(IDEX Online) - Sanctions may have a limited impact on the overall supply and demand of diamonds, says Stephen Lussier, chairman of the Natural Diamond Council (NDC), and outgoing executive vice president for brands and consumer markets at De Beers Group."There are a lot of markets that aren't going to follow the EU and US lead [on sanctions] and some consumers aren't going to be influen...Read More
(IDEX Online) - Signet has announced a boycott of diamonds and precious metals from Russia.The move came as it announced a steep hike in revenue for the last quarter, with total sales of $2.8bn, largely driven by a post-Covid wedding surge.The world's largest retailer of diamond jewelry - parent company to Kay Jewelers, Zales, Jared, Direct, JamesAllen.com and others - now accounts for 9.3 pe...Read More
(IDEX Online) - Alrosa is to close its US office by the end of next month, in the wake of Russia's invasion of Ukraine and the subsequent sanctions on diamond imports. News of the closure comes just days after Rebecca Foerster (pictured) stood down as president of the Alrosa USA operation, citing "the geopolitical situation". The miner's New York office first opened in 2006,...Read More
released yesterday atStockTwits.com@EquityClockFebruary was a weak month for the consumer with Retail Sales in the US slipping by 2.1% (NSA), which is weaker than the 1.0% decline that is average for the month. Activity is still maintaining an above average pace on the year, however. $MACRO $STUDY #Economy #Retail #Consumer$XRT $RTHWhile mean reversion is providing a temporary reprieve in some of...Read More
Base metals prices on both the London Metal Exchange and Shanghai Futures Exchange were mixed on the morning of Thursday March 17, with one noticeable feature being that volumes on the LME have been very light.• LME extends daily limit on nickel to 8% for Thursday’s trading• Market takes Federal Reserve’s 25 basis point rate rise in its stride• Hope emerges for Russian-Ukr...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 14 points at 7:30 AM EDT.. U.S. economic news to be released at 8:30 AM EDT includes February Housing Starts and the March Philly Fed Index. Consensus for February Housing Starts is an increase to 1.683 million units from 1.638 million units in January. Consensus for March Philly Fed Index is a slip to 15.0 from 16.0...Read More
US sanctions prohibit imports of Russian rough and polished but allow polished diamonds from Russian-mined rough if they were cut elsewhere. Supply decline unlikely as Alrosa clients find alternative payment methods for next week's contract sale. JVC warns that US may broaden ban to include transformed polished. EU and UK import sanctions expected. Rapaport issues statement. Retailers considering...Read More
The recent US sanctions on Russian diamonds have shone a spotlight on the trade's traceability programs, and have left retailers between a rock and a hard place.RAPAPORT... Russia's invasion of Ukraine is another defining moment for the diamond industry. On March 11, the US government banned imports of Russian diamonds. The sanctions extend to rough from Russia and stones cut and polished in the c...Read More
RAPAPORT... US retail sales will increase between 6% and 8% this year amid strong wage growth and declining unemployment, the National Retail Federation (NRF) forecast.The organization expects total sales of $4.86 trillion to $4.95 trillion for the year, while online purchases are predicted to reach between $1.17 trillion and $1.19 trillion - a jump of 11% to 13%, the NRF said Wednesday."NRF...Read More
RAPAPORT... US consumers spent $1.7 trillion online in the first two years of the Covid-19 pandemic, with inflation boosting the dollar total, according to Adobe.The figure for the period from March 2020 to February 2022 is $609 billion more than for the two preceding years combined, Adobe said Tuesday. E-commerce spending in 2021 rose 9% year on year to $885 billion.The higher prices of goods con...Read More
(IDEX Online) - Sarine is utilizing its scanning and mapping technologies to provide accurate dollar valuations of rough diamonds in terms of their polished potentialIt is harnessing digital data from its existing Galaxy, DiaExpert and Advisor products The company says this information will provide the finance sector with the confidence to extend to working capital for a polishing operation,s...Read More
RAPAPORT... Platinum Guild International (PGI) has promoted Kevin Reilly to senior vice president following a 16-year tenure with the trade organization.In his new role, Reilly, who has been vice president since 2006, will be responsible for developing strategic partnerships with companies at all levels of the supply chain and formulating programs to help them build their platinum-jewelry business...Read More
(IDEX Online) - The Kimberley Process is urging Russia to immediately ends its war in Ukraine. In a strongly-worded statement the Kimberley Process Civil Society Coalition (KP CSC) also called on governments and the diamond industry to make sure that diamonds from Russia do not finance the conflict. The coalition also urges KP chair Botswana to call a special plenary meeting to that end. It says i...Read More
RAPAPORT... The European Union has prohibited exports of diamonds, jewelry and other luxury goods to Russia in response to the continued war in Ukraine.Tuesday's sanctions prohibit the "sale, supply, transfer or export" of a range of products to any person or entity in Russia or for use in Russia. These include rough and polished diamonds, various precious metals and stones, jewelry, and meta...Read More
(IDEX Online) - Indian jewelry chain Titan Co has bought a $20m stake in the US lab grown retailer Great Heights.In a separate move it also announced plans to open around 20 stores in the next three years outside India, including the US.Titan bought a 17.5 per cent stake in Delaware-based Great Heights Inc, which sells lab grown jewelry through its Clean Origin brand. It reported gross reven...Read More
(IDEX Online) - New sanctions by the European Union ban the export of diamonds and any other luxury goods to Russia with a value over $330.The move, announced yesterday in response to Russia's ongoing invasion of Ukraine, covers the sale precious stones, crystal, caviar, wine, handbags, leather products, shoes and coats.However the 27-nation EU did not follow the US's lead in banning the...Read More
(IDEX Online) - Gold coins minted in Australia have been set with 78 pink diamonds from the iconic Argyle mine.The limited edition of just eight are legal tender, with a nominal value of AUD 2,500, but are being sold to collectors for AUD 262,800 (US$190,000).The coins (pictured), named The Jewelled Koi, are set with 80 white diamonds, as well as the Argyle pinks, and contain 10oz of gold.They hav...Read More
The three-month nickel price on the London Metal Exchange reached its downward limit soon after the opening on Wednesday March 16, while the rest of metals were generally firmer, as were the base metals on the Shanghai Futures Exchange.* China announces measures to boost the economy and support markets...* ...as the spread of Covid-19 surges.* Markets seem ready for Federal Reserve’s rate ris...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 46 points in pre-opening trade. Index futures responded to encouraging overnight news from Ukraine and China. The Shanghai Composite Index advanced 106.75 to 3,170.71. Index futures moved lower following release of February Retail Sales at 8:30 AM EDT. Consensus was an increase 0.4% versus a gain of 3.8% in January. Ac...Read More
While the Rapaport Group recognizes the importance of Alrosa and Russia's 30% supply of the world's rough diamonds, we support US sanctions against Russian diamonds. We mourn the loss of life and ongoing suffering. We protest Russia's act of war against Ukraine and pray for peace.On Friday, March 11, President Joe Biden issued an executive order restricting the import of Russian diamonds into the...Read More