(IDEX Online) - French luxury conglomerate LVMH has delayed its $16.2bn acquisition of US jeweler Tiffany & Co, following speculation that it was seeking a price reduction.The deal should have been concluded on 24 August, but both sides are understood to have agreed a proviso that the absolute deadline could be pushed back to 24 November.LVMH chief executive Bernard Arnault (pictured) reported...Read More
(IDEX Online) - The diamond industry must re-invent its supply chain and move on from traditional Sights and tenders in favor of new technology, says Lucara boss Eira Thomas.The COVID-19 pandemic and resulting travel bans have highlighted the need for paradigm shift, she argues in an open letter release yesterday."We can no longer harken back to a past era and unwisely cling to processes that have...Read More
RAPAPORT... Rough trading does not incur India's new e-commerce tax, the country's Gem and Jewellery Export Promotion Council (GJEPC) confirmed after meeting with finance minister Nirmala Sitharaman.India introduced the equalization levy on April 1 for all overseas e-commerce operators. The minister explained that the new tax applied only to digital consumer sales and not business-to-business...Read More
RAPAPORT... India's Gem & Jewellery Export Promotion Council (GJEPC) has again urged members to avoid taking on unsellable diamond inventory, arguing that the industry's recent improvement has been only partial.While polished demand is increasing and some categories are in short supply, a full recovery faces obstacles, the council said in a statement Tuesday."A good part of the inventory...Read More
RAPAPORT... Petra Diamonds will charge Indian customers an additional 2% to cover a new e-commerce tax that might apply to the miner's rough sales.India introduced the equalization levy on April 1, taxing all overseas e-commerce operators' sales of goods and services in the country. Petra is still trying to establish whether the tax affects its sales to Indian clients through its online biddi...Read More
RAPAPORT... Sarine Technologies will trace Alrosa's rough diamonds from the mine through each point of their journey using technology already in play in the manufacturing sector."[The system] enables tracking diamonds originating from Alrosa, however traded and polished by multiple midstream entities," Sarine said last week. "It leverages Sarine's extensive installed base of technological solution...Read More
RAPAPORT... India's major trade body has again urged members to avoid taking on unsellable diamond inventory, arguing that the industry's recent improvement has been only partial.While polished demand is increasing and some categories are in short supply, a full recovery faces obstacles, the Gem & Jewellery Export Promotion Council (GJEPC) said in a statement Tuesday."A good part of the i...Read More
(IDEX Online) - Talks to renew a 10-year agreement between De Beers and the Botswana government have been delayed by COVID-19 travel restrictions.They jointly operate the Debswana Diamond Company, which controls all diamond mining in Botswana, on a 50/50 basis, and which supplies around a quarter of the world's rough from its Damtshaa, Jwaneng, Letlhakane and Orapa mines.The government says n...Read More
(IDEX Online) - India's voluntary suspensions of rough imports have helped stabilize diamond prices, says Colin Shah, newly-appointed chairman of the GJEPC."Commodities across the world, including oil, have fallen but diamond prices have been stable," he said."This was the result of a conscious decision taken by the Indian diamond companies to cut down rough imports so that businesses c...Read More
RAPAPORT... Technology provider Everledger has teamed up with the Gemological Institute of America (GIA) to verify diamond grading reports on e-commerce site JD.com, China's largest retailer.Everledger will synchronize the GIA's grading information to JD's existing anti-counterfeiting platform, giving consumers independently verified grading reports, the three organizations said in a joint st...Read More
RAPAPORT... De Beers Jewellers has appointed C?(C)line Assimon as CEO, succeeding Fran??ois Delage, who will step down after 10 years in the role.Assimon, who was most recently CEO of Swiss luxury jeweler De Grisogono, also held executive positions at jewelry brand Piaget and in the jewelry division of Louis Vuitton. She has extensive experience in marketing, sales and merchandising of high-end je...Read More
RAPAPORT... The Gemological Institute of America (GIA) will offer $1 million in scholarship funds in 2021 to aspiring students and those looking to advance their careers, it said Monday.Students and professionals interested in gemology and jewelry-manufacturing arts programs, distance-education courses and lab classes can apply for funding. The scholarships cover classes at the GIA's campuses arou...Read More
RAPAPORT... India's polished-diamond exports fell in July but at a gentler pace than in earlier months as the US, Europe and China returned to more normal business levels. Polished shipments out of the country dropped 39% after heavier slumps in April to June, when demand dried up across major markets. India Trade Data for July 2020Read More
(IDEX Online) - De Beers has warned staff in Botswana of possible job losses when the country's Covid-related state of emergency (SoE) lapses at the end of October.The SoE, introduced in April, prevents employers from laying off workers.Botswana, the world's top diamond-producing country by value, saw Q2 sales fall by almost two-thirds because of coronavirus. It relies on diamonds...Read More
(IDEX Online) - The GIA is offering $1m in scholarships to help students embark on careers in the gem and jewelry industry.It has awarded more than $14m in scholarships since 2010, helping more than 3,000 students study on-campus and through distance education programs."To meet the challenges of the pandemic, we are adapting to provide education that positions students for success within the gem a...Read More
(IDEX Online) - De Beers is understood to be discounting rough stones at last, as the pandemic shows no sign of ending.Sight holders can expect to see price reductions of as much as 10 per cent on diamonds over a carat.Sales have ground to a virtual halt, down 95 per cent from ?, ?1.2bn in Q2 2019 to $56m for the same period this year.De Beers, the world's top producer by value, is hopin...Read More
(IDEX Online) - Organizers of Britain's biggest trade show, International Jewellery London, have announced they will not hold a 2021 edition because of COVID-19, having already canceled this year's event.The 2020 show was due to have taken place at Alexandra Palace, London, on 9 June.Reed Exhibitions says cancelling IJL 2021 was an "even more difficult decision" than pulling the plug on...Read More
RAPAPORT... India's polished-diamond exports fell in July but at a gentler pace than in earlier months as the US, Europe and China returned to more normal business levels. Polished shipments out of the country dropped 39% after heavier slumps in April to June, when demand dried up across major markets. India Trade Data for July 2020Read More
RAPAPORT... The Gemological Institute of America (GIA) has expanded its melee-screening capabilities, with the organization now able to test whether parcels of fancy-shaped diamonds contain lab-grown or treated stones.The melee-analysis service separates natural diamonds from synthetics, simulants and stones that are potentially treated using High Pressure-High Temperature (HPHT). Since launc...Read More
RAPAPORT... The first JCK Virtual show, which ran from August 11 to 14, was a chance to test a new exhibition model that, if successful, could help companies do business during the coronavirus era. The event was free for exhibitors who had committed to the 2021 show, as well as for buyers and industry professionals, so there was little downside in participating.The initial verdict, however, w...Read More