RAPAPORT... An Art Deco Cartier bracelet set with 101 carats of Colombian emeralds could go for up to $1.3 million at an upcoming jewelry sale at Bonhams, the auction house predicted.The piece, which was designed in 1926, is from the collection of American heiress H?(C)l??ne Irwin Crocker Fagan, the daughter of sugar baron William Irwin, Bonhams said last week. Another Cartier item belonging to th...Read More
RAPAPORT... Prices of fancy-color diamonds grew 1% in the first quarter compared with the previous three months amid strong market for pinks, according to the Fancy Color Research Foundation (FCRF).Pink fancy-color prices gained 1.3%, with yellows up 0.7%, the organization reported Monday in its quarterly release of the Fancy Color Diamond Index. Prices of blues increased 0.1%.Prices for the...Read More
RAPAPORT... A 21.93-carat diamond far outstripped its high estimate at Heritage Auctions' most recent jewelry sale, raking in $300,000.The round brilliant-cut, W- to X-color, VVS2-clarity diamond necklace, which has baguette-cut diamonds set into the chain, was expected to fetch $200,000 at the May 2 Fine Jewels sale, Heritage said last week. In total, the auction realized $5.4 million.A round bri...Read More
(IDEX Online) - UK-based miner Vast Resources has indicated it still hopes to win the go-ahead from Zimbabwe's government to operate in the Marange diamond fields.It has partnered with Chiadzwa Community Company (CCC) and had hoped to sign a deal back in 2019.Despite a series of delays, Vast's CEO Andrew Prelea has indicated that the company remains hopeful it will be granted licenses to...Read More
(IDEX Online) - The former bookkeeper at New York jewelry company Julie Vos has been charged with stealing over $2.8m to pay his American Express bills.Francisco Lopez, 36, from Bayside, New York, was indicted with grand larceny in the first degree and criminal possession of stolen property in the first degree.He is alleged to have made thousands of fraudulent transactions - "regularly but d...Read More
(IDEX Online) - De Beers says its blockchain-backed Tracr platform is now able to track the journey of every diamond it sells, from Sight to retailer.The UK-based miner says the tamper-proof technology has already been used for a quarter of its production by value during its first three Sights of 2021.Tracr, which employs blockchain, artificial intelligence, the Internet of Things and advanced sec...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 70 points in pre-opening trade. Starbucks dropped $1.46 to $75.06 after Deutsche Bank lowered its target price from $116 to $103.Shopify fell $20.00 to US$357.49 after Wedbush dropped its target price from $630 to $538.Duke Energy slipped $1.16 to $110.16 after reporting lower than consensus first quarter earnings. Un...Read More
RAPAPORT... Mountain Province's sales and earnings jumped in the first quarter as the Canadian miner benefited from growth in rough prices.Revenue rose 56% year on year to CAD 84.7 million ($65.7 million) for the three months, the company reported last week. Net profit more than tripled to CAD 24.3 million ($18.9 million) from CAD 7.3 million ($5.7 million) a year earlier. The average selling...Read More
RAPAPORT... Lucara Diamond Corp.'s revenue and profit soared in the first quarter of 2022 amid the sale of higher-value goods and increased income from its supply deal with Belgian manufacturer HB Antwerp.Revenue climbed 28% to $68.2 million for the period ending March 31, the miner reported last week. Net profit surged to $19 million, compared with $3.4 million a year earlier."Lucara begins the y...Read More
RAPAPORT... De Beers has expanded its Tracr blockchain platform to track all of its diamonds through to retail.The program will "underpin confidence in natural diamonds" and is a first step in enhancing standards in the industry, De Beers CEO Bruce Cleaver said Thursday.By deploying the platform "at scale," De Beers will be able to provide provenance information from the mine to the sigh...Read More
(IDEX Online) - Diamond sanctions are beginning to bite in India, as US buyers demand guarantees that polished stones were not mined in Russia, according to news reports.The US outlawed rough, gem-quality diamonds shortly after the invasion of Ukraine in February, but the ban does not cover stones that are "substantially transformed" - namely cut and polished - elsewhere.However, manufacturers in...Read More
RAPAPORT... Hong Kong's hard-luxury sales plunged further in March as the government tightened its restrictions in response to a Covid-19 resurgence.Revenue from jewelry, watches, clocks and valuable gifts fell 37% year on year to HKD 1.89 billion ($240.3 million) for the month, the municipality's Census and Statistics Department reported last week. The decline is sharper than February's 34% decre...Read More
RAPAPORT... US jewelry sales rose in April amid consumer excitement to return to in-store shopping, according to Mastercard SpendingPulse.Revenue for the category climbed 33% year on year during the month, Mastercard reported last week. That figure is up from March's 12% year-on-year increase. The segment also benefited from consumers refreshing their wardrobe for summer travel. Jewelry purchases...Read More
(IDEX Online) - Jewelry salespeople in the US are being urged to take extra care, after one was stabbed and two others were targeted by criminals within a week.The Jewelers' Security Alliance (JSA) says it's important to check nobody's following your vehicle, and to take "evasive driving techniques" if necessary.A traveling salesperson was stabbed twice after four males smashe...Read More
0(IDEX Online) - India's economy could take 12 year to recover from COVID-19 losses, says the Reserve Bank of India (RBI).The country sustained losses of $24.8bn during 2020-21, as a direct result of the pandemic, it said. The figure for 2021-22 is estimated at $22.22bn and for 2022-23 it is $21.3bn.India's gold and diamond trade contributed 7.5 per cent of the country's GDP last ye...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 2 points in pre-opening trade. Index futures recovered slightly following release of the U.S. Employment report at 8:30 AM EDT. Non-farm Payrolls were expected to increase 400,000 versus a gain of 431,000 in March. Actual was 428,000. Unemployment Rate was expected to remain unchanged from March at 3.6%. Actual was un...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 32 points at 7:30 AM EDT.First quarter Non-farm Productivity Report is expected to be released at 8:30 AM EDT. Consensus is a drop of 2.3% versus a gain of 6.6% in the fourth quarter of 2021.Etsy dropped $11.98 to $97.35 after the company offered weaker than consensus second quarter sales. Cognizant Technology fell $4...Read More
News: Diamond market split. Suppliers to large US jewelers doing well but dealer trading cautious following recent price declines. 1 ct. RAPI -3.2% in April. Cutters and dealers with US clients separating Russian supply to meet American obligations. China slow. Rough demand weaker despite removal of Russian goods from market. Alrosa postpones sales and will sell to Russia's Gokhran to raise liqui...Read More
RAPAPORT... Pandora saw record revenue in the first quarter amid strong Valentine's Day sales and the reacquisition of franchised stores.Revenue rose 21% year on year on an organic basis - a similar metric to comparable-store sales - for a total of DKK 5.7 billion ($804.3 million) in the period that ended March 31, the Danish jeweler said Wednesday. Sales for the Valentine's Day holiday increased...Read More
RAPAPORT... The Indian diamond industry is mourning the death of Sanjay Shah, a partner at manufacturer KBS Group and a former official for the country's Gem and Jewellery Export Promotion Council (GJEPC). Shah was a convener of the GJEPC's diamond panel committee, which handles matters related to the diamond trade, the council said in a LinkedIn post this week. He was also an active mem...Read More