Diamond stocks Articles

Podcast: Where Digital Is Going

Jun 28, 2022 / Rapaport News

RAPAPORT... Digital-marketing expert Ben Smithee, founder of The Smithee Group, joins Rapaport's Avi Krawitz to discuss the rapidly changing media space and how it is impacting the diamond and jewelry industry. In this episode of the Rapaport Diamond Podcast, the two delve into how the trade can use data and content to drive businesses forward with thoughtful, intentional strategic planning. They...Read More

Luk Fook Notes Surge in Revenue, Profit

Jun 28, 2022 / Rapaport News

RAPAPORT... Hong Kong jeweler Luk Fook's revenue and profit rose by around 30% to 40% for the full fiscal year that ended March 31, the company estimated.A low base of comparison with the previous year - which saw pandemic-related restrictions - is responsible for the increase during the period, Luk Fook said last week. In fiscal 2021, business in China was weak, and Hong Kong and Macau were on lo...Read More

Antwerp World Diamond Centre Taps New President

Jun 27, 2022 / Rapaport News

RAPAPORT... The Antwerp World Diamond Centre (AWDC) has appointed Belgian diamantaire David Gotlib as president, succeeding Chaim Pluczenik.Gotlib is the founder of luxury goods and jewelry retailer IDRP Group as well as his own eponymous jewelry brand. He is also the president of the Antwerp Diamond Bourse, the AWDC said Monday. He has served on the AWDC's board of directors since 2020.Meanwhile,...Read More

Major Countries Ban Import of Russian Gold

Jun 27, 2022 / Rapaport News

RAPAPORT... The US, UK, Canada and Japan have placed sanctions on the import of Russian gold in an effort to eliminate revenue used to fund President Vladimir Putin's war on Ukraine.The four countries made the decision to ban Russia's biggest non-energy export at the G7 summit in Germany on Sunday, the UK government said. The remaining G7 participants - France, Italy and Germany - will likely foll...Read More

Russia Crisis Puts Diamond Marketing in Jeopardy

Jun 27, 2022 / Avi Krawitz

RAPAPORT... The Natural Diamond Council (NDC) is facing a massive budget cut in 2023 unless the industry steps in to compensate for the loss of Alrosa's financial contribution, CEO David Kellie told Rapaport News. "We've probably been impacted more than anybody [by sanctions against Russian diamonds] in as much as Alrosa was almost half of our funding," Kellie said in an interview on Thursday. "I...Read More

Strong Support for KP Conflict Diamond Reforms, says Asscher

June 27, 22 / John Jeffay

(IDEX Online) - Edward Asscher, president of the World Diamond Council (WDC), said there was "strong support" for reforms at the Kimberley Process's intersessional meeting, despite its failure to address the redefinition of conflict diamonds."This year, throughout our engagements with many government participants here in Kasane (Botswana), there seems to be strong support for further reforms,...Read More

G7 Impose Sanctions on Russian Gold

June 27, 22 / John Jeffay

(IDEX Online) - US president Joe Biden yesterday announced plans by G7 - the world's seven richest nations - to impose sanctions on Russian gold.Russia supplies around a tenth of the world's gold and has reserves valued at $140bn, according to estimates by the World Gold Council.The G7 nations - Canada, France, Germany, Italy, Japan, the US and the UK - resolved to outlaw imports of newl...Read More

"Russian Diamonds Sponsor Killings," says Ukraine Diplomat

June 27, 22 / John Jeffay

(IDEX Online) - A Ukrainian diplomat is urging consumers not to buy Russian diamonds, because they fund the war in her country.Liubov Abravitova, who serves as her country's ambassador to South Africa, Botswana and Mozambique, made the comments as members the Kimberley Processes failed to reach any agreement over calls to broaden its definition of conflict diamonds."When you see Bucha, Irpin,...Read More

Russia the 'Elephant in Room' as KP Session Ends

Jun 26, 2022 / Rapaport News

RAPAPORT... The status of Russian diamonds was the main point of contention at the recent Kimberley Process (KP) intersessional in Botswana, which closed Friday amid a stalemate over the issue.Ukraine, the European Union (EU), Australia, the UK, Canada, the US and nongovernmental organizations pushed to put Russia on the agenda, Reuters reported last week during the meeting. However, Russia,...Read More

Phillips Garners $3.4M at Hong Kong Sale

Jun 26, 2022 / Rapaport News

RAPAPORT... The recent Phillips Jewels and Jadeite auction in Hong Kong achieved $3.4 million, even as several top lots were left unsold.The leading item was a necklace containing 45.02 carats of Burmese pigeon's-blood rubies and diamonds, which fetched $385,258, within its estimate, Phillips said last week. A bracelet set with 21.47-carats of Colombian emeralds and diamonds took the second s...Read More

