Diamond stocks Articles

Two Arrested After Armed Raid on Jewelry Store

July 26, 22 / John Jeffay

(IDEX Online) - Two suspects have been arrested after an armed robbery in Phoenix, Arizona, USA, that left a jewelry store worker in a critical condition with a gunshot wound.Matthew David Jones, 22, and Helen Ann Simmons, 18, were caught two days later at Huntington Beach, California, 400 miles away, following an hour-long car chase that was caught on camera.One suspect allegedly pointed a gun at...Read More

GIA to Open Dubai Lab

July 26, 22 / John Jeffay

(IDEX Online) - GIA is to open a lab in Dubai for the first time, it was announced today.It is scheduled to open in mid-2023, offering its services to over 1,150 diamond companies at the Dubai Multi Commodities Centre (DMCC).News follows an announcement in February that Dubai had overtaken Antwerp as the top trading hub globally for rough diamonds - over $22.8bn in 2021.The move "reflects Dubai�...Read More

Finestar Inaugurates Namibia Factory

Jul 25, 2022 / Avi Krawitz

RAPAPORT... Mumbai-based manufacturer Finestar Jewellery & Diamonds inaugurated its Namibia facility, part of a broader beneficiation drive in the country. The company began operating in the capital city Windhoek in April 2021 but delayed the factory's official opening so that Minister of Mines and Energy Tom Alweendo could attend.The minister urged the industry to cut and polish more Nam...Read More

Pandora Aims to Advance US Growth with NY Hub

Jul 25, 2022 / Leah Meirovich

RAPAPORT... Pandora plans to set up an office in New York that will enable it to expand and manage its US business.The Danish jeweler will open a temporary hub in Manhattan this September, followed by a permanent space in the summer of 2023, it said last week. The location will house approximately 150 corporate employees."New York is the largest commercial market in the US and one of the largest c...Read More

Sotheby's May Be Liable for $4M in Missing Diamonds

Jul 25, 2022 / Leah Meirovich

RAPAPORT... Sotheby's may have to pay a consignor $4 million after the auction house allegedly released 45 vivid-yellow diamonds to another entity.On July 14, an appellate court ruled on a claim brought against Sotheby's by M&L Financial. The ruling assumes that the facts contained in M&L's allegations are true.According to the filing, M&L claimed that Jona Rechnitz, the owner of Jadel...Read More

Heiress Offers $7m Reward for her Stolen Jewelry

July 25, 22 / John Jeffay

(IDEX Online) - Formula One heiress Tamara Ecclestone is offering a $7.2m reward for the return of jewelry stolen in Britain's highest-value house burglary.Three Italian nationals were jailed last November after they made off with valuables worth over $31m (at today's exchange rate) from her 57-room mansion in Kensington Palace, London, while she and here family were on holiday in 2019.B...Read More

Liz Taylor's Bulgari Brooch For Sale

July 25, 22 / John Jeffay

(IDEX Online) - A Bulgari sapphire and diamond brooch that belonged to Hollywood icon Liz Taylor is being sold.The British-born actress, best known for Cat on a Hot Tin Roof, Cleopatra and Who's Afraid of Virginia Woolf, died in 2011, having amassed a huge collection of jewelry from her eight husbands.The majority of her collection sold at Christie's shortly after her death, netting over...Read More

GIA Authenticates Jewelry Sold on eBay

July 25, 22 / John Jeffay

(IDEX Online) - GIA is partnering with eBay to authenticate items of fine jewelry sold on the platform.Its experts and gemologists, will verify metal type, purity, and gemstone quality for new and used items sold for over $500.GIA checks the item matches its online description, then ships it direct to the customer a unique authentication card with a QR code. The move marks an expansion of eBa...Read More

TAGS Reports Increased Sales Despite 'Fragile' Market

July 25, 22 / Staff reporter

(IDEX Online) - Trans Atlantic Gem Sales (TAGS) sold around $35m at its July rough tender in Dubai, as it reported "fragility" in the market.That's an increase on sales in June of $25m, which were up from $20m in April. TAGS said it presented around $50m of goods in a full range of sizes, and sold around 70 per cent."Overall, prices in sizes -3grs held up well, 3-6grs performed less well as d...Read More

US Jewelry Industry Shrinks as Closure Rate Grows

Jul 24, 2022 / Leah Meirovich

RAPAPORT... The number of active US jewelry companies continued to decline in the second quarter, according to the latest data from the Jewelers Board of Trade (JBT).Some 161 businesses shuttered during the three months ending June 30, compared with 143 in the same period a year earlier, the JBT said last week. In total there were 23,796 companies active in the US industry, a drop of 1.8% compared...Read More

eBay Partners with GIA to Authenticate Fine Jewelry

Jul 24, 2022 / Leah Meirovich

RAPAPORT... E-commerce giant eBay has expanded its authentication service for jewelry through a partnership with the Gemological Institute of America (GIA).The Authenticity Guarantee, which launched last week, will soon include new and pre-owned pieces from top designer brands such as Bulgari, Van Cleef & Arpels, David Yurman, Cartier, and Tiffany & Co., eBay said. Jewelry is the fift...Read More

