(IDEX Online) - Four men arrested during a jewelry raid at a s JCPenney store may be linked to a series of heists that netted $1.5m.The suspects were apprehended as they smashed display cases with hammers to steal diamond jewelry at the at the CoolSprings Galleria, in Franklin, Tennessee, USA.Police say one suspect pepper-sprayed an employee and another tried to grab an officer's gun.There ha...Read More
(IDEX Online) - Manufacturers in Surat says business is down by as much as 40 per cent as the ongoing war in Ukraine depresses markets in the US and Europe.Demand in China, where an easing of Covid restrictions has led to a spike in cases, is also weak. It usually accounts for a round a third of India's diamond exports.Many workers in India's cut-and-polish capital have had their wages c...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 36 points in pre-opening trade.U.S. Steel advanced $0.63 to $24.27 after raising guidance for fourth quarter revenues and earnings. Steel Dynamics added $0.28 to $102.20 after predicting an increase in hot rolled steel prices in 2023.Exact Science jumped $11.34 to $55.95 after its colorectal cancer treatment results w...Read More
(Updates with order to suspend operations) By Elida Moreno PANAMA CITY, Dec 15 (Reuters) -Panama's government ordered Canada's First Quantum Minerals on Thursday to pause operations at its flagship coppermine in the country after missing a deadline to finalize a dealthat would have increased payments to the government from themine. The government had given Minera Panama, which ismajority-owned by...Read More
(IDEX Online) - Petra saw revenue from rough diamond sales fall by almost a third at this month's tender, down to $42.3m from $61.3m in October/November.The volume sold in Tender 3 FY23 was also down by almost a third as per carat prices remained virtually unchanged. The UK-based miner said the earlier cut-off date for the current cycle was largely to blame for the lower sale. They were...Read More
(IDEX Online) - Canadian rapper Drake commissioned a one-off necklace featuring 42 diamonds - one for each time he considered proposing marriage, but didn't.Previous Engagements was crafted by celebrity jeweler Alex Moss over 14 months, using 351.38 carats of diamonds in a range of cuts (round, emerald, princess and pear) and settings, at a reported cost of $12.5m."Each stone meticulously set...Read More
(IDEX Online) - Trans Atlantic Gem Sales (TAGS) says it sold over 70 per cent of the $20m of rough offered this month, in what it describes as a "cautious" market, realizing a total of $14m. In November it offered $23m of rough and said only that it had sold more than the 55 per cent it managed at its previous tender. For comparison purposes, its rough sales in July were $35m.In its Dece...Read More
(IDEX Online) - Rolex is selling its watches on the second-hand market for the first time.It has launched a Certified Pre-owned Programme for watches that are at least three years old, to be operated through Bucherer, its official retailer, in Switzerland, Austria, Germany, France, Denmark and the UK.The move comes at a time when the prices of used Rolex watches are plunging, with, for examp...Read More
U.S. equity index futures at 7:30 AM EST were lower this morning. S&P 500 futures were down 39 points in pre-opening trade.Lots of U.S. economic news is released this morning:December Empire State Manufacturing Survey released at 8:30 AM EST is expected to drop 6.50% versus a gain of 4.50 in November.December Philly Fed Index released at 8:30 AM EST is expected to improve to-6.2 from -19.4 in...Read More
(IDEX Online) - Christie's says sales in Hong Kong so far this year have been the third highest since it opened in 1986.It says the running total is currently $835m, which is above pre-pandemic levels.It said sales of watches raised over $69m during the year and last month's Magnificent Jewels sale, including a collection owned by retired actress Rosamund Kwan raised over $46m.More than...Read More
(IDEX Online) - The Diavik Diamond Mine has been fined $110,000 (CA$150,000) by a court in Canada for a health and safety breach after an excavator operator was blinded in an accident.Steve Houle, 50, was trapped for four hours in his cab after it was crushed by a slab of stone after a blasting operation in November 2020.He suffered multiple injuries, lost his sight in both eyes and had a toe ampu...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 6 points in pre-opening trade.FOMC statement on interest rates is released at 2:00 PM EST. Press conference with Federal Reserve chairman Powell is scheduled at 2:30 PM EST. Consensus is that the Fed Fund Rate will increase from 3.75%-4.00% to 4.25%-4.50%. In addition, the Federal Reserve is expected to continue to re...Read More
(IDEX Online) - Pink sapphires exposed to sunlight or incandescent illumination can undergo significant and "unusual" color changes, says GIA.They can acquire the same coloration as highly-prized padparadscha sapphires - a unique mix of pink and orange - or even turn completely orange.The gems are routinely tested for color stability, by exposure to bright light for several hours, which causes an...Read More
(IDEX Online) - The newly-appointed CEO of Australian fashion jewelry business Lovisa is under fire over his US$14.2m annual earnings.Victor Herrero, 51, has been revealed as one of the country's highest-paid bosses, at a time when his company is facing a class action for allegedly underpaying staff by up to US$21.7m.A salary survey by The Australian Financial Review (AFR) put Herrero way ahe...Read More
(IDEX Online) - A "new" precious gem, found only in Israel, is now being sold in biblically-themed pieces of jewelry costing up to $1m.Carmeltazite was first discovered in 2014 at Mount Carmel, from which it takes its name, and has since been recognized by the International Mineralogical Association.Small quantities of the mineral are being recovered by the Shefa mining company at the Kishon mine....Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 106 points in pre-opening trade.Index futures moved higher following release of the November Consumer Price Index at 8:30 AM EST. November CPI was expected to increase 0.3% versus a gain of 0.4% in October. Actual was an increase of 0.1%. On a year-over-year basis November Consumer Price Index was expected to increase...Read More
(IDEX Online) - A court in India has ruled in favor of diamond tech firm Sarine and issued injunctions against five manufacturers that illegally used its software. It follows a series of court-ordered raids at eight locations in Surat, India's cutting and polishing capital, on 18 May.Gopi Impex, Nirghay Impex, Pramukh Gems, Dhiren Diamonds and Bhumika Gems were all found guilty of copyri...Read More
(IDEX Online) - Brides in Hong Kong expect at least a one-carat diamond in their engagement ring.And most say they'd reject a proposal outright if there was no ring at all.Those are the findings of survey of 1,226 men and women with marriage plans carried out by the e-commerce website ESDlife.The average wedding budget rose nine per cent year-on-year to by nine per cent to $49,445, after two...Read More
(IDEX Online) - Two more diamonds from the De Beers Exceptional Blue Collection have failed to sell at auction.A 3.24-carat cushion brilliant-cut internally flawless fancy vivid blue, with a $5m to $8m estimate, was withdrawn before the sale at Sotheby's New York last week.And a 2.08-carat cushion-cut fancy intense blue, with a $1.2m to $1.5m estimate failed to find a buyer at the same auctio...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 11 points in pre-opening trade.Bank of Canada Governor Tiff Mackem is scheduled to speak at 3:40 PM EST.Coupa Software jumped $13.04 to $75.13 after Thema Bravo offered to acquire the company for $81.00 per share. The cash deal is valued at $8 billion.Horizon Theropeutics jumped $14.26 to $111.53 after Amgen offered to...Read More