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US Buoys Swiss Watch Exports
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Swiss watchexports jumped 10% to CHF 1.82 billion ($1.84 billion) in September, as orders from the UScontinued to grow.Shipments to the US rose 15% year onyear to CHF 214.8 million ($217.4 million), making it Switzerland’s largest export market...
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Retail
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Oct 23, 2019
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Rapaport News
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Jewelry Businesses Closing at Higher Rate
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The US jewelry trade contracted in the third quarter, withthe rate of downsizing gaining speed after a slowdown over the past few months,data from the Jewelers Board of Trade (JBT) revealed. In the three months ending...
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Retail
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Oct 22, 2019
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Rapaport News
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De Beers Slashes Output Amid Diamond Glut
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DeBeers’ production dropped in the third quarter as the miner responded to a declinein rough demand that has left it with an inflated stockpile of diamonds. Outputfell 14% to 7.4 million carats for the period amid planned mine...
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Mining
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Oct 22, 2019
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Rapaport News
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Alrosa Sales Down as Cutters Reduce Stock
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Alrosa’s sales fellin the third quarter amid a drop in the average price as the miner sold alarger proportion of small stones, it reported Thursday.Sales decreased 37% to $611 million for the three months ending September...
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Mining
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Oct 22, 2019
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Rapaport News
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GIA to Roll Out Gem Guide Across Africa
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The Gemological Institute ofAmerica (GIA) has committed $1.3 million to deploying its free gemology guidefor artisanal miners across multiple countries in Africa. The kit will be available to 10,000 miners over four years inMadagascar,...
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Mining
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Oct 22, 2019
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Rapaport News
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Belgium Diamond Shipments Drop
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Belgium’s diamond trade slowed in September, continuing adownward trend for the year. A 25% decline in polished exports reflected lowervolumes and a fall in the average price. Sep 2019 Year-on-year change Polished exports $873 -25%...
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Polished Markets
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Oct 22, 2019
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Rapaport News
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Rapaport Weekly Market Comment
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Markets quiet amid Jewish holidays with steady demand forRapSpec A3+ goods. Indian manufacturers delay Diwali shutdown to increasepost-festival inventory. Trading slow at Bharat Diamond Week. Liquidity lowwhile companies settle supplier bills and...
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Polished Markets
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Oct 17, 2019
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Rapaport News
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Research
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Oct 17, 2019
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Rapaport
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$14M Blue Diamond to Headline Christie’s Geneva
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A fancy-deep-blue diamond ring with a highestimate of CHF 14 million ($14.1 million) will go under the hammer at Christie’s GenevaMagnificent Jewels auction next month. The 7.03-carat stone,mounted by Moussaieff, will lead the November auction, Christie’s said...
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Polished Markets
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Oct 17, 2019
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Rapaport News
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US Consumer Spending Dips
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US retail sales stalled between Augustand September, indicating that consumer confidence may be waning in light ofthe escalating trade war. Total purchases for September —excluding automobiles, gasoline and restaurants — dipped 0.1% compared to theprevious...
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Retail
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Oct 17, 2019
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Rapaport News
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Former Zales Vice Chairman Marvin Zale Dies
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Marvin Zale, son of Zales founder Morris Zale, and former vice chairman of the jeweler, has died at 89. Born in Texas in 1930, Zale grew up in his father’s jewelrybusiness, which was established in 1924. He began his...
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Retail
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Oct 17, 2019
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Rapaport News
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Rio Tinto Output Falls Amid Lower Grades
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Lower mining grades and reduced ore availability contributedto a drop in Rio Tinto’s third-quarter diamond production, the company reportedWednesday. Output at its wholly owned Argyle mine in Australiafell 7% year on year, yielding 3.6 million carats...
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Mining
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Oct 17, 2019
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Rapaport News
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Chow Tai Fook Sales Slump
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Hong Kong-based jeweler Chow Tai Fook has reported adownward trend in sales across both mainland China and Hong Kong in the secondfiscal quarter. Same-store sales of gold products — at branches open for atleast 12 months...
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Retail
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Oct 17, 2019
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Rapaport News
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CIBJO Publishes Ethics Recommendations
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The World JewelleryConfederation (CIBJO) has produced a special report on ethics ahead of its annualcongress in Bahrain next month.“Weaving It All Together: An Ethical Status Report at the End of2019,” released on Wednesday, covers a variety of topics, ranging frominternational...
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Mining
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Oct 16, 2019
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Rapaport News
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Christie’s Hires West Coast Watch Expert
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Christie’s has appointed AntiquesRoadshow watch expert Michael Fossner to lead its west coast watchdepartment. The auctioneer has charged Fossner with leading appraisals whileguiding and growing the company in the region. He is also expected...
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Watches
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Oct 16, 2019
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Rapaport News
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Costco Sells $220,000 Diamond Ring
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Costco sold a diamond ring worth $220,000 in the fourth fiscal quarter, the membership-based warehouse retailer saidearlier this month. Executivevice president and chief financial officer Richard Galanti confirmed thesale during the company’s...
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Retail
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Oct 16, 2019
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Rapaport News
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Lucapa Tender Yields $10M
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Lucapa Diamond Company earned $10.4 million fromits latest sale of rough stones, bringing its total for the year to date to$45.9 million. The miner sold 5,469 carats from its Lulo mine inAngola...
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Mining
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Oct 16, 2019
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Rapaport News
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DEF Invests in Education on Three Continents
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The Diamond Empowerment Fund (DEF) has grantedits largest-ever award, to be shared among nine beneficiaries across three continents.The $470,000 training and education grant,released early last week, is designed to support girls’ education,entrepreneurship and youth...
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Financial-Legal
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Oct 15, 2019
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Rapaport News
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Alrosa Sales Decline at Slower Rate
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Alrosa’s sales fell 24% year on year to $258.7 million inSeptember, amid continued market weakness. However, the total was the highest in four months, and reflecteda noticeable recovery in the small-stone sector, the Russian...
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Mining
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Oct 15, 2019
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Rapaport News
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Lightbox to Debut at Bloomingdale’s, Reeds
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De Beers will partner with two major retailers topromote Lightbox, its brand of affordable lab-grown diamond jewelry. Lightbox’s $800-per-carat jewelry is set to be soldin select Bloomingdale’s stores, including in New York City and San Francisco,...
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Retail
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Oct 15, 2019
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Rapaport News
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