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
RAPAPORT... The Responsible Jewellery Council (RJC) finally broke its silence on Alrosa's membership. The organization was forced to respond after such prominent members including Richemont, Kering, Pandora and Watches of Switzerland withdrew from the organization in protest of the Russian company's continued involvement. Executive director Iris Van der Veken quit her job over the issue.Alros...Read More
RAPAPORT... US jewelry sales rose in March amid a broader reopening of the economy, according to Mastercard SpendingPulse.Revenue for the category climbed 12% year on year during the month, Mastercard reported Wednesday. The segment also benefited from consumers refreshing their wardrobe ahead of honeymoon trips and other travel adventures. Jewelry purchases jumped 79% compared to the same period...Read More
(IDEX Online) - Total sales of US watches and jewelry were over $115bn in 2021, the highest figure, by far, for at least a decade. It's an increase of just over 50 per cent on 2020, according to the Department of Commerce. Suppliers and retailers tell us stay-at-home consumers went on a spending spree last year. Travel restrictions halted their vacation plans so the...Read More
(IDEX Online) - The CEO of Meylor Global, the Ukraine-based factory that produces the world's largest lab grown diamonds, has told how her staff have fled for their lives, or taken up arms against the Russian invaders.Yuliya Kusher (pictured) described the men who had been making diamonds until a few weeks ago, and who are now defending their country, as "jewels".The factory in Kyiv re-opened...Read More
(IDEX Online) - The most expensive piece of jewelry in the history of Tiffany & Co, a diamond necklace valued at up to $30m, made its debut appearance when Beyonce wore it for an Oscars after-party.It's a a modern take on the jeweler's iconic 1939 World's Fair Necklace, and it features a total of 578 diamonds, with a total weight of 180 carats set in platinum.At is center is an...Read More
(IDEX Online) - US President Joe Biden is under pressure from a group of congressmen to impose effective sanctions on Russian diamonds.Lawmakers say current restrictions, announced on 11 March, will have a negligible effect because they only prohibit the importation of rough diamonds, not gems that have been cut and polished outside Russia.They urge the Biden administration to close the loophole t...Read More
RAPAPORT PRESS RELEASE, April 6, 2022, Las Vegas ... The Rapaport Group of Companies has suspended all activity with all Russian and Belarusian companies. This includes Rapaport Information Services, RapNet Trading Network, Auctions, Brokerage and Quality Control services for both sanctioned and unsanctioned companies.RapNet - the world's largest diamond trading network, with daily listings of 1.7...Read More
RAPAPORT... Kering has withdrawn its brands from the Responsible Jewellery Council (RJC) in protest at the organization's handling of the Russia crisis.Jewelry labels Boucheron, Pomellato and Qeelin have left the organization, as has Gucci, a spokesperson for Pomellato said Tuesday in an email to Rapaport News. Giorgio Bodei, Pomellato's director of production and planning, has resigned from...Read More
(IDEX Online) - The Moscow Diamond Bourse (MDB) has suspended its membership of the World Federation of Diamond Bourses (WFDB) in response to Russia's invasion of Ukraine.Trading at the bourse ceased on 7 March, two weeks after troops entered the country."We look forward to see the end of hostilities and hope that we all will be able to return to normal in the future," MDB president Alex Popo...Read More
RAPAPORT... Following the shakeup at the Responsible Jewellery Council (RJC), which saw several brands and its executive director, Iris Van der Veken, leave the organization, the Rapaport team discusses the implications of the bombshell moves. Also in this action-packed episode of the Rapaport Diamond Podcast, Senior Analyst Avi Krawitz, Editor in Chief Sonia Esther Soltani and Rapaport's new...Read More
RAPAPORT... The board of the Responsible Jewellery Council (RJC) has named vice chairman John Hall as interim executive director following the resignation of Iris Van der Veken.Van der Veken quit last month over the standards group's handling of the Russia crisis.Hall is a founding board member of the RJC, the organization said Tuesday in an email to members. He is also a former general manag...Read More
(IDEX Online) - The Responsible Jewellery Council (RJC) has suffered further backlash over its refusal to cut ties with Russia. Kering, French owner of Boucheron (pictured), Gucci, Alexander McQueen and Yves Saint Laurent, has left the the London-based watchdog over its "inability to face the current situation in Europe" in a manner consistent with its values.Bulgari's jewelry boss Mauro...Read More
RAPAPORT... BlueRock Diamonds' average price jumped sharply at its March rough tender - a trend the miner put down at least in part to the Russia crisis.The company garnered $1,000 per carat at the sale, up from a 2021 average of approximately $465 per carat, it said Tuesday. The figure was also higher than the $600 per carat it brought in during the strong period of demand in January and Feb...Read More
RAPAPORT... The Moscow Diamond Bourse paused operations during the Russia-Ukraine war and has stepped back from the World Federation of Diamond Bourses (WFDB).The exchange temporarily stopped its activity on March 7 and suspended its membership in the WFDB on April 3, the federation announced Monday.Founded in 2005, the Moscow Diamond Bourse joined the WFDB in 2006. It is primarily a trading...Read More
RAPAPORT PRESS RELEASE, April 5, 2022, Las Vegas... Diamond market sentiment weakened in March as concerns rose about Russian sanctions, US inflation and China's Covid-19 restrictions. Prices softened, particularly for goods below 0.30 carats. The RapNet Diamond Index (RAPI?,,?) for 1-carat diamonds rose 0.5% in March and 13.5% through the first quarter. The index for 0.30-carat goods fell 3.9% du...Read More
(IDEX Online) - Swiss watchmakers may have to produce more subdued designs as a result of sanctions on Russia, a key supplier of diamonds, gold, platinum and other precious metals.Jon Cox, an industry analyst with the Kepler Cheuvreux financial services company, said concerns over raw materials would inevitably drive up prices."I imagine product development will move to more subdued luxury goods",...Read More
(IDEX Online) - Petra could axe 150 miners' jobs at its Koffiefontein mine, in South Africa, say union leaders.The National Union of Mineworkers (NUM) says it is "deeply angered" by the move.Mosepedi Sanane, regional secretary for the Kimberley area, said: "We believe there are other avenues that could have been looked at before going through this process which are going to see our members an...Read More
RAPAPORT... An early 20th-century ruby and diamond ring garnered nearly eight times its high estimate following a bidding war at a recent Fellows auction.The piece, which featured an unheated 2.20-carat Burmese ruby and 0.65 carats of old-cut diamonds, fetched GBP 19,140 ($25,265) at the March 31 jewelry sale, smashing its upper presale estimate of GBP 2,500 ($3,300). The final price is one of the...Read More
RAPAPORT... Two more luxury brands have curtailed their involvement in the Responsible Jewellery Council (RJC) as the fallout from the Russia-Ukraine war continues.Bulgari stepped down from the organization's board last week, parent company LVMH said Monday in an email to Rapaport News. The Italian jeweler - which represents LVMH and its other brands at the RJC - will remain a member of the s...Read More