U.S equity index futures were higher this morning. S&P 500 futures were up 17 points in pre-opening trade.Investors are awaiting U.S. economic news to be released at 10:00 AM EDT. Consensus for April Construction Spending was an increase of 0.5% versus a gain of 0.1% in March. Consensus for the May Manufacturing ISM Purchasing Managers Index is a slip to 54.5 from 55.4 in April.Investors also...Read More
RAPAPORT... With the US imposing sanctions on Alrosa and other Russian entities, there is rising concern about the impact on the diamond market, considering the vast rough supplies from the country. The following is a resource center to help the trade gain clarity on the crisis and its effects on the industry.May 31: How the War Has Shaken Up Diamond Supply (Joshua Freedman)May 27: Alros...Read More
RAPAPORT... The diamond industry finds itself in the middle of many external forces. The Russia-Ukraine war has altered the supply situation and damaged US demand for Alrosa goods. Lockdowns in China have reduced sales in the most important Far East market. While spending is still robust on American shores, inflation has prompted some traders to worry. This combination of factors has created...Read More
RAPAPORT... Revenue at Mumbai-based diamond and jewelry manufacturer Asian Star surged in the past fiscal year as the economy recovered and Covid-19 restrictions loosened.Group revenue - including at subsidiaries - jumped 73% to INR 44.3 billion ($570.3 million) for the year ending March 31, the company said Monday. Diamond sales soared 82% to INR 39.02 billion ($502.3 million), while revenue from...Read More
RAPAPORT... Swiss watch exports saw a more moderate rise in April as China's coronavirus measures reduced demand in the key market, according to the Federation of the Swiss Watch Industry.While global shipments climbed 7% to CHF 1.92 billion ($2 billion) for the month, the increase was weaker than in the first quarter, the organization reported Tuesday."The growth in Swiss watch exports lost...Read More
RAPAPORT... Fresh off the GemGen??ve show, founders Thomas Faerber and Ronny Totah join Rapaport's Avi Krawitz to discuss the trends they saw there.In this episode of the Rapaport Diamond Podcast, the executives also talk about the role of trade fairs in general, and share their impressions of the colored-gem and antique-jewelry markets amid the recent turbulence.Listen to the podcast here:Di...Read More
(IDEX Online) - A diamond merchant accused of smuggling $26m of diamonds has been arrested by customs officials at Delhi airport. Meet Kachhadiya, who ran a Universal Diamonds, in Surat's Sachin Special Economic Zone (SEZ), allegedly evaded duty when he exported 30 consignments of "lab grown" diamonds to Hong Kong from February 2021 to May 2021. He'd reportedly been evading...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 30 points in pre-opening trade. Investors are watching for news from a meeting today between President Biden, Federal Reserve Chairman Powell and Treasury Secretary Yellen. The Canadian Dollar slipped 0.10 to US78.83 cents following release of Canada's March GDP report at 8:30 AM EDT. Consensus was an increase of 0.8%...Read More
RAPAPORT... US-based jewelry brand Shy Creation has appointed Kari Allen as executive vice president. Allen was previously director of sales for Gucci, before which she served as vice president of luxury jewelry and timepiece brands Charriol and Damiani, Shy Creation said last week. She was also president of Versace's US business. In her new position, Allen will focus on the company's sales a...Read More
RAPAPORT... An emerald ring set with pink diamonds from Rio Tinto's Argyle mine has raked in $1.1 million at auction.The piece, named Majestique, was part of a collaboration between Muzo and Argyle Pink Diamonds, Rio Tinto's brand for the fancy-colored stones from its Australian mine. It was the star of Muzo's May auction in Hong Kong, the emerald miner and jeweler said last week.Set with a cushio...Read More
(IDEX Online) - Diamond dealers in Antwerp are suing their banks for blocking their US dollar accounts when they implemented AML (anti-money laundering) legislation.They're set to take a group action, claiming they have suffered disproportionately from the implementation of EU rules.Robin van Beurden, an Antwerp diamond broker, told the German broadcaster Deutsche Welle he'd already won...Read More
(IDEX Online) - A necklace of 33 exceptional jadeite beads sold for over $8.8m at Christie's Magnificent Jewels live auction in Hong Kong. The beads (measuring approximately 15.0 to 12.3 mm) were set with an 11-carat cushion-cut Burmese ruby surrounded by oval-cut diamonds. The piece (pictured) sold for $8,836,123 to a collector on the phone after "spirited competition". Christie's said...Read More
(IDEX Online) - TAG Heuer is now accepting crypto payments for watches sold online in the US.The luxury Swiss watchmaker says it's a "significant step on its digital transformation journey".Customers will be able pay with Bitcoin, Ethereum and a selection of 10 other cryptocurrencies, with a maximum spend equivalent to $10,000 in each transaction."We have been following cryptocurrency develop...Read More
Technical evidence that North American equity indices have passed an intermediate low appeared last week. Look for a bottoming process between now and the next FOMC meeting on June 14th-15th. ObservationsConsensus earnings estimates for S&P 500 companies on a year-over-year basis in the first quarter of 2022 virtually were unchanged last week. Ninety seven percent of companies have report...Read More
RAPAPORT... Gemfields recorded its highest auction revenue for emeralds from its Kagem mine in Zambia since it started selling in 2009.The company saw revenue of $43.3 million from a series of five mini-auctions between May 9 and 26, with all lots finding buyers, it said last week. The sales took place in Thailand, a first for Gemfields. The miner sold 278,000 carats of emeralds at an average pric...Read More
RAPAPORT... A rare necklace by French jeweler Boivin garnered more than 13 times its high estimate following a fevered bidding war at a recent Fellows auction.The piece, which featured two rows of turquoise beads suspended from a line of rock-crystal beads, fetched GBP 40,832 ($51,574) at the May 26 jewelry sale in Birmingham, UK, blowing away its upper estimate of GBP 3,000 ($3,789). The result c...Read More
RAPAPORT... Sotheby's will offer two diamonds weighing more than 100 carats at its upcoming jewelry sale, with one expected to fetch in excess of $10 million.The Juno diamond, a pear-shaped, 101.41-carat, D-color, internally flawless, type IIa stone, will lead the June 16 New York Magnificent Jewels sale, the auction house said last week. Only 11 D-color diamonds over 100 carats have ever bee...Read More
RAPAPORT... Debswana, De Beers' 50:50 mining joint venture with the Botswana government, has appointed Andrew Maatla Motsomi as managing director on a five-year contract.Motsomi will join Debswana on June 1 from the Bank of Botswana, where he has held several senior positions, most recently as deputy governor, De Beers announced Friday. He will succeed Lynette Armstrong, who had been acting i...Read More
(IDEX Online) - Signet says it's braced for more weddings this year than any time in the last 40 years, as couples finally exchange their vows after the Covid pandemic.Gina Drosos (pictured), CEO of the world's largest diamond jewelry retailer, said there would be 2.5m nuptials in 2022, compared with the usual 1.8m to 2.2m."We know the average time between when people meet and when they...Read More
(IDEX Online) - The manager of a diamond factory in Surat is reported to have killed himself after he was allegedly tortured while in police custody. Local media say Mukesh Sojitra had been accused of stealing diamonds from a company named as Parin Diamonds, where he worked. He had denied the claim. The dead man's brother said Sojitra was severely beaten by police officers...Read More