Diamond stocks Articles

Rhodes Statue will Remain, says Oxford University

May 24, 21 / John Jeffay

(IDEX Online) - A controversial statue of Cecil Rhodes will remain, despite a prolonged campaign, says the governing body of the college he attended at Oxford University. It said it favored removing the monument (pictured), but had concluded such a move would be too difficult in terms of heritage and planning consent, and too expensive. The decision effectively overturns an earlier commitment...Read More

Lab's Warning About Synthetic Rubies

May 24, 21 / John Jeffay

(IDEX Online) - A lab has issued a warning about synthetic rubies after a necklace of 50 sizeable and high quality gems was submitted for analysis.GGTL Laboratories Liechtenstein says the client believed they were genuine and asked them to identify treatments and country of origin. Suspicions were aroused because "none of the inclusion scenarios gave away any possible country of origin, somet...Read More

Dubai to Provide Financing for Diamond Dealers

May 24, 21 / John Jeffay

(IDEX Online - The Dubai Diamond Exchange (DDE) could set up its own bank to provide financing for dealers.The move is designed to attract more business to a hub that opened in 2002 and last year saw $25bn of rough diamond transactions. Ahmed Bin Sulayem (pictured), executive chairman and CEO of Dubai Multi-Commodities Centre (DMCC) where the exchange is located, said he recognized the need f...Read More

Bain: Luxury to Rebound Earlier Than Expected

May 23, 2021 / Rapaport News

RAPAPORT... Global luxury sales could return to pre-pandemic levels this year, boosted by a strong recovery in China and an unexpected early rebound in the US, according to Bain & Company.In the first quarter of 2021, revenue from luxury products grew up to 1% compared to the same period in 2019, the US management consultancy group said in its Luxury Study 2021 Spring Update. The increase came...Read More

12ct. Diamond Crushes Estimate at Skinner Sale

May 23, 2021 / Rapaport News

RAPAPORT... A 12.20-carat, marquise-cut diamond was the top seller at a recent Skinner Auctioneers sale, more than tripling its high estimate.The unmounted, G-color, SI1-clarity diamond fetched $472,000, well above its $150,000 valuation, at the May 18 sale, Skinner said Saturday. The stone came from the descendants of Irene Langhorne Gibson, who is thought to have modeled for her husband, Charles...Read More

Jewelry Sales Support Richemont in Tough Year

May 23, 2021 / Rapaport News

RAPAPORT... Jewelry sales at Richemont grew 3% for the full fiscal year as double-digit increases in Asia Pacific, the Middle East and Africa outweighed a lackluster performance in other regions.Proceeds from the category rose to EUR 7.46 billion ($9.08 billion) for the 12 months ending March 31, Richemont said last week. The increase was driven by solid sales of the company's Cartier, Van Cleef &...Read More

Shairu Becomes India's 'First Carbon-Neutral Cutter'

May 23, 2021 / Rapaport News

RAPAPORT... Shairu Gems Diamonds claims to have become India's first natural-diamond manufacturer to achieve carbon-neutral status, using offsets to cancel out emissions.The company worked with consultants Natural Capital Partners to calculate its carbon footprint across its own global operations, as well as emissions resulting from third-party transporters and distributors, business travel a...Read More

US Watches and Jewelry: First Official Figures Show Recovery in Specialty Sales

May 23, 21 / IDEX Online

(IDEX Online) - Specialty jewelers have been recovering well after the devastating early months of the pandemic, according to the first figures release by the US Department of Commerce for well over a year.  It's the first time we've seen official figures since January 2020. They show sales in the April 2020 crash fell by 78.5 per cent - slightly worse than the 75 per cent estimate...Read More

Trader Accused of Buying $750,000 of Diamonds for Mafia

May 23, 21 / John Jeffay

(IDEX Online) - A gem trader is accused of knowingly buying $750,000 of diamonds to help the mafia launder proceeds of a $35m tax fraud.The Swiss citizen, identified only as C, cannot be named because of local reporting restrictions.He's alleged to have bought the diamonds in Israel for three Italian accomplices involved in organized crime who were jailed in 2011 for a VAT scam, according to...Read More

Rapaport Weekly Market Comment

May 20, 2021 / Rapaport News

Diamond market seasonally slow. US and China retail recovery driving demand. Multi-channel offerings stimulating growth as consumers return to stores. Polished inventory declining due to India supply constraints. Shortages supporting prices. Rough market stable after smaller De Beers May sight valued at $380M. Alrosa 1Q revenue +44% to $1.2B, profit up nearly eightfold to $326M. Hong Kong 1Q polis...Read More

