(IDEX Online) - Pandora's distribution center in Hamburg, Germany, has been damaged after a fire broke out in the roof.The Danish jewelry giant said it has yet to fully assess the extent of damage to the building and to its inventory, but said nobody had been hurt.The warehouse, on Hans-Dunker-Strasse, serves as Pandora's European distribution center. The company said: "Other...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 20 points in pre-opening trade.Emerson Electric added $0.57 to $87.97 after the company reported higher than consensus fiscal fourth quarter results. The company also announced sale of a division for $9.5 billion.Keurig Dr. Pepper slipped $0.72 to $38.83 after Truist downgraded the stock from Hold to Sell.DoorDash sli...Read More
RAPAPORT... Mountain Province achieved its highest quarterly revenue in the company's history as demand for rough remained resilient. Revenue jumped 17% year on year to $83.3 million in the third quarter ending September 30, the miner reported last week. Sales volume from the company's Gahcho Ku?(C) mine in Canada rose 37% from the previous quarter to 805,227 carats, outweighing a 10% drop in the...Read More
RAPAPORT... Christie's will offer a 41.36-carat Graff diamond ring at its upcoming Geneva auction, predicting it could sell for up to CHF 5 million ($5 million).The square emerald-cut, D-color, VVS1-clarity diamond, which is potentially internally flawless, is one of the top items set to go under the hammer at the November 8 Magnificent Jewels auction, Christie's said last week. Several other diam...Read More
RAPAPORT... The Gemological Institute of America (GIA) has joined the Watch & Jewellery Initiative 2030 (WJI 2030) and will work with the group to develop environmental, social and governance (ESG) content for education programs."Supporting WJI 2030 will build on GIA's many existing sustainability initiatives," Johanna Levy, GIA's vice president of ESG programs, said last week. "Our next steps...Read More
(IDEX Online) - A quarter of all US diamond jewelry sales (by value) were online last year, according to De Beers' latest Diamond Insight Report.That compares with just 14 per cent in 2015, says the report. By volume the figures are 31 per cent in 2021 and 18 per cent in 2015. Online purchases were higher than average among Gen Z consumers (at 42% of total Gen Z purchases), those self-pu...Read More
(IDEX Online ) - Raiders broke into a jewelry store in Florida, USA, by cutting a hole in the ceiling.They stole $400,000 of merchandise, including "irreplaceable items" after gaining access through a neighboring shoe repair store.They the clambered through the roof space to reach the premises of Certified Jewelry Design, in Longwood."These people are professional, experienced," owner Albert...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 10 points in pre-opening trade.Index futures were virtually unchanged following releases of economic news at 8:30 AM EDT: September PCE Price Index, September Personal Income and September Personal Spending.Intel $INTC added $$1.17 to $27.44 after reporting higher than consensus quarterly earnings. Pinterest $PINS gai...Read More
News: Trading slow as India shuts for Diwali. Polished prices continue to decline amid weak demand and rising inventory. High-end doing well. De Beers research shows brands gaining market share, boosted by ethical assurances. Insight Report estimates 2021 global rough sales +47% to $16.4B, polished demand +27% to $28B, diamond-jewelry demand +27% to $87B. De Beers 3Q production +4% to 9.6M cts., s...Read More
RAPAPORT... De Beers said diamond demand was likely to slow in the coming months amid difficult market conditions, even as sales rose in the third quarter.The miner's sales volume increased 17% year on year to 9.1 million carats in the three months ending September 30, parent company Anglo American reported Thursday. Three sights took place during the period, compared with two a year earlier....Read More
RAPAPORT... Consumers are increasingly turning to branded jewelry in search of trustworthy products with clear origins, according to De Beers' latest Diamond Insight Report.Environmental concerns, social movements and the Russia-Ukraine crisis have sharpened the focus on provenance and sustainability. Demand for dependable labels has grown, as has the added value they command over unbranded i...Read More
RAPAPORT... The US branch of Swiss watch and jewelry retailer Bucherer has acquired Leeds & Son, aiming to expand its presence within the US market.California-based Leeds & Son is a family-owned fine-jewelry and watch retailer, carrying brands including Rolex, Patek Philippe and Messika, Bucherer said last week. The company, founded in 1947, is run by CEO Terry Weiner. In 2018, Bucherer bo...Read More
(IDEX Online) - The GIA has joined the Watch & Jewellery Initiative 2030 (WJI 2030), founded last October as a movement for positive change in the industry.It said the move was an extension of its commitment to a more sustainable future for the world, our industry and for the Gemological Institute of America (GIA).The Geneva-based WJI 2030, established by Cartier and Kering, focuses on buildin...Read More
(IDEX Online) - Two landmark pink diamonds are to be sold within a week.Christie's Geneva today announced details of the forthcoming sale of the 18.18-ct Fortune Pink, the largest pear-shaped fancy vivid pink diamond ever to be auctioned.It will be offered for sale on 8 November with an estimate of CHF25m to CHF35m (just over $25m to $35m).Then, separately, on 15 November, Angola's state...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 4 points at 7:30 AM EDT.Traders are waiting for U.S. economic news released at 8:30 AM EDT. Consensus for first estimate of third quarter real GDP is growth at a 2.1% rate versus a decline of 0.6% in the second quarter. Consensus for September Durable Goods Orders is an increase of 0.5% versus a decline of 0.2% in Augu...Read More
RAPAPORT... De Beers will offer widened concessions to purchasers of larger rough diamonds at its upcoming sight as trading has slowed amid difficult market conditions.The miner will increase its "buyback" allowance to 20% for 1-carat goods and up at the sale, which begins later this month, industry insiders told Rapaport News this week.Buybacks are a mechanism enabling sightholders to sell 1...Read More
RAPAPORT... Hearts on Fire has appointed Barbara Ng as head of product management, a newly created position at the jewelry brand.Ng was most recently president of the total jewelry solutions department at Hearts on Fire parent company Chow Tai Fook. She has also led supply chain and manufacturing operations for various multinational companies in Hong Kong, Hearts on Fire said Wednesday.In her new...Read More
RAPAPORT... Brilliant Earth is working on a new initiative to reduce the amount of mercury used in gold mining throughout the Peruvian Amazon and to create a Fairmined ecological supply chain."Harmful supply chain practices are typically used to mine gold, but little has been done to create impactful solutions to help those involved in it, with the focus on keeping costs lower," Brilliant Earth CE...Read More
RAPAPORT... Zales will offer a new collection of bridal jewelry featuring larger lab-grown diamonds ranging from 1 to 3 carats.The products are the result of a partnership between the Signet Jewelers-owned store chain and wedding-dress retailer Kleinfeld. They were inspired by bridal details such as lace accents, floral appliqu?(C)and flowy movements, Zales said Monday. As part of the collabo...Read More
(IDEX Online) - De Beers is reportedly easing its buyback terms for sight holders - an indication that the post-lockdown surge in demand is well and truly over.In a memo issued last Friday, the UK-based miner said it would give buyers increased freedom to refuse stones they don't want at the sight currently taking place in Gaborone, Botswana.They're now able to reject 20 per cent of good...Read More