(IDEX Online) - Gem Diamonds has announced that its revenue for Q4 2019 increased 41% to $51.3 million (Q3 2019: $36.3 million)The volume of diamonds sold increased 17 percent to 29,945 (Q3 2019: 25,631) while the average per-carat price increased by 21 percent to $1,713 per carat (Q3 2019: $1,417 per carat). That figure improved to $1,753 per carat for the first tender of 2020.During Q4 2019, Gem...Read More
RAPAPORT...The International Diamond Week in Israel (IDWI) closed Wednesday with participants noting steady trading among local dealers in the absence of Chinese buyers.Delegations from China and Hong Kong were scheduled to attend the three-day event, but canceled due to travel restrictions initiated during the coronavirus outbreak. Approximately 300 overseas buyers attended, organizers reported,...Read More
(IDEX Online) - As part of International Diamond Week Israel, a panel of experts discussed traceability and provenance in the supply chain to manufacturing and retail. The panel was moderated by Avi Krawitz, analyst and senior editor at Rapaport. Joining the discussion were Ernie Blom, president of the WFDB; Ofir Gur, head of Diamonds and Jewelry Administration at Israel's Ministry of Ec...Read More
London-listed Gem Diamonds says following pressure on prices for larger high-quality diamonds last year, signs of improvement have been noted since December.Diamond prices for smaller commercial-type diamonds also remained under pressure for most of last year, with polished inventory levels remaining high for the company, but Gem on Thursday noted that the prices of these goods had also improved i...Read More
RAPAPORT... Auction house Bonhams has postponed its upcoming Jewels and Jadeite sale amid an escalation in the coronavirus epidemic.The event, which had been due to take place in Hong Kong on March 12, will be rescheduled to a later date, a Bonhams spokesperson said Wednesday in an email to Rapaport News. It comes as the number of confirmed cases of coronavirus tops 60,000 worldwide, resultin...Read More
RAPAPORT... A panel discussion at the International Diamond Week in Israel highlighted challenges and benefits of source-verification initiatives in the diamond market. The discussion, moderated by Rapaport Senior Analyst Avi Krawitz, explored how various businesses across the supply chain approach the traceability issue. Panelists included David Block, CEO of Sarine Technologies; Ernie Blom,...Read More
Sluggish market in absence of China and Hong Kong-based buyers. Demand down but suppliers maintaining steady prices for now. Manufacturers concerned polished prices will soften as coronavirus's impact on business spreads. Inventory levels rising again due to China slowdown and strong rough buying in Dec.-Jan. Purchase of commercial-quality rough cautious at start of Alrosa Alliance sale. RoundRead More
RAPAPORT... Italian luxury brand Bulgari has confirmed it will not be participating in the 2020 edition of Baselworld, a little over a week after Gucci announced it was exiting this year's show.The reasons behind Bulgari's departure were not specified in a statement Baselworld released Tuesday. However, the LVMH-owned brand "remains open" to a return next year, it noted. "We will take our dec...Read More
Dealers and manufacturers cautious, with deep concerns about impact coronavirus will have on the market. Slump in Chinese demand as retail shuts down during peak season, leaving jewelers with high inventory. Chow Tai Fook suspends 40 Hong Kong-Macau stores and 80% of China locations. Liquidity tight as Far East customers delay payments. India's GJEPC appeals to banks and government for more time o...Read More
RAPAPORT... Bonhams has named executive chairman Bruno Vinciguerra as its new CEO, replacing Matthew Girling, the auction house said Monday.Girling is leaving the company after 23 years. He joined its management team in 1999 and was appointed global CEO in 2015.While Girling was at the helm, Bonhams successfully extended its international reach, opening a salesroom in Hong Kong in addition to its...Read More
RAPAPORT... Kering, the owner of high-fashion houses Gucci and Yves Saint Laurent, reported robust sales in its jewelry and watch divisions in 2019, led by a strong performance in the Asia-Pacific region."Performance was solid double-digit in jewelry [at] Boucheron, Pomellato and Qeelin," said Kering CEO Fran??ois-Henri Pinault in an earnings call transcribed by Seeking Alpha. "Pomellato bene...Read More
Russian diamond miner Alrosa is gearing up the launch the ‘perfect shift’ project, aimed at improving performance and reducing downtime of the mining fleet at its Aikhal division.The company explains that its Aikhal division has started to look into organisational changes required for the mine’s efficiency improvement initiatives back in late 2019. To adapt the ‘perfect shi...Read More
(IDEX Online) - Wuhan-based Kingold Jewelry, Inc., one of China's leading manufacturers and designers of 24-karat gold jewelry, ornaments and investment-oriented products, has said that it expects the current situation in China will have a "material impact" on its operations in the first quarter of 2020.In compliance with the government health emergency rules in place, Kingold has been tempor...Read More
RAPAPORT... Auction house Bonhams has postponed its upcoming Jewels and Jadeite sale amid an escalation in the coronavirus epidemic.The event, which had been due to take place in Hong Kong on March 12, will be rescheduled to a later date, a Bonhams spokesperson said Wednesday in an email to Rapaport News. It comes as the number of confirmed cases of coronavirus tops 60,000 worldwide, resultin...Read More
RAPAPORT... Italian luxury brand Bulgari has confirmed it will not be participating in the 2020 edition of Baselworld, a little over a week after Gucci announced it was exiting this year's show.The reasons behind Bulgari's departure were not specified in a statement Baselworld released Tuesday. However, the LVMH-owned brand "remains open" to a return next year, it noted. "We will take our dec...Read More
RAPAPORT... Italian jewelry brand Pomellato has embarked on a three-month partnership with Paris-based Vestiaire Collective, enabling it to reward customers for selling their pre-owned pieces on the luxury resale platform.For every Pomellato piece re-sold through the site by May 11, customers will receive a voucher for 10% off Pomellato's new collection. This can be redeemed on its websi...Read More
RAPAPORT... India's diamond industry has asked banks and the government for help with its credit difficulties, as the coronavirus crisis has left clients in China and Hong Kong unable to pay bills.The Gem and Jewellery Export Promotion Council (GJEPC) wrote to 30 lenders and the commerce and finance ministries Tuesday, requesting more time to pay back loans and finalize other costs connected...Read More
RAPAPORT... US imports of polished diamonds slid 16% to $19.46 billion last year, reaching their lowest level since 2010. Shipments fell by value and volume, while the average price also declined. December was a relatively weak month, with imports falling at a steeper rate than for the full year. US Trade Data for December 2019Read More
Martin Rapaport outlined his view of the diamond industry Monday on the opening day of International Diamond Week in Israel. The Rapaport Group chairman presented data showing a decline in the diamond market during 2019, and examined how it had impacted business throughout the distribution chain - miners, manufacturers, dealers, retailers and consumers. He concluded with a number of guidelines on...Read More
PERTH (miningweekly.com) – Diamond miner Lucapa has generated a further A$8.2-million from the run-of-mine diamond sales from its Lulo and Mothae mines.The ASX-listed company told shareholders that a total of 1 548 ct of diamonds from the Lulo operation, in Angola, was sold for gross proceeds of A$5-million, representing an average price of A$3 251/ct.AdvertisementA further 6 306 ct of Motha...Read More