(IDEX Online) - The Russian Ministry of Finance has condemned "far-fetched" accusations that diamonds are funding its invasion of Ukraine and should therefore be outlawed by the Kimberley Process.It issued a statement insisting Russia "has always been and remains an exceptionally responsible participant of the Kimberley Process".And it said tax and dividend payments from Russian diamond mining ope...Read More
(IDEX Online) - The demolition of Canada's Victor diamond mine - which involved flying in specialist machinery in Hercules cargo planes - was completed ahead of time, despite many challenges.The site, in a remote and frozen area of northern Ontario, is now being returned to its natural state.Victor was identified in 1987 as Canada's first economically viable diamond deposit.De Beer...Read More
(IDEX Online) - Gwyneth Paltrow is again under fire, over the price of her new "everyday" jewelry collection.Social media users say the new range - including a $7,900 gold necklace with 1.96 ctw of white diamonds - is "out of touch", "unaffordable" and far from being "everyday".The Hollywood A-lister, aged 49, launched new pieces branded as G. Label through her online business Goop last week. ...Read More
(IDEX Online) - Swarovski, the family-owned crystal and jewelry company, is to have an "outsider" permanently at the helm for the first time in its 127-year history.The Austria-based business has appointed Alexis Nasard (pictured), from Switzerland, currently a senior business advisor at management consultants McKinsey & Company.He replaces Michele Molon, a non-family member, who served as CEO...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 an update on U.S. annualized first quarter real GDP at 8:30 AM EDT. Consensus was unchanged at a deficit of 1.5%. Actual was a deficit of 1.6%.Couche-Tard dropped $1.96 to Cdn$53.38 after the company reported less than consensus...Read More
(Recasts first paragraph, updates prices and dollar bullet) By Pratima Desai LONDON, June 28 (Reuters) - Copper prices slipped on Tuesdayas the dollar rose and recession concerns were back in focus,but hopes for stronger demand after top consumer China relaxedits COVID-19 quarantine mandates provided some support. Benchmark copper on the London Metal Exchange wasdown 0.6% at $8,366 a tonne as of 1...Read More
RAPAPORT... Digital-marketing expert Ben Smithee, founder of The Smithee Group, joins Rapaport's Avi Krawitz to discuss the rapidly changing media space and how it is impacting the diamond and jewelry industry. In this episode of the Rapaport Diamond Podcast, the two delve into how the trade can use data and content to drive businesses forward with thoughtful, intentional strategic planning. They...Read More
RAPAPORT... Hong Kong jeweler Luk Fook's revenue and profit rose by around 30% to 40% for the full fiscal year that ended March 31, the company estimated.A low base of comparison with the previous year - which saw pandemic-related restrictions - is responsible for the increase during the period, Luk Fook said last week. In fiscal 2021, business in China was weak, and Hong Kong and Macau were on lo...Read More
U.S. equity index futures were higher this morning. S&P 500 futures added 11 points in pre-opening trade.Goldman Sachs added $3.22 to $304.00 after the company raised its dividend by 25%. Wells Fargo advanced $0.23 to $40.47 after the company raised its dividend by 20%.State Street dropped $0.51 to $64.70 after Deutsche Bank downgraded the stock from Buy to Hold.Ovintiv gained $2.50 to US$49.7...Read More
RAPAPORT... The Antwerp World Diamond Centre (AWDC) has appointed Belgian diamantaire David Gotlib as president, succeeding Chaim Pluczenik.Gotlib is the founder of luxury goods and jewelry retailer IDRP Group as well as his own eponymous jewelry brand. He is also the president of the Antwerp Diamond Bourse, the AWDC said Monday. He has served on the AWDC's board of directors since 2020.Meanwhile,...Read More
RAPAPORT... The US, UK, Canada and Japan have placed sanctions on the import of Russian gold in an effort to eliminate revenue used to fund President Vladimir Putin's war on Ukraine.The four countries made the decision to ban Russia's biggest non-energy export at the G7 summit in Germany on Sunday, the UK government said. The remaining G7 participants - France, Italy and Germany - will likely foll...Read More
RAPAPORT... The Natural Diamond Council (NDC) is facing a massive budget cut in 2023 unless the industry steps in to compensate for the loss of Alrosa's financial contribution, CEO David Kellie told Rapaport News. "We've probably been impacted more than anybody [by sanctions against Russian diamonds] in as much as Alrosa was almost half of our funding," Kellie said in an interview on Thursday. "I...Read More
(IDEX Online) - Edward Asscher, president of the World Diamond Council (WDC), said there was "strong support" for reforms at the Kimberley Process's intersessional meeting, despite its failure to address the redefinition of conflict diamonds."This year, throughout our engagements with many government participants here in Kasane (Botswana), there seems to be strong support for further reforms,...Read More
(IDEX Online) - US president Joe Biden yesterday announced plans by G7 - the world's seven richest nations - to impose sanctions on Russian gold.Russia supplies around a tenth of the world's gold and has reserves valued at $140bn, according to estimates by the World Gold Council.The G7 nations - Canada, France, Germany, Italy, Japan, the US and the UK - resolved to outlaw imports of newl...Read More
(IDEX Online) - A Ukrainian diplomat is urging consumers not to buy Russian diamonds, because they fund the war in her country.Liubov Abravitova, who serves as her country's ambassador to South Africa, Botswana and Mozambique, made the comments as members the Kimberley Processes failed to reach any agreement over calls to broaden its definition of conflict diamonds."When you see Bucha, Irpin,...Read More
U.S. equity index futures were higher this morning. S&P 500 futures gained 5 points in pre-opening trade.Index futures were virtually unchanged following release of the May Durable Goods Orders report at 8:30 AM EDT. Consensus was an increase of 0.1% versus a gain of 0.5% in April. Actual was an increase of 0.7%. Excluding transportation orders, consensus was an increase of 0.4% versus a gain...Read More
RAPAPORT... The status of Russian diamonds was the main point of contention at the recent Kimberley Process (KP) intersessional in Botswana, which closed Friday amid a stalemate over the issue.Ukraine, the European Union (EU), Australia, the UK, Canada, the US and nongovernmental organizations pushed to put Russia on the agenda, Reuters reported last week during the meeting. However, Russia,...Read More
RAPAPORT... The recent Phillips Jewels and Jadeite auction in Hong Kong achieved $3.4 million, even as several top lots were left unsold.The leading item was a necklace containing 45.02 carats of Burmese pigeon's-blood rubies and diamonds, which fetched $385,258, within its estimate, Phillips said last week. A bracelet set with 21.47-carats of Colombian emeralds and diamonds took the second s...Read More
RAPAPORT... A 25.40-carat diamond ring will take center stage at the upcoming Christie's auction in Paris, where it's set to fetch up to EUR 450,000 ($475,052).The old-cut, I-color, VS1-clarity jewel will lead a selection of important diamond and gemstone pieces that will go under the hammer at the June 23 to July 7 Joaillerie Paris auction. Among those are a cushion-cut, 10.56-carat Kashmir sapph...Read More
RAPAPORT... An investment company that holds nearly a third of Firestone Diamonds' stock has made an offer to purchase all remaining shares in the company.PRRF II Investment Holdings owns 239.9 million shares in the miner, which operates the Liqhobong deposit in Lesotho, Firestone said last week. The investment company's subsidiary, Pacific Road Australia Trust, controls an additional 4.3%. PRRF w...Read More