Diamond stocks Articles

Reopening of Economy Propels US Jewelry Sales

Jun 13, 2021 / Rapaport News

RAPAPORT... Jewelry sales in the US more than tripled in May, fueled by pent-up demand amid a further reopening of the economy, according to Mastercard SpendingPulse.Sales in the category increased 203% year on year during the month, reflecting a comparison with May of last year, when many stores were closed due to the Covid-19 pandemic. However, jewelry spending also increased 45% versus 2019, Ma...Read More

Jewelers Mutual Snaps Up E-Commerce Group

Jun 13, 2021 / Rapaport News

RAPAPORT... Insurance company Jewelers Mutual Group has acquired Gem + Jewel, an e-commerce specialist that aggregates products from independent jewelers and helps them sell to the public.Gem + Jewel provides jewelers with websites for their own businesses, as well as online inventory hosting, and helps expand their e-commerce product offerings. The model allows retailers and suppliers to sha...Read More

NRF Raises Forecast for 2021 US Retail Sales

Jun 13, 2021 / Rapaport News

RAPAPORT... US retail sales will grow 10.5% to 13.5% this year as the economy rebounds at a faster rate than originally predicted, according to the National Retail Federation (NRF).The organization expects total sales for the year to reach $4.44 trillion to $4.56 trillion, it said last week. That figure is well above the 6.5% to 8.2% increase to between $4.33 trillion and $4.44 trillion the NRF pr...Read More

Hong Kong Gem Auctions Flourish, Despite Pandemic

June 13, 21 / Staff reporter

(IDEX Online) - Hong Kong's auction houses say gem sales kept booming last year, even though the pandemic forced them to conduct their business online. Christie's, Phillips, Sotheby's and Bonhams all reported record prices in a round-up by the South China Morning Post, although they did not disclose total revenues.The single most expensive item (pictured) sold at a live auction...Read More

Jewelry Store Raiders Flee after Employee Fires Shots

June 13, 21 / John Jeffay

(IDEX Online) - Two raiders fled smashed a jewelers' display case with a nail gun but fled when an employee pulled a gun and fired three shots.The attempted robbery took place at the Katy Mills Mall, in Katy, Texas, USA, on Friday night.The suspects - men wearing hoods, masks and gloves - were stuffing merchandise into a duffel bag when the employee started They ran off, dropping most of...Read More

Charm Bracelet Empire Alex and Ani Files for Bankruptcy Protection

June 13, 21 / John Jeffay

(IDEX Online) - Alex and Ani, the US start-up that grew into a $1bn empire on sales of spirituality and charm bracelets has filed for Chapter 11 bankruptcy protection. The global pandemic sealed its fate after loan defaults, a slump in sales, lawsuits, internal strife and months of disruption caused by a ransomware virus.The company was founded in 2004 by Carolyn Rafaelian, who named it after...Read More

US Jewelry Revenues Surge in May

Jun 13, 2021 / Rapaport News

RAPAPORT... Jewelry sales in the US more than tripled in May, fueled by a release of pent-up demand amid a further reopening of the economy, according to Mastercard SpendingPulse.Sales in the category increased 203% year on year during the month, reflecting a comparison with May of last year, when many stores were closed due to the Covid-19 pandemic. However, jewelry spending also increased 45% ve...Read More

Rapaport Weekly Market Comment

Jun 10, 2021 / Rapaport News

Diamond market upbeat as orders stream in; dealers frustrated with sourcing difficulties. Prices firm due to supply shortages and steady US and Chinese demand. Rough trading strong as De Beers raises prices by estimated 5% for goods above 2 ct. Major jewelers gaining market share with robust e-commerce growth. Signet Jewelers 1Q sales +98% to $1.7B, profit of $138M vs. loss of $197M Chow Tai Fook...Read More

Signet Gaining Market Share as Sales Soar

Jun 10, 2021 / Rapaport News

RAPAPORT... Sales at Signet Jewelers stormed past the company's expectations in the first fiscal quarter as the retailer's new strategy helped it capitalize on resurgent consumer demand.Revenue jumped 98% year on year to $1.68 billion in the 13 weeks that ended May 1 amid buoyant in-store and e-commerce sales, Signet reported Thursday. Same-store sales rose 107%, while group net profit stood...Read More

Alrosa Sales Steady as Cutters Continue to Buy

Jun 10, 2021 / Rapaport News

RAPAPORT... Alrosa's diamond sales remained stable in May as manufacturers continued to show demand despite challenges in the Indian market, the miner said Thursday. Revenue from rough and polished goods stood at $365 million, down 9% from $401 million in April but higher than the $40.1 million the company reported during the peak of the coronavirus crisis a year earlier. This reflected stron...Read More

