RAPAPORT... Ramit Kapur has joined Gemological Science International (GSI) as managing director of its Indian operations, the laboratory announced Tuesday."Our team is made up of leaders from the diamond and jewelry industry, and I am confident that Ramit's enthusiasm, energy, and vast industry knowledge will help GSI achieve continued growth and success," said Debbie Azar, GSI's president an...Read More
(IDEX Online) - Arctic Canadian says it has recovered what is likely to be the largest fancy vivid yellow gemstone discovered in Canada. The octahedron diamond, weighing 71.26 carats, was found at the Ekati mine, in Northwest Territories, which was bought from the insolvent Dominion Diamond Mines last year."The beautiful rough diamond exhibits a near-perfect octahedral shape, a rarity for dia...Read More
RAPAPORT... Arctic Canadian Diamond Company has unearthed a 71.26-carat rough, which it claims is the largest fancy-vivid-yellow diamond ever found in Canada.The company recovered the stone from the Misery Pipe at its Ekati mine in Canada's Northwest Territories on August 25, it said last week. That portion of the deposit is known for producing high-quality yellow diamonds, Arctic Canadian noted....Read More
RAPAPORT... A pink diamond weighing more than 18 carats will go under the hammer in Geneva, where Christie's expects it to sell for up to $35 million.The 18.18-carat stone is the largest pear-shaped, fancy-vivid-pink diamond ever offered at auction, Christie's said Monday. Named the Fortune Pink, it will be the star item at the November 8 Magnificent Jewels sale.The auction house believes the diam...Read More
(IDEX Online) - Trans Atlantic Gem Sales (TAGS) saw sales slump at its September rough tender, which that closed today, down from $35m in July to an estimated $14m.It offered only $25m of goods in Dubai, and withdrew 45 per cent amid "difficult" market conditions, though it did not provide an actual sales total.TAGS noted reports that rough prices generally had softened by as much as 10 per cent,...Read More
(IDEX Online) - A huge 18.18 carat pear-shaped fancy vivid pink diamond could fetch $35m when it is offered for sale at Christie's Geneva in November.The auction house says the Fortune Pink (pictured) is the largest pear-shaped fancy vivid pink diamond ever to be auctioned."Weighing an auspicious 18.18 carats, the diamond's weight literally translates to definite prosperity in Asia and i...Read More
RAPAPORT... On September 15th, 2022, next to the breathtaking vista of the Namibian coast as a setting, NAMDIA revealed a new chapter in its quest to capture more value for the diamonds it handles on behalf of the people of Namibia. At an event opened with remarks by the Governor of the Erongo Region, NAMDIA uncovered a diamond that represents a first in Namibian history; the Eumbo Star. Form...Read More
(IDEX Online) - Jewelry customers can now pay $40 for an image of themselves wearing virtual jewelry.It's part of a collaboration between The Banter by Piercing Pagoda - a chain of kiosk stores owned by Signet Jewelers - and DressX, a "metacloset of digital-only clothes".They have jointly launched a six-piece jewelry collection. "Three of the styles are digital-only, featuring elements...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 6 points in pre-opening trade.Apple dropped $5.75 to $146.01 after reducing production plans for its Apple 14 iPhone. BlackBerry dropped $0.15 to US$4.94 after reporting lower than consensus fiscal second quarter earnings. Progress Software dropped $0.58 to $40.99 after reporting lower than consensus third quarter pro...Read More
(Corrects in second paragraph that parent company MMG and notLas Bambas is planning to double production in 2025 and doubleagain in 2030) By Marcelo Rochabrun and Marco Aquino LIMA, Sept 27 (Reuters) - Chinese miner MMG Ltd expects to invest $2 billion in the next five years toexpand its troubled Las Bambas copper mine in Peru and is eyeingpotential acquisitions to further increase production, an...Read More
(Recasts with updated prices) By Pratima Desai LONDON, Sept 27 (Reuters) - Copper prices extended theirdowntrend on Tuesday on worries about global growth and demanddue to interest rate hikes, a stronger dollar and climbinginventories. Earlier, copper bounced as the dollar weakened, but thedollar index reversed higher after upbeat U.S. data,including an unexpected rise in new home sales. Benchmar...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 49 points in pre-opening trade.Index futures were virtually unchanged following release of the August Durable Goods Orders report at 8:30 AM EDT. Consensus estimate was a drop of 0.5% versus a decline of 0.1% in July. Actual was a drop of 0.2%. Excluding transportation orders, consensus was an increase of 0.2% versus a...Read More
U.S. equity index futures were lower this morning. S&P 500 future were down 17 points in pre-opening trade. The British Pound dropped another 0.0145 to $1.0705 to an all-time low in overnight trading.Micron dropped $0.40 to $49.70 after Wedbush lowered its target price from $85 to $65.PG&E added $0.64 to $13.25 on news that the stock will be added to the S&P 500 Index this Friday. ...Read More
(IDEX Online) - Two hundred lots of rubies mined in Mozambique are to be sold at an inaugural auction by Dubai-based Gemrock. The Dubai-based company expects over 40 companies to attend the five-day event in Bangkok, Thailand. It says it's the first sale of rubies from the Montepuez mine, which it acquired in 2019. The company says it holds nine concessions totalling over 589 square kilometre...Read More
(IDEX Online) - The owner of a jewelry store has been arrested after a series of complaints from customers who said they dropped off items for appraisal or cleaning - and never got them back.They tried and failed to contact Paul Williams, 46, the owner of Jewelry Liquidation, in Tulsa, Oklahoma, USA. The store closed "abruptly".Williams was arrested after at least a dozen customers filed police re...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 45 points in pre-opening trade.The Canadian Dollar was virtually unchanged at US74.00 cents following release of Canada's July Retail Sales. Consensus was a drop of 2.0%. Actual was a drop of 2.5%.WTI Crude oil dropped $3.08 to $80.41 per barrel on strength in the U.S. Dollar. FedEx dropped 1.54 to $153.00 after targe...Read More
News: Polished demand slower than usual at this time of year. Jewelers optimistic for holiday season but hesitant to buy inventory. Consumers seeking convenient and interactive shopping experience that combines digital and in-store platforms. De Beers rough prices stable at Sep. sight; secondary market seeing fewer buyers and lower premiums. Grib Diamonds cancels Oct. auction after bank blocks cu...Read More
The Jewish New Year is a time for reflection about who we are and what we do. The diamond trade is blessed with a product that celebrates all that is good in life. The joy of gifting, connecting and loving is the message of diamonds. The diamond and jewelry trade makes the world a better place by providing people with products that promote loving relationships.That's nice.There is more to our live...Read More
RAPAPORT... De Beers Forevermark has performed a U-turn on its strategic revamp following customers' responses.The company will maintain its current practice of allowing partners to buy loose stones from the brand and its authorized suppliers, a spokesperson told Rapaport News Wednesday. Management informed them of the reversal last Thursday."We listened to the feedback from our valued partne...Read More
(IDEX Online) - Smash and grab aiders fled empty-handed after they were thwarted by thick laminated display cases.A gang of six men tried to smash the cases at a store in the Jewelry District of downtown Los Angeles, California, USA.Employees fought back, hurling items at the perpetrators and a security guard fired a non-lethal pepper ball.The men, all were wearing black hoods, drove off in three...Read More