RAPAPORT... US retail sales surged in January as government stimulus checks boosted consumer confidence, the National Retail Federation (NRF) said.Revenues grew 7% year on year, and were up 5% over December's total, which included holiday sales results, according to data the US Census Bureau reported Wednesday. That compares to a 2.5% year-on-year increase in December."We expected retail spending...Read More
RAPAPORT... Mining operations at Gahcho Ku?(C) remain suspended following the identification of further employees who have tested positive for Covid-19.A total of 15 infections have been discovered at the Canadian site, which is jointly owned by De Beers and Mountain Province, a De Beers spokesperson told Rapaport News Wednesday. That includes the six cases that came to light last week during proa...Read More
(IDEX Online) - One of Europe's biggest watch and jewelry trade shows - Inhorgenta Munich - has been canceled.Last November organizers said they were postponing the event from February 2020 to April, but they've now decided to axe it altogether because of Covid concerns."The decision was taken in detailed consultation with the advisory board, as well as exhibitors, visitors and partners,...Read More
(IDEX Online) - Health officials in Canada have confirmed that five new cases of COVID-19 are linked to the Gahcho Kue diamond mine.It brings the total number of cases to 15. Three of those who contracted the virus have recovered, 12 are considered active.The site (pictured), jointly operated by De Beers and Mountain Province, halted operations on 6 February and there is currently no word on...Read More
Polished dealers optimistic. Positive momentum amid busy Valentine's Day in US and initial reports of robust Chinese New Year season. Asian market shut for lunar festival. E-commerce driving growth; online accounting for nearly 25% of total retail in China. Kering 2020 jewelry sales weak in Europe, strong in Asia. Brands gaining market share in India, with Titan Company FY3Q sales +17% to $1.1B, p...Read More
RAPAPORT... South Africa's diamond industry lost one of its stalwarts last week with the passing of Louis Lipchin at the age of 90. Lipchin was passionate about the local trade and a vocal advocate on behalf of young entrepreneurs, particularly those from disadvantaged communities.Born in Johannesburg, he was a first-generation diamantaire, beginning as an apprentice after leaving school. His...Read More
RAPAPORT... Kering reported solid sales in its jewelry and watch divisions in 2020, as resurgent demand in mainland China helped offset weakness in Europe."The jewelry houses, penalized by their exposure to Western Europe, reported strong sales growth in Asia," the owner of high-fashion houses Gucci and Yves Saint Laurent said Wednesday. "Sales at Qeelin were up sharply over the year, buoyed by th...Read More
(IDEX Online) - The CEO of Namibia's state-owned Namdia diamond company is reportedly facing disciplinary action over alleged irregularities.The board of Namdia (Namib Desert Diamonds) launched an internal inquiry into Kennedy Hamutenya late last year, according to The Namibian newspaper, and a disciplinary has been scheduled to begin on 1 March. In 2018 Mr Hamutenya (pictured) rubbished...Read More
RAPAPORT... Dubai has become something of a focal point for the diamond industry during the pandemic. While the United Arab Emirates (UAE) imposed a lockdown in the spring of 2020, the country has been more open than many since easing its restrictions in the summer. This, combined with being only a three-hour flight from India, has made it a popular location for rough sales while other center...Read More
RAPAPORT... Consumers require authenticity and transparency these days, especially when buying something as meaningful and precious as natural diamonds. However, the sector remains tarnished by a reputation for dubious ethical practices, despite the fact that it is regulated.The conflict between this dirty industry image and the beautiful, shiny stones it produces makes it hard to alter perce...Read More
(IDEX Online) - Alrosa, Russia's state-owned miner, has named a 100-carat light yellow diamond after the country's COVID-19 vaccine.It says the gem (pictured) is a 100.53-carat flattened octahedron recovered from alluvial deposits in Yakutia, in the far east of the country, and is a natural wonder - like the vaccine.Last September Sputnik V became the world's first approved co...Read More
(IDEX Online) - Angola's state-owned diamond company is partnering with the investment group Gemcorp to develop a pilot mining program in the remote north-east of the country.Endiama hopes the Mulepe diamond deposit, in Lunda Norte, will help Angola to become one of the world's top-three diamond producers.The site contains significant untapped kimberlite and alluvial deposits. Initial es...Read More
(IDEX Online) - The Gahcho Kue mine, in Canada, has yielded its largest diamond since operations began there more than four years ago.The 157.38 carat gem, described as being of "of exceptional quality", will be sold later this month at a tender of special-size stones in Antwerp.Canadian miner Mountain Province has named the gem Polaris after the North Star, because of its rare natural blue fluore...Read More
(IDEX Online) - US President Joe Biden has blacklisted three gemstone companies in Myanmar because of their links with military regime that ousted state counsellor Aung San Suu Kyi as leader earlier this month.The country produces 90 per cent of the world's high-end rubies, many of its most expensive sapphires, and it supplies China with much of its jade.Sanctions now prohibit Myanmar Ruby En...Read More
(IDEX Online) - Artisanal miners describe the mistreatment, injustices, threats, violence and even shootings they endure at the hands of big diamond companies in a hard-hitting video released by the Kimberley Process Civil Society Coalition (KPCSC).Villagers in Zimbabwe, the Democratic Republic of Congo and Sierra Leone testify on camera that conflict diamonds are not a thing of the past.The video...Read More
(IDEX Online) - Petra Diamonds reported an eight per cent drop in its revenue to $178.1m in the six months to 31 December 2020, as COVID-19 depressed prices and allowed fewer tenders to take place.The British miner said a deal to restructure some of its $650m of debt should be complete by March.The move will reportedly leave current shareholders with just nine per cent of shares in the company.Mea...Read More
RAPAPORT... Diamond miners reported steady sales at their January rough tenders as demand and prices grew at the start of the year.Alrosa garnered $10 million at a sale of stones above 10.8 carats, which it held in Dubai from January 19 to February 9. Some 39 companies - from Belgium, India, Israel, the United Arab Emirates (UAE) and the US - made purchases, the Russian miner said Monday."Dem...Read More
RAPAPORT... Petra Diamonds reported a profit in the six months ending December 31 thanks to a stronger South African rand and lower costs.The miner, which is in the midst of a capital restructuring, posted a profit of $2.7 million for its fiscal first half compared to a loss of $10.2 million for the same period the year before. The appreciation of the South African currency against the US dol...Read More
RAPAPORT... India has recorded its third consecutive monthly rise in polished-diamond exports, with shipments increasing 9% year on year to $1.8 billion in January. That followed gains of 42% in November and 38% in December, reflecting a release of pent-up demand ahead of the US and Chinese holidays, as well as post-festival restocking. Rough imports jumped amid strong demand at Alrosa and De...Read More
RAPAPORT... Prices of fancy-color diamonds slipped marginally in the fourth quarter of 2020 as stability in the yellow category helped the sector stave off a heavier slump, according to the Fancy Color Research Foundation (FCRF)."Although 2020 was challenging in terms of logistics and travel, contrary to market expectations, fancy-color diamond prices proved to be resilient, with minor price decre...Read More