RAPAPORT... Pandora reported a loss in the first quarter following global store shutdowns amid the coronavirus outbreak.The company posted a loss of DKK 24 million ($3.5 million), compared with a profit of DKK 797 million ($115.8 million) the previous year, the Danish charm maker said Tuesday. The loss was driven by the global shutdown of all the company's stores during the period as the COVI...Read More
RAPAPORT... Sales of jewelry and other luxury items in Hong Kong plummeted to their lowest level in nearly 14 years in the first quarter as the coronavirus spread through the region, government figures show.Revenue from jewelry, watches, clocks and other valuable gifts dropped 64% year on year to HKD 8.14 billion ($1.05 billion) for the three months ending March 31, as the municipality went i...Read More
RAPAPORT PRESS RELEASE, May 5, 2020, Las Vegas... Diamond trading was restricted in April due to the coronavirus pandemic and global lockdowns. Sentiment was weak, with dealers frustrated by the inability to resume business. The industry was focused on the Far East as China and Hong Kong started to open, while the outlook for the US remained uncertain. The RapNet Diamond Index (RAPI?,,?) for 1-car...Read More
(IDEX Online) - Work has been suspended at one of Alrosa's biggest investment projects, the Zarya pipe, in Yakutia, eastern Russia.The 300-meter deep open pit, developed at a cost of $187m, went live just a year ago, in April 2019.Alrosa says Zarya will be put on care and maintenance from May 15 to December 31, 2020, as will the neighboring Aikhal underground mine, from May 15 to September 30...Read More
RAPAPORT... Sales of jewelry and other luxury items in Hong Kong plummeted to their lowest level in nearly 14 years in the first quarter as the coronavirus spread through the region, government figures show.Revenue from jewelry, watches, clocks and other valuable gifts dropped 64% year on year to HKD 8.14 billion ($1.05 billion) for the three months ending March 31, as the municipality went i...Read More
Russian diamond major Alrosa on Tuesday announced that it would temporarily suspend mining works at two operations, citing a decrease in demand and sales as major economies are struggling amid the Covid-19 pandemic. Mining will cease at the Aikhal underground mine from May 15 to September 30 and the Zarya openpit will be put on care and maintenance from May 15 to December 31.AdvertisementAlr...Read More
RAPAPORT... Sotheby's achieved $3.3 million at its online Fine Jewels auction, driven by proceeds from its sold-out collection of Graff pieces.The total beat the company's high estimate of $2.8 million for the sale, the auction house said last week. The 18 pieces of Graff jewelry brought in a combined $1.3 million, far surpassing their combined estimate of $730,000. The highest-selling lot wa...Read More
RAPAPORT... Signet Jewelers has hired Vincent Sinisi as senior vice president of investor relations, replacing Randi Abada, the company said Monday.Sinisi has over 15 years of experience as a retail analyst, most recently as executive director of equity research for Morgan Stanley. In his new role, he will be responsible for communicating Signet's strategic growth plans to the investment community...Read More
RAPAPORT... India has resumed manufacturing and exports of gems and jewelry, as the country starts to ease its restrictions following five weeks of lockdown.Eight production units in Surat, the country's diamond-cutting hub, have begun operations at the city's Special Economic Zone, the Gem & Jewellery Export Promotion Council (GJEPC) reported Thursday. Ten shipments of diamonds were expo...Read More
RAPAPORT... Antwerp's four diamond-trading halls will reopen next week as Belgium gradually relaxes its restrictions on movement and social interaction.The government permitted diamond companies to restart operations on Monday, though many employees will work from home. The country had been on lockdown since mid-March as the nation attempted to limit the spread of the coronavirus, with Antwer...Read More
Aim-listed diversified miner Vast Resources has commented on articles published in the Zimbabwean press during the last week of April, around the Chiadzwa community concession block joint venture, for which Vast is awaiting finalisation of a mining agreement.The company wishes to mine the Chiadzwa diamond fields, in Zimbabwe, through its subsidiary Katanga Mining, in joint venture with Zimbabwe Co...Read More
(IDEX Online) - The supply of rough diamonds must flow freely again when the world emerges from the coronavirus pandemic, says De Beers boss Bruce Cleaver.In an impassioned open letter, the CEO argues his company has a global, even more than a corporate, responsibility to its workers and customers not to halt production."The continuity of our (mining) operations is central to our people, the local...Read More
Diversified mining company Rio Tinto is investing $10-million in a variety of grassroots projects across Canada and the US to support local community efforts to fight Covid-19.The group’s investment is targeted at practical solutions like funding the food banks or counselling and support services that are helping frontline response workers and the communities around its operations, says...Read More
(IDEX Online) - The IDEX Polished Diamond Price Index crept up slightly, by 0.7 per cent in April, a possible indication that the market is showing the first signs of recovery. In March, prices slid 1.6 per cent as the COVID-19 pandemic began to bite. February also saw slow sales, with prices down 1.27 per cent. Throughout April the Index rose slowly but steadily day by day in a virtual strai...Read More
The World Federation of Diamond Bourses (WFDB) has launched its Young Diamantaires website at www.ydts.org.The website has been built by WFDB members for use by the members, and the federation plans on expanding its functionality.AdvertisementWFDB has worked with members of the diamond community globally over the last four years to create a platform through which members can express their views in...Read More
(IDEX Online) - Jewelry buyers can now get their purchase insured immediately in-store - and receive instant confirmation by SMS. "Jewelers no longer have to watch their customers leave their store unprotected," say insurers Zillion who have partnered with insurtech firm The Edge. Their new system sends an insurance offer via SMS text directly to the customer while they're still...Read More
(IDEX Online) - India's first consignments of polished diamonds since lockdown have been despatched, valued at over $66m. Two batches - of 12 and 17 parcels - were sent on private chartered flights from Surat to Mumbai because there are no passenger or cargo flights. From there they were exported to Hong Kong to fulfil online orders, according to Times of India reports. The country's vas...Read More
RAPAPORT... Lucapa Diamond Company will resume partial operations at its Lulo mine in Angola after the government relaxed the lockdown rules for essential sectors.From this week, the company will limit work to two shifts per day, for six days of the week, while following government health-and-safety measures, it said Friday. Operations will exceed 50% of capacity, making it easier for the company...Read More
RAPAPORT... De Beers CEO Bruce Cleaver has called on the trade to allow rough purchases, assuring manufacturers the company won't require them to buy in the weak market."We will only sell [rough] when the demand is such that it can create sustainable value for all of us," the executive wrote in a blog post Friday. "However, just as we are not compelling our clients to purchase, we strongly be...Read More
RAPAPORT... A subsidiary of Rio Tinto has voiced concern over the continuity of the Diavik mine after its joint venture partner in the project was granted protection from creditors. The insolvency order obtained in late April by Dominion Diamond Mines threatens the future of the Diavik deposit as it absolves the 40% shareholder from paying for its upkeep, according to a court filing by Diavik...Read More