RAPAPORT... Sales in Chow Tai Fook's Hong Kong stores dropped sharply in the first fiscal quarter amid a decrease in tourism and weak consumer sentiment due to the coronavirus pandemic.Retail sales slid 69% in Hong Kong and Macau in the three months ending June 30, while same-store sales - at branches open for at least a year - plunged 76%, the jeweler reported Tuesday. That drop heavily outw...Read More
RAPAPORT... A New York-based designer plans to establish a trade organization to help jewelers from the black, indigenous and people of color (BIPOC) community progress in the industry."We will begin with a focus on education through outreach to high-school students," Angely Martinez told Rapaport News Tuesday. "We will then implement programs such as funding and mentorship for emerging talen...Read More
(IDEX Online)- Three spectacular pieces of diamond jewelry sold for $338,781 at auction to support the families of healthcare workers who lost their lives battling COVID-19.They were specially created by renowned Taiwan-born designer Anna Hu and were sold by Christie's in Hong Kong to help Diamonds That Care, a social responsibility initiative launched by Russian miners Alrosa.Ms Hu also dona...Read More
(IDEX Online) - Surat's diamond industry remains at a standstill after another surge in COVID-19 cases.The city's 5,000 factories had been due to re-open yesterday after a two-week closure.But the Surat Diamond Association is urging all diamond units, markets and safe vaults to remain closed until 19 July at the earliest to prevent further infections.Surat Diamond Association president B...Read More
RAPAPORT... Sarah Kuijlaars will take over as chief financial officer of De Beers on September 1, succeeding Nimesh Patel, the miner announced Wednesday. She will also join the company's board and executive committee.Kuijlaars was previously CFO of Arcadis, a global consultancy on design and engineering headquartered in the Netherlands. Before that, she was deputy CFO at Rolls Royce Holdings,...Read More
RAPAPORT... Christie's garnered $338,781 from an online charity auction of Anna Hu jewels that will help support the families of health-care workers who lost their lives fighting Covid-19.The sale, which benefited Alrosa's new social-responsibility initiative, Diamonds That Care, featured three pieces by the designer. The Russian miner contributed 500 white and fancy-colored, brown-toned poli...Read More
RAPAPORT... Twelve jewelry designers have received the Manufacturing Jewelers & Suppliers of America (MJSA) Vision Award, which this year includes a new category for colored-stone distinction.The prizes honor outstanding creativity, craftsmanship and technological prowess, as well as originality and functionality. MJSA awards them to both professionals and students, the trade organization...Read More
RAPAPORT... The Natural Color Diamond Association (NCDIA) plans to build a "United Nations" of ambassadors to promote the qualities of natural-color diamonds in their respective countries."Most organizations like ours are searching for ways to move forward after the impact of the world economies shutting down due to the pandemic," NCDIA president Alan Bronstein said Tuesday. "Like other leadi...Read More
(IDEX Online) - Rough sales fell by 80 per cent during Q2 at Lucapa's Lulo Mine, in Angola, as the COVID-19 pandemic continued.Price per carat was down by 67 per cent, said the Australia-based miner in its quarterly report. Lucapa has now resumed drilling at five prospective pipes and two other priority alluvial targets at Lulo (pictured) in the Canguige catchment after an enforced shutd...Read More
RAPAPORT... Sales in Chow Tai Fook's Hong Kong stores dropped sharply in the first fiscal quarter amid a decrease in tourism and weak consumer sentiment due to the coronavirus pandemic.Retail sales slid 69% in Hong Kong and Macau in the three months ending June 30, while same-store sales - at branches open for at least a year - plunged 76%, the jeweler reported Tuesday. That drop heavily outw...Read More
RAPAPORT... A New York-based designer plans to establish a trade organization to help jewelers from the black, indigenous and people of color (BIPOC) community progress in the industry."We will begin with a focus on education through outreach to high-school students," Angely Martinez told Rapaport News Tuesday. "We will then implement programs such as funding and mentorship for emerging talen...Read More
RAPAPORT... Twelve jewelry designers have received the Manufacturing Jewelers & Suppliers of America (MJSA) Vision Award, which this year includes a new category for colored-stone distinction.The prizes honor outstanding creativity, craftsmanship and technological prowess, as well as originality and functionality. MJSA awards them to both professionals and students, the trade organization...Read More
RAPAPORT... Israeli finance company Peninsula has agreed to buy Union Bank's diamond business, pledging to continue offering loans amid a shortage of credit in the domestic industry.Peninsula will pay between 55% and 70% of the loan portfolio's value and will take over Union Bank's premises inside the Israel Diamond Exchange (IDE) in Ramat Gan. The final price will depend on the loans' total...Read More
RAPAPORT... Mountain Province has obtained a waiver for its revolving-loan agreement as it struggles with challenges in the diamond market amid the coronavirus pandemic.The Bank of Nova Scotia and Nedbank, which hold the loan, have agreed to exempt the Canadian miner from complying with the terms of the credit agreement, including maintaining a minimum cash balance, Mountain Province said Tue...Read More
RAPAPORT... A Colombian emerald and diamond ring was the top seller at Phillips in Hong Kong, leading the $6.1 million auction.The piece, which features a step-cut, 21.52-carat emerald flanked by two half-moon diamonds, fetched $1.2 million against a presale estimate of $960,000 to $1.2 million at last week's Hong Kong Jewels and Jadeite sale. The total achieved is a 54% increase over the sam...Read More
RAPAPORT... Mountain Province has obtained a waiver for its revolving-loan agreement as it struggles with challenges in the diamond market amid the coronavirus pandemic.The Bank of Nova Scotia and Nedbank, which hold the loan, have agreed to exempt the Canadian miner from complying with the terms of the credit agreement, including maintaining a minimum cash balance, Mountain Province said Tue...Read More
(IDEX Online) - Migrant diamond workers are deserting Surat, India's cutting and polishing capital as COVID-19 cases spike and factories remain closed.They're returning in their thousands to villages elsewhere in Gujurat, with local media estimating that only 20 per cent of the diamond workforce remains in the city.Surat's once-thriving diamond industry was locked down on 1 July aft...Read More
(IDEX Online) - India is allowing companies more time to have diamonds graded and certified abroad without having to pay duty, in response to coronavirus.Polished diamonds are routinely sent to labs overseas, but have been subjected to delays because of the COVID-19 pandemic. They are normally subject to duty if they are out of the country for over three months.India's Central Board of...Read More
(IDEX Online) - Southstone Minerals reports further discoveries of very large and high-quality diamonds at its alluvial Oena mine, in South Africa.Output for Q3 (March to May) was severely impacted by coronavirus and an enforced five-week shutdown, down almost two thirds on the previous quarter.But the Canada-based junior miner said it had recovered 23 stones over 10 carats from the 8,800-hectare...Read More
RAPAPORT... Alrosa's supervisory board has reelected Russian Finance Minister Anton Siluanov as its chairman. He has held the position since 2015.Members of the board also reelected Aysen Nikolaev, head of the Republic of Yakutia, as first deputy chairman, and Alrosa CEO Sergey Ivanov as deputy chairman, Alrosa reported Monday. The election took place on Friday as an absentee vote amid corona...Read More