Christie's to Sell 25ct. Diamond for Nearly $500K

Jun 26, 2022 / Rapaport News

RAPAPORT... A 25.40-carat diamond ring will take center stage at the upcoming Christie's auction in Paris, where it's set to fetch up to EUR 450,000 ($475,052).The old-cut, I-color, VS1-clarity jewel will lead a selection of important diamond and gemstone pieces that will go under the hammer at the June 23 to July 7 Joaillerie Paris auction. Among those are a cushion-cut, 10.56-carat Kashmir sapph...Read More

Shareholder Offers to Buy Firestone for $67K

Jun 26, 2022 / Rapaport News

RAPAPORT... An investment company that holds nearly a third of Firestone Diamonds' stock has made an offer to purchase all remaining shares in the company.PRRF II Investment Holdings owns 239.9 million shares in the miner, which operates the Liqhobong deposit in Lesotho, Firestone said last week. The investment company's subsidiary, Pacific Road Australia Trust, controls an additional 4.3%. PRRF w...Read More

$1m Suitcase of Uninsured Jewelry Stolen at Gem Show

June 26, 22 / John Jeffay

(IDEX Online) - A jeweler had his uninsured suitcase of diamonds and jewelry, valued at over $1m, stolen as he packed up at the end of a gem show in Houston, Texas, USA."It takes so much to collect... and to see everything vanish... It's your entire life savings. It's gone," Iftikhar Sayed, 72, told local news channel Click2Houston.He and his wife had been displaying their goods at the I...Read More

Two Arrested over $12m Heist at Bulgari, Paris

June 26, 22 / John Jeffay

(IDEX Online)  - Two suspects have been arrested over the $12m armed heist at Bulgari's flagship store in Paris last November. The men, aged 26 and 37, were detained on Tuesday (21 June), according to French media.  Four robbers fled on scooters and three in a grey BMW, after the raid in the capital's prestigious Place Vendome (pictured), which is also home to Chanel, Boucheron...Read More

KP Must Address "Narrow Definition" of Conflict Diamonds, says Asscher

June 26, 22 / John Jeffay

(IDEX Online) - Kimberley Process (KP) must address its narrow definition of conflict diamonds, Edward Asscher, president of the World Diamond Council (WDC) told delegates at a meeting of the global watchdog in Botswana last week.He warned that industry solutions to responsible sourcing could end up eclipsing KP's certification scheme - but could also marginalize smaller players without the r...Read More

Russia Is 'Elephant in the Room' as KP Session Ends

Jun 26, 2022 / Rapaport News

RAPAPORT... The status of Russian diamonds was the main point of contention at the recent Kimberley Process (KP) intersessional in Botswana, which closed Friday amid a stalemate over the issue.Ukraine, the European Union (EU), Australia, the UK, Canada, the US and nongovernmental organizations pushed to put Russia on the agenda, Reuters reported last week during the meeting. However, Russia,...Read More

Rapaport Weekly Market Comment

Jun 23, 2022 / Rapaport News

News: Optimism for US market as Las Vegas shows demonstrate robust demand despite inflation concerns. China slowdown weighing on 0.30 ct. goods. Trading seasonally quiet. Excess inventory of less desirable goods; prices declining due to low demand. Russian rough entering supply chain and may disrupt market balance. Alrosa reportedly maintaining production plan of 34M to 35M cts. for 2022. De Beer...Read More

Kashmir Sapphire Is Top Seller at Bonhams

Jun 23, 2022 / Rapaport News

RAPAPORT... A Kashmir sapphire led Wednesday's Bonhams Hong Kong Jewels and Jadeite auction, selling for more than $400,000.The ring, featuring the unheated cushion-shaped, 6.99-carat sapphire with a pav-set diamond surround, fetched HKD 3.3 million ($417,752), within presale estimates, Bonhams said the same day. A modified shield brilliant-cut, 5.09-carat Paraiba tourmaline and diamond ring...Read More

Martin Rapaport at JCK Las Vegas

Jun 23, 2022 / Rapaport

RAPAPORT... Lower rough supply due to the Russia situation may be a "blessing" given the pressures on retail spending, Martin Rapaport said in his annual presentation at JCK Las Vegas.In his "State of the Diamond Industry" speech, the chairman of the Rapaport Group discussed the impact of higher inflation and interest rates on the market, as well as how the US government's Covid-19 policies l...Read More

Gemfields Sells a Record $95m of Rubies

June 23, 22 / John Jeffay

(IDEX Online) - Gemfields says it sold rough rubies worth $95.6m at its latest online auction, setting a new company record.The London-based ruby and emerald miner described the results as "glittering", despite failing to sell a single lot that accounted for almost a quarter of the total weight of rubies sold.The rubies were all extracted by Montepuez Ruby Mining (MRM) which is 75% owned by Gemfie...Read More

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