(IDEX Online) - Lucara has announced the recovery of an unbroken 341-carat diamond at Karowe in Botswana, bringing the mine's tally of stones over 200-carats to 54 since 2015.Earlier this month the Canadian miner had its lease on the deposit extended for 25 years, clearing the way for a major $500m underground expansion program.The top white gem quality diamond (pictured) was recovered over t...Read More
RAPAPORT... Diamond and jewelry companies have raised the stakes when it comes to using online platforms to engage with clients and consumers. But what does it mean to be digitally relevant in today's ever-changing e-commerce and social-media space?In the first episode of Rapaport's podcast series, "Technology and the Diamond Trade," sponsored by Sarine Technologies, Rapaport Senior Analyst A...Read More
RAPAPORT... Members of the US jewelry industry are happy overall with the level of racial justice and equality found across the trade, according to a diversity survey Jewelers of America (JA) and National Jeweler conducted.Nearly three-quarters of employers polled in the jewelry sector, and more than half of employees, reported their companies ranked very well when it came to these matters, JA sai...Read More
RAPAPORT... Michael Hill's sales slipped 2.8% in the first half of its fiscal year as a lockdown in Canada outweighed growth in the Australian market.Group revenue decreased to AUD 317.5 million ($243.6 million) during the six months ending December 27, as 21 of the company's 86 stores in Canada closed during the November-to-December period, the jeweler reported last week. A further 25 shops in th...Read More
RAPAPORT... The two largest diamond miners increased prices at this week's rough sales as demand improved due to post-holiday restocking and strong trading ahead of the Chinese New Year.De Beers raised prices by an average of 4% to 5% at its first sight of 2021, while Alrosa's increases were around 6% to 7%, industry insiders told Rapaport News Monday. Both companies implemented steeper hikes...Read More
(IDEX Online) - The Mothae mine in Lesotho has been closed for a second time by coronavirus.The country is in a 14-day lockdown as it suffers an unprecedented spike in infections.The deposit, jointly operated by Australian miner Lucapa and the Lesotho government, closed last March, largely as a precaution.The pandemic had barely touched the tiny landlocked nation at the time, but earlier this mont...Read More
(IDEX Online) - Divorcee Christine Bonavita is giving away her wedding and engagement rings, with a combined value of over $3,500, to a deserving couple who faced adversities last year."I have seen such kindness out there in my darkest hour, so I know what it's like to struggle," she said.Christine, 39, from Norfolk, Virginia, USA, married in 2010, divorced a year ago, and is a marking the an...Read More
(IDEX Online) - Signet enjoyed a 61 per cent surge in e-commerce over the holiday season.Total sales for the nine-week period in 2020 were $1.8bn, the same as the previous year, according to its preliminary trading update.The emphasis is shifting from bricks and mortar, with the closure of 355 stores in lower-traffic shopping malls and the expansion of online channels as an alternative.Signet, the...Read More
RAPAPORT... Lucara Diamond Corp. has unearthed a 341-carat white diamond at its Karowe mine in Botswana, the first over 100 carats the deposit has produced this year.The miner recovered the "high-quality," unbroken stone from the site's south lobe M/PK(S) area, known for its large, high-quality rough, it said last week.The newest find is the 54th 200-carat-plus diamond Karowe has yielded since 201...Read More
RAPAPORT... US retail sales increased 8.3% during the recent holiday season, as consumers looked to connect with family and friends during the pandemic, the National Retail Federation (NRF) said.Consumers spent $789.4 billion over the November-to-December period, according to the NRF, which bases its numbers on figures from the US Census Bureau. That total exceeded the NRF's prediction of a 3.6% t...Read More
(IDEX Online) - India's government must reduce import duties on precious metals and diamonds, or face a surge on smuggling and other criminal activity, an industry bodies has warned.The All India Gem and Jewellery Domestic Council (GJC) is seeking a reduction from 12.5 per cent to four per cent on gold, silver and platinum in next month's budget. "If the tax rate is kept at this lev...Read More
(IDEX Online) - Employers in the US fine jewelry industry rate themselves highly when it comes racial justice, but don't necessarily practice what they preach, says a major new survey.Seven out of 10 rated themselves as "very good" at racial justice and equity in a survey about diversity and inclusion conducted by trade association Jewelers of America and National Jeweler magazine.But only 41...Read More
RAPAPORT... De Beers has reduced its sightholder list in a revamp of its supply system, with more goods expected to go to pure-play manufacturers, especially those with Africa-based factories.The new list features fewer diamond dealers than before, as De Beers wants as many clients as possible to be adding value by processing goods into marketable polished rather than reselling the rough, ins...Read More
RAPAPORT... Rights and Accountability in Development (RAID), a UK-based nonprofit, has written to Petra Diamonds' major debt holders to raise concerns about alleged human-rights abuses at its Williamson mine in Tanzania.RAID claims to have documented at least seven deaths and 41 assaults by security workers at Williamson since Petra acquired the mine in 2009. It detailed the allegations in No...Read More
(IDEX Online) - De Beers has reportedly ditched around 10 of its 80 Sight holders as it seeks to exert more control over diamond pricing.It has also introduced new contracts dividing buyers into three categories - dealers, manufacturers and integrated retailers - as it embarks on a huge and much-heralded shake-up of the way it sells rough.The UK-based miner aims to put its diamonds into the hands...Read More
Polished sentiment positive despite limitations on travel due to Covid-19. Shortages supporting prices. Suppliers anticipate strong 1Q inventory replacement after relatively good US holiday season. Signet Jewelers Nov.-Dec. revenue flat at $1.8B, same-store sales +5.6%, with strong +61% increase in e-commerce. Rising expectations for Feb. 12 Lunar New Year as retailers see robust China recovery. C...Read More
(IDEX Online) - A diamond security firm says it can now apply the smallest ever logo or characters below the surface of a diamond.They have a diameter of just a micron (0.001mm) and are visible only at 100 times magnification.UK-based Opsydia says its technology works on even the highest-clarity gem - with virtually no impact on its grade. It applies a nano-scale logo, serial number or encryp...Read More
(IDEX Online) - Mountain Province today said 2020 revenue from its Gahcho Kue mine, in Canada, was down more than a fifth on the previous year. But it recovered well in Q4.The miner said March to September were particularly tough, as the pandemic put the market under unprecedented pressure, but the outlook for 2021 was "more positive".Mountain Province's revenue share from the mine, which it...Read More
RAPAPORT... Signet Jewelers reported a positive holiday season as soaring online sales helped compensate for the pandemic's adverse impact on store traffic.Revenue was flat year on year at $1.8 billion for the nine weeks ending January 2, while same-store sales jumped 5.6%, the retailer reported Thursday in a preliminary trading update. E-commerce sales surged 61%, offsetting a 4.1% drop in s...Read More
RAPAPORT... What parameters would one use to assess a company's performance? For our analysis, sales provide the best indication of how a business is doing. Taking that a step further, revenue generated across a group of companies within a sector provides valuable insight into the market's performance.Investors in stocks consider many more factors. Expectations for the company - and for the e...Read More