(IDEX Online) - The G7 nations finally announced sanctions on Russian diamonds yesterday (6 December) as part of a series of new measures aimed at restricting funds for its war against Ukraine."We will introduce import restrictions on non-industrial diamonds, mined, processed, or produced in Russia, by January 1, 2024, followed by further phased restrictions on the import of Russian diamonds proce...Read More
(IDEX Online) - Prices of rough rubies have more than doubled in the last two years, said Gemfields as it announced results of its latest sealed-bid auctions.The UK-based colored gems miner achieved an average $290 per carat earlier this month, compared to $132 in December 2021.Gemfields sold all 97 lots of mixed-quality rough rubies from the Montepuez mine, in Mozambique, in a series of seven onl...Read More
(IDEX Online) - Signet Jewelers yesterday (5 December) announced a 12 per cent drop in Q3 revenue to $1.4bn, in line with its expectations.Bridal, which has historically accounted for almost half of Signet's sales is still suffering the post-Covid lag, but the company is forecasting Q4 sales of $2.4bn to $2.6bn as holiday spending drives up revenue.In Q2 the company - which numbers Kay...Read More
(IDEX Online) - After eight months of consecutive decline, US watch and jewelry sales came within a whisker of positive growth in October.Year-on-year change for the month was -0.7 per cent, according to the latest Department of Commerce figures. That's the most encouraging performance since an increase of 2.2 per cent in February. Every other month since October 2022 has seen a contraction i...Read More
(IDEX Online) - De Beers is preparing to stockpile more unsold diamonds after this week's sight in Gaborone.It is expected to offer sightholders smaller allocations than usual, with rough prices showing no sign as yet of picking up, and to hold onto more stock as a result. "We build up stocks of those because we are confident that over time the diamond price will increase and we will be...Read More
(IDEX Online) - A huge 133.03 carat fancy vivid yellow diamond sold yesterday (5 December) for $5.5m, above its pre-sale estimate of $4m to $5m, at Sotheby's New York.The gem, described as coming from "an important private collection", led the Hollywood-themed live Magnificent Jewels auction.The VS2 cushion modified brilliant-cut gem sold for $36,083 per carat. In its pre-sale analysis the Fa...Read More
(IDEX Online) - A jeweler from Denver, Colorado has been shot dead in what is understood to be the US's first industry homicide this year.Peter Damian Arguello was found deceased at his store, Peter Damian Fine Jewelry & Antiques, in Wheat Ridge, after what police say was a "possible armed robbery" on Wednesday 29 November.Officers found a red Chevy Silverado pickup truck, believed to be...Read More
(IDEX Online) - After more than 18 months of relentless decline, the IDEX Polished Price Index finally showed its first increase with a hike of 1.06 per cent in November. The industry could be witnessing the first green shoots of recovery. The holiday season is driving an increase in consumer demand, which is pushing prices up prices at last.India's voluntary ban on rough imports, an upstream...Read More
(IDEX Online) - Walmart has announced a huge expansion of its lab grown offering which will see them account for 30 per cent of the diamond fashion and bridal jewelry sold across its 2,800 US stores.Walmart is the second biggest-grossing jeweler in North America (after Signet) with total watch and jewelry sales of $3.38bn in 2022. Its lab grown sales have increased 600 percent year-on-year. I...Read More
(IDEX Online) - Sales of watches, jewelry, clocks and other luxury goods surged again in Hong Hong during October, driven largely by a huge post-Covid influx of tourists.Total spend for the category during the month was US$652m (HK$5.1bn), and increase of over 27 per cent on September, which in turn saw an increase of over 27 per cent on August. Figures since January show a 55 per cent increase ye...Read More
(IDEX Online) - Rio Tinto said it was delighted with the results of its first Beyond Rare Tender of polished pink and red diamonds from Argyle, in Australia, and yellow stones from Diavik, Canada, though it declined to reveal any prices.Sinead Kaufman, chief executive of Rio Tinto Minerals, said only that the results reflected the global demand for highly collectible natural colored diamonds.The f...Read More
(IDEX Online) - Star Diamond says it will acquire full ownership of the Fort a la Corne project being developed in Saskatchewan, Canada, after Rio Tinto agreed to transfer its 75 per cent interest.Rio Tinto says it is pulling out because its global exploration program is now firmly focused on metals and minerals to support the energy transition.The two companies have previously been tangled in leg...Read More
(IDEX Online) - Long-awaited EU sanctions on Russian diamonds will also cover lab growns, according to an Agence France Presse (AFP) report.The ban, due to come into force on 1 January 2024, would apply to "non-industrial natural and synthetic diamonds as well as diamond jewellery," according to the text of a proposal adopted by the European Commission, which the Paris-based news agency says it ha...Read More
(IDEX Online) - Win a pair of one-carat diamonds that were grown in a lab from taco shells.That's the bizarre prize in a contest by the Mexican-style fast food chain Taco Bell.The taco shell diamonds were lab-grown in a process that took over a year, at a top-secret location, says the company, and are offered as a pair of best friends' necklaces."Diamonds are forever, and so are friends....Read More
(IDEX Online) - Winning bidders from a $42m sale of watches by Christie's Geneva last month have been warned their timepieces are now trapped in a legal dispute between the auction house and the seller.A Rolex GMT-Master worn by Marlon Brando in the 1979 Vietnam epic, Apocalypse Now, sold for $3.99m and a Philippe Dufourd 1992 minute repeating grande and petite sonnerie fetched $4.46m. T...Read More
(IDEX Online) - Rounds and fancies both showed some signs of improvements during November, following on from the early signs of a possible recovery that we saw in October. After two years of relentless decline there finally seems to be at least a glimmer of hope. Diwali is behind us, but Christmas and Hannukah are approaching and sales are picking up as we enter peak season. Jewelry, together with...Read More
(IDEX Online) - Lucara is forecasting a revenue increase of at least 30 per cent next year after cutting its 2023 prediction earlier this month.The Vancouver-based miner said it would be using it sales channels to maximize revenue and generate consistent cash flow.In September it ditched a 10-year deal with HB Antwerp to sell the +10.8-ct stones that account for around 65 per cent of its revenue,...Read More
(IDEX Online) - The Natural Diamond Council (NDC) has unveiled its first male cover star.Actor Taylor Zakhar Perez is cast as the Diamond Cowboy in a two-minute video and in an interview and photoshoot promoting diamond jewelry for men. He follows in the footsteps of actresses Lily James and Ana de Armas and supermodel Karen Elson, who have all promoted natural diamonds in high-profile advert...Read More
(IDEX Online) - A one-off ring set with 291 diamonds from Australia's iconic Argyle mine is being offered for sale, with a US$590,000 price tag.It features a pair of matching 0.75 carat oval modified brilliant fancy vivid pink diamonds (SI2/SI1), and 285 round brilliant cut fancy purplish pink and fancy intense purplish pink diamonds (total weight 2.11 carats). There are also four...Read More
(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