Gemfields Ruby Mine Still Open, Despite Islamist Violence in Mozambique

July 24, 22 / John Jeffay

(IDEX Online) - Gemfields says operations at its ruby mine in Mozambique are continuing, with increased vigilance, despite an attack in the vicinity as party of an Islamic State-linked insurgency.The London-based miner operates and owns 75 per cent of Montepuez Ruby Mining (MRM), which last month reported a record $95.6m revenue from online auction of its rubies.Thousands of people have died since...Read More

Court Rules Against Sotheby's in $4m Yellow Diamond Case

July 24, 22 / John Jeffay

(IDEX Online) - Sotheby's may be responsible for the loss of 45 vivid yellow diamonds, worth $4m, a federal judge in California, USA, has ruled.A consulting and brokerage firm, M&L Financial, took the gems to Sotheby's New York (pictured) for auction on consignment in 2109.The company, based in Dallas, Texas, told Sotheby's it was the exclusive owner of the diamonds.But the auct...Read More

De Beers Increases Production Guidance Amid Robust Demand

July 24, 22 / John Jeffay

(IDEX Online) - De Beers has increased its production guidance for 2022 - from 30-33Mct to 32-34Mct - citing "robust demand and strong year-to-date operational performance".Sanctions against Alrosa, its biggest rival, have led to global shortages of rough. Last month De Beers reported $650m of rough sales at its fifth sales cycle of 2022, up over a third year-on-year. It reportedly hiked the price...Read More

Rapaport Weekly Market Comment

Jul 21, 2022 / Rapaport News

News: Diamond trade sluggish amid growing market uncertainty. Disposable income squeezed by high inflation and rising interest rates. China's economy slowing due to Covid-19 lockdowns, crackdown on private sector, real-estate crisis and social protests. Manufacturing liquidity tight; some reducing prices to boost turnover. Polished inventory rising despite decline in rough supply. De Beers raises...Read More

De Beers Raises Production Plan

Jul 21, 2022 / Rapaport News

RAPAPORT... De Beers has increased its production outlook for 2022, citing positive demand and strong performance at its mines in the first half of the year.The company expects to recover 32 million to 34 million carats across the 12 months, up from its previous guidance of 30 million to 33 million carats, parent Anglo American said Thursday.Rough-diamond sales rose 19% year on year to 9.4 mi...Read More

Sotheby's Hong Kong Auction Brings in Cool $18M

Jul 21, 2022 / Rapaport News

RAPAPORT... Sotheby's garnered $18.1 million from its most recent Hong Kong auction, with a jadeite bead and diamond necklace selling for $2.3 million.The piece by designer Jacob & Co. was the star performer at the July 19 Important Jewels sale, Sotheby's said Wednesday. The auction house did not disclose the jewel's presale estimate. Another top seller was an emerald and diamond parure by Cho...Read More

8.39-ct Burmese Ruby Ring Sells for $7.3m

July 21, 22 / John Jeffay

(IDEX Online) - A platinum Cartier ring featuring a vivid red 8.39-carat Burmese ruby sold for $7.3m at Poly Auction, Hong Kong.It was the headline lot in the Magnificent Jewels sale garnered that achieved a total of $25.1m.The ruby in the Fleur de Lotus Ring was accented with two triangular diamonds of 1.07 carats and paved with 12 baguette-cut diamonds of 0.79 carat and 156 circular-cut diamonds...Read More

Woman Pleads Guilty to Manslaughter of Jeweler

July 21, 22 / John Jeffay

(IDEX Online) - A woman has pleaded guilty to the manslaughter of a jeweler in his hotel room in New Orleans, Louisiana, USA.Megan Hall, 28, was facing a count of second-degree murder, with a sentence of up to 25 years, over the death of Patrick J. Murphy, a married 62-year-old father-of-two.Murphy had been visiting the city after attending a jewelry convention in Arizona, according to prosecutors...Read More

Surat can now use Rupees to Buy Russian Diamonds

July 21, 22 / John Jeffay

(IDEX Online) - Surat's diamond industry has welcomed an announcement by the Reserve Bank of India (RBI) that it can pay for Russian diamonds with rupees.Transactions were done in dollars through intermediary banks in the US, until Russia invaded Ukraine in February.The RBI will now allow purchases to be settled in rupees, as a method of circumventing current banking restrictions. The measure...Read More

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