IGI Identifies 6ct. Lab-Grown Submitted as Natural

Jun 10, 2021 / Rapaport News

RAPAPORT... The International Gemological Institute (IGI) has discovered a 6.18-carat synthetic diamond that fraudsters had misrepresented as natural by falsely pairing it with a mined-diamond grading report."This is the largest lab-grown diamond ever certified by a leading gemological laboratory where the sole purpose was to pass off a lab-grown stone as natural," Bob Van Es, IGI managing di...Read More

Diamond Necklace Leads $38M Sotheby's Auction

Jun 10, 2021 / Rapaport News

RAPAPORT... A diamond necklace by designer Andrew Clunn smashed its estimate at Sotheby's on Wednesday, selling for $4.1 million at the company's New York auction.The piece, set with 28 graduated, oval-shaped diamonds weighing more than 168 carats combined, achieved a price well above its $3 million high valuation at the June 9 Magnificent Jewels sale, Sotheby's said. This established a new record...Read More

Chrysler Diamonds Beats Estimate and Sells for $5m

June 10, 21 / John Jeffay

(IDEX Online) - The historic Chrysler Diamond has sold for $5.07m at Christie's New York, above its high estimate of $4.5m.The 54.03-carat Type IaB D-color, internally flawless pear-shaped diamond (pictured) takes its name from the socialite Thelma Chrysler Foy.Her father Walter Chrysler started life as locomotive engineer. He went on to found the Chrysler car corporation and personally funde...Read More

Alrosa's May Sales Steady at $365m

June 10, 21 / John Jeffay

(IDEX Online) - Alrosa today reported $365m sales of rough and polished for May, down slightly from $401m in April.Monthly sales since the start of the year have been steady, averaging $365m. By way of comparison, De Beers has averaged rough sales of $408m at the four sights completed so far this year.Alrosa says demand remains strong from the Indian midstream and is "robust" in all key regions."D...Read More

Record Impostor: 6.18-ct "Natural Diamond" was Lab-Grown

June 10, 21 / John Jeffay

(IDEX Online) - Gemologists from the IGI lab in Thailand spotted their biggest ever impostor stone - a 6.18-carat lab-grown that was being presented as a natural gem.It had been submitted for verification and came with a GIA certificate stating it was a natural diamond, D color, flawless clarity and triple excellent cut.The genuine stone had been fraudulently replaced with a lab-grown that had bee...Read More

India Launches New Trade Fair in Dubai

Jun 09, 2021 / Rapaport News

RAPAPORT... India's major jewelry trade body has launched a new exhibition in the United Arab Emirates (UAE), expressing optimism that flights between the two countries will resume this summer.The first International Gem & Jewellery Show (IGJS) will take place from August 14 to 16 in Dubai, India's Gem & Jewellery Export Promotion Council (GJEPC) said Wednesday. It will have space for...Read More

"Kidnappers Would Have Killed Me," Claims Choksi

June 09, 21 / John Jeffay

(IDEX Online) - Mehul Choksi, the fugitive Indian diamond tycoon who claims he was abducted from a Caribbean island, says those responsible were prepared to kill him."I have no doubts that the agents if given enough reason and opportunity, would not have thought twice before killing me," he wrote in a report filed to police and seen by Times of India.Choksi, 62, is wanted by police in India as a s...Read More

54ct. Diamond Crushes Estimate at Christie's

Jun 09, 2021 / Rapaport News

RAPAPORT... The 54.03-carat Chrysler Diamond necklace was among the top sellers at the Christie's Magnificent Jewels sale in New York, bringing in $5.1 million.The pear-shaped, D-color, internally flawless stone was originally purchased by Harry Winston in 1958 from the estate of Thelma Chrysler Foy, the daughter of railroad and automotive executive Walter Chrysler. The necklace beat its high esti...Read More

Israel's Polished Trading Surges Again

Jun 09, 2021 / Rapaport News

RAPAPORT... Israel's diamond exports rose sharply in May as the global industry continued to recover and polished prices climbed, according to government data.Polished shipments after returns more than tripled to $264.2 million from $75 million a year earlier, reflecting a rebound from the 2020 coronavirus crisis, the Ministry of Economy and Industry reported Tuesday.Israel has almost entirel...Read More

Chow Tai Fook Expands as Pandemic Profits Double

June 09, 21 / John Jeffay

(IDEX Online) - Chow Tai Fook saw net profits more than double to $777m, as it recorded its best performance since 2014 - in spite of the pandemic.China's biggest jeweler by market value says it opened 741 new points of sale across the mainland in the year to 31 March, and was planning a further 700-plus in the coming year. It currently has 4,591.The increased profits exceeded forecasts as th...Read More