(IDEX Online) - Diamond factories have finally re-opened in Surat after a record 36-day closure for Diwali.But many are still working well below full capacity as global demand remains low.Manufacturing units in the city closed earlier than usual on 21 October for what is traditionally a 20-day break. But they didn't return until Monday 27 November."There is a momentum found in the market...Read More
(IDEX Online) - Sarine announced a 28 per cent drop in Q3 revenue to $10.4m as economic uncertainties persisted in the US and China.The Israel-based diamond tech company said it made a loss of almost $1m in the three months to 30 September."Overall industry conditions are likely to remain challenging for the rest of FY2023," the company said.It also noted that 10 per cent of its workforce had been...Read More
(IDEX Online) - A huge 133.03 carat fancy vivid yellow diamond is to be sold loose by Sotheby's New York, with an estimate of $4m to $5m.The VS2 cushion modified brilliant-cut gem will lead the Hollywood-themed live Magnificent Jewels auction on 5 December. The gem is described as coming from "an important private collection", but the name of the owner is not disclosed.The sale features...Read More
(IDEX Online) - The largest internally flawless pink diamond ever offered at auction yesterday (27 November) sold for HKD83.9m ($10.8m) at Christie's Hong Kong.Its pre-sale estimate was HKD70m ($9m) to HKD100m ($12.8m).The fancy intense Type IIa pink cushion brilliant-cut diamond of 15.48 carats was set in a gold ring with pear and round white diamonds.The Pink Supreme, which belonged to a pr...Read More
(IDEX Online) - Angola officially opened its new Luele diamond mine yesterday (Monday 27 November), in a move that is likely to double the country's annual production.The deposit, formerly known as Luaxe, has already produced 5m carats during its pilot stage and is expected to produce 6m carats annually.That would eclipse Catoca, until now the the country's biggest mine, which reported a...Read More
(IDEX Online) - The global jewelry market is set to reach almost $33bn (?,?30bn) this year, according to research by management consultants Bain & Company together with Altagamma, the Italian luxury goods manufacturers' association.The growth is being fuelled by an "investment mindset", with "fine jewelry affirming itself as a bright spot for investments amid uncertainty," they say in a p...Read More
(IDEX Online) - Exports of Swiss watches to China, the second biggest market globally, surged in October.They were up by over 24 per cent a possible indication that the long-awaited post-Covid recovery is finally here. By contrast they were down 5 per cent in September.The US, the world's number one market for Swiss watches, turned a 6.4 per cent drop in September into a 5 per cent increase i...Read More
(IDEX Online) - A grieving son was appalled when he learned that a funeral home had taken the fingerprint of his dead mother - and passed it to a jewelry company.Mark Cady-Archilla received an email from a US company called Legacy Touch, offering to sell him a pendant with the fingerprint of his mother Jacqueline Cady as a personalized keepsake.He challenged Allen-Summerhill Funeral Home in DeLand...Read More
(IDEX Online) - Indian manufacturers are piloting a partnership with FedEx for direct and affordable doorstep deliveries of jewelry or loose diamonds worldwide.The GJEPC (Gem & Jewellery Export Council) says the move, designed to cut out the middleman and boost exports, will allow its members to send an $800 parcel for as little as $24.The initiative is initially open to the GJEPC's 2,200...Read More
(IDEX Online) - The impact of the war between Israel and Hamas on both rough and polished diamond prices in India will be "slight, but manageable" according to the Crisil ratings agency. Israel's own diamond industry saw rough imports plunge 75 per cent in October, in the aftermath of the Hamas massacre that claimed 1,200 lives.But Israel accounts for only 1.9 per cent of India...Read More
(IDEX Online) - India's two-month voluntary ban on rough imports is stabilizing diamond prices, says the industry body GJEPC.Its figures for October, published last week and capturing the first two weeks of the moratorium, show a drop of less than 1.4 per cent from $1.033bn to $1.019bn.But that doesn't tell the full story, says says Dolly Choudhary, director of promotions and marketing a...Read More
(IDEX Online) - Rihanna wore a $700,000 Jacob & Co diamond watch on a neck choker in June.Now she's come up with another improbable place for a timepiece. Her ankle. The Barbadian singer, 35, wore a customized Jacob & Co watch on a three-strand bracelet with 155 round and emerald-cut diamonds (total carat weight over 70 carats) to the Las Vegas Grand Prix. It is valued at $400,00...Read More
(IDEX Online) - European Union diplomats have slammed the Kimberley Process over its failure to act against Russia.They said its inability to reach agreement on the issue "casts a shadow on its ability to stay fit for purpose and address challenges affecting its core mandate".The KP plenary at Victoria Falls, Zimbabwe, ended earlier this month without a final communique, and with a walkout b...Read More
(IDEX Online) - The Surat Diamond Bourse (SDB) finally opened on Tuesday (21 November) almost three years late.The $355m bourse (pictured) was originally supposed to open in January 2020, according to the SDB website. That was put back by September 2021, to 2022 and then to April of this yearIt has officially been recognized by Guinness World Records as the largest office building in existence (7....Read More
(IDEX Online) - A customer at a Tiffany & Co store in Singapore has been accused of switching a $237,000 diamond ring for a worthless fake.He diverted a worker's attention to other rings in the store, at The Shoppes, at Marina Bay Sands, and made the swap, according to Singapore police.She called security after realizing the texture of the replica price tag was unlike the original.Wu Youq...Read More
(IDEX Online) - A buyer is being sought for Canadian diamond miner Stornoway, after it filed for bankruptcy protection last month. The company has suspended operations at Renard, the first and only diamond mine in Quebec province, and laid off most of its 500-strong workforce.Deloitte Corporate Finance Inc. announced today (22 November) that it was conducting the sale and investment solicitat...Read More
(IDEX Online) - Jewelers have donated 210 pieces, from elegant vintage diamond rings to striking contemporary necklaces, to be auctioned for charities helping Israeli victims of the war with Hamas.The lots include iconic names such as Tiffany & Co., Bulgari and Cartier, together with David Morris, Rainbow K, David Yurman, Marie Lichtenberg and other contemporary brands.The Precious Israel...Read More
(IDEX Online) - Lightbox, the De Beers lab grown company, has signed exclusive supply deals with two jewelry brands.It is collaborating with US-based Roseate, which specializes in South Seas and Tahitian pearls, and Hong Kong-based The Future Rocks, a "future-forward" brand that explores the use of new materials."Roseate and The Future Rocks are incredible creative and commercial partners who offe...Read More
(IDEX Online) - Vladimir Putin's press secretary yesterday (20 November) warned that EU sanctions on Russian diamonds would have a "boomerang effect".He insisted countries that boycotted Russian gems would suffer more than Russia itself. Dmitry Peskov (pictured) told reporters: "As a rule, it turns out that a boomerang effect is partially triggered: the interests of the Europeans themsel...Read More
(IDEX Online) - The global market for lab grown diamonds will almost double in the coming decade, according to new research published today (21 November), as they incorporated into a range of products beyond traditional jewelry.Sales of $10.8bn in 2022 will increase to $20.6bn by 2032, driven by increasing disposable income and women's changing lifestyles, says Indian market research company...Read More