(IDEX Online) - Organizers have axed the iconic Baselworld watch and jewelry show for 2021 after an exodus of big-name exhibitors and the launch of a rival event.Its future had been in doubt since its canceled its April 2020 event because of COVID-19. Many exhibitors were angered by its refund policy of what was once one of the watch industry's top showcases, and by the January 2021 date...Read More
RAPAPORT... The organizer of Baselworld has called off the next edition of the show, scheduled for January to February 2021, following a revolt over timing and refunds.MCH Group said it had reached an agreement with exhibitors and drawn up an "amicable solution" that had gained support from industry associations."In light of the large loss of revenue due to COVID-19, and our responsibility to...Read More
(IDEX Online) - De Beers boss Bruce Cleaver says India could lose out to China and Thailand if diamond cutting does not resume soon. The CEO echoed the message of an open letter he penned earlier this week, in which he said the supply of rough diamonds must flow freely again as soon as possible.That puts him starkly at odds with industry leaders in Surat, who have asked for a month-long volun...Read More
(IDEX Online) - Alrosa has halted almost all its diamond cutting operations, saying there is currently no market because of COVID-19.CEO Sergey Ivanov said around 1,000 workers had been put on paid, enforced downtime.The Russian state-owned miner has a factory in Moscow that cuts larger stones and one in Barnaul, Siberia, for two-six grainers. They jointly sold over $95m of polished goods in 2018....Read More
JOHANNESBURG (miningweekly.com) – A full bench has heard the application for a judicial review of certain aspects of the Mining Charter gazetted in September 2018.Judge President Mlambo, judges Vally and Van Der Schyff reserved judgment on the application lodged by the Minerals Council South Africa on March 27, 2019, when the 180-day time limit came into effect for reviews under the Promotio...Read More
RAPAPORT... Signet Jewelers has reopened more than 130 US stores and is planning to unlock up to 50 more doors in time for Mother's Day as some states are allowing retailers to do business again. The company, which owns Kay Jewelers, Jared and Zales, has implemented initiatives to help it continue selling during the coronavirus pandemic, Bill Luth, Signet's executive vice president of global...Read More
RAPAPORT... Lightbox, De Beers' lab-grown diamond jewelry brand, has delayed commissioning its new facility in Portland, Oregon, by a few months due to the COVID-19 pandemic."The building itself and plant infrastructure [are] already complete, and we are now in a phase of installing and commissioning the deposition equipment," Lightbox CEO Steve Coe said in an email to Rapaport News. "To ensu...Read More
RAPNET PRESS RELEASE, May 6, 2020, Las Vegas... RapNet, the world's largest marketplace for diamonds and jewelry, is partnering with web technology company Thinkspace to provide cost-effective website solutions for jewelry retailers.The new alliance enables RapNet members to easily and quickly develop high-quality websites for their retail stores, immediately populated with RapNet's vast inventory...Read More
RAPAPORT... Didier Giard, president of the French Association of Gemmology (AFG), died suddenly on Sunday, the organization reported.Giard represented the fourth generation in a family of jewelers that dates back to 1887. As head of the AFG, he organized the Paris Gemmological Rendez Vous, which has taken place 17 times since 1998. He was also vice president of the Union Fran??aise de la Bijouteri...Read More
RAPAPORT... The Israel Diamond Exchange (IDE) has become the latest bourse to revive operations, as trading centers around the world slowly return to action following lockdowns.Facilities including banks, the post office, customs, the diamond controller's office and the Brinks safety-deposit room opened on Sunday after being partially or entirely closed for several weeks, the IDE said this we...Read More
RAPAPORT... Dominion Diamond Mines owes a combined CAD 1.2 billion ($820 million) to banks and other creditors, according to a court document it filed as part of its insolvency petition.While a large portion is due to businesses in the Northwest Territories, where Dominion operates its Ekati mine, the listing also shows a CAD 593,017 ($422,429) debt owed to the Diamond Producers Association (...Read More
(IDEX Online) - Young Diamantaires have built and launched their own website - www.ydts.org - to help members grow their businesses. The group, part of the Antwerp-based World Federation of Diamond Bourses (WFDB), say it will function as a forum for discussion, networking, charitable activities. It will also cultivate leadership roles within the WFDB.Twenty-five members have alrea...Read More
(IDEX Online) - Diamond factory bosses are urging the Indian government to allow a partial return to work after the nationwide lockdown was again extended, to 17 May. Some other industries have resumed partial production after rules were relaxed to allow a third of workers to return, albeit with social distancing rules and frequent sanitizing. But the nature of the cutting and polishing process-...Read More
(IDEX Online) - Pandora reported a first-quarter loss of $3.49m, as sales across its 7,300 outlets fell by 13 per cent. The Danish jewelry retail giant, best known for its charm bracelets, said it had been badly hit by COVID-19, but insisted it was in a "strong financial position" to withstand ongoing effects of the pandemic.The global pandemic forced Pandora to close most of its outlets, fir...Read More
RAPAPORT... The Israel Diamond Exchange (IDE) has become the latest bourse to revive operations, as trading centers around the world slowly return to action following lockdowns.Facilities including banks, the post office, customs, the diamond controller's office and the Brinks safety-deposit room opened on Sunday after being partially or entirely closed for several weeks, the IDE said this we...Read More
RAPAPORT... Sales of jewelry and other luxury items in Hong Kong plummeted to their lowest level in nearly 14 years in the first quarter as the coronavirus spread through the region, government figures show.Revenue from jewelry, watches, clocks and other valuable gifts dropped 64% year on year to HKD 8.14 billion ($1.05 billion) for the three months ending March 31, as the municipality went i...Read More
RAPAPORT... Pandora reported a loss in the first quarter following global store shutdowns amid the coronavirus outbreak.The company posted a loss of DKK 24 million ($3.5 million), compared with a profit of DKK 797 million ($115.8 million) the previous year, the Danish charm maker said Tuesday. The loss was driven by the global shutdown of all the company's stores during the period as the COVI...Read More
RAPAPORT... Gem Diamonds has recovered a number of large, high-quality stones at its Let??eng mine in Lesotho, all found in the first week after production resumed following the COVID-19 lockdown.They include a 60-carat, light-yellow, type I diamond, and three D-color, white, type II diamonds weighing 87, 66 and 23 carats, the company said Monday. It also found several diamonds over 10.8 cara...Read More
RAPAPORT... De Beers has paused the application process for its new sightholder contract due to the impact of COVID-19 on its clients' business operations."We've...been looking at ways that we might lighten the load on our customers and give them more time to focus on supporting their core business," said Paul Rowley, the company's executive vice president for diamond trading, in a web broadc...Read More
(IDEX Online) - Diamond trading is resuming in Antwerp this week ahead of the re-opening of the city's four bourses on Monday. Trading halls at the Antwerp Diamond Bourse, the Antwerpsche Diamantkring, the Diamond Club of Antwerp and Vrije Diamnthandel have all been closed for business since 17 March after the Belgian government imposed a coronavirus lockdown. "A two-month break...Read More