Diamond market sluggish due to US economic caution and China Covid-19 restrictions. Polished price decline fueling uncertainty. Buyers waiting for further decreases. Suppliers willing to negotiate to raise liquidity and reduce inventory of less desirable goods. Rough market restrained amid decline in prices on secondary market. De Beers maintains stable prices at March sight. Split in Responsible...Read More
RAPAPORT... Ukraine President Volodymyr Zelensky criticized the Antwerp diamond industry in an address to the Belgian parliament Thursday, accusing it of prioritizing profit over peace, according to media reports."There are people for whom Russian diamonds sometimes sold in Antwerp are more important [than Ukraine's war effort]," Zelensky said in remarks that the Associated Press cited. "Peop...Read More
RAPAPORT... Chopard has become the latest retailer to boycott diamonds originating from sanctioned Russian companies, citing its policy on responsible sourcing."As part of its 'Journey to Sustainable Luxury,' Chopard continually reviews its supply chains to ensure the procurement of responsibly sourced stones," the jeweler said Thursday in a statement to Rapaport News. "Towards this end, and...Read More
RAPAPORT... The Jewelers Board of Trade (JBT) has named Richline Group's Richard Katz as chairman of its board. Katz, who is senior vice president at Richline, has volunteered on the JBT board since 2008 and was most recently its vice chairman, the organization said Wednesday. He succeeds Ann Arnold, chief strategic officer at Buyers International Group."Richard brings great perspective...Read More
(IDEX Online) - Tiffany & Co has filed a forceful court denial over claims by rival Cartier that it had tried to steal its trade secrets."This case presents a truly bizarre circumstance," it says in a preliminary statement to the New York State Supreme Court."Cartier's principal 'evidence' is the affidavit of an ex-employee who confesses she has lied to everyone, including both...Read More
(IDEX Online) - Namibia's state-owned diamond company has named the 36 "special clients" that will buy the bulk of its output for the next three years.Dubai and Belgium both have nine clients, India eight, Israel five, USA three, but only two from Namibia.Namib Desert Diamonds (Namdia) was founded in 2016 following an agreement between the government of Namibia and De Beers to "test"' wh...Read More
(IDEX Online) - Lucapa has increased its forecast of diamond resources at Lulo, Angola, after further explorations.The Australian miner has revised the number of carats up by 11 per cent, from 135,900cts to 151,040cts. That takes into account the 24,595ct mined during 2021.It is also predicting a steep rise in the price per carat, up from $1,440 (31 December 2020) to $1,930 (31 December 2021), exc...Read More
(IDEX Online) - Iris Van der Veken has quit as executive director of the Responsible Jewellery Council (RJC) over its failure to take a tougher stance against Alrosa.The Russian miner voluntarily relinquished its vice-chairmanship of the London-based group following the invasion of Ukraine, but remains a member.Van der Veken (pictured), who has headed the RJC since 2019, is reportedly unhappy that...Read More
Base metals prices on the London Metal Exchange and Shanghai Futures Exchange were mixed on the morning of Thursday March 31, with a slowdown in Chinese manufacturing likely to weigh on overall sentiment.• China’s purchasing managers indices (PMI) for manufacturing and non-manufacturing dropped into contraction mode in March.• This raises the prospects of stagflation, but the silver...Read More
U.S. equity index futures were lower this morning. At 7:30 AM EDT, S&P 500 futures were down 4 points in pre-opening trade. U.S. February Personal Income to be released at 8:30 AM EDT is expected to increase 0.5% versus a gain of 0.4% in January. February Personal Spending is expected to increase 0.5% versus a gain of 2.1% in January. January Canadian GDP to be released at 8:30 AM EDT is expec...Read More
RAPAPORT... Consumers care about their jewelry being environmentally responsible, even if it means paying more, according to Platinum Guild International (PGI).Some 36% of shoppers said sustainability was the top priority when it came to purchasing jewelry, edging out the cost, which 33% chose, PGI revealed in survey results Tuesday. Younger buyers were the primary group behind that push, with 74%...Read More
RAPAPORT... Iris Van der Veken has resigned as executive director of the Responsible Jewellery Council (RJC) over the organization's handling of Alrosa's membership during the Russia-Ukraine war.Van der Veken, who this week celebrated her three-year anniversary at the RJC, submitted her resignation letter to the board of directors on Tuesday, three sources close to the matter confirmed to Rapaport...Read More
RAPAPORT... Trans Atlantic Gem Sales (TAGS) has appointed Paul Duncombe as chief operating officer for Dubai, in a bid to garner more business.Dumcombe was most recently head of operations for Grib Diamonds in Belgium, TAGS said last week. He has also worked in executive roles for De Beers, Rio Tinto and BHP Billiton. TAGS is relying on his broad knowledge and understand of the mining industry, as...Read More
RAPAPORT... South African luxury jeweler Shimansky is currently exploring the country in the hopes of launching its own diamond mine.The company, which has locations in Cape Town and New York City, is hoping to strengthen the traceability of the diamonds used in its jewelry amid increasing consumer concern about responsible sourcing, CEO Yair Shimansky told Rapaport News Tuesday. It also aims to a...Read More
RAPAPORT... Pandora is bowing out of the Responsible Jewellery Council (RJC) because the trade group has failed to suspend Russian companies.The Danish jeweler had urged the RJC to suspend memberships and responsible-business certificates for all Russian businesses in its association following the country's February 24 invasion of Ukraine, it said Wednesday. It also requested it ask other members...Read More
(IDEX Online) - The Richemont group and Pandora both announced today that they have quit the Responsible Jewellery Council (RJC) over its failure to take a strong enough stand against Russia.Richemont, the Swiss-based company that counts Cartier, Van Cleef & Arpels, Jaeger-leCoultre and Piaget among its 26 maisons, said: "If RJC cannot uphold highest of standards, then we cannot be part of tha...Read More
(IDEX Online) - A brazen gang of masked raiders used sledgehammers and crowbars to smash the window a jewelry store in Beverly Hills and fled with items valued at up to $5m.They struck in broad daylight on a busy street, in full view of drivers and pedestrians. The five men snatched what they could in a matter of seconds and fled on foot. The heist was captured by shocked passers-by on...Read More
RAPAPORT... Trans Atlantic Gem Sales (TAGS) has appointed Paul Duncombe as chief operating officer for Dubai, in a bid to garner more business.Dumcombe was most recently head of operations for Grib Diamonds in Belgium, TAGS said last week. He has also worked in executive roles for De Beers, Rio Tinto and BHP Billiton. TAGS is relying on his broad knowledge and understand of the mining industry, as...Read More
RAPAPORT... Mountain Province Diamonds moved back into the black in 2021, as it benefited from the strong rough market and soaring prices for goods at its Gahcho Ku?(C) mine in Canada.Profit for the full year came to CAD 276.2 million ($219.6 million) Mountain Province reported Tuesday. That compares to a loss of CAD 263.4 million ($209.4 million) in 2020. Sales for the year rose 31% to $237 milli...Read More
RAPAPORT... A 45.46-carat diamond will lead an online auction at Christie's, becoming the highest-valued jewel to be offered in a virtual sale.The round-brilliant, D-flawless, type IIa diamond, named The Flawless Star, carries a high estimate of $6 million at the Jewels Online sale, set to run from March 28 to April 7, Christie's said Monday. The previous record belongs to a round, 50.03-carat, G-...Read More