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Costco
Costco Sells $220,000 Diamond Ring
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...
Retail Oct 16, 2019 Rapaport News
WFDB Presidents' Meeting Opening
WFDB Prepares Master Plan to Boost Relevance
There was a time, though not very recent, when a gathering of the World Federation of Diamond Bourses (WFDB) was graced by royalty and high-ranking politicians, recalled industry consultant Peter Meeus at the organization’s annual Presidents’...
Polished Markets Oct 07, 2019 Avi Krawitz
Diamond Trade with Loupe
Diamond Trade Cautious Ahead of Holiday Season
RAPAPORT PRESS RELEASE, October 7, 2019, Las Vegas…Diamond market sentiment was weak in September after the Hong Kong show demonstrated a slowdown in Chinese demand.Buyers from mainland China are cautious. The US-China trade war,...
Polished Markets Oct 07, 2019 Rapaport
Diamond engagement ring
UBS Predicts Drop in Diamond-Jewelry Sales
Global diamond-jewelry demand will decline 2% this year asstock-market volatility in the US is likely to affect consumer sentiment, UBSpredicted. “Demand in 2019 [to date] has been lackluster, and we expecta modest decline in global diamond-jewelry sales in [the...
Retail Oct 02, 2019 Rapaport News
HK Show
Hong Kong Fair Prioritizes Buyer Incentives
The organizers of the September Hong Kong Jewellery & Gem Fair rejected the trade’s request for a discount, executives confirmed Wednesday.The Hong Kong Jewelry Manufacturers’ Association (HKJMA) had asked Informa Markets for...
Polished Markets Sep 18, 2019 Joshua Freedman
Hong Kong Show
Sentiment Cautious as Hong Kong Show Starts
Expectations were low among diamantaires as the September Hong Kong Jewellery & Gem Fair opened Monday, with local unrest dampening prospects for attendance.Many companies have skipped the show for safety reasons,...
Mining Sep 16, 2019 Joshua Freedman
John McCullough
James Avery Picks Non-Family Member as CEO
James Avery Artisan Jewelry has named John McCullough as CEO— the first non-family member to lead the Texas-based retailer. McCullough, who was previously chief operating officer (COO),succeeds Chris Avery, who has been...
Mining Sep 10, 2019 Rapaport News
Shanghai
Signet Scaling Back China Buying
Signet Jewelers plans to reduce its purchasing of Chinesegoods by about 50%, aiming to minimize the impact of US tariffs on thebusiness. “We have been successful in working with our vendors to movea significant amount of our China exposure to other...
Retail Sep 09, 2019 Rapaport News
Jewelry Vendors
Trade Bodies Relaunch Cost of Business Survey
Jewelers of America (JA) has partnered with the Jewelers Board of Trade (JBT) to launch the Retail Jewelers Benchmarking Study, replacing the JA’s Cost of Doing Business Survey last published in 2015. The resulting report...
Retail Sep 05, 2019 Rapaport News
Jim Duffy
Tracr Aiming to Be More Than a Blockchain
As a tech guy, Jim Duffy spends much of his time on the road explaining technical terms in a way laymen can understand. He has his work cut out for him as CEO of Tracr, De Beers’ blockchain project — especially...
Polished Markets Sep 04, 2019 Avi Krawitz
Shanghai Skyline
China Slowdown Weighing on Diamond Prices
RAPAPORT PRESS RELEASE, September 3, 2019, Las Vegas … Diamond markets were quiet in August, with dealers taking their summer vacations amid uncertainty about the important Hong Kong Jewellery & Gem Fair. Demand...
Polished Markets Sep 03, 2019 Rapaport
Podcast
Podcast: Oversupply, Tariffs and Silver Linings
As trade members return from their summer vacations, the Rapaport editorial team outlines the industry’s prospects for the rest of the year. It’s volatile out there with all the talk of recession, rumblings...
Polished Markets Aug 22, 2019 Rapaport News
IIJS
Trade War Sparks Opportunity for Indian Jewelers
India’s diamond and jewelry trade is hoping to take market share from Chinese suppliers after the US government announced a hike on import duties from China. There’s a changing world order and India is well placed to capitalize...
Retail Aug 13, 2019 Avi Krawitz
Imports
How Trump’s Tariffs Could Affect the Trade
Long before the threat of tariffs on Chinese goods loomed large,brick-and-mortar retailers in the US were facing challenges. So far this year,US retailers have announced plans to shut down over 7,000 stores after almost6,000 closed in 2018,...
Financial-Legal Aug 11, 2019 Lara Ewen
HSBC
HSBC to Pay $330M in Antwerp Fraud Settlement
A Swiss unit of HSBC has agreed to pay a record EUR 294.4 million ($330 million) to settle fraud claims against its Belgian business, which mainly served members of the Antwerp diamond trade.In 2014, a Belgian judge...
Financial-Legal Aug 07, 2019 Joshua Freedman
Diamonds at Tenders
Let’s Set Our Sights on the Auctions
De Beers’ first-half earnings highlighted the many challenges facing the diamond trade. But beyond the sharp declines the mining company suffered, CEO Bruce Cleaver and chief financial officer Nimesh Patel were...
Rough Markets Aug 07, 2019 Avi Krawitz
De Beers
Diamond Trading Quiet Amid Tight Profits
RAPAPORT PRESS RELEASE, August 6, 2019, Las Vegas … Diamond-market sentiment was weak in July due to tight profits and liquidity. The pressures facing cutters and dealers resulted from high rough supply at inflated prices...
Polished Markets Aug 06, 2019 Rapaport
Shanghai
Israel, Shanghai Bourses Strengthen Cooperation
Members of the Israel and Shanghai diamond exchanges are set to sign a cooperation agreement during the inaugural Israel Diamond Week that opens in the Chinese city on Tuesday.The three-day event marks the first time...
Polished Markets Jul 15, 2019 Rapaport News
Jewelry manufacturing
Manufacturer LDC Acquires Metal-Casting Company
LDC, a jewelry manufacturer based in East Providence, RhodeIsland, has acquired precious-metals caster First Casting Company. First Casting was founded by Jerry Traficante and his wife,Susan, in 1980, with the couple continuing to run the...
Manufacturing Jul 10, 2019 Rapaport News
IIDGR
Will Gemologists Survive Automation?
Amid the tech boom that is shaping the diamond industry, a growing number of companies are challenging the grading laboratories, arguing that assessing the 4Cs should not be a subjective science.“Five to 10 years from now, diamond...
Technology Jul 10, 2019 Avi Krawitz
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