RAPAPORT... After Russia invaded Ukraine, sentiment in the diamond industry very quickly shifted from confidence to uncertainty. In this episode of the Rapaport Diamond Podcast, Senior Analyst Avi Krawitz and News Editor Joshua Freedman outline the many questions that remain unanswered for the market and the challenges the crisis poses for the industry. The two also discuss the recent industr...Read More
(IDEX Online) - Lucapa today announced a $9.1m investment that will allow it to speed up exploration projects in Angola and Australia, as diamond prices maintain their steep rise.The Australian miner also said it was exploring a strategic collaboration to sell goods from its newly-acquired Merlin mine directly to the luxury jeweler Margot McKinney.Stephen Wetherall, Lucapa's managing director...Read More
(IDEX Online) - Petra says like-for-like rough diamond prices rose by 46.5 per cent in the six months to December 2021 amid strong demand across all sizes and qualities.The UK-based miner today announced sales of $140.6m at Tender 4, an increase of almost 10 per cent on Tender 3. Last week it announced an interim figure for around 80 per cent of sales as it held Tender 4 in South Africa for t...Read More
(IDEX Online) - Luxury brands including LVMH, Richemont, Chanel, Kering and Hermes are suspending their operations in Russia, in response to its invasion of Ukraine.LVMH, which owns Christian Dior, Tiffany & Co, Givenchy, Kenzo, TAG Heuer and Bulgari closed all 124 of its outlets on Sunday in Moscow, St. Petersburg and Yekaterinburg, but said it will keep on paying its 3,500 employees.Richemon...Read More
The focus on the London Metal Exchange on the morning of Tuesday March 8 is the short squeeze that has sent the nickel market wild - prices were up by over 100% at one stage on Tuesday morning from Monday’s close, at $101,365 per tonne, this after Monday’s 72.7% rise.• Nickel experiencing panic short-covering as some major longs, shorts battle it out• Russia threatening to cut...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 5 points in pre-opening trade. Index futures were virtually unchanged following release of the January U.S. Trade Deficit at 8:30 AM EST. Consensus was an increase to $87.00 billion from $80.70 billion in December. Actual was an increase to $89.7 billion. The Canadian Dollar was virtually unchanged at US 77.89 cents f...Read More
The following webinar took place on March 7, 2022. The impact of the Russian invasion and sanctions were analyzed. Sara Yood explained the legal implications of the US sanctions. Avi Krawitz discussed the impact of the sanctions on rough supply. Martin Rapaport provided a strategic overview of how the new economic warfare will impact inflation, interest rates and diamond prices.Please share your c...Read More
RAPAPORT... Prices soared at Petra Diamonds' recent rough tender in South Africa as strong market momentum continued.The miner brought in $140.6 million at its fourth sale of the fiscal year, compared with $128.4 million at the previous event, it reported Monday. Like-for-like prices rose 38% versus the previous tender, which ended December 15, and jumped 47% compared with the six months endi...Read More
RAPAPORT... The World Federation of Diamond Bourses (WFDB) has adopted a document calling for members to comply with standards of ethics.The decision took place at the WFDB president's meeting in Dubai last month, the umbrella organization for diamond exchanges said in a recent statement. The "Guidelines on Responsible Business Practices" deal with responsible sourcing throughout the supply c...Read More
RAPAPORT... Diamcor Mining has fast-tracked its mine-improvement program by several months to increase production and benefit from the current strong rough prices.The upgrades, which would allow the company to step up both output and processing at its Krone-Endora at Venetia deposit in South Africa, were originally scheduled to be completed by June 30, the company said last week. "Given the curren...Read More
RAPAPORT... Carla Liuni will step down as chief marketing officer of Pandora after two years with the company.Liuni will leave her position with the Danish jeweler to return to Italy, Pandora said last week. She was one of a number of senior marketing executives Pandora recruited in 2019 and 2020 to introduce major new product lines and launch its turnaround strategy."We understand Carla's wish to...Read More
(IDEX Online) - Alrosa has suspended its membership Natural Diamond Council (NDC) and relinquished its position as as vice chair of the Responsible Jewellery Council (RJC), following Russia's invasion of Ukraine.It said it hoped the industry would stand strong during "this tough time" and that the situation would soon stabilize.The NDC, an alliance of the world's leading diamond producer...Read More
(IDEX Online) - Christian Dior yesterday unveiled an 88.88-carat cushion-cut yellow diamond - worth an estimated $50m - at the re-opening of its flagship store in Paris.The fancy intense VVS2 stone was recovered as a 150-carat rough gem at the Kimberley mine, South Africa, owned by Ekapa.Dior acquired it for an undisclosed sum and insisted on cutting it to exactly 88.88-carats, reflecting its beli...Read More
(IDEX Online) - Two former employees have been cleared by a court in Namibia of stealing marine diamonds worth $420,000 from a Debmarine vessel. The main prosecution witness against Emmanuel Shikololo and Rodney Klim, both aged 48, did not give a credible account, said the judge at Windhoek High Court. Klim was alleged to have reported a blockage in the vessel's vacuum air trans...Read More
U.S. equity index futures were sharply lower this morning. S&P 500 futures were down 23 points in pre-opening trade. Index futures are responding to the growing conflict in Ukraine. Commodity prices were sharply higher again this morning in response to the Ukraine conflict. Gold added $9.70 to $1,976.30. Crude oil gained $2.90 to $118.58. Bed Bath & Beyond advanced $10.75 to $26.93 on news...Read More
RAPAPORT... Alrosa clients have continued to buy rough from the miner by sending payment in currencies other than dollars following a range of sanctions on Russia by Western governments.While punitive measures by the US and other powers don't ban dollar transactions with Alrosa, the Russian company has asked customers to pay in euros and other currencies, industry insiders told Rapaport News....Read More
RAPAPORT... With the US imposing sanctions on Alrosa and other Russian entities, there is rising concern about the impact on the diamond market, considering the vast rough supplies from the country. The following is a resource center to help the trade gain clarity on the crisis and its effects on the industry. Rapaport Trade AlertUS Department of the Treasury announces sanctions against Russi...Read More
RAPAPORT... Douglas Hucker has left his position as CEO of the American Gem Trade Association (AGTA) after 24 years.During his time with the organization, Hucker upped AGTA's focus on education and key issues such as treatment disclosure and the origin of gemstones, the AGTA said last week. He also formed affiliations with other industry groups, including the World Jewellery Confederation (CIBJO),...Read More
RAPAPORT... Hong Kong's hard-luxury market saw its weakest growth in a year as the government implemented stronger limitations on business operations during the fifth wave of Covid-19.Revenue from jewelry, watches, clocks and valuable gifts rose 7% year on year to HKD 3.61 billion ($462.7 million) in January, the municipality's Census and Statistics Department reported last week. After the categor...Read More
RAPAPORT... Alrosa has left the Natural Diamond Council (NDC) amid the fallout from Russia's invasion of Ukraine."The board of directors of the [NDC] has today received Alrosa's decision to suspend its membership," the council said in a statement Friday. "In suspending its membership, Alrosa has stepped down from the board and will cease all financial contributions."The NDC carries out catego...Read More