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Gucci credit Shutterstock
China Showing Positive Signs, Says Kering
Kering, the owner of Gucci, Saint Laurent and Boucheron, said demand in China was starting to recover, even as the effects of the coronavirus intensified in other locations.“The group is observing encouraging signs in mainland China, where the...
Retail Mar 22, 2020 Rapaport News
India GST
Indian Exporters Get Reprieve from Banks
Indian banks have agreed to offer special concessions to diamond exporters to help them deal with late payments resulting from the coronavirus outbreak.Companies will have extra months to repay loans they take to fund overseas...
Financial-Legal Mar 19, 2020 Rapaport News
De Beers Botswana
De Beers Sight Still On Despite Travel Ban
De Beers’ upcoming sight in Botswana will still take place despite the country’s ban on arrivals from the US, China, India and Belgium, the miner has confirmed.“While this is an extraordinary situation and COVID-19 has...
Rough Markets Mar 18, 2020 Joshua Freedman
Rough and polished diamonds at International Diamo
Israel Eases Trading Rules After Exports Plummet
Israel’s diamond regulator has granted temporary concessions to promote shipments to and from countries affected by the coronavirus, after exports slumped in February.Dealers can now spend 90 days inspecting polished goods from certain virus-hit countries...
Polished Markets Mar 12, 2020 Rapaport News
Chow Tai Fook Hong Kong store
Coronavirus Pummels Chow Tai Fook’s Sales
Sales at Chow Tai Fook dropped 60% in Hong Kong and Macau and 42%in mainland China in the first two months of the year as stores shut for muchof the period.“In response to the measures of local...
Retail Mar 11, 2020 Rapaport News
Rough diamond in loupe
De Beers Sales Fall as Virus Impacts Sentiment
De Beers’ rough-diamond sales declined 28% year on year to $355 million in February as the coronavirus hit demand.Many sightholders took up the miner’s offer to delay buying goods destined for China, sources in the rough market told...
Rough Markets Mar 04, 2020 Joshua Freedman
JCK Las Vegas 2019
JCK Las Vegas to Go Ahead
The JCK Las Vegas and Luxury shows will take place as planned, their organizer has confirmed, allaying fears the coronavirus would jeopardize the events.“At this time of global concern, Reed Exhibitions and...
Polished Markets Mar 04, 2020 Rapaport News
Press Release
Polished Prices Slide Amid Coronavirus Fears
RAPAPORT PRESS RELEASE, March 3, 2020, Las Vegas… Diamond trading declined sharply in February due to economic uncertainty surrounding the coronavirus. Manufacturers and dealers are facing a severe liquidity crunch as sales to China and Hong...
Polished Markets Mar 03, 2020 Rapaport
De Beers sightholder examining rough
De Beers Lets Sightholders Defer Chinese Goods
De Beers has allowed clients to forgo buying certain rough diamonds at this week’s sight, as the coronavirus outbreak has raised concerns about a polished glut.The miner has let sightholders defer purchases of goods that produce...
Rough Markets Feb 26, 2020 Joshua Freedman
China customs officials
China’s Diamond Trade Weighs Virus Effect
Chinese retail is almost dead, the country’s bourses are quiet, and even importing rough goods has been fraught with obstacles. Diamond dealers expect a release of pent-up demand when the coronavirus goes away,...
Polished Markets Feb 25, 2020 Joshua Freedman
De Beers rough and polished
De Beers Optimistic After 2019 Earnings Slump
De Beers gave a positive outlook for 2020 due to an improvement in the industry’s inventory situation, despite growing concerns about Chinese demand.Early data from the holiday season indicate midstream stock levels are more balanced...
Mining Feb 20, 2020 Rapaport News
Luk Fook Hong Kong store 2016
Luk Fook to Reduce Hong Kong Presence
Luk Fook plans to scale back its Hong Kong store network and expand in mainland China and Macau, as events in the region have influenced consumer spending.The retailer expects a “single-digit” decrease in the number of rental...
Retail Jan 20, 2020 Rapaport News
Enzo
Chow Tai Fook Buys Chinese Retailer Enzo
Chow Tai Fook has acquired Enzo Jewelry, a colored-gemstone brand with around 60 retail locations in mainland China.Enzo, founded in 2004, targets “modern, sophisticated and self-confident women who demand fashionable jewelry with a highly distinctive...
Retail Jan 19, 2020 Rapaport News
Antwerp
Belgium Shipments Hit 10-Year Low
Belgium’s diamond trade declined in 2019 as excess supply led to slower demand for rough and polished, the Antwerp World Diamond Centre said Wednesday.Polished exports fell 13% to $9.93 billion, their lowest level since...
Polished Markets Jan 16, 2020 Rapaport News
HK protest
Chow Tai Fook to Shut Stores in Hong Kong
Chow Tai Fook intends to close up to 15 stores in Hong Kong as street protests and a tourism slowdown have hit sales.Leases on more than 40 of the jeweler’s 91 retail locations in the municipality are due to expire during the fiscal...
Retail Jan 14, 2020 Rapaport News
Intersection in front of Tiffany Fifth Avenue
Tiffany Holiday Revenue Rises as US Recovers
Tiffany & Co. noted a “momentum shift” in the Americas during the holidays, as growth in the region contributed to an overall increase in sales for the season.Company-wide revenue climbed by 1% to 3% year on year for the period from November...
Retail Dec 26, 2019 Rapaport News
TAG Heuer
Hong Kong Slump Disrupts Swiss Watches
Swiss watch exports fell in November as orders from HongKong continued to slow. Shipments to all countries declined 3.5% to CHF 1.99 billion($2.03 billion) in November, the Federation of the Swiss Watch Industryreported last week. That mainly...
Watches Dec 22, 2019 Rapaport News
Tiffany Hong Kong store
Tiffany Sales Stall as Tourist Spending Dries Up
Sales at Tiffany & Co. were flat at $1.01 billion in thethird fiscal quarter as increases in mainland China compensated for weakspending in the US and Hong Kong. Revenue declined 4% to $422.5 million in the Americas region assales to tourists...
Retail Dec 05, 2019 Rapaport News
Singles Day
Alibaba Sees Record Singles’ Day Sales
Singles’ Day has continued to grow as a major onlineshopping occasion in China, with Alibaba Group reporting record sales through itse-commerce sites. The total value of transactions on the Chinese retailgiant’s platforms rose 26% to CNY 268.4...
Retail Nov 12, 2019 Rapaport News
NRF September
US Consumer Spending Dips
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...
Retail Oct 17, 2019 Rapaport News
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