RAPAPORT... It could take up to three years for the luxury market to get back on track, as it relies heavily on consumer sentiment and travel, Richemont chairman Johann Rupert predicted."The luxury industry is dependent on customers' willingness to spend - the so-called 'feel-good factor' - and has benefited from increased international travel in recent years," Rupert said last week. "There w...Read More
(IDEX Online) - Diamond exports from India are gradually resuming, as officials in Mumbai introduce a lottery to allow 100 packages a day to leave the country. Traders chosen at random are allowed to despatch bulk orders, typically to buyers in USA or Dubai waiting for pre-COVID-19 orders to be fulfilled. The Brihanmumbai Municipal Corporation, which governs the Mumbai area, introduc...Read More
(IDEX Online) - Israel's diamond sector has lost $300m in profit to coronavirus, says Yoram Dvash, president of the country's Diamond Exchange. Trade has declined by 90 per cent, he told the news agency Reuters, and deals worth $1.5bn during March and April were wiped out by the pandemic. Israel is the world's fifth-biggest diamond-trading nation, with the sector accounting for nine...Read More
(IDEX Online) - Angola's diamond production will plunge by over three quarters this year, according to the state-run mining company Endiama.Output from the country's 12 mines totaled 9.2m carats in 2019, grossing $1.26bn, an increase of 10 per cent on the previous year, boosted in part by trading reforms.But COVID-19 continues to adversely affect the world's fourth-biggest diamond-p...Read More
RAPAPORT... The decline in US retail sales intensified in April as COVID-19 forced stores to shut, according to data the National Retail Federation (NRF) reported.Revenues plunged 22% year on year, and fell 16% compared to March, which had already posted a record-setting 8% month-on-month drop. The NRF based these numbers on official data from the US Census Bureau. April's figures could be im...Read More
Engineering consulting and management practice Zimile Consulting Engineers intends to diversify into the mining sector and believes that it is equipped and skilled to deliver quality service, says Zimile Consulting Engineers COO Fergus Feltman.“Given the scale and nature of work that the company has done over the years for other sectors, Zimile Consulting Engineers seeks to offer value-addin...Read More
TEL AVIV – Israel's economy is slowly returning to normal with the gradual easing of its lockdown, but the once vibrant diamond exchange floor in Tel Aviv remains shut and the diamond district, one of the world's main trade and polishing centres, is still deserted.Before the new coronavirus reached Israel, the trading floor was often a hive of activity where hundreds of people from a...Read More
Diamond companies slowly resuming operations. Focus on China and Hong Kong as exports recommence. Some US retailers opening amid significant changes to customer engagement in new digitized, low-touch economy. Major jewelers returning memo inventory and trying to revise supply agreements to include longer payment terms. Dealer market facing liquidity crunch. Rough trading at a near standstill, with...Read More
RAPAPORT... During lockdown, there comes a time when one simply doesn't want to be told anymore that we're in this together - "even though we may be apart."While plunging further down that YouTube rabbit hole, as we all often have in the past three months, ad after ad has tried to lift our spirits with corporate pep talk. Some appealed to our emotions, but more stood out through humor or a clever...Read More
RAPAPORT... Mumbai has dispatched its first diamond exports since India's lockdown started, after the regional government allowed limited activities to resume at the city's Bharat Diamond Bourse (BDB).The first shipments took place on Tuesday, with 80% to 85% of the goods destined for Hong Kong, BDB president Anoop Mehta told Rapaport News Thursday. The rest went to Dubai, Antwerp, the US and...Read More
RAPAPORT... As diamond markets start to return, the Rapaport news team discusses prospects for the industry in the coronavirus era.In the latest episode of the Rapaport Diamond Podcast, we discuss the extent to which things have fundamentally changed in the past two months and what that means for the trade's future. We assess whether the industry will maintain its sense of community in the new vir...Read More
(IDEX Online) - Ernie Blom has won the first stage of a legal battle against the World Federation of Diamond Bourses (WFDB), from which he stepped down as president last month. A court has threatened the WFDB with a $27m fine if it complies with a request to suspend him as a bourse member.Mr Blom challenged the right of the WFDB to have him banned from one of its member bourses, the Dubai Dia...Read More
FREETOWN – Sierra Leone is weathering a dramatic crunch in mining revenue as COVID-19 restrictions hurt companies’ ability to export gold and diamonds and access essential supplies.Revenue from mining dropped from $2.24 million in April 2019 to just $0.33 million in April 2020 - an 85% decline year on year, according to mines ministry figures seen by Reuters.AdvertisementMini...Read More
(IDEX Online) - Sale of rough diamonds from the Kareevlei mine in South Africa are to be moved to Antwerp, where owners BlueRock hope to attract more buyers.They'll be branded as Kareevlei Diamonds and marketed by diamond brokerage and consultancy firm Bonas-Couzyn, with pre-sales finance provided by Delgatto Diamond Finance Fund, the largest non-bank lender to the diamond industry.AIM-listed...Read More
(IDEX Online) - ORGANIZERS are to drop the name Baselworld from any reincarnation of the troubled watch and jewelry show.The event dates back to 1917, when it was part of the Schweizer Mustermesse Basel (model fair). In 1983 it adopted the style Basel 83, and in 2003 it became Baselworld.But after a couple of extremely difficult months MCH Group, parent company of Baselworld, says it will drop the...Read More
RAPAPORT... As diamond markets start to return, the Rapaport News team discusses prospects for the industry in the latest episode of the Rapaport Diamond Podcast. We discuss the extent to which things have fundamentally changed in the past two months and what that means for the trade in the coronavirus era. We assess whether the industry will maintain its sense of community in the new virtual...Read More
RAPAPORT... Delgatto Diamond Finance Fund (DDFF) will provide presale financing for rough from BlueRock Diamonds' Kareevlei mine in South Africa to help boost liquidity until diamond prices recover.BlueRock will sell its monthly parcel of diamonds to DDFF at 70% of a stipulated value agreed by both parties, and pay 1.25% interest per month, BlueRock said Wednesday. The miner will then ha...Read More
RAPAPORT... Alrosa is in talks to sell a considerable volume of diamonds to Gokhran, Russia's precious metals and gems repository.The Yakutia municipality, which holds a stake in Alrosa, has proposed that Gokhran buy diamonds worth $1.7 billion from the mining company this year, Reuters and Russia-based Interfax news agency reported on Tuesday. A spokesperson for Alrosa confirmed the parties...Read More
RAPAPORT... Sotheby's will offer a selection of items from its New York Magnificent Jewels auction at a special online sale in June, after the coronavirus put the live event in jeopardy.Some pieces originally consigned for that sale, as well as for the New York Fine Jewels auction, are now set to go under the hammer from June 9 to 16. They will feature in the Important Jewels online auction t...Read More
RAPAPORT... Belgium's diamond trade fell to its lowest level on record in April as US orders dried up and the shutdown of the aviation industry made transporting goods almost impossible.Total diamond shipments in and out of Belgium slumped 89% year on year to $387.1 million as a collapse in trading in the first half of the month outweighed a slight revival in the second, according to the Antw...Read More