(IDEX Online) - Sanctions on Russian diamonds could force jewelers to amend their designs, say De Beers boss Bruce Cleaver, as they struggle to source enough melee.Alrosa, part-owned by the Russian government, produces a disproportionate percentage of the world's stones under 0.2-cts (the GIA's definition of melee).As a result, designers may have to find other ways to accentuate the larg...Read More
Base metal prices on the London Metal Exchange were mainly firmer on the morning of Tuesday May 17 – the exception being tin. Those on the Shanghai Futures Exchange were more mixed.• The slide in China’s renminbi yuan has halted for now, as has the dollar’s climb• China’s industrial production fell by 2.9% in April• US Empire State manufacturing index double dipp...Read More
U.S. equity index futures were higher this morning. S&P 500 Index futures advanced 54 points in pre-opening trade.Index futures were virtually unchanged following release of U.S. April Retail Sales at 8:30 AM EDT. Consensus was an increase of 1.0% versus a gain of 0.7% in March. Actual was.a gain of 0.9%. Excluding auto sales, April Retail Sales were expected to increase 0.4% versus a gain of...Read More
RAPAPORT... The diamond and jewelry industry is seeing a sharp rise in interest in traceability programs as companies across the pipeline seek to avoid supply from Russian sources, according to Sarine Technologies CEO David Block. "There has been huge interest from all the different players in the industry over the last month or two since the conflict broke out with regards to traceability," Block...Read More
RAPAPORT... Authorities in Canada have green-lighted plans for the new Point Lake pit at the Ekati mine.The Wek'??ezh??i Land and Water Board, which regulates the area, approved a land-use permit lasting five years and a water license valid through October 2023, it said Friday in letters to Arctic Canadian Diamond Company (ACDC), which owns Ekati. Last week, the government of the Northwest Te...Read More
(IDEX Online) - Investors will be able to buy a tiny share of a high-value fancy colored diamond, with the launch on Wednesday of Luxus.The US-based fractional ownership business will allow clients, who would otherwise be priced out of the market to buy 0.1 per cent or less, of a gem.The first diamond on offer is a 0.54-ct fancy pink diamond from the iconic Argyle mine, in Australia, valued at $40...Read More
(IDEX Online) - Four masked raiders smashed the display window at jeweler's store with sledgehammers and fled with $100,000 of merchandise.Police in Westchester County, New York State, USA, later arrested three suspects after they crashed their car during a chase and fled, leaving the loot behind.The smash and grab took place at Golden Square Jewelry, Yonkers, last Thursday.One of the co-owne...Read More
(IDEX Online) - Fashion model Molly Sims dazzled at the Met Gala, wearing 120 carats of diamonds.She wore a $1m necklace in her hair, courtesy of Ring Concierge, the New York jeweler that specializes in designs "for women, by women".Sims, 48, has featured in campaigns for Jimmy Choo, Escada, Giorgio Armani, Michael Kors, and Chanel.She also wore two pairs of pear and marquise cluster earrings (16...Read More
(IDEX Online) - Plans by Botswana Diamonds to buy the loss-making Ghaghoo mine have collapsed, after it failed to secure a joint venture partner.The Irish explorer had a a non-binding agreement with owners Gem Diamonds, dependent on it finding a partner by 10 May. But it says there's still a possibility it will resurrect the agreement.The mine, about 300 km northwest of the capital Gaborone,...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 3 points in pre-opening trade. Index futures responded partially to a continuing slowdown in China's economy due to efforts to slow COVID 19 infections.The Wheat continuous futures contract added $50.20 to $1,228.00 after India banned wheat exports. McDonald's slipped $1.04 to $244.00 after the company announced plans...Read More
RAPAPORT... Brilliant Earth lowered its revenue guidance as geopolitical and economic concerns began to weigh on retail demand, even after strong first-quarter figures."As the second quarter progresses, we are seeing impact from the uncertain geopolitical and macroeconomic environment, reflected in moderating sales trends and in our updated outlook," cofounder and CEO Beth Gerstein said Thurs...Read More
RAPAPORT... Indian jeweler Titan Company plans to add 600 new stores across 300 cities in the next three years as it pushes ahead with an expansion strategy.The company, which operates brands including Tanishq, Mia, CaratLane and Zoya, is aiming to grow its jewelry business by a factor of 2.5 over the next five years, it said in an investor presentation last week. Titan currently boasts a 6%...Read More
RAPAPORT... The Diamond Club West Coast (DCWC) has chosen its 2022 board of directors, with Moshe Salem set to serve another term as president.Salem, the president of MS Diamonds and Jewelry, has been part of the organization since 1988. He will be joined by Kalpesh Jhaveri and Antranig (Tony) Ayvazian, who were reelected as co-vice presidents of the Los Angeles-based trade group, the DCWC said la...Read More
RAPAPORT... Pandora plans to build a new jewelry-crafting facility in Vietnam that will enable it to expand the business and meet increasing consumer demand.The new site, which will create 6,000 jobs and have an annual capacity of 60 million pieces of jewelry, is set to open at the end of 2024, Pandora said last week. The Danish jeweler will design the factory according to the Leadership in Energy...Read More
(IDEX Online) - Russia stands accused of selling party of its huge $140bn stockpile of gold on the black market, as it seeks to evade sanctions imposed by the US, EU and UK (the world's biggest gold-importing nation).The Switzerland-based Global Initiative Against Transnational Organized Crime says in a report that illicit gold markets and gold laundering are compelling options for Moscow, as...Read More
(IDEX Online) - Artisanal diamond miners in Liberia have received basic training in grading and valuing gems.The move, by the Japanese NGO Diamonds for Peace, is designed to help them avoid exploitation, and to negotiate a fair price for their stones.A trainer from the UK spent two days teaching a group of 25 miners from communities in the northern counties of Bomi and Gbarpolu. Many particip...Read More
(IDEX Online) - Brilliant Earth, the US-based "ethical jeweler", has reported $100m of sales in the first three months of 2022, a year-on-year increase of 41.5 per cent.It predicts another strong performance in Q2, despite ongoing geopolitical uncertainties.Net income for the quarter was $3.4m and adjusted EBITDA was $8.4m. The company is forecasting net sales of $450m to $470m for the full year,...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 54 points in pre-opening trade. Twitter dropped $7.07 to $38.03 after Elon Musk announced that his offer to acquire the company for $44 billion is "Temporarily on hold". UPS slipped $0.23 to $176.90 after JP Morgan downgraded the stock from Overweight to Neutral. Affirm Holdings advanced $6.79 to $24.83 after reporting...Read More
News: Market sentiment mixed as summer wedding season begins. US 8.3% April inflation fuels caution but positive retail momentum continues with jewelry sales +33%, Mastercard reports. Alrosa cancels rough sales, continues supplying Russia's Gokhran. Shortages anticipated. De Beers scales up Tracr blockchain as crisis accelerates traceability efforts. Savvy dealers seeking ethically sourced goods....Read More
RAPAPORT... US e-commerce spending fell in April to its lowest this year amid rising interest rates and continued inflation, according to Adobe Analytics."As the cost of borrowing and economic uncertainty rises for consumers, we are beginning to see the early impact on both online inflation and spend," said Patrick Brown, vice president of growth marketing and insights for Adobe.Shoppers shelled o...Read More