(IDEX Online) - An associate of fugitive jeweler Nirav Modi was due to appear at a court in India today, after he was reportedly deported from Egypt.Subhash Shankar Parab, 50, is accused, along with Modi, of involvement in the $1.85bn fraud against the Punjab National Bank (PNB) in 2018.Officials sources suggest he may "spill the beans" and reveal much more about the case, according to multiple me...Read More
(IDEX Online) - Businesses in the US must cease all dealings with Alrosa, says the Jewelers Vigilance Committee (JVC), including any memo/consignment agreements.It issued updated guidance to members following the US Treasury Department's announcement on 7 April of further restrictions on the miner, which is one-third owned by the Russian government.Alrosa is now on its Specially Designated Na...Read More
Base metals prices on the London Metal Exchange were up across the board on the morning of Tuesday April 12, while those on the Shanghai Futures Exchange were mainly weaker, as they followed the weakness seen on the LME on Monday.* United States 10-year treasuries yields continue to climb - and to weigh on market sentiment* Today’s focus is on consumer prices (CPI) and their inflationary impl...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 29 points in pre-opening trade. Index futures moved higher following release of the March Consumer Price Index at 8:30 AM EDT. Consensus was an increase 1.1% versus a gain of 0.8% in February. Actual was an increase of 1.2% On a year-over-year basis March Consumer Price Index consensus was an increase of 8.4% versus a...Read More
RAPAPORT... A number of large diamonds will feature in a May 2 jewelry sale at Heritage Auctions, including a 21.93-carat stone estimated to fetch up to $250,000.The round brilliant-cut, W- to X-color, VVS2-clarity diamond necklace also has baguette-cut diamonds set into the chain, Heritage Auctions said last week. The piece is owned by a private seller, who will also offer an unmounted round bril...Read More
| ADVERTORIAL | Distinguishing natural diamonds from laboratory-grown stones has been difficult for jewelers. Until now.The Growing Popularity of Laboratory-Grown DiamondsLaboratory-grown diamonds are increasingly available in greater quantities, higher quality and new colors at price points that many find attractive. It is no wonder then that laboratory-grown diamonds are a growing presenc...Read More
RAPAPORT... Titan Company's jewelry revenue declined at the start of 2022 as a fresh coronavirus wave and the Russia crisis dampened consumer spending.Sales for the segment dropped 4% year on year in the fourth fiscal quarter, which ended March 31, the Indian jewelry retailer reported last week. The downturn reflected an unfavorable comparison with a period of strong recovery a year earlier,...Read More
(IDEX Online) - The Responsible Jewellery Council (RJC) has appointed vice chairman John Hall to serve as interim executive director.It follows the resignation on 29 March of Iris Van der Veken, over its failure to take a tougher stance against Alrosa, the miner that is one-third owned by the Russian government.Hall (pictured) was a founding member of London-based watchdog and worked previously as...Read More
Base metals prices on the London Metal Exchange were down across the board on the morning of Monday April 11, while those on the Shanghai Futures Exchange were more mixed.* Rising US 10-year treasuries yields weighing on market sentiment* China’s Covid-19lockdowns affecting logistics and demandBase metalsThree-month base metals prices on the LME were down across the board on Monday morning wi...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 33 points in pre-opening trade. The Shanghai Composite Index dropped 84.72 to 3167.12 following more economic shutdowns triggered by spread of COVID 19 infections Shopify added $7.82 to US$611.00 after the company announced a 10 for 1 stock split.Twitter slipped $0.58 to $45.64 on news that Elon Must will not join its...Read More
Distinguishing natural diamonds from laboratory-grown stones has been difficult for jewelers. Until now.The Growing Popularity of Laboratory-Grown DiamondsLaboratory-grown diamonds are increasingly available in greater quantities, higher quality and new colors at price points that many find attractive. It is no wonder then that laboratory-grown diamonds are a growing presence in the marketplace, w...Read More
RAPAPORT... A 45.46-carat diamond was snapped up for $4.6 million at a recent online sale at Christie's, setting a record for the most expensive piece to be sold in a virtual jewelry auction.The round brilliant, D-flawless, type IIa diamond, named The Flawless Star, exceeded its $4 million low estimate at the March 28 to April 7 Jewels Online sale, Christie's said last week. In total, the auction...Read More
RAPAPORT... The US has blocked assets belonging to Alrosa in the government's latest action against the Russian miner. The Office of Foreign Assets Control (OFAC) has "designated" the company in an effort to cut off funding for Russia's war in Ukraine, the US Department of the Treasury announced Thursday. This means Alrosa has joined a list of companies with which business is prohibited."Thes...Read More
RAPAPORT... A pink diamond ring weighing 5.11 carats is one of the top lots Sotheby's will auction at its Hong Kong sale later this month.The radiant-cut, fancy-vivid-purplish-pink diamond ring by designer Nicolas Lieou is expected to fetch between $10.2 million and $12.8 million at the April 29 Magnificent Jewels sale, Sotheby's said last week.A necklace featuring a pepper-shaped jadeite suspende...Read More
(IDEX Online) - Demand for used Rolex and other high-end watches is "absolutely off the scale," with some prices almost doubling in a year.Experts say the pandemic and its travel restrictions have directed luxury spend away from vacations, and towards pricey timepieces.Pre-owned gold Rolex Cosmograph Daytonas (pictured) that were selling for $52,000 a year ago can now fetch $96,000.A used Rolex Mi...Read More
RAPAPORT... Israel's diamond trade saw robust figures in the first quarter as the industry's recovery continued, though the Russia crisis has raised questions about how long the trend will last.Polished exports - after returns of unsold items - soared 58% year on year to $1.31 billion for the three months, the country's Ministry of Economy and Industry reported last week. Polished imports inc...Read More
(IDEX Online) - Gemfields announced an all-time record from at its latest auction, with the sale of emeralds worth $42.3m.The London-based miner said it sold all of the 4.52m carats offered from the Kagem mine in Zambia, in which it holds a 75 per cent stake, at a record price of $9.37 per carat.The sale of rough emeralds was held in Jaipur, India from 15 March to 1 April 2022."Our most recent auc...Read More
(IDEX Online) - The United States has announced further measures against Alrosa - but has not sanctioned diamonds mined in Russia but cut and polished elsewhere.Alrosa, one-third owned by the Russian government, has been placed on on the Specially Designated Nationals (SDN) list, blocking it from the US banking system and banning it from trade with individuals or companies in the USA."These sancti...Read More
Base metals prices on the London Metal Exchange edged up on the morning of Friday April 8, while those on the Shanghai Futures Exchange were mainly weaker.* The markets are still focused on monetary tightening in the United States and how that might slow economic growth...* ...and how will China’s Covid-19 lockdowns hit demandBase metalsThree-month base metals prices on the LME were up across...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 13 points in pre-opening trade. The Canadian Dollar was virtually unchanged at US79.43 cents following release of Canada's March Employment Report at 8:30 AM EDT. Consensus was an increase in employment of 79,000. Actual was an increase of 72,500. Consensus for the Unemployment Rate was unchanged from February at 5.5%....Read More