's, setting a record for the most expensive piece to be sold in a virtual jewelry auction.The round brilliant, D-flawless, type IIa diamond, named The Flawless Star, exceeded its $4 million low estimate at the March 28 to April 7 Jewels Online sale, Christie's said last week. In total, the auction...Read More
RAPAPORT... The US has blocked assets belonging to Alrosa in the government's latest action against the Russian miner. The Office of Foreign Assets Control (OFAC) has "designated" the company in an effort to cut off funding for Russia's war in Ukraine, the US Department of the Treasury announced Thursday. This means Alrosa has joined a list of companies with which business is prohibited."Thes...Read More
RAPAPORT... A pink diamond ring weighing 5.11 carats is one of the top lots Sotheby's will auction at its Hong Kong sale later this month.The radiant-cut, fancy-vivid-purplish-pink diamond ring by designer Nicolas Lieou is expected to fetch between $10.2 million and $12.8 million at the April 29 Magnificent Jewels sale, Sotheby's said last week.A necklace featuring a pepper-shaped jadeite suspende...Read More
(IDEX Online) - The United States has announced further measures against Alrosa - but has not sanctioned diamonds mined in Russia but cut and polished elsewhere.Alrosa, one-third owned by the Russian government, has been placed on on the Specially Designated Nationals (SDN) list, blocking it from the US banking system and banning it from trade with individuals or companies in the USA."These sancti...Read More
RAPAPORT... Eleven US Congress members have asked the government to reconsider details that severely limit the impact of the recent sanctions against Russian diamonds.President Joe Biden's March 11 executive order bans imports of diamonds with Russian origin but doesn't cover polished that was manufactured in other locations. This means rough Alrosa supplies to cutters in India and Belgium is...Read More