RAPAPORT... Group revenue at Watches of Switzerland was stronger than expected during the second fiscal quarter as luxury products continue to perform well in both the US and UK markets.Sales rose 20% year on year to GBP 202.7 million ($262.6 million) for the first 10 weeks of the 13-week period ending October 25, the company said Tuesday. Revenue in the UK increased 13% to GBP 145.1 million...Read More
Diamond market sentiment improving ahead of holiday season. Polished prices stable. Strong bridal category supporting the trade. Some jewelers buying for inventory but main focus is on memo. Selective demand has left dealers struggling to fill orders due to scarcity of stones in specific categories. Manufacturers trying to raise production after robust rough buying at lower prices in Aug.-Sep. Cov...Read More
(IDEX Online) - Diamond traders from Israel are flocking to set up offices in Dubai, after the historic signing of a normalization agreement.Thirty-eight Israelis have approached the Dubai Multi Commodities Centre (DMCC), home to the Dubai Diamond Exchange.Dubai and Israel are both among the world's top five centers for diamond trading (the others are Belgium, India and China).But until now d...Read More
(IDEX Online) - Happy couples are spending more on engagement rings during the pandemic, say US jewelry retailers.They're saving cash on weddings and honeymoons because of coronavirus restrictions, so they can splash out on a more expensive stone. The pandemic has also seen more couples take a long, hard look at their relationship and decide it's time to commit to marriage.More than...Read More
(IDEX Online) - Mine workers have called off strike action at Petra Diamonds, in South Africa, after both sides agreed a pay deal.Debt-ridden Petra upped its original offer of four cent and will now pay employees an increase of 5% or 5.5%, plus one-off payments of between $300 and $500 approx.The British miner, which owns the famous Cullinan mine, has put itself up for sale as its debts mounts and...Read More
(IDEX Online) - Edward Asscher, president of the World Diamond Council, has responded forcefully to criticism of the Kimberley Process.In a Memo written for IDEX Online he defends KP, founded almost 20 years to stop African rebels trading in blood diamonds.He responds to accusations levelled by industry veteran Jacques Voorhees, that controlling the movement of diamonds was "laughable as a solutio...Read More
RAPAPORT... More than half of consumers plan to treat themselves and others to luxury products this year during the holidays, feeling that indulgence is important at this time, according to a survey by Accenture.This comes despite the fact that two out of every five shoppers intended to spend less for the seasonal period than they did last year, the professional services company noted in its 14th...Read More
(IDEX Online) - A Japanese collector paid $15.7m for a 102-carat, D-color, flawless diamond - a record high price for a gem in an online auction.But it was nowhere near as much as experts had predicted. Before Monday's sale by Sotheby's Hong Kong, there was speculation that the exceptionally rare diamond, offered without reserve, could fetch over $30m.Nevertheless, it smashed the p...Read More
(IDEX Online) - A dealer is facing up to 10 years in prison for attempting to bring diamonds into the USA with bogus Kimberley Process certificates.Stanley Tipton, 45, from Ohio, admitted violating the Clean Diamond Trade Act in a prosecution that "sets an international precedent," according to the US Attorney's Office.He told an undercover Homeland Security Investigations (HIS) special agent...Read More
(IDEX Online) - Scientists have discovered the largest ever diamonds in outer space - and say they were formed by the enormous heat and pressure of planets colliding.They're convinced that they weren't produced deep beneath the surface of the planet, like diamonds found on Earth.Researchers at Goethe University, Frankfurt, Germany, found tiny extra-terrestrial diamonds, as well as graphi...Read More
Filmmaker Laurent Cartier follows the determined men who search Sierra Leone's Sewa River for natural diamonds.RAPAPORT... Fifty-year old John is a diamond diver in Sierra Leone, one of a few hundred or thousand such divers out of some 1.5 million artisanal miners worldwide. His work is arduous: Going 5 to 10 meters underwater without a mask, he relies on his teammates and his faith. Divers do not...Read More
RAPAPORT... Petra Diamonds has resolved its contract issues with South African workers following a strike threat stemming from a failure to reach a pay agreement.The miner has signed a one-year deal with employees who are members of the National Union of Mineworkers (NUM), Petra said Tuesday. The company will make a one-time bonus payment of ZAR 5,000 ($302) and an increase of 5.5% for the year to...Read More
RAPAPORT... More than half of consumers plan to treat themselves and others to luxury products this year during the holidays, feeling that indulgence is important at this time, according to a survey by Accenture.This comes despite the fact that two out of every five shoppers intended to spend less for the seasonal period than they did last year, the professional services company noted in its 14th...Read More
RAPAPORT... Diamonds Do Good will hand out $150,000 in grants to support members of the industry who most need assistance with maintaining their programs, it said Tuesday.The nonprofit, which helps develop diamond communities and empower local citizens in those areas, will distribute money to the Flaviana Matata Foundation, which supports education, entrepreneurship, youth empowerment and hig...Read More
(IDEX Online) - Pandora has launched a dozen specially-created Star Wars charms for its bracelets.The Danish jeweler worked with Lucasfilm to launch a capsule collection inspired by the 1977 blockbuster and its eight prequels and sequels.The Star Wars x Pandora collection includes Darth Vader, R2-D2, Chewbacca, C-3PO and Princess Leia charms, priced at $45 to $90 each. "We worked hard to tran...Read More
(IDEX Online) - There's the hint of a new twist in the Tiffany takeover saga, with speculation that LVMH may be more interested in a jeweler closer to home - Cartier.Industry experts are suggesting that the French luxury conglomerate LVMH could be considering a bid instead for Swiss-based Cie Financiere Richemont SA, owners of the French jeweler and watchmaker Cartier.LVMH Moet Hennessy Louis...Read More
RAPAPORT PRESS RELEASE, October 6, 2020, Las Vegas... Diamond market sentiment improved in September as jewelers started to prepare for the fourth-quarter holiday season. Optimism was tempered by a continued rise in global Covid-19 cases and renewed government restrictions in key trading centers. Polished prices firmed due to shortages and rising holiday orders. The RapNet Diamond Index (RAPI?,,?)...Read More
RAPAPORT... A private collector bought a 102-carat, D-flawless diamond for nearly $16 million at a special online auction by Sotheby's Hong Kong on Monday. While the stone was the first high-profile diamond to be offered without a reserve price, observers had predicted a much higher value for the piece."The buyer of this diamond has bagged a bargain," noted Tobias Kormind, managing director of Lon...Read More
(IDEX Online) - Customs officials in India suspect smugglers after a 21kg consignment of gold was found at a domestic air cargo complex.Gold bangles disguised as silver accounted for the majority of the haul at the Rajiv Gandhi International Airport in Hyderabad (pictured) on Saturday. There were also foreign-marked gold biscuits weighing 2kg and gold jewelry.Almost all items are undocumented and...Read More
RAPAPORT... Blue Nile plans to expand its brick-and-mortar offering, opening 50 new locations in its top markets over the next three years, it said Monday.The spaces will be situated in both high-end and open-air malls, as well as urban, street-side locations, the jeweler noted. The company opened the first outlet Monday outside Denver, Colorado, with an Irvine, California, store due to debut Nove...Read More