(IDEX Online) - US watch and jewelry sales remained in negative growth for a sixth consecutive month during July, according to the latest Department of Commerce figures.But the year-on-year drop for the month - 2.4 per cent - was half the figure for June, which has been revised down to 4.8 per cent, based on actual rather than estimated transactions.March and April saw sales drop by 8.8 per cent a...Read More
(IDEX Online) - Alrosa has announced its largest recovery in a decade - an irregular-shaped diamond weighing 390.7 carats. The sanctioned Russian miner said the gem was recovered at its Mayat mine, in Yakutia, by its subsidiary Almazy Anabara. "The discovery of one of the largest diamonds in Russian history is undoubtedly an unprecedented event and an excellent finale to the 2023 mining season," s...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 22 points at 8:30 AM EDT.Hostess Foods advanced $4.19 to an all-time high at $32.30 on news that Smucker is close to a deal to buy the company.Tesla advanced $15.83 to $264.33 after Morgan Stanley upgraded the stock to Overweight. Target price was raised to $400.Oracle added $1.50 to an all-time high at $127.82 prior t...Read More
(IDEX Online) - De Beers say it's confident it can avert strike action by 1,500 workers at its Venetia mine, in South Africa.The National Union of Mineworkers (NUM) is threatening an indefinite walkout to support its demand for a nine per cent wage increase. De Beers has offered six per cent.Four months of wage talks have broken down, but De Beers is now offering a five-year salary deal. It h...Read More
(IDEX Online) - GIA has laid off around a fifth of the workforce at its HQ in Carlsbad, California, amid a significant drop in the number of diamonds submitted for grading.In total 151 workers will leave their positions at Gemological Institute of America (GIA) later this month. Most are laboratory workers, a few hold corporate positions. "We receive stones generally from either the companies...Read More
(IDEX Online) - Polished diamond prices suffered yet another blow in August, as the IDEX Polished Price Index fell by 2.87 per cent to its lowest point since January 2008. It has now lost 26.6 per cent of its value since its post-Covid peak in March 2022, just before we began to feel the full impact of Russia invading Ukraine.The combined effects of the war, spiraling inflation and interest rate h...Read More
(IDEX Online) - Alrosa says work is now under way on a huge, new $1.26bn mine to replace Mir, which closed after the 2017 flooding disaster that claimed eight lives.The Russian miner's general director Pavel Marinychev told the website of the Yakutia region, where the mine is located, that production is expected to start in 2032.Mir opened in 1957 as the first diamond mine in what was then th...Read More
U.S. equity index futures were mixed this morning. S&P 500 futures were unchanged at 8:35 AM EDTThe Canadian Dollar added 0.13 to 73.46 following release of Canada's August Employment Report at 8:30 AM EDT. Consensus was an increase in employment of 20,000 versus a decline of 6,400 in July. Actual was an increase of 39,900. Consensus was an increase in the Unemployment Rate to 5.6% from 5.5% i...Read More
(IDEX Online) - Made In Heaven, the hit TV show about a pair of Indian wedding planners, is promoting natural diamonds.Stars of the second series of the romantic drama are wearing jewelry from six brands in a partnership with the Natural Diamond Council (NDC)."We are always on the look-out for innovative methods of showcasing how integral the wonders of nature are to every key moment of our lives,...Read More
(IDEX Online) - Belgian tech firm iTraceiT has announced $270,000 of government funding for its digital diamond passport.The grant from Walloon, the largest of Belgium's six administrative areas, will allow the company to expand in the US and India and to build an R&D center.The startup says its combination of QR-code and blockchain technology, launched earlier this year, records all proc...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 25 points at 8:30 AM EDT.Apple dropped $6.79 to $182.91 after the Chinese government prohibited use of iPhones by its employees.BlackBerry dropped $0.44 to US$5.10 after reporting less than consensus fiscal second quarter results. WestRock advanced $3.70 to $35.58 after closing in on a merger with Smurfitkappa. Americ...Read More
(IDEX Online) - Angola is stockpiling over a million carats as it waits for diamond prices to rise and sees its half-yearly sales fall by 37 per cent."In practice Angola has no buyers of this resource," said Jos?(C) Ganga J??nior, chairman of Endiama, the state diamond company, as reported by the Angolan news agency Angop."That's why we have to find ways to survive, using the creativity that...Read More
(IDEX Online) - Former Baywatch actress Pamela Anderson is the face of Pandora's new lab grown diamond collections.The one-time Playboy model, 56, is featuring in the Danish jeweler's Diamonds for All campaign after it ditched mined diamonds in August 2022 in favor of lab growns manufactured with renewable energy. It also pledged to use only recycled silver and gold in its jewelry.I...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 13 points at 8:35 AM EDT.Index futures were unchanged following release of the July U.S. Trade report at 8:30 AM EDT. Consensus was a deficit of $65.50 billion versus a deficit of $65.80 billion in June. Actual was a deficit of $65.00 billion.Enbridge dropped $2.35 to US$32.93 after announcing purchase of U.S. gas dis...Read More
(IDEX Online) - Tis the season to be drinking Pumpkin Spice Latte, and if you have a spare $12,500, ( ?10,000) you can splash out on a diamond, sapphire and emerald version.British jeweler Angelic Diamonds has created a PSL ring as a tribute to the seasonal drink - coffee plus pumpkin pie spices (cinnamon, nutmeg and clove) - which was launched by Starbucks in 2003.The ring features a rose gold ba...Read More
(IDEX Online) - The Indian government has reportedly asked the US to release $26m of payments made by Indian businesses attempting to buy rough diamonds from Russia.The transactions were blocked by the Office of Foreign Assets Control (OFAC), which imposed sanctions on Alrosa, the state-controlled diamond company after Russia invaded Ukraine last February.But Indian traders are adamant the payment...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 11 points at 8:30 EDT.Oracle added $1.78 to $122.71 after Barclay's upgraded the stock to Outperform.American Express gained $0.68 to $160.30 after Royal Bank upgraded the stock to Outperform.Domino's Pizza advanced $4.86 to $396.00 after TD Cowen upgraded the stock to Outperform. EquityClock's Daily CommentHeadl...Read More
(Updates prices) By Pratima Desai LONDON, Sept 4 (Reuters) - Copper prices retreated onMonday as the market fretted over demand in top consumer Chinaand rising inventories in London Metal Exchange-registeredwarehouses, though losses were capped by a softer dollar. Traders said volumes were subdued because of the Labor Dayholiday in the United States. Benchmark copper on the LME was 0.5% down at $...Read More
(IDEX Online) - Rolex is to buy Bucherer, the long-established watch retailer with over 100 sales outlets worldwide.The move will shake up the luxury watch market, giving Rolex far greater control over its distribution network and better intelligence on its competitors.Shares in UK-based rival retailer Watches of Switzerland plunged 21 per cent on the day news of the deal broke (25 August).Buchere...Read More
(IDEX Online) - Signet, the world's largest diamond jewelry retailer, has reported an eight per cent drop in Q2 revenue, down from $1.75bn to $1.61bn.Same store sales were down 12 per cent, net profits were down 48 per cent to $75.1m and bridal sales dropped seven per cent to $735.5m amid inflation and rising interest rates, as the post-Covid "engagement trough" persisted. Bridal has his...Read More