(IDEX Online) - Gitanjali Gems, the jewelry brand founded by Mehul Choksi that once had 4,000 points of sale across India, is to be liquidated.The National Company Law Tribunal (NCLT) has approved the move, which follows an insolvency order in October 2018, when the business had admitted liabilities of over Rs 12,558 crore ($1.51bn)Choksi was managing director of Gitanjali until the Punjab Nationa...Read More
U.S. equity index futures were lower this morning. S&P 500 futures dropped 9 points at 8:35 AM ESTS&P 500 Index futures dropped 15 points following release of the January U.S. Producer Price Index at 8:30 AM EST. Consensus was an increase of 0.1% versus a decline of 0.1% in December. Actual was an increase of 0.3%. On a year-over-year basis January PPI was expected to increase 0.6% versus...Read More
(IDEX Online) - The US jeweler Harry Winston is expanding its operations in China with the opening of an eighth store.It's located in the Wulin commercial district of Hangzhou, the country's 11th biggest city, which has a 9m population.In 2012 Harry Winston opened its first Chinese outlet, in Beijing."The opening of Harry Winston's new salon, marks its eighth location in mainland Ch...Read More
(IDEX Online) - Gen Z and millennials don't realize their "sustainable" lab growns are made by burning coal in China and India, according to a Fortune investigation.The global business magazine says many manufacturers are based in India, where 75 per cent of electricity comes from burning coal, but still use words like "sustainable" and "environmentally-friendly" to promote goods on their web...Read More
(IDEX Online) - Geologists have made a breakthrough discovery that is saving time and money for diamond prospectors.They've established a link between the chemical composition of olivine, a mineral that makes up around half of kimberlite rock, and the likelihood that the kimberlite will be diamond-bearing.Andrea Giuliani, senior scientist at ETH Zurich's Institute of Geochemistry and Pet...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 9 points at 8:35 AM EST.S&P 500 futures added 5 points following release of economic news at 8:30 AM EST. Consensus for January retail Sales was a drop of 0.3%. Actual was a drop of 0.8%. Consensus for January U.S. retail sales ex auto sales was a drop of 0.2% versus a gain of 0.4% in December. Actual was a drop of...Read More
(IDEX Online) - De Beers has strengthened its ties with Angola in a move aimed at increasing the country's diamond production.It has signed a memorandum of understanding (MoU) with Angola's National Mineral Resource Agency, and its state-owned mining and trading companies - Endiama and Sodiam - that is also designed to support the alluvial mining sector and enhance social development.De...Read More
(IDEX Online) - India's exports of polished diamonds increased month-on-month by over a third (34 per cent) in January as manufacturers re-stocked after a two-month ban on rough purchases.Overall gross exports were $1.16bn, up from $862m in December, according to new figures from the GJEPC (Gem and Jewellery Export Promotion Council).There are clear signs of recovery, although January exports...Read More
(IDEX Online) - France has outlawed the term "lab grown" and says such diamonds can only be described as "synthetic".The country's Directorate General for Competition, Consumer Affairs and Fraud Prevention (DGCCRF) reaffirmed a decision originally made in January 2002 concerning man-made diamonds gemstones and pearls following a challenge by a French lab grown company.Lab grown diamonds can o...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 22 points at 8:30 AM EST.Zillow Group added $1.34 to $53.40 after reporting higher than consensus fourth quarter earnings.Robin Hood advanced $1.81 to $13.65 after reporting higher than consensus fourth quarter revenues. Lyft gained $2.07 to $14.20 after offering positive guidance. Akamai dropped $5.95 to $119.10 after...Read More
(IDEX Online) - De Beers today (13 February) announced the launch of its latest lab grown diamond detector, capable of screening 2,500 of the smallest melee in an hour.The AMS Micro (Automated Melee Screening) uses robotic technology to work with stones as small as 0.001-cts, a significant improvement on the 0.0032-cts capacity of its predecessor, the AMS.The new instrument automatically separates...Read More
(IDEX Online) - Emerald jewelry that lay undiscovered at the bottom of the sea for 363 years has gone on display in New York.Three items - a royal orb, a cross on a necklace, and a ring - have been bought by Muzo Emerald Colombia, the company that know operates the iconic mine where the emeralds were originally mined.They were on board the the treasure galleon Nuestra Senora de Atocha,...Read More
(IDEX Online) - Kering, the French luxury group that owns Boucheron and other high jewelry maisons, reported a 4 per cent drop in revenue during 2023 to $21.1bn. Revenue during the final quarter fell by 6 per cent.The company did not provide a revenue breakdown for its jewelry and watch brands - including Pomellato, DoDo, and Qeelin. They come under the "other houses" category, which saw 1 9 per c...Read More
Equity index futures were lower this morning. S&P 500 futures were down 54 points at 8:35 AM EST.Index futures dropped an additional 32 points following release of the January U.S. Consumer Price Index at 8:30 AM EST. Consensus was an increase 0.2% versus a gain of 0.2% in December. Actual was an increase of 0.3%. On a year-over-year basis consensus was an increase of 3.0% versus a gain of 3.3...Read More
(IDEX Online) - The US says it will close the loophole that has allowed the importation of Russian diamonds that have been "substantially transformed" in another country.The Treasury Department's Office of Foreign Assets Control (OFAC) has announced that it will outlaw rough diamonds of 1.0-ct or above from 1 March, and those weighing 0.5-cts of more from 1 September.In a statement on 8 Febru...Read More
(IDEX Online) - Jennifer Lopez wears a $340,000 diamond pav?(C) necklace in the video for Can't Get Enough, her latest single.The Eka Mia Luca piece is from a collection by the Italian brand Fope. "We are thrilled to announce the integration between Fope and Jennifer Lopez for the new video of her single Can't Get Enough," said Marilisa Cazzola the jeweler's chief marketing off...Read More
(IDEX Online) - A security guard opened fire after three masked suspects tried to rob a jewelry store in Fullerton, California, USA.Police say no injuries were reported, the guard was unhurt, and they don't believe anyone was struck by gunfire.The incident happened at Happy Jewelers, at around noon last Wednesday, 7 February. At least three bullet holes were seen nearby, according to the KABC...Read More
U.S. equity index futures were mixed this morning. S&P 500 futures were down 1 point at 8:30 AM EST.Diamondback Energy gained $1.24 to $152.98 after announcing a merger with Endeavor Energy Resources in a deal valued at $26 billion. Endeavour shareholder will receive $8 billion cash and 117.3 million shares of Diamondback. Diamondback also increased its dividend by 7%.XPO Logistics dropped $2....Read More
(IDEX Online) - A diamond exhibiting two distinctly different colors has been described by expert gemologists at GIA as unique.The 0.63-ct tapered baguette-cut natural diamond is part Fancy Dark orangy brown and part Fancy Dark brown greenish yellow. It "demonstrates the variety possible within the natural world," say Mei Yan Lai and Sally Eaton-Magana, authors of an article entitled Rare Nat...Read More
(IDEX Online) - It is being billed as the world's first diamond cricket bat.Diamond Tech Company, based in Surat, India, has crafted a natural rough diamond into a 1.04-ct polished stone that is replica of the wooden bat used by cricketers.The diamond's "skin" - found only among natural stones - has deliberately been left intact on the handle and elsewhere, as proof that it is not a lab...Read More