Lab Spots Synthetic Ruby Necklace Sold as Natural

May 20, 2021 / Rapaport News

RAPAPORT... GGTL Laboratories has identified a necklace containing 50 large synthetic rubies, which a client submitted after being told the stones were natural.The buyer sent the piece to the Liechtenstein-based lab with a request to identify the country of origin, as well as any treatments to the stones, GGTL said last week.The rubies appeared to be of high quality, with a deep, saturated color,...Read More

Macy's Says Jewelry Attracting Younger Customers

May 20, 2021 / Rapaport News

RAPAPORT... Jewelry was one of the top-selling categories at Macy's during the first fiscal quarter amid an influx of new, younger customers seeking luxury products."We had very strong results with new customers," Macy's CEO Jeff Gennette said Wednesday in an earnings call transcribed by Seeking Alpha. "Fragrances, women's shoes, big ticket, fine jewelry [and] men's clothing are all kind of on-ram...Read More

8ct. Diamond Ring Beats Estimate at Bonhams

May 20, 2021 / Rapaport News

RAPAPORT... An 8.21-carat diamond ring was the top seller at the Bonhams New York Jewels sale, garnering $500,313, nearly double its high estimate.The piece, set with an oval-shaped modified brilliant-cut, D-color, VS1-clarity diamond, was designed in 1910. It was the star of the May 19 auction, which brought in a total of $3.7 million, Bonhams said Wednesday."[The ring] was the final lot in today...Read More

Natural Diamond Council Seals China Partnership

May 20, 2021 / Rapaport News

RAPAPORT... The Natural Diamond Council (NDC) has teamed up with Chow Tai Fook to promote mined stones in China, marking the trade organization's first collaboration with a retailer."Chow Tai Fook is a leading enterprise in China's jewelry industry, with massive influence," David Kellie, CEO of the NDC, said Thursday. "By joining hands with Chow Tai Fook in the China market, we hope to ignite...Read More

India's Diamond Exports Hold Firm, Despite Covid Spike

May 20, 21 / John Jeffay

(IDEX Online) - India's overall exports of polished diamonds totaled $2.25bn in April, up slightly on $2.16bn in March, according to new figures from the Gems and Jewellery Export Promotion Council (GJEPC).The industry appeared to hold firm despite the devastating surge in Covid infections and deaths throughout the month.The seven-day average number of daily deaths was 350 at the start of Apr...Read More

Chow Tai Fook and NDC to Promote Mined Diamonds in China

May 20, 21 / John Jeffay

(IDEX Online) - Chow Tai Fook and the Natural Diamond Council (NDC) are to work together to promote mined diamonds in China.It's the first time the NDC has announced a partnership with a retailer. It describes it as "a multi-year partnership (that) provides for a significant investment in marketing, advertising, visual merchandising and sales professional education."Chow Tai Fook, based in Ho...Read More

Thieves Smash Wall and Drill Safe in $200,000 Raid

May 20, 21 / Staff reporter

(IDEX Online) - Thieves smashed their way into a jeweler's store from an adjoining bakery, drilled into the safe and made off with a $200,000 haul.Staff arrived on Monday morning to find a gaping hole in the wall at Torquay Jewellers, in Torquay, a seaside resort in south-west England. Nothing appeared to have been taken in the weekend raid, until they realized the triple-skinned safe, c...Read More

RJC Joins United Nations Sustainability Platform

May 19, 2021 / Rapaport News

RAPAPORT... The Responsible Jewellery Council (RJC) has joined a United Nations forum that aims to accelerate the implementation of the 17 sustainable development goals (SDGs).As a member of the United Nations Global Compact (UNGC) SDG Ambition Platform, the RJC will help its 1,400 member companies step up their sustainability efforts and set targets to meet specific benchmarks, it said last week....Read More

Plumb Club Expands Member Roster

May 19, 2021 / Rapaport News

RAPAPORT... The Plumb Club has signed up Evolution Diamond and Cynergy Trading Corp. as its newest members, the industry organization said this week.Evolution is a lab-grown diamond manufacturer specializing in bridal, fashion and men's jewelry, The Plumb Club said Monday. Cynergy is the North American arm of India-based diamond-jewelry manufacturer Creations Jewellery."Both companies will be grea...Read More

Alrosa's Q1 Profits up as Demand Recovers

May 19, 21 / John Jeffay

(IDEX Online) - Alrosa reported a Q1 increase in net profits to $326m, up 13 per cent on Q4 2020.That's despite an eight per cent drop in quarter-on-quarter revenue (to $1.23bn) and a nine per cent drop in sales volume to 15.5m carats (gem quality and industrial).Its year-on-year performance hugely exceeded that of 2020, when the global pandemic brough the industry to a virtual halt. Net prof...Read More