RAPAPORT... Christie's will offer a jadeite bead necklace that could fetch up to $11 million at its upcoming Hong Kong auction.A number of colored diamonds will also be up for sale at the May 25 Magnificent Jewels sale, Christie's said Monday. A ring by Moussaieff featuring a 3.06-carat, fancy-vivid-blue diamond and a pink, internally flawless diamond is estimated at up to $7.5 million, while a 13...Read More
(IDEX Online) - LVMH says revenue from its watch and jewelry division jumped by 24 per cent in the first quarter of this year, up to $2.53bn. Organic growth was 19 per cent.Overall earnings across all luxury groups rose 29 per cent, year-on-year, to $19.4bn, the French conglomerate said.The newly-acquired jeweler Tiffany & Co. had "an excellent start to the year," it said, driven by strong gro...Read More
RAPAPORT... The Gemological Institute of America (GIA) will launch a consumer-facing service that will verify the country of origin for natural and lab-grown diamonds.The service, called GIA Source Verify, is currently in development, the institute said Monday. The organization will determine a stone's origin information using third-party-verified documents, including Kimberley Process (KP) certif...Read More
(IDEX Online) - As many as 1.5m people in Gujarat, India, could be affected by sanctions on Russian diamonds, according the industry body GJEPC.Around 800,000 people living in rural areas will be "directly impacted" and a further 700,000 with some link to the industry will be affected, it said, though it did not provide further details.Dinesh Navadiya, regional chairman of the GJEPC (Gem and Jewel...Read More
Host Avi Krawitz and veteran industry journalist Rob Bates discuss the diamond trade's Russia dilemma, among other topics affecting the market. RAPAPORT... Seasoned industry journalist Rob Bates, the new director at JCK Online, joins Rapaport's Avi Krawitz to discuss his new book, Murder Is Not a Girl's Best Friend, as well as the industry themes that are central to his writing. In this episo...Read More
(IDEX Online) - Three illegal diamond miners died and 10 were rescued when a tunnel collapsed in Northern Cape, South Africa.It happened at the Nuttaboy Mine, at Kliensee, an area known for illegal underground mining.Last October four miners died at the same mine, when a shaft collapsed, trapping others 1,000 meters underground.And in 2012 a tunnel collapsed at the nearby Bontekoe mine, killing 10...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 4 points in pre-opening trade. Index futures were virtually unchanged following release of March Housing Starts at 8:30 AM EDT. Consensus was 1.750 million units, down from 1.769 million units in February. Actual was 1.793 million units.JB Hunt Transport added $2.43 to $173.88 after reporting higher than consensus firs...Read More
RAPAPORT... Jewelers of America (JA) has announced the winners of its 32nd annual CASE Awards for jewelry design, recognizing retail and supply members whose pieces feature creativity, artistry, style and excellence.A panel of judges chose the honorees from more than 140 applicants in eight categories, evaluating overall design, marketability, originality and manufacturing quality. Winners receive...Read More
RAPAPORT... Hong Kong-based jeweler Luk Fook reported same-store sales fell 8% in the fourth fiscal quarter as a sharp uptick in coronavirus cases restricted consumer purchases. Same-store sales dropped 17% year-on-year in Hong Kong and Macau for the three months ending March 31, as the rise in virus cases and tighter restrictions hindered sales, the jeweler said last week. Same-store sales of gol...Read More
(IDEX Online) - Mountain Province reported a 15 per cent drop in production as it processed lower grade ore.But the Canadian miner said the discovery of kimberlite at its Gahcho Ku?? (C) mine (pictured) in a remote part of Northwestern Territories provided "significant opportunities for additional diamonds to be discovered".It recovered 1,185,156 carats in the first quarter of 2022, according to i...Read More
(IDEX Online) - African diamond miners are expected to reap the benefits of sanctions against Russia over its invasion of Ukraine.The US has outlawed trade with Alrosa and blocked the company from its banking system, though it has not imposed restrictions on Russian diamonds that are cut and polished elsewhere."Many diamond industry participants from cutters to polishers, traders, wholesalers will...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 13 points in pre-opening trade.Wendy's dropped $0.43 to $20.46 after Bank of Montreal downgraded the stock.Twitter added $2.20 to $47.28 after Chairman Jack Dorsey announced favouring Elon Musk's takeover offer of the company.Bank of America gained $0.23 to $37.80 after the company reported higher than consensus first...Read More
RAPAPORT... Trans Atlantic Gem Sales (TAGS) recorded a "significant" slowdown at its most recent rough-diamond tender.The company offered $35 million worth of rough from South African producers at the April sale, it said last week. However, the company sold only around $20 million, with many lots withdrawn after failing to reach their required prices."After many months of enthusiastic rough purcha...Read More
ok to post?RAPAPORT... Production from Mountain Province's Gahcho Ku?(C) mine fell in the first quarter amid the mining of lower-grade ore.Rough-diamond output at the Canadian mine fell 15% year on year to 1.2 million carats for the three months ending March 31 as the company operated in a newly discovered kimberlite resource that carried lower-grade ore than the area it had originally planned to...Read More
RAPAPORT... US retail sales grew in March as consumers continued to spend, thanks to increased wages and higher tax refunds.Revenue rose 0.5% from the previous month, versus a 0.8% increase in February, according to data the US Census Bureau released last week. March sales jumped 7% compared with a year earlier. "While prices soared in March and eroded spending power, shoppers remained resilient a...Read More
(IDEX Online) - Chow Tai Fook reported a significant slowdown in growth of its retails sales, as the resurgence of Covid across China took its toll.The country's biggest jeweler, with almost 6,000 outlets, said RSV (retail sales value) grew by 8.5 per cent in the quarter ending 31 March - compared to 31.1 per cent in the previous three months."During the fourth quarter, both Mainland China an...Read More
(IDEX Online) - The world's biggest rough ruby - weighing 8,400 carats - could sell for up to $120m.The 2.8kg stone, known as the Burj Alhamal, was recovered in the village of Winza, central Tanzania, where rubies were first discovered in 2007.It is owned by the mineral and metal asset management company SJ Gold & Diamond and went on display on Friday in Dubai at the Waldorf Astoria Dubai...Read More
(IDEX Online) - Trans Atlantic Gem Sales (TAGS) said more than 40 per cent of goods remained unsold at its latest tender.It blamed growing concerns over inflation in the US, Russian sanctions, and increased and Covid restrictions in China.The auction house, based in Dubai and Cape Town, said it sold just under $20m of rough from the $35m offered. In March, by contrast, it sold a company record of...Read More
(IDEX Online) - Cartier says it will increase prices to cover the higher costs of diamonds, platinum and gold, and to offset rises in US and Chinese currencies against the euro.The rises on high-end luxury goods are described as "mild" - between three and five per cent - are not expected to deter wealthy buyers.Sales for the French luxury conglomerate - part of the Richemont group - have been robu...Read More
News: US retail supporting the market with steady demand, but dealer trading slow amid price uncertainty, China lockdown and Russian sanctions. US places Alrosa on OFAC Specially Designated Nationals list, blocking all US transactions with or benefiting the miner. American Gem Society urges members not to buy Russian-sourced diamonds even if cut outside of Russia and to require suppliers to sign e...Read More