RAPAPORT... Rough prices jumped at Petra Diamonds' sixth tender of the year as demand increased.The June sale realized $93 million, up 8% from $86.1 million in May, the miner reported last week. Like-for-like prices rose 8%. The average price climbed 21% month on month to $163 per carat, according to Rapaport calculations. The growth came even as Petra did not sell any special stones during the Ju...Read More
RAPAPORT... Hong Kong's hard-luxury sales saw an upturn in May amid an improved health situation, even as total retail revenue dipped slightly.Sales of jewelry, watches, clocks and valuable gifts climbed 7% year on year to HKD 3.33 billion ($424.4 million) for the month, the municipality's Census and Statistics Department reported last week. The increase builds on April's growth following three mo...Read More
(IDEX Online) - This is the dramatic moment when raiders armed with a sledgehammer smashed display cases at an international art fair in the Netherlands and fled with diamond jewelry.One shocked visitor at The European Fine Art Foundation (TEFAF) in Maastricht tried to grab a large vase of flowers to fend off the gang, but retreated when he was threatened with what appears to be a gun.Four gang me...Read More
(IDEX Online) - The growth in US sales of jewelry and watches levelled off again in May, back to March levels after something of a spike in April. The year-on-year increase for May was 10.5 per cent, almost on a par with the newly-adjusted figure of 10.3 per cent for March. April was 16.2 per cent. These figures are still healthy compared with 2019, for example, when there was negative y-o-y growt...Read More
(Updates prices, adds U.S. manufacturing) By Eric Onstad LONDON, July 1 (Reuters) - Copper prices slumped on Fridayto their weakest in 17 months as inflation and factory datareinforced fears that central bank tightening would pusheconomies into a recession and hit metals demand. Three-month copper on the London Metal Exchange hadeased 2.6% to $8,047 a tonne by 1630 GMT after dropping to itslowest...Read More
Happy Canada DayU.S. equity index futures were lower this morning S&P 500 futures were down 16 points in pre-opening trade. Economic focus today is on release of the June ISM Manufacturing PMI report at 10:00 AM EDT. Consensus calls for a decline to 55.0 from 56.1 in May.Micron dropped $2.78 to $52.50 after the company lowered sales and revenue guidance. Kohl's dropped $6.59 to $29.10 after ta...Read More
News: Trading slowed following Vegas highs as US dealers head for vacation. Industry expects 3Q lull but remains optimistic for holiday season. Recession fears grow after US GDP shrinks 1.6% in 1Q. Polished prices declining amid weak economic outlook and rise in inventory. Russian rough shortages likely to impact polished supply in 2H. Traceable non-Russian diamonds expected to sell at ethical pr...Read More
The Jewelers Vigilance Committee (JVC) distributed this member alert on June 29, 2022.The US and Other G7 Nations Institute Ban on Imports of Russian Gold On June 26, 2022, President Biden along with the other members of the G7 announced together that they would collectively ban the importation of Russian gold in their countries.The G7 includes the U.S., Canada, France, Germany, Italy, J...Read More
RAPAPORT... De Beers Forevermark will require its partners to sell the brand's own jewelry designs in a strategic shift aimed at achieving greater consistency.Previously, Forevermark customers were able to select loose diamonds from the brand and place them in their own or third-party designs. The company's target for implementing the change is January 1, 2023, Charles Stanley, president of D...Read More
RAPAPORT... French auction house Artcurial will offer a 17.5-carat diamond at its upcoming Monaco Luxury week, where it expects the stone will realize up to EUR 1.5 million ($1.6 million).The emerald-cut, D-color mounted diamond will lead a series of three sales, that will take place on July 18, 19 and 20, Artcurial said Tuesday. A ring bearing a 12.39-carat, fancy-intense-yellow diamond flanked b...Read More
(IDEX Online) - David Gotlib is to replace Chaim Pluczenik as president of the Antwerp World Diamond Centre (AWDC), representing the interests of its 1,600 members. He will be assisted by Sahag Arslanian and Amish Jain, who were appointed as vice presidents. Mr Gotlib (pictured), of the IDRP Group, a third-generation diamantaire, said after his appointment: "Antwerp has again demonstrate...Read More
(IDEX Online ) - De Beers and the Botswana government have again delayed agreement on a new contract for the supply of rough diamonds. The sales agreement, which governs the Debswana joint venture between both parties, was extended by a year in December 2020 and was due to be renegotiated this month. The original delay was blamed on the Covid crisis. Diamond revenue accounts for a fi...Read More
(IDEX Online) - US rapper Kendrick Lamar has revealed that Tiffany & Co made the diamond-encrusted crown of thorns he wore for the cover of his new album.It was fashioned from 50 thorns, encrusted with over 137 carats of diamonds in the form of 8,000 cobblestone micro pav?? (C) diamonds, he told British Vogue magazineLamar, 35, wore the Jesus-inspired crown on the cover of his new album of Mr....Read More
Tech Talk will be available tomorrow July 1st and Monday July 4thPre-opening Comments for Thursday June 30thU.S. equity index futures were lower this morning. S&P 500 futures were down 41 points in pre-opening trade.Index futures recovered slightly following release of the May PCE Price Index at 8:30 AM EDT. Consensus was an annual increase of 6.6% versus a gain of 6.3% in April. Actual was a...Read More
(IDEX Online) - There were many losses in June, as there were in May. The war continues in Ukraine, as do the sanctions on Russian rough, and Indian manufacturers are still filling the supply gaps, especially among smalls, by switching to lab grown. In May we saw more increase among goods over 2.0-cts seeking refuge from the stock market. In June those increases were limited to goods over 4.0-cts....Read More
(Updates prices) LONDON, June 29 (Reuters) - Copper prices held near 16-monthlows on Wednesday as investors weighed the risk that rapidinterest rate rises will reduce global economic growth andmetals demand.Industrial metals have tumbled alongside stock markets ascentral bankers stepped up talk of action to containdecades-high inflation. Benchmark copper on the London Metal Exchange (LME)was up 0....Read More
RAPAPORT... Luk Fook's sales weakened in the past months as Covid-19 dampened retail spending across greater China, the Hong Kong-based jeweler reported.Group same-store sales - in Hong Kong and the mainland - declined in March and April amid a resurgence of the virus in both locations, the retailer said Tuesday. Same-store sales in Hong Kong and Macau returned to "slight" growth for the peri...Read More
RAPAPORT... Rio Tinto has put the Star-Orion South diamond project in Canada on hold until the end of the year while it weighs a possible exit from the venture.The Australian miner will not contribute financially to the Fort ? la Corne (FalCon) exploration during that time other than for care and maintenance, its joint-venture partner Star Diamond said Wednesday. Over the next six months, Rio Tin...Read More
RAPAPORT... De Beers and the Botswana government have extended their current supply contract by another year, meaning the current terms will remain in place until June 2023."Following further positive progress towards a new agreement being made in the first half of 2022, the two parties have agreed to the one-year extension to enable the finalization of the ongoing discussions," De Beers said...Read More
(IDEX Online) - Zales has launched a new diamond cut with 185 facets - compared with the 58, including the culet, of a traditional brilliant cut - claiming it creates a "breathtaking sparkle".The US jeweler, which has 2,800 stores and is part of the Signet group, says its Celebration Infinite diamonds, with more than three times the regular number of facets, are expertly cut for excellent li...Read More