U.S. equity index futures were lower this morning. S&P 500 futures were down 28 points in pre-opening trade. Index futures responded to overnight weakness in world equity indices including a 5% drop by the Shanghai Composite Index.Twitter gained $2.72 to $51.65 on news that Elon Musk met with board members over the weekend to discuss Musk's $54.20 per share cash offer.Coca Cola added $0.25 to...Read More
RAPAPORT... De Beers' production grew 25% year on year to 8.9 million carats in the first quarter as the company responded to strong demand and benefited from improved conditions at its mines.The rise partly reflected a favorable comparison with a period of operational difficulties a year earlier, when high rainfall in Botswana and at the Venetia mine in South Africa restricted output.Product...Read More
RAPAPORT... Kering's jewelry and watch divisions grew sharply in the first quarter amid strong sales in North America and Western Europe.Revenue from the company's "other houses" segment, which includes jewelry and watches, rose 35% year on year to EUR 973.4 million ($1.05 billion) for the three months ending March 31, the company said last week. "Kering's other houses posted an extremely strong f...Read More
RAPAPORT... De Beers has inked two exploration agreements with the Angolan government, paving the way for the miner's return to the African country after a decade-long absence.The 35-year "mineral investment contracts" are for license areas in northeast Angola, De Beers said last week. They cover all stages from exploration to mining. The company expects to begin exploration activities this y...Read More
RAPAPORT... US consumers are expected to spend a record amount on jewelry this Mother's Day as they look to find "meaningful" gifts for their loved ones, according to a National Retail Federation (NRF) survey."Jewelry remains a timeless gift selection for Mother's Day and continues to capture an increasing market share," said Phil Rist, vice president of strategy for Prosper Insights & Analyti...Read More
(IDEX Online) - Wonder Woman actress Gal Gadot is the face of Tiffany & Co's campaign for its new high jewelry collection.She wears a dandelion-inspired diamond necklace, an orchid brooch and a diamond and sapphire thistle necklace from its spring Blue Book collection, entitled Botanica. She also wears several of Jean Schlumberger's masterworks, including his iconic Bird on a Ro...Read More
(IDEX Online) - Bulgari has crafted a platinum, diamond and emerald tiara to mark Queen Elizabeth II's 70 years on the throne.The Italian jeweler says a a team of five, led by a master goldsmith, spent over 1,500 hours creating the piece, which is to be sold privately. No price has been disclosed.The tiara features a 63.44-carat Zambian emerald, carved with a blooming lotus flower. It i...Read More
(IDEX Online) - The Jewelers' Security Alliance (JSA) is offering a reward of up to $5,000 after a pawnshop owner in New York was bludgeoned to death with a metal pipe.Arasb Shoughi, 60, was so badly beaten that police initially thought he'd been shot in the head.He was attacked during a jewelry robbery at the Global Pawn Shop, on Jamaica Avenue, Queens, on 28 March, and died in hospital...Read More
U.S. equity index futures were mixed this morning. S&P 500 future were unchanged in pre-opening trade. The Canadian Dollar added 0.04 to US78.89 cents following release of Canada's February Retail Sales at 8:30 AM EDT. Consensus was a drop of 0.5% versus an upwardly revised gain of 3.3% in January. Actual was a gain of 0.1%.Intuitive Surgical dropped $9.57 to $285.00 after reporting less than...Read More
(IDEX Online) - The GIA grading lab says it will soon be able to tell retailers and consumers which country their diamonds come from.It says it is developing a service called Source Verify, that buyers will access through its online Report Check service at no extra cost.GIA (Gemological Institute of America) does not specifically mention sanctions on Russian diamonds, but president and CEO Susan J...Read More
(IDEX Online) - Petra Diamonds says revenue increased by a third (33 per cent) in the last quarter to $140.6m, driven by a surge in prices.The UK-based miner said like-for-like prices at its March tender were up 37.6 per cent on December and a 157.88ct Type IIa white stone from its Cullinan mine sold for $5.5m.CEO Richard Duffy spoke of a "positive outlook for the business" in a trading update pub...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 38 points at 7:30 AM EDT. The April Philly Fed Index to be released at 8:30 AM EDT is expected to slip to 20.9 from 27.4 in March.Focus is on Federal Reserve Chairman Powell's speech at 1:00 PM on monetary policy.Tesla gained $49.38 to $1,026.50 after reporting higher than consensus first quarter revenues and earnings....Read More
News: Diamond market quiet over Passover and Easter holidays. Steady US demand for 1 to 1.50 ct. sizes supporting the trade, but dealer prices continue to soften. US retail solid; jewelers expecting strong summer wedding season. Dealers cautious due to Russia crisis and China Covid-19 lockdown. Rough trading slow. Uncertainty surrounds upcoming Alrosa sale (April 26 to 29). Long gap until next De...Read More
RAPAPORT... Petra Diamonds' revenue rose in the third fiscal quarter amid the sale of high-value stones and continued strong prices for rough.Sales climbed 33% year on year to $140.6 million for the three months ending March 31, the company said Wednesday. At Petra's March tender, prices increased 38% on a like-for-like basis compared with the previous sale in December. The hike outweighed a 31% d...Read More
(IDEX Online) - De Beers today signed diamond-mining agreements with the government of Angola, signaling its return to the country after more than two decades. Both sides appear to be patching up a "difficult" relationship, after Angola halted all diamond contracts in 2000 and granted a monopoly to Sodiam, the newly-created, state-run company.De Beers went on to file arbitration proceedi...Read More
RAPAPORT... Production at the Diavik diamond mine in Canada slipped in the first quarter amid "significant" impacts from the coronavirus pandemic, owner Rio Tinto reported Wednesday.Output fell 2% year on year to 991,000 carats for the three months ending March 31. Production was 14% lower than the previous quarter. During the period, the availability of ore was lower than the year before as...Read More
(IDEX Online) - The Kimberley Process faces criticism for failing to act on Russian diamonds, in a hard-hitting report by a Belgium-based independent research institute."Following several failed reform attempts, the Kimberley Process still looks at conflict through a 20-year-old lens," says Hans Merket, (pictured) researcher for the International Peace Information Service (IPIS) in a report entitl...Read More
(IDEX Online) - Australia's diamond industry is to be revived with the launch of Burgundy branded gems, with price tags of up to US$7.5m.It hasn't produced diamonds since the closure of the iconic Argyle mine, in November 2020, but Ellendale, famous for its yellow gems, is due to resume operations by the end of the year.Perth-based Burgundy, which now owns the deposit, will mine, polish...Read More
(IDEX Online) - A New York jeweler has been charged with laundering money for violent gang members.Stanislav "Steve" Yakubov, allegedly acted as a fence for armed attackers who stole watches and jewelry worth $2m in a series of assaults on jewelers near their homes in New York and New Jersey.He was arrested last month and has since been indicted in Manhattan Federal Court on allegations that he bo...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 19 points in pre-opening trade.Investors are watching for news on U.S. interest rate trends in the Beige Book to be released at 2:00 PM EDTThe Canadian Dollar added 0.06 to U.S.79.82 cents following release of the March Canadian Consumer Price Index at 8:30 AM EDT. On a year-over-year basis, consensus for March C...Read More