(IDEX Online) - The EU has imposed new sanctions worth almost $7bn on Russia, but has again decided against a ban on rough diamonds.The 27-nation bloc acknowledged that the state-owned miner was funding a submarine bearing its name. And it quoted President Vladimir Putin (pictured) as saying that Alrosa "gives serious revenues to the federal and regional budget".The EU agreed a raft of new restric...Read More
(IDEX Online) - A private collector from Florida, USA, has paid a near-record $57.7m for the Williamson Pink Star, an 11.15-ct diamond described as "rare masterpiece of nature". The pre-sale estimate was just $21m. It set a new world record for the price per carat ($5,178,124 ) at auction for any diamond or gemstone amid frenzied bidding at Sotheby's Hong Kong on Friday (7 October). And it be...Read More
U.S equity index futures were mixed this morning. S&P 500 futures were down 26 points in pre-opening trade. Index futures moved lower following release of the September Employment Report at 8:30 AM EDT. September U.S. Non-farm Payrolls released at 8:30 AM was expected to slip to 250,000 from 315,000 in August. Actual was 263,000. September Unemployment Rate was expected to remain unchanged fro...Read More
News: Market sentiment cautious amid softening prices. 1 ct. RAPI -3.8% in Sep. and -9.7% during 3Q. Retail jewelers expecting steady holiday sales but being careful not to hold large inventories amid economic uncertainty. US in recession as GDP contracts for second consecutive quarter: -0.6% in 2Q. Rough market slow after De Beers sales +2% to $500M in Sep. Polished inventory high; diamonds...Read More
RAPAPORT... De Beers' rough-diamond sales were seasonally lower in September as Indian factories prepared for the Diwali shutdown, the miner reported Wednesday.Proceeds came to $500 million at the company's eighth sales cycle of the year, which included the sight that ran from September 19 to 23as well as auction revenues. The total was 2% higher than a year earlier but 22% lower than in Augu...Read More
RAPAPORT... Jewelers of America (JA) will present a posthumous honor to industry leader Steven Kaiser at its next GEM Awards.Kaiser, who died in May of this year, will receive JA's Award for Lifetime Achievement at the event at New York's Cipriani 42nd Street on March 17, 2023, the organization said Wednesday. He was president and CEO for the US at the Kennedy watch group and chaired the Jewe...Read More
RAPAPORT... The diamond industry is facing contrasting trends at the start of the important fourth quarter. US jewelers are optimistic for the holiday season, but the trade is staying cautious amid the economic slowdown. In this episode of the Rapaport Diamond Podcast, Rapaport Senior Analyst Avi Krawitz and News Editor Joshua Freedman discuss the slump in diamond trading, acknowledging the impact...Read More
RAPAPORT PRESS RELEASE, October 6, 2022, Las Vegas... Polished trading was slower than usual in September as US economic uncertainty and the slowdown in China affected sentiment. Dealers were cautious as polished prices continued to slide.The RapNet Diamond Index (RAPI?,,?) for 1-carat diamonds fell 3.8% in September. Having declined 9.7% in the third quarter, it was down 3% from the beginning of...Read More
(IDEX Online) - De Beers today said it sold $500m (provisional) of rough at Cycle 8, down over a fifth on the previous Cycle, but broadly in line with the same period last year ($492m).At the end of August UK-based miner announced sales (revised) of $638m, up more than a fifth on both the previous Cycle this year and on the same Sight last year.De Beers predicted a drop in a rough demand at the ti...Read More
(IDEX Online) - A European ban on Russian diamonds could cost 10,000 Belgian jobs, says the Antwerp World Diamond Centre (AWDC).Tom Neys, spokesman for the AWDC, told EUobserver the center was against an EU ban because Russia would welcome the opportunity to sell its diamonds in Dubai or India instead.He said Russia could switch export venues overnight and never return to Europe.Belgium's pri...Read More
(IDEX Online) - The growth in sales of US jewelry and watches hit a two-year low in August, at just 3.7 per cent. That's according to the Department of Commerce, but it will likely be revised next month. The July figure, originally reported as 10.2 per cent - a significant rise on 5.3 per cent in June - has now been revised down to 5.9 per cent, based on actual through-the-till tra...Read More
U.S. equity index futures were lower this morning. S&P 500 futures at 7:30 AM EDT were down 18 points.Costco added $2.28 to $482.60 after announcing a sales gain in September of 10.1%.Ford gained $0.04 to $12.55 after announcing an increase in the price of its electric F150 pickup truck.Companies scheduled to report quarterly results today include Constellation Brands and ConAgra EquityCl...Read More
(Corrects Oct 5 story to show Glencore sold to Zambia's statemining investment firm ZCCM-IH, not to the state) JOHANNESBURG, Oct 5 (Reuters) - Sibanye-Stillwater has expressed an interest in Zambia's Mopani CopperMines, the mine and smelter complex looking for new investorsafter Glencore sold the asset to state mining investment companyZCCM-IH in January last year, CEO Neal Froneman said onWednes...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 32 points in pre-opening tradeIndex futures were virtually unchanged following release of the August U.S. Trade report. At 8:30 AM EDT. Consensus was a deficit of $68.00 billion versus a deficit of $70.70 billion in July. Actual was a deficit of $67.4 billion.The Canadian Dollar was virtually unchanged at US73.48 cent...Read More
(IDEX Online) - An historic necklace from French Crown Jewels, set with diamonds and Burmese rubies, is being offered for sale, with a $375,000 price tag."This extraordinary necklace is truly fit for royalty," says MS Rau, antiques, jewelry and art sellers based in New Orleans, Louisiana, USA.The necklace was part of a huge collection, including items dating back 400 years, which was auctioned off...Read More
(IDEX Online) - US jeweler Kay is warning customers it may be forced to replace lab grown diamonds with natural diamonds. It blames "supply constraints".Lab growns retail at around half the price of natural diamonds, but are in short supply as global demand outstrips supply.Kay, the biggest jewelry brand in the US, with over 1,000 outlets, is advertising a $300 pair of sterling silver earrings, ?,...Read More
(IDEX Online) - Nineteen diamond workers were detained by police in Surat, India, as they prepared to hold a rally to demand better working conditions and more government support for the industry.Police said they had been denied permission to hold the event on Gandhi Jayanti, the public holiday on 2 October marking the birthday of Mahatma Gandhi, but were about to go ahead regardless.The Surat Dia...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 59 points in pre-opening trade.Bank of New York Mellon added $1.04 to $40.70 after Citigroup upgraded the stock from Neutral to Buy.Gilead gained $2.00 to $64.72 after JP Morgan upgraded the stock from Neutral to Overweight. Chipotle advanced $17.29 to $1521.99 after Deutsche Bank raised its target price from $1503 to...Read More
RAPAPORT... Israel's diamond shipments jumped sharply in September, reflecting annual variation in the timing of the Jewish holidays as well as the return of the main Far East trade show.Polished exports more than doubled to $420 million from $197.5 million a year earlier, the country's Economy and Industry Ministry reported Monday. Volume rose 60% to 128,540 carats, with the average export p...Read More
RAPAPORT... A richly colored diamond initially suspected to be treated soared past expectations at Heritage Auctions last week, fetching $1.8 million and setting a record for the Texas-based company.The round brilliant, 1.21-carat, fancy-orangey-red, I2-clarity stone went for 12 times its presale high estimate of $150,000, Heritage reported last week following the Thursday auction. Before the...Read More