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News analysis Aug 2020
To Speak Out, or Not to Speak Out?
The killing of George Floyd at the hands of police in May and the subsequent protests split US society in a way that few other events have. While companies in all sectors have increasingly engaged in corporate activism in recent...
Retail Aug 11, 2020 Joshua Freedman
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Lucara Ends Second Quarter at a Loss
Lucara Diamond Corp. reported a loss for the second quarter amid weaker demand and a planned halt on regular tenders of large stones from its Karowe mine.The company recorded a net loss of $13.9 million for...
Mining Aug 11, 2020 Rapaport News
Forevermark diamond ring
Diamonds High on Holiday Gift Lists
Consumers are showing strong interest in buying diamonds for their loved ones this holiday season, seeing a need to give something special following an uncertain year, according to a survey by De Beers.In the US, almost 60% of men...
Retail Aug 11, 2020 Rapaport News
Coronavirus
Coronavirus Updates: Impact on the Diamond Trade
The Covid-19 pandemic that has swept the globe has had a notable impact on the diamond industry, with new developments unfolding every day. Here, we present a one-stop, running news feed on industry events impacted...
Polished Markets Aug 11, 2020 Rapaport News
Alrosa yellow diamond 150
Alrosa Finds Russia’s Largest Colored Diamond
Alrosa has recovered a 236-carat, intense-yellow-brown diamond, the largest natural colored diamond found in Russia.The stone, which the miner recovered from its Ebelyakh deposit in Yakutia, is an estimated 120 million to 230 million years old,...
Mining Aug 10, 2020 Rapaport News
Artisanal Miners Sierra Leone
A Crucial Moment for Artisanal Miners
The question of how to tackle the hardships facing informal diamond miners is as pressing today as it was when it first arose nearly 20 years ago.It was first touted as an issue that perhaps the Kimberley Process (KP) could...
Fair Trade Aug 10, 2020 Avi Krawitz
Hong Kong skyline
Hong Kong Trading Hits New Low
Polished-diamond imports into Hong slumped in the second quarter as the Covid-19 pandemic damaged local demand. Shipments into the municipality fell 45% year on year to $2.24 billion, the weakest for any quarter since...
Polished Markets Aug 09, 2020 Rapaport News
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Retail Sales Slide at Berkshire Hathaway
Revenue from the retail division of Warren Buffett’s Berkshire Hathaway fell 16% to $3.37 billion in the second quarter, the company reported Saturday.The division, which includes jewelry chains Borsheims, Helzberg Diamonds and Ben...
Retail Aug 09, 2020 Rapaport News
Sarine 150
Sarine Turns Profit Following Cutbacks
Sarine Technologies ended the first half of 2020 in the black as deep cost cuts offset the effects of Covid-19.The supplier of diamond-polishing equipment made a profit of $1.2 million for the period, compared with a loss of $2.8...
Manufacturing Aug 09, 2020 Rapaport News
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Mountain Province in the Red as Demand Slows
Mountain Province reported a loss in the second quarter as the coronavirus pandemic closed markets and hit demand.The miner posted a net loss of CAD 26.8 million ($21.8 million) for the three months ending June...
Mining Aug 09, 2020 Rapaport News
Rapaport Logo
Rapaport Weekly Market Comment
Polished market improving due to select demand from US and China. Shortages supporting prices; 1 ct. RAPI +1.9% in July. Jewelers acclimating to new normal by emphasizing digital sales and lower in-store inventory. De Beers considering layoffs...
Polished Markets Aug 06, 2020 Rapaport News
Rapaport TradeWire August 6, 2020
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Research Aug 06, 2020 Rapaport
Rich Shatz
Estate Jewelry Proves Robust During Covid-19
The estate-jewelry sector has fared well during the Covid-19 crisis as customers have continued to show interest in designer goods, dealer Rick Shatz told the Jewelry Connoisseur Podcast.Higher-end clients — on whom the pandemic has...
Retail Aug 06, 2020 Rapaport News
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July Figures Cast Cloud over US Retail Recovery
The US retail outlook is declining after the country’s economic recovery slowed in July amid a resurgence of coronavirus cases, according to the National Retail Federation (NRF). “A lack of clarity regarding job outlook and future finances tends...
Retail Aug 06, 2020 Rapaport News
Alrosa rough sorting at Mirny.
Alrosa Nearing Inventory Deal with Govt.
Alrosa expects to finalize a sale of rough to Gokhran in the next two months, aiming to reduce its stockpiles while ensuring the diamond industry doesn’t receive a flood of goods.Gokhran — Russia’s state gem and precious-metal depository — would...
Rough Markets Aug 06, 2020 Joshua Freedman
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Mining Sell-Off Highlights Sector’s Woes
Just as the sun emerged from behind the clouds and diamond demand began to recover from a glut in the manufacturing sector, the coronavirus pandemic hit. Its rapid spread forced many miners to shut down...
Mining Aug 06, 2020 Leah Meirovich
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Hong Kong Show Runner Unveils Digital Platform
Informa Markets, the organizer of the September Hong Kong show, has launched a digital platform enabling the jewelry industry to trade and network outside the context of physical exhibitions.The company behind the annual Jewellery...
Polished Markets Aug 05, 2020 Rapaport News
July RetailRap 150
How to Market Jewelry During the Pandemic
Is it appropriate for jewelers to market during the pandemic?Yes, now is when jewelers need business the most. I think it’s the perfect time to increase marketing and market share. There are many jewelers that aren’t...
Marketing Aug 05, 2020 Leah Meirovich
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Chow Sang Sang Warns of Steep Profit Drop
Chow Sang Sang is expecting profit to plummet for the first half of the year amid store closures and a sharp decline in tourism to Hong Kong.Profit will fall between 65% and 70% year on year to an estimated...
Retail Aug 04, 2020 Rapaport News
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AGS Lab to Restart Synthetics Grading
The American Gem Society (AGS) will resume grading synthetic diamonds after an eight-year pause.The group will offer digital reports for lab-grown stones as part of its Only My Diamond (OMD) platform, an online service to help...
Polished Markets Aug 04, 2020 Rapaport News
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