(IDEX Online) - The Richemont group and Pandora both announced today that they have quit the Responsible Jewellery Council (RJC) over its failure to take a strong enough stand against Russia.Richemont, the Swiss-based company that counts Cartier, Van Cleef & Arpels, Jaeger-leCoultre and Piaget among its 26 maisons, said: "If RJC cannot uphold highest of standards, then we cannot be part of tha...Read More
(IDEX Online) - A brazen gang of masked raiders used sledgehammers and crowbars to smash the window a jewelry store in Beverly Hills and fled with items valued at up to $5m.They struck in broad daylight on a busy street, in full view of drivers and pedestrians. The five men snatched what they could in a matter of seconds and fled on foot. The heist was captured by shocked passers-by on...Read More
RAPAPORT... Trans Atlantic Gem Sales (TAGS) has appointed Paul Duncombe as chief operating officer for Dubai, in a bid to garner more business.Dumcombe was most recently head of operations for Grib Diamonds in Belgium, TAGS said last week. He has also worked in executive roles for De Beers, Rio Tinto and BHP Billiton. TAGS is relying on his broad knowledge and understand of the mining industry, as...Read More
RAPAPORT... South African luxury jeweler Shimansky is currently exploring the country in the hopes of launching its own diamond mine.The company, which has locations in Cape Town and New York City, is hoping to strengthen the traceability of the diamonds used in its jewelry amid increasing consumer concern about responsible sourcing, CEO Yair Shimansky told Rapaport News Tuesday. It also aims to a...Read More
RAPAPORT... Iris Van der Veken has resigned as executive director of the Responsible Jewellery Council (RJC) over the organization's handling of Alrosa's membership during the Russia-Ukraine war.Van der Veken, who this week celebrated her three-year anniversary at the RJC, submitted her resignation letter to the board of directors on Tuesday, three sources close to the matter confirmed to Rapaport...Read More
RAPAPORT... Pandora is bowing out of the Responsible Jewellery Council (RJC) because the trade group has failed to suspend Russian companies.The Danish jeweler had urged the RJC to suspend memberships and responsible-business certificates for all Russian businesses in its association following the country's February 24 invasion of Ukraine, it said Wednesday. It also requested it ask other members...Read More
RAPAPORT... Consumers care about their jewelry being environmentally responsible, even if it means paying more, according to Platinum Guild International (PGI).Some 36% of shoppers said sustainability was the top priority when it came to purchasing jewelry, edging out the cost, which 33% chose, PGI revealed in survey results Tuesday. Younger buyers were the primary group behind that push, with 74%...Read More
RAPAPORT... Trans Atlantic Gem Sales (TAGS) has appointed Paul Duncombe as chief operating officer for Dubai, in a bid to garner more business.Dumcombe was most recently head of operations for Grib Diamonds in Belgium, TAGS said last week. He has also worked in executive roles for De Beers, Rio Tinto and BHP Billiton. TAGS is relying on his broad knowledge and understand of the mining industry, as...Read More
(IDEX Online) - Beyonce served up a fashion grand slam with a pair of tennis ball-colored dresses (one citron, one lime) and almost 400 carats of diamonds at the Oscars.She wore shoulder-length earrings by Lorraine Schwartz, her jeweler of choice, featuring seven rows of diamonds, weighing in at 150 carats.The 40-year-old singer also showed off a pair of 150-carat diamond bangles and two diamond r...Read More
(IDEX Online) - Israel's Prime Minister Naftali Bennett is due to discuss diamond and other trade links with India when he visits the country for the first time.Cut and polished diamonds are India's second-largest export to Israel ($1.1bn) behind processed petroleum products ($1.3bn).Bennett's is due to visit this coming weekend. However he has tested positive for Covid and is not y...Read More
(IDEX Online) - Louis Vuitton has been come under fire online over its new fine jewelry collection - because the LV initials look like Russia's pro-war 'Z' symbol. Thousands of social media have pointed out the similarities between the two.Rapper Kid Cudi and actresses Jin Chen and Alicia Vikander have been photographed with the range of unisex pendants, rings, earrings and bra...Read More
RAPAPORT... Mountain Province Diamonds moved back into the black in 2021, as it benefited from the strong rough market and soaring prices for goods at its Gahcho Ku?(C) mine in Canada.Profit for the full year came to CAD 276.2 million ($219.6 million) Mountain Province reported Tuesday. That compares to a loss of CAD 263.4 million ($209.4 million) in 2020. Sales for the year rose 31% to $237 milli...Read More
RAPAPORT... A 45.46-carat diamond will lead an online auction at Christie's, becoming the highest-valued jewel to be offered in a virtual sale.The round-brilliant, D-flawless, type IIa diamond, named The Flawless Star, carries a high estimate of $6 million at the Jewels Online sale, set to run from March 28 to April 7, Christie's said Monday. The previous record belongs to a round, 50.03-carat, G-...Read More
(IDEX Online) - Christie's say a 45.46-ct round brilliant diamond is the highest value gem ever to be offered in an online-only auction.The Flawless Star (pictured), a D/IF Type IIa stone, carries at estimate of $4m to $6m and is being sold without reserve.The record high price actually paid for a diamond in an online-only sale was set in June 2020 when a 28.86-carat, D-color, emerald-cut dia...Read More
RAPAPORT... The Jewelers' Security Alliance (JSA) appointed three new officers at its most recent event and finalized the reelection of its chair, Steven Kaiser.Kaiser, the CEO of luxury jeweler Kennedy North America, will serve another three-year term, the JSA said last week. Meanwhile, Alan Zimmer, CEO of Reeds Jewelers, was elected as vice chairperson, while Mark Udell, the president of London...Read More
Belgium does not Oppose Sanctions on Russian Diamonds, says PM(IDEX Online) - Belgium has not opposed EU sanctions against Russian diamonds, its prime minister told national radio.Alexander De Croo (pictured) was responding to calls within the federal government -from the Flemish Green party Groen and French-speaking socialist party PS among others - to stop the importation of diamonds from Russia...Read More
RAPAPORT... Rough resources at Lucapa Diamond Company's Lulo deposit in Angola increased 11% in 2021 as the miner identified new material and improved its knowledge of existing areas, management said Monday.The figure, which refers to the volume of diamonds with a reasonable prospect of being extracted economically, climbed to 151,040 carats as of December 31 from 135,900 carats a year earlie...Read More
RAPAPORT... Christie's will offer a 228.31-carat diamond that could fetch up to $30 million at its upcoming Geneva sale.The pear-shaped, G-color, VS1-clarity stone, called The Rock, is the largest white diamond ever to appear at auction, Christie's said Friday. The previous record for a white diamond was set by a 163.41-carat stone the auction house sold in Geneva for $33.7 million in 2017, Christ...Read More
RAPAPORT... Rough prices have fallen substantially on the open market amid a correction following months of heightened activity, dealers told Rapaport News.Buyers had stocked up on goods in anticipation of further price increases, while rising rough valuations had resulted in thin manufacturing margins, traders explained. Russia's war in Ukraine has also prompted buyers to hold back.Prices on...Read More
RAPAPORT... The UK has placed sanctions on Russian diamond miner Alrosa in an effort to weaken its business and stem the flow of funding to President Vladimir Putin's war on Ukraine."Today's sanctions target key industries supporting Russia's illegal invasion," UK Foreign Secretary Liz Truss said last week. "These oligarchs, businesses and hired thugs are complicit in the murder of innocent civili...Read More