(IDEX Online) - A jeweler had his uninsured suitcase of diamonds and jewelry, valued at over $1m, stolen as he packed up at the end of a gem show in Houston, Texas, USA."It takes so much to collect... and to see everything vanish... It's your entire life savings. It's gone," Iftikhar Sayed, 72, told local news channel Click2Houston.He and his wife had been displaying their goods at the I...Read More
(IDEX Online) - Two suspects have been arrested over the $12m armed heist at Bulgari's flagship store in Paris last November. The men, aged 26 and 37, were detained on Tuesday (21 June), according to French media. Four robbers fled on scooters and three in a grey BMW, after the raid in the capital's prestigious Place Vendome (pictured), which is also home to Chanel, Boucheron...Read More
(IDEX Online) - Kimberley Process (KP) must address its narrow definition of conflict diamonds, Edward Asscher, president of the World Diamond Council (WDC) told delegates at a meeting of the global watchdog in Botswana last week.He warned that industry solutions to responsible sourcing could end up eclipsing KP's certification scheme - but could also marginalize smaller players without the r...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
U.S. equity index futures were higher this morning. S&P 500 futures added 27 points in pre-opening trade. Traders are waiting for release of May U.S. New Home Sales at 10:00 AM EDT. Consensus is a slip to 587,000 units from 591,000 units in April.FedEx advanced $5.77 to $233.90 after reporting higher than consensus fourth quarter revenues and earnings. The company also offered positive guidanc...Read More
News: Optimism for US market as Las Vegas shows demonstrate robust demand despite inflation concerns. China slowdown weighing on 0.30 ct. goods. Trading seasonally quiet. Excess inventory of less desirable goods; prices declining due to low demand. Russian rough entering supply chain and may disrupt market balance. Alrosa reportedly maintaining production plan of 34M to 35M cts. for 2022. De Beer...Read More
RAPAPORT... A Kashmir sapphire led Wednesday's Bonhams Hong Kong Jewels and Jadeite auction, selling for more than $400,000.The ring, featuring the unheated cushion-shaped, 6.99-carat sapphire with a pav?(C)-set diamond surround, fetched HKD 3.3 million ($417,752), within presale estimates, Bonhams said the same day. A modified shield brilliant-cut, 5.09-carat Paraiba tourmaline and diamond r...Read More
RAPAPORT... Lower rough supply due to the Russia situation may be a "blessing" given the pressures on retail spending, Martin Rapaport said in his annual presentation at JCK Las Vegas.In his "State of the Diamond Industry" speech, the chairman of the Rapaport Group discussed the impact of higher inflation and interest rates on the market, as well as how the US government's Covid-19 policies l...Read More
(IDEX Online) - Gemfields says it sold rough rubies worth $95.6m at its latest online auction, setting a new company record.The London-based ruby and emerald miner described the results as "glittering", despite failing to sell a single lot that accounted for almost a quarter of the total weight of rubies sold.The rubies were all extracted by Montepuez Ruby Mining (MRM) which is 75% owned by Gemfie...Read More
(IDEX Online) - The Angolan government now has majority stake in Catoca, the world's fourth biggest diamond mine.It transferred part-control from Chinese investors LLI International after a ruling by the attorney general, and it now holds 59 per cent of its shares.The remainder are held by Alrosa, the Russian miner, although it is exempt from US sanctions because it owns under 50 per cent.The...Read More
U.S. equity index futures were higher at 7:30 AM EDT. S&P 500 futures were up 31 points in pre-opening trade.Federal Reserve Chairman continues his testimony today at 10:00 AM EDT before a House of Representative CommitteeTesla slipped $1.77 to $706.49 after Morgan Stanley lowered its target price from $1300 to $1200. Also, the company announced plans to increase production in China.KB Homes a...Read More
(Adds union statement about detained workers and suspension oftalks) By Natalia A. Ramos Miranda and Fabian Cambero SANTIAGO, June 22 (Reuters) - Workers at Chilean state-ownedmining giant Codelco, the world's largest copper producer,launched a major strike on Wednesday to protest the closure of asmelter over environmental issues, though the governmentdownplayed the impact on operations. The Feder...Read More
RAPAPORT... Swiss watch exports grew strongly in May as demand strengthened in the US and Europe while orders of high-end timepieces surged.Global shipments rose 14% year on year to CHF 2.04 billion ($2.12 billion) for the month, the Federation of the Swiss Watch Industry reported Tuesday. Supply to the US market increased 35% to CHF 327.4 ($340.1 million), with exports to Europe gaining 32%....Read More
RAPAPORT... The global luxury industry grew by almost a fifth at the start of the year as European spending recovered at a faster rate than expected, according to Bain & Company."After its worst dip in history, the personal luxury goods market has experienced a V-shaped rebound," the consultancy said Tuesday in its spring update, entitled "Rerouting the Future."Sales increased by 17% to 1...Read More
RAPAPORT... Alrosa plans to stick with its production guidance of 34 million to 35 million carats this year despite Western sanctions on the Russian miner, according to a local news report."I think we are on track and so far, despite certain difficulties, we are working exactly according to plan in the first half of the year, somewhere in this range," Interfax quoted Alrosa CEO Sergey Ivanov...Read More
RAPAPORT... De Beers' sales soared to $650 million in June as demand held up and the lack of Russian supply led to shortages.The total for the fifth cycle of 2022 was 36% higher than for the equivalent sale a year earlier and represented an 8% increase compared with May, according to data De Beers released Wednesday. The figure included the June sight, which took place two weeks ago, as well...Read More
(IDEX Online) - De Beers today announced $650m (provisional) of rough sales at its fifth sales cycle of 2022 - up over a third on last year amid ongoing sanctions against Russia.The UK-based miner attributed the rise in sales to positive sentiment in the US and China's gradual emergence from Covid lockdowns, but made no mention of its biggest rival, Alrosa.De Beers reportedly hiked the...Read More
(IDEX Online) - The Asian Institute of Gemological Sciences (AIGS) has launched what it believes is the first standardized color code for aquamarine.It aims to introduce third-party objectivity in a gemstone market where the all-important color is often described with ambiguous terms such as greenish blue or blue.The AIGS Santa Maria color code takes its name from the legendary Santa Maria de Itab...Read More
(IDEX Online) - Trans Atlantic Gem Sales (TAGS) reports $25m sales from its June rough tender, up from $20m in April, but well below the company's $75m record in March.Around 30 per cent of goods, all from southern African mines, remained unsold in Dubai, amid what the company described as a mood of "cautious optimism".Smaller goods - in short supply because of sanctions on Alrosa - were in h...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 61 points in pre-opening trade. Investors are waiting for testimony on monetary policy by Federal Reserve Chairman Powell to Congressional leaders today and tomorrow starting at 10:00 AM EDT. The Canadian Dollar was virtually unchanged at US77.06 cents following release of Canada's May Consumer Price Index at 8:30 AM...Read More