RAPAPORT... Revenue from the retail division of Warren Buffett's Berkshire Hathaway fell 2.3% year on year in the second quarter amid supply-chain disruptions.The segment - which includes jewelry chains Borsheims, Helzberg Diamonds and Ben Bridge Jeweler - saw sales decrease to $4.88 billion, the company reported Saturday. The drop was caused primarily by the segment's automobile category, which r...Read More
RAPAPORT... US jewelry sales rose in July, driven by strong demand and consumers' desire to spend on products that made them happy, according to Mastercard SpendingPulse.Revenue for the category jumped 19% year on year during the month, Mastercard reported last week. While price rises drove growth in many segments, the hike in jewelry "well outpaced sector-specific inflation," the company noted. J...Read More
(IDEX Online) - Namibia's diamond production increased by more than two thirds (67.2 per cent) following the launch of its latest diamond recovery vessel.Second quarter figures for the second quarter of 2022 were 565,000 carats, up from 338,000 in Q2 last year.Debmarine, a 50/50 joint venture between De Beers Group and the Government of Namibia, began operations in March with its new $420m ve...Read More
(IDEX Online) - The IDEX Polished Price Index declined more markedly during July. It closed down by 2.05 per cent, compared with 1.18 per cent in June and 0.69 per cent in May. The rate of decline appears to be accelerating with each passing month. January and February, by comparison, showed sharp increases, up by 5.67 per cent and 4.14 per cent respectively.IDEX Online subscribers please cli...Read More
(IDEX Online) - Botswana Diamonds says it has found more kimberlite - the rock that hosts diamonds - during explorations at its Thorny River project in South Africa. Last September, the UK-listed company took full control of the site, in northern Limpopo province, by exercising its pre-emptive right to acquire outstanding third-party interests. The company says its drilling campaign has...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 29 points in pre-opening trade. U.S. equity index futures moved lower following release of the July Employment Report at 8:30 AM EDT. Consensus was a drop to 250,000 from upwardly revised 398,000 in June. Actual was an increase to 528,000. Consensus for the July Unemployment Rate was unchanged from June at 3.6%....Read More
News: Diamond market quiet. Deep concerns about trading slowdown and prospects for 2H. US retail steady; jewelers cautious about buying large amounts of inventory. China sluggish amid rising geopolitical tensions and economic uncertainty. Mumbai IIJS show opens with spotlight on domestic jewelry market, exchange rate volatility, and rough supply. Rough trading stable as Alrosa's isolation spurs d...Read More
RAPAPORT... The Responsible Jewellery Council (RJC) has appointed industry veteran Satta Matturi to its board of directors.Matturi, who founded and runs the brand Matturi Fine Jewellery, also has a consultancy business offering business advice to the trade, including on rough procurement and polished sourcing. Earlier in her career, she spent 17 years working in diamond sales and rough valuation,...Read More
RAPAPORT... Canadian diamond manufacturer HRA Group has made its first splash in the lab-grown market, securing an exclusive partnership with Texas-based producer Plasmability.HRA, a former De Beers sightholder, will cut and polish Plasmability's rough and distribute the finished stones to the market, the companies said in a statement Wednesday.Plasmability uses the chemical vapor deposition...Read More
(IDEX Online) - Dozens of jewelry items and watches that Elvis Presley and other gave to his manager, Colonel Tom Parker, are being sold.The online auction, by Kruse GWS Auctions, in Los Angeles, runs until 27 August.Parker represented Elvis from 1956 until the singer's death in 1977 - and received more than half his income.The collection was considered "lost" for decades, but was assembled f...Read More
(IDEX Online) - Switzerland yesterday banned the importation of gold and other metals from Russia as the war in Ukraine continues.The government has outlawed the "buying, importing or transporting gold and gold products from Russia".Switzerland refines as much as 70 per cent of the world's total gold output and its watchmaking industry is a significant consumer.The country, traditionally take...Read More
(IDEX Online) - LVMH saw H1 revenue rise by 28 per cent, to $37.3bn, as Tiffany & Co. enjoyed an "excellent" half-year.The French luxury conglomerate said all its business groups achieved double-digit organic revenue growth over the period.Watches and jewelry grew by 16 per cent and they saw a 26 per cent increase in profit from recurring operations, up to $1bn for H1 2022."Tiffany & Co. e...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 6 points in pre-opening trade.Index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus for the June Trade Deficit was $82.2 billion versus $85.6 billion in May. Actual was $79.6 billion. Consensus for Weekly Jobless Claims was 260,000 versus 254,000 last week. Actual was 260,0...Read More
RAPAPORT... Australia-based Burgundy Diamond Mines has signed a two-stage agreement to provide polished fancy-color diamonds to prominent Perth jeweler Solid Gold Diamonds.The first part of the deal, set to begin this month, will see Burgundy provide colored diamonds from its Maison Mazerea brand to Solid Gold for engagement and bridal jewelry. Burgundy will receive a portion of the proceeds from...Read More
RAPAPORT... The American Gem Trade Association (AGTA) has named Texas-based jeweler John Ford as its new CEO, the industry group announced this week. He succeeds Douglas Hucker, who stood down in March after 24 years.Ford will take on the role immediately, stepping up from his current position as an AGTA board member and its treasurer. He is the owner of John Ford Jewelers and The Lightning R...Read More
RAPAPORT... Fancy-color diamond prices increased in the second quarter of 2022 as demand strengthened and supply became tight, according to the Fancy Color Research Foundation (FCRF).The Fancy Color Diamond Index gained 0.8% compared with the first quarter and was 3.1% higher than during the second quarter of 2021, the organization said Tuesday."It is evident that the increase in prices is dr...Read More
(IDEX Online) - Lucapa saw sales slide by more than a third (36 per cent) during the last quarter, down to $21.8m.At its Lulo deposit (pictured), in Angola - the mine where an historic 170-ct pink diamond was recovered last month - the Australian miner reported a 47 per cent drop in revenue to $15.6m.Meanwhile its smaller mine, Mothae, in Lesotho, saw a 27 per cent increase in revenue to $6.2m.&nb...Read More
(IDEX Online) - Burgundy, the Australian miner that bought the Ellendale deposit last year, says it aims to produce 1,200 carats of high-end polished diamonds annually through its dedicated facility.It says wholesale prices of will range from US$5,000 per carat to more than US$50,000. And it aims to double capacity at its Perth cutting and polishing center.Last year Burgundy bought the mothballed...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 24 points in pre-opening trade. Starbucks added $1.98 to $85.69 after reporting higher than consensus fiscal third quarter revenues and earnings. Advanced Micro Devices dropped $6.28 to $93.01 after lowering third quarter guidance below consensus estimates. PayPal gained $8.50 to 498.13 after reporting higher than cons...Read More
RAPAPORT... Tiffany & Co. has launched a non-fungible token (NFT) that comes with a real piece of jewelry, targeting an exclusive group of digital collectors."NFTiffs" will be available solely to owners of CryptoPunks, a set of valuable NFTs comprising randomly generated pixelated portraits, Tiffany said Sunday in a Twitter post.The retailer will offer 250 digital passes priced at 30 Ethe...Read More