RAPAPORT... The Women's Jewellery Network (WJN) has distributed a survey to the UK jewelry trade to gain a better understanding of gender equality in the industry."We are very conscious that there is a lack of specific and relevant data on the experience of employees within the UK jewelry trade," WJN managing director Victoria McKay said last week. "We want to provide the trade with an annual baro...Read More
RAPAPORT... Mountain Province has decided to delist itself from the Nasdaq stock exchange following six months in which its shares were below the minimum bid price.The company, which is also listed on the Toronto Stock Exchange (TSX), has been out of compliance with Nasdaq since August, when its stock dipped below $1 per share minimum for more than 30 consecutive business days. At the time, Nasdaq...Read More
Aim-listed Sylvania Platinum reached a new record interim production of 40 003 oz of platinum, palladium, rhodium and gold (4E) platinum group metals (PGMs) for the six months ended December 31, despite power disruptions and downtime during the last quarter of the interim period. The company’s production for the quarter ended December 31 was 19 206 4E PGM ounces.AdvertisementT...Read More
The World Diamond Council (WDC) is asking stakeholders to review its System of Warranties (SoW) Toolkit, following its unanimous adoption as a working draft by the WDC board of directors and members.Stakeholders have until March 31 to submit comments to WDC.AdvertisementThe SoW toolkit was designed to assist members of the diamond trade to comply with the revised WDC SoW that was approved in 2018...Read More
(IDEX Online) - The Plumb Club has appointed Michael O'Connor as marketing director. O'Connor, an industry veteran with over 35 years' experience in the industry, will be in charge of the organization's strategic marketing plan and initiatives.He has held positions as director of corporate marketing for Frederick Goldman, Inc., as well as senior vice-president for Platinum Guil...Read More
(IDEX Online) - Swiss jeweler De Grisogono has filed for bankruptcy, putting 65 jobs at risk. The Swiss luxury jeweler is caught up in an alleged money-laundering scandal involving Angola's richest woman, Isabel dos Santos, and her husband, Sindika Dokolo.Dos Santos is the daughter of Angola's former president, Jos?? (C) Eduardo dos Santos, who ruled Angola for 38 years until 2017. She i...Read More
(IDEX Online) - The Responsible Jewellery Council (RJC) has released a revised version of its Chain of Custody (CoC) standard to all members to be certified for their silver supply chain.The voluntary standard already has certification in place for gold and platinum group metals.An updated version of the CoC standard will be available to members from 30 January."Our standard offers a tool for memb...Read More
(IDEX Online) - With financing in the diamond industry increasingly tight, Russian banks could step in to inject some much needed funds into the market. Eximbank of Russia, which is part of the Russian Export Center Group, has issued its first loan to a diamond company. The loan agreement, which was underwritten by Exiar, provides for a 24-month revolving credit line in euros to Belgian compa...Read More
RAPAPORT... Industry veteran Michael O'Connor will join The Plumb Club as marketing director. He will be responsible for creating and developing new methods for shaping the future of the industry.O'Connor has worked in various positions in the industry over the past 35 years, including retail, manufacturing, design and strategic marketing, The Plumb Club said Wednesday. He was previously dire...Read More
RAPAPORT... Higher-priced luxury watches have gained popularity among consumers in the past five years, according to a report by Watches of Switzerland. Timepieces valued above GBP 10,000 ($13,073) represented 37% of the group's sales in the men's market in 2019, compared with 34% in 2014, the jeweler reported Thursday in its 2019 Luxury Timepiece Market Trends Report. Those priced between GB...Read More
Slow movement with few overseas buyers visiting during Chinese New Year. Some shortages following reduction in polished production. Manufacturing profits thin as rough prices strengthen at start of year. Cutters and traders increasingly considering lab-grown diamonds in search of better profit margins. Local jewelry market weak despite wedding season. Health scare in Asia adding to caution. Roun...Read More
Chinese coronavirus outbreak raising concerns about retail demand as businesses extend Lunar New Year shutdown. Travel restrictions likely to affect global trading, leading to possible polished oversupply following strong rough demand. De Beers Jan. sales +9% to $545M as sightholders replenish inventory after good holiday season. Petra Diamonds 1H revenue -6% to $194M but notes rough-price increas...Read More
RAPAPORT... Higher-priced luxury timepieces have gained popularity among consumers in the past five years, according to a report by Watches of Switzerland. Timepieces valued above GBP 10,000 ($13,073) represented 37% of the group's sales in the men's market in 2019, compared with 34% in 2014, the jeweler reported Thursday in its 2019 Luxury Timepiece Market Trends Report. Those priced between...Read More
(IDEX Online) - Lucapa Diamond Company Limited has signed an agreement with Safdico International, a subsidiary of Graff International, to cut and polish a portion of rough diamonds from the Lulo alluvial mine. Safdico can purchase up to 60 percent of production from Sociedade Mineira Do Lulo (SML), which Lucapa operates and in which it holds a 40-percent share.Under the terms of the agreemen...Read More
(IDEX Online) - De Beers today said it provisionally sold $545 million worth of rough diamonds at its first Sight of 2020, which ended on January 24.This compares to sales of $500 million in 2019 and is a noticeable increase over the sales totals throughout 2019. Sight 1Sight 2Sight 3Sight 4Sight 5Sight 6Sight 7Sight 8Sight 9Sight 102020$545 M (provisional)2019$500 M$496 M$581 M$416 M$391 M$2...Read More
RAPAPORT... De Beers' January rough-diamond sales reached their highest level since last April as post-holiday stock replenishment boosted demand.Proceeds of $545 million at the first sales cycle of 2020 were 9% higher than a year ago, the miner said in a statement Wednesday. Sales also rose 28% from the $426 million the company garnered in December."Demand for rough diamonds increased during...Read More
RAPAPORT... Graff-owned diamond manufacturer Safdico will cut and polish a portion of rough from the Lulo mine through a partnership with Lucapa Diamond Company.Safdico will have the rights to buy up to 60% of Lulo's annual rough production under the terms of Angola's new reform program, which went into effect last year. The new guidelines open sales to a wider range of buyers of the miner's...Read More
(IDEX Online) - De Beers Group Industry Services is collaborating with RDI Diamonds Inc., in NY to provide the diamond wholesaler's grading reports for its Rare and Forever diamonds. De Beers Group Industry Services will also offer educational activities and sales training to RDI. "We were humbled to be approached by the De Beers Group Industry Services for such an important opportunity:...Read More
RAPAPORT... Sales of jewelry and watches at LVMH increased 7% in 2019 amid a strong year for Bulgari.Revenue from the categories rose to EUR 4.41 billion ($4.85 billion), driven by Bulgari's Fiorever collection, which contributed significantly to growth following its launch at the end of 2018, LVMH said Tuesday. The brand's Serpenti Seduttori watch line was well received, while Chaumet and Hu...Read More
RAPAPORT... De Grisogono has filed for bankruptcy shortly after it was caught up in an alleged money-laundering scandal involving Isabel dos Santos, the daughter of Angola's former president, and her husband.Last week, media reports stated dos Santos's husband, Sindika Dokolo, bought a stake in the Swiss luxury jeweler together with Angolan national diamond-trading company Sodiam through a Ma...Read More