(IDEX Online) - The CEOs of De Beers and Signet Jewelers met this week in Botswana to discuss future collaboration opportunities.Al Cook and Gina Drosos met their teams at Jwaneng, the world's most valuable diamond mine, and at Signet's dedicated diamond polishing factory, which employs over 200 people.They are working together to identify opportunities to promote the positive economic i...Read More
(IDEX Online) - India's Titan Company saw revenue from its jewelry stores rise by 23 per cent during Q3, driven by increasing consumer confidence and moderate price rises. Earnings from CaratLane, the e-tailer now owned almost entirely by Titan, were up by 31 per cent year-on-year, according to a quarterly update which provided percentage increases but not actual revenues.Titan, which wa...Read More
(IDEX Online) - Gem Diamonds has recovered a high quality 295 carat Type II white diamond from its Letseng mine in Lesotho.It's the miner's first +100-ct diamond of 2024. Last year Gem recovered five, including two in October, weighing 117.47 carats and 110 carats. But that's down on its long-term average of eight a year. In 2022 it recovered four.Letseng, known as the highest...Read More
U.S equity index futures were mixed this morning. S&P 500 futures were unchanged at 8:35 AM EST.Index futures dropped 9 points following release of the December Consumer Price report at 8:30 AM EST. Consensus was an increase of 0.2% versus a gain of 0.1% in November. Actual was an increase of 0.3%. On a year-over-year basis, consensus was an increase of 3.2% versus an increase of 3.1% in Novem...Read More
(IDEX Online) - Debswana has approved a $1bn investment to enable underground mining at Jwaneng, its biggest deposit.Work will start in May on a drilling platform for the comprehensive sampling of kimberlite pipes, it said today (10 January).Jwaneng opened in 1982 as an open pit operation run by Debswana, a 50:50 joint venture between De Beers and the Botswana government. Open pit operations...Read More
(IDEX Online) - Sarine and GCAL are opening a new grading lab in Surat, India, after the companies merged last year.Sarine, the Israel-based diamond tech business known for its Galaxy mapping systems, acquired a 70 per cent stake in US-based GCAL (Gem Certification & Assurance Lab).GCAL currently operates just one lab, at its New York base. Sarine said the merger would allow GCAL to expand its...Read More
(IDEX Online) - GIA says it aims to combat "cloned diamond" fraud by offering same-day verification of its inscriptions.The move comes as an increasing number of lab growns are being fraudulently submitted for re-grading. They are cut to match the specifications of natural diamonds that have already been graded and inscribed with either with a GIA number (genuine or fake).GIA says that from next w...Read More
(IDEX Online) - De Beers is resuming its rough diamond auctions next week for the first time since last September.The UK-based miner cancelled the online sales during its 9th and 10th sales cycles as demand slumped globally.Al Cook, CEO, said at the time that De Beers was suspending the auctions to help "re-establish equilibrium between wholesale supply and demand".The first rough auction of 2024...Read More
U.S. equity index futures were mixed this morning. S&P 500 futures were unchanged at 8:30 AM EST.Lennar added $1.65 to $149.81 after the company raised its dividend by 33%. The company also increased its share buyback program to $5 billion.Juniper Networks another added $0.21 to $37.02 after the company confirmed receipt of a cash offer by Hewlett Packard Enterprises to purchase the company fo...Read More
(IDEX Online) - Bruce Cleaver is stepping down from his remaining roles with De Beers, after quitting as CEO last February.He will no longer serve as co-chairman of the De Beers' board of directors and is resigning from the board of Element Six, its lab grown company."The focus of Bruce's role on these boards was to enable a smooth transition of leadership to Al Cook," said De Beers."Bru...Read More
(IDEX Online) - Pandora reported a Q4 surge in revenue, with strong Black Friday and Christmas performances, and a near doubling of its lab grown sales.The Danish jeweler best known for its charm bracelets reported a 12 per cent increase in organic growth (9 per cent like-for-like) to $1.58bn."Key markets in Europe remained solid at 5 per cent growth, US accelerated to +10 per cent growth and Rest...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 23 points at 8:35 AM EST.S&P 500 futures slipped 2 points following release of the November U.S. Trade Deficit report at 8:30 AM EST. Consensus was $64.50 billion versus $64.30 billion in October. Actual was $63.2 billionMicrochip Technology dropped $3.64 to $82.00 after the company lowered expectations for fiscal...Read More
(IDEX Online) - Even wealthy clients, who can readily afford natural diamonds, are buying lab growns, says the founder of a luxury jewelry brand in Dubai.Fergus James says he sells high-end lab-grown diamond bracelets to wealthy socialites, influencers and Premier League footballers.He says one client, an ultra-high net individual from India, spends over $500,000 a year - all on lab grown rather t...Read More
(IDEX Online) - The IIJS Signature show is set to generate $4.2bn of business, an increase of $500m on last year.Organizers say 30,000 visitors are attending the five-day, two-venue event in Mumbai which ends tomorrow (9 January).Shri Nirav Bhansali, convener of national exhibitions for GJEPC (Gem & Jewellery Export Promotion Council) said: "As the first show of the year, IIJS Signature plays...Read More
(IDEX Online) - Lab grown pioneer Diamond Foundry (DF) has created a huge diamond wafer with a 10cm (4 inches) diameter.It describes it as "the world's first single-crystal diamond wafer - and also the largest-sized diamond that ever existed on Earth".Technology developed by the Silicon Valley startup will open up a new world of supercomputing and electric vehicles.Diamonds are the best heat...Read More
Pre-opening Comments for Monday January 8thU.S. equity index futures were higher this morning. S&P 500 futures were 2 points at 8:30 AM EST.Boeing dropped $19.59 to $229.49 after its 737 Max 9 aircrafts were grounded by the FAA following a blow out of a panel on an Alaska Airlines flight. Axonics jumped $12.37 to $69.94 after receiving a buyout offer valued at $71 per share from Boston Scienti...Read More
(IDEX Online) - The US department store JCPenney says it saw a 50 per cent increase in lab grown diamond jewelry last year.It was one of the first mass retailers to embrace lab growns, with the launch in 2018 of its bridal Grown with Love collection aimed at "ethically-minded shoppers".Pam Mortensen, head of fine jewelry, said bridal was driving the increase in its lab grown sales."You've hea...Read More
(IDEX Online) - Lab growns and natural diamonds will coexist in the future, says Vipul Shah, chairman of the Gems and Jewellery Export Promotion Council (GJEPC).He was speaking at the IIJS Signature, which opened in Mumbai on Friday (5 January 2024)."With natural diamonds, there is an aspiration, whereas lab-grown diamonds are for affordability, and for fun and fashion," he said."So, it's a c...Read More
(IDEX Online) - The G7 sanctions are unlikely to have a significant impact on exports of Russian diamonds, according to analysts quoted by Tass, the state-owned news agency.They say Russia, the world's biggest diamond producer by volume, will simply sell to other markets.They also say it will take years to properly develop the technology needed to outlaw the diamonds it produces.Alexey Kalach...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 23 points at 8:35 AM EST.Index futures dropped 13 points following release of the U.S. December employment report at 8:30 AM EST. December Non-farm Payrolls were expected to drop to 158,000 from a revised 173,000 in November. Actual was an increase to 216,000. December Unemployment Rate was expected to increase to 3.8...Read More