RAPAPORT... Chow Tai Fook saw sales decline in the fourth fiscal quarter as the latest surge of Covid-19 infections impacted retail in China and Hong Kong. The jeweler's retail sales value climbed 8.5% year on year for the three months that ended March 31, but that was a sharp drop from the 31% growth it had registered in the previous quarter. Revenue rose nearly 12% on the mainland, but fell...Read More
RAPAPORT... The Fuchsia Rose diamond surpassed its presale estimate at Christie's New York on Wednesday, achieving $6.78 million in the Magnificent Jewels auction.The 8.82-carat, fancy-intense-purple-pink, potentially internally flawless diamond ring comfortably beat its $4 million to $6 million estimate, bringing in just under $770,000 per carat and underscoring the strong demand for high-value j...Read More
(IDEX Online) - A US jewelry retailer is facing legal action from three "whistleblowers" who allege they were fired for exposing a foreign gray market conspiracy involving Rolex watches.CD Peacock, which operates three stores in the Chicago area, says it will vigorously defend the action, and says in a statement that the "former disgruntled employees ???,? ? were terminated for cause".A similar ca...Read More
(IDEX Online) - The World Diamond Council (WDC) says it has terminated Alrosa's membership.The move follows Russia's invasion of Ukraine, although the WDC made no mention of the war in a brief statement posted on its website.It said: "The termination of membership includes the cessation of any rights and benefits afforded to the WDC members, such as a seat on the Board of Directors, and...Read More
(IDEX Online) - De Beers reported rough sales of $565m from its third sight of 2022 - up 26 per cent year-on-year.It was the first full sales cycle since Russia invaded Ukraine, prompting the US and EU to impose sanctions on the miner Alrosa, part-owned by the Russian government and De Beers' biggest rival.Sales at De Beers' second sight, which concluded at the end of February, were $652...Read More
Base metals prices on the London Metal Exchange were mixed on the morning of Thursday April 14, while those on the Shanghai Futures Exchange were also mixed, but with gains outweighing losses.* China expected to cut the reserve requirement ratio (RRR) for the country's banks* United States 10-year treasuries yields have eased, suggesting the recent reaction to US Federal Reserve rhetoric may have...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 6 points in pre-opening trade. Index futures moved lower following release of the March Retail Sales report at 8:30 AM EDT. Consensus was an increase of 0.6% versus a gain of 0.2% in February. Actual was an increase of 0.5%. Excluding auto sales, consensus was an increase of 0.7% versus a gain of0.2% in February. Actu...Read More
RAPAPORT... Tiffany & Co. had a strong start to 2022 helping power growth at parent company LVMH, the luxury conglomerate said Wednesday. LVMH reported jewelry and watch sales rose 24% year on year to EUR 2.34 billion ($2.53 billion), driven by an exceptional performance by Tiffany and strong momentum from other brands such as Bulgari. The division saw 19% organic growth, which accounts f...Read More
RAPAPORT... Hearts on Fire appointed Rebecca Foerster as president of its North America operations, barely a month after the executive ended her tenure as head of Alrosa USA. She replaces Caryl Capeci in the role beginning May 1. Hong Kong-based Chow Tai Fook, which acquired Hearts on Fire in 2014, is rebranding the business as Hearts on Fire North America, with plans to boost growth in that...Read More
RAPAPORT... De Beers reported strongsales at its April sight but warned of a slowdown due to the war in Ukraine andcoronavirus lockdowns in China."As we head into the seasonally slower second quarter of the year, diamondbusinesses are adopting a more cautious and watchful approach in light of thewar in Ukraine and associated sanctions, as well as Covid-19 lockdowns in China,"said De Beers CEO...Read More
(IDEX Online) - Diamond manufacturers in India have cut their output, reduced working days from 12 hours to eight and are closing factories for two days a week as US sanctions on Russian diamonds begin to bite.The vast majority of the world's diamonds are cut and polished in Surat, but only about 10 per cent of Russia's diamond output is imported directly.Last week the US added Alrosa, t...Read More
)IDEX Online) - One of the world's largest yellow diamonds - weighing 205.7-ct and known as the Red Cross Diamond - is to be auctioned by Christie's London.The fancy intense yellow, cushion-shaped stone (pictured) has a pavilion distinctively faceted in the shape of a Maltese cross.The original rough gem was recovered by De Beers, in South Africa, in 1901 and was sold in 1918...Read More
U.S. equity index futures were mixed this morning. S&P 500 futures were unchanged in pre-opening trade. Index futures were virtually unchanged following release of the March Producer Price Index at 8:30 AM EDT. March PPI was expected to increase 1.1% versus of a gain of 0.8% in February. Actual was an increase of 1.4%. On a year over year basis, March Producer Price Index gained 11.2% versus a...Read More
pastingRAPAPORT... Tiffany & Co. had a strong start to 2022, helping to power growth at parent company LVMH, the luxury conglomerate said Wednesday. LVMH reported a 24% rise in jewelry and watch sales year on year to EUR 2.34 billion ($2.53 billion), thanks to an exceptional performance from Tiffany and solid momentum from other brands such as Bulgari. The division saw 19% organic growth,...Read More
(IDEX Online) - An extremely rare 8.82-ct fancy intense purple-pink diamond yesterday sold for $6,780,000 at Christie's New York.It was well above the pre-sale estimate of $4m to $6m.The pear modified brilliant-cut gem, known as the Fuchsia Rose diamond (pictured), was certified by GIA as "VVS1 clarity, potentially Internally Flawless, Type IIa" and was set with a pair of pear brilliant-cut d...Read More
RAPAPORT... Michael Hill's revenue rose in the third fiscal quarter amid an increase in digital sales and the reopening of its store network.Group revenue climbed 11% to AUD 131.6 million ($97.6 million) in the three months ending March 27, the jeweler reported Tuesday. While the company faced no mandatory store lockdowns during the quarter, it did see lower foot traffic, it noted. However, digita...Read More
RAPAPORT... Watches of Switzerland has appointed David Hurley as deputy CEO of the company and president of its North America segment.Hurley, who joined the luxury watchmaker in 2015, was previously executive vice president of the US division. His promotion "reflects the importance of the US market to the growth plans of the group," the UK-based retailer said Monday. The company's acquisition of t...Read More
RAPAPORT... The World Diamond Council (WDC) ended Alrosa's membership on Friday in response to the latest US sanctions against the Russian miner."The deciding factor [was] the sanctions issued by OFAC [the Office of Foreign Assets Control] on the evening of [April 7]," the WDC said Monday. "The termination of membership includes the cessation of any rights and benefits afforded to WDC members...Read More
(IDEX Online) - Jennifer Lopez is again engaged to actor Ben Affleck - and this time she has an 8.5-carat natural green cushion modified brilliant-cut diamond to prove it. Affleck, 49, first proposed in November 2002, when he presented singer-actress J.Lo, 52, with a Harry Winston 6.1-carat radiant-cut fancy intense pink diamond. They called off the engagement two years later. Fans are...Read More
(IDEX Online) - A legal case against Italian banks and diamond brokers has been delayed after a judge ruled it should take place in Trieste rather than Milan.UniCredit, Italy's second biggest bank, is among those alleged to have sold diamonds to clients for investment at vastly-inflated prices.The delayed prosecution could result in charges being dropped, as they are subject to a seven-year t...Read More