U.S. equity index futures were mixed this morning. S&P 500 futures unchanged at 8:30 AM EST.UnitedHealth Group added $3.10 to 528.00 after booking a $7 billion charge following a deal to sell its Brazil operations. Jabil slipped $0.58 to $127.40 after lowering its fiscal second quarter outlook.Expedia added $0.90 to $154.18 after Ascendiant Capital raised its target price from $133 to $168....Read More
(IDEX Online) - Customs officers in Hong Kong have arrested four people in a crackdown on crime syndicate suspected of laundering money through $64m of bogus diamond transactions.They say it's the first-ever money laundering case they've ever smashed that had centered on "transnational diamond trading".Their investigation revealed that members of a crime syndicate had established diamond...Read More
(IDEX Online) - A rescue operation is under way after a light aircraft crashed close to Rio Tinto's remote Diavaik diamond mine, in Canada's Northwest Territories.The two crew and eight passengers on board a de Havilland DHC-6-300 reportedly suffered only minor injuries when the plane came down yesterday (27 December) 300km north-east of Yellowknife.But strong winds and Arctic conditions...Read More
U.S. equity index futures were mixed this morning. S&P 500 futures were up 1 point at 8:30 AM EST.Microsoft added $0.76 to $374.83 after Wedbush raised its target from $425 to $450.Livent gained $0.21 to $18.11 after Mizuho raised its target price from $15 to $20.SQM advanced $3.08 to $64.05 after the company arranged a partnership to develop lithium in Chile.Netflix added $2.08 to $493.97 aft...Read More
(IDEX Online) - There are encouraging signs that more US couples plan to wed, says Signet, the jewelry giant that says bridal accounts for half its total revenue.The number of marriages has been in steady decline for decades, and the Covid pandemic prompted an "engagement gap", with lockdowns limiting opportunities for romance.But Gina Drosos, Signet Jewelers CEO, (pictured) says there are, finall...Read More
(IDEX Online) - The US is closing the loophole that has, for almost two years, allowed the importation of rough diamonds from Russia as long as they are cut and polished in India or elsewhere.A new White House Executive Order broadens existing restrictions immediately to include diamonds and other Russian goods "even if these products are then transformed in a third country".President Joe Biden si...Read More
(IDEX Online) - Consumer spending on jewelry in the US slipped by 2.0 per cent over the holiday period, despite an uptick in the economy, according to Mastercard SpendingPulse. Overall retail sales for 1 November to 24 December (excluding automotive) increased by 3.1 per cent year on year.Spending on restaurant meals showed the biggest growth, up 7.8 per cent, followed by apparel, at 2.4 per...Read More
(IDEX Online) - Alrosa, Russia's state-controlled diamond miner, produced 34.6m carats during 2023, in line with its forecasts, according to the Tass news agency.That's a slight drop on its 35.6m carat production in 2022, but suggests US sanctions and voluntary bans on buying Russian goods have so far had a negligible impact.Alrosa's biggest rival, De Beers, produced 34.6m carats in...Read More
(IDEX Online) - A visitor to a state park in Arkansas, USA, discovered the "piece of glass" he picked up was actually a 4.87-carat diamond.Jerry Evans and his girlfriend were visiting the Crater of Diamonds State Park, near Murfreesboro, which charges day trippers $10 a day to sift the soil - and lets them keep any gems they find. "I thought it might be a piece of glass, it was so clear. I re...Read More
(IDEX Online) - Al Cook, CEO of De Beers Group, says the G7 sanctions on Russian diamonds, due to take effect next week, may prove impractical to implement."With the best will in the world, the average customs agent will not be able to look at one diamond and another diamond and go, 'That's the Russian one'," he said in an interview with the Financial Times.Cook (pictured) questione...Read More
(IDEX Online) - The government of Namibia says G7 plans to channel all diamonds into the EU via a single point of entry will be costly and complicated.Tom Alweendo, the Minister of Mines and Energy, is calling on G7 nations to reconsider their plan, due to some into effect in a few days time, on 1 January 2024."We are deeply concerned about the potential consequences of these restrictive measures,...Read More
IDEX Online) - A Special Notified Zone (SNZ) - designed to ease rough imports from big miners - is to be launched at the newly-opened Surat Diamond Bourse (SDB).The Gems and Jewellery Export Promotion Council (GJEPC), representing almost 10,000 manufacturers, says it will be the biggest diamond SNZ in India.The 4,500 sq ft premises will feature 15 cabins, a high-security monitoring room, and a 24/...Read More
(IDEX Online) - Burgundy Diamond Mines has reported a 40 per cent increase in Q4 sales from Ekati, in Northwest Territories, Canada.It sold 1,975,198 carats (a 55 per cent year-on-year increase) for $170m, as retail demand recovered and the industry took "responsible actions" to manage the supply chain. In the previous quarter, Q3 2023, it sold 784,000 carats for $90m.Australia-based Burgundy...Read More
(IDEX Online) - The G7 sanctions on Russia, which take effect a week from now, will harm the entire diamond pipeline, says the World Federation of Diamond Bourses (WFDB).It says the likely implementation of a single-entry point for all rough diamonds (probably Antwerp) will be expensive and time-consuming, and suggests multiple points of entry, including Mumbai, Israel, Dubai and African diamond-p...Read More
(IDEX Online) - Mejuri, a luxury jewelry startup based in Toronto, has become the latest brand to market lab growns alongside mined diamonds.Its first lab grown collection of stud earrings, tennis bracelet and necklaces, priced from $648 to $10,500, will initially be offered to Mejuri+ loyalty members and to all customers in March 2024.The company, founded in 2015, plans to introduce new styles an...Read More
(IDEX Online) - A 66-year-old man has been convicted and sentenced in connection the murder of jeweler in Connecticut, USA.Thomas Liberatore was handed a 32-year sentence for his role in what police described as the "cold-blooded murder" of Mark Vuono, 69, in March 2020.Two accomplices, Paul "Tony Pro" Prosano, 63, and Robert Rallo, 59, were sentenced previously to 30 years and 40 years respective...Read More
(IDEX Online) - A grading lab in Italy has issued a fraud warning after three one-carat diamonds, all submitted on the same day, were found to be CVD lab growns.The stones, all round brilliant F / VS1, were all accompanied by paper GIA grading reports from different dates in May 2023 which described them as natural.The weights, dimensions and GIA inscriptions all appeared to match, but there was a...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 2 points at 8:35 AM EST.Index futures were unchanged following release of economic data at 8:30 AM EST:November Durable Goods Orders were expected to increase 1.7% versus a decline of 5.4% in October. Actual was an increase of 5.4%.November Core PCE Price Index was expected to increase 0.2% versus a gain of 0.2% in Oct...Read More
(IDEX Online) - Japan, as one of the G7 nations, will join the ban on importing of non-industrial diamonds from Russia.But the move is more symbolic than anything, given that total imports amounted to under $400,000 in 2022.The Japanese government announced the diamond sanctions as part of new round of sanctions being implemented in view of what it described as "the current international sit...Read More
(IDEX Online) - Rolex has been fined $100m by France's Competition Authority for prohibiting the sale of its watches online.The Swiss company has long claimed that restrictions on its authorized retailers are necessary to prevent counterfeiting and parallel trade in its watches. But the Autorite de la Concurrence, France's antitrust agency, ruled that it restricted competition.It sa...Read More