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February 12 2020

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Gemfields
Gemfields Halts Mining and Sales
Gemfields has closed the majority of its business amid the coronavirus pandemic, and is unsure when it will hold its next tender.“The turmoil stemming from COVID-19 [will have] a significant impact on [our] operations, revenues...
Mining Mar 31, 2020 Rapaport News
Diamcor
Diamcor Pauses Operations, Cancels Tenders
Diamcor Mining has shut its South African mine amid the government-imposed 21-day lockdown to stem the spread of COVID-19.The company has put the Krone-Endora at Venetia deposit on care and maintenance until April 16,...
Mining Mar 31, 2020 Rapaport News
Hong Kong retail coronavirus
Hong Kong Retail Sales Plummet 79% in February
Sales of jewelry and other hard-luxury items in Hong Kong slumped to an all-time low in February due to the coronavirus, according to government data.Revenues from jewelry, watches, clocks and other valuable gifts dropped 79% year on year...
Retail Mar 31, 2020 Rapaport News
Signet
Signet Settles Shareholder Suit for $240M
Signet Jewelers has agreed to a $240 million settlement relating to a lawsuit filed by shareholders. The suit claims the company misled investors regarding allegations of sexual discrimination against its executives and the health of its credit...
Retail Mar 31, 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 Mar 30, 2020 Rapaport News
De Beers Orapa mine
Market Slump Prompts Botswana Downgrade
S&P Global Ratings has lowered Botswana’s credit rating, citing weaker diamond revenues because of the current global recession.The credit agency downgraded the country’s long-term sovereign credit rating to “BBB+” from “A-,” indicating...
Mining Mar 30, 2020 Rapaport News
Sothebys Online
Sotheby’s Online Sale Exceeds Expectations
Sotheby’s garnered $739,375 from its Jewels Online sale, beating its high estimate of $671,600 for the auction.“In this unprecedented moment, collectors were determined to compete for beautiful jewels in Wednesday’s sale, which earned...
Polished Markets Mar 30, 2020 Rapaport News
LVMH Updat
LVMH 1Q Revenue Could Fall up to 20%
LVMH expects its revenue for the first quarter to drop as the coronavirus outbreak has led to the closure of many of its stores.“The measures taken by public authorities to combat the COVID-19 pandemic have resulted in the...
Retail Mar 30, 2020 Rapaport News
DMCC
Dubai Trading Center Unveils Aid Package
The Dubai Multi Commodities Centre (DMCC) will implement a support package for its trade members amid the coronavirus pandemic, including discounts and fee waivers.“In these uncertain times, we have a duty to share the...
Polished Markets Mar 30, 2020 Rapaport News
Namdeb employee sorting through rough diamonds.
De Beers Cancels Upcoming Sight
De Beers has called off this week’s sight in Botswana, citing restrictions resulting from measures to contain the coronavirus.Lockdowns in Botswana, South Africa and India are prohibiting sightholders from traveling and preventing the shipment...
Rough Markets Mar 30, 2020 Rapaport News
DPA Support Network
Jewelry Industry Groups Create Support Network
A number of trade groups have joined together in an effort to support small jewelry businesses amid the COVID-19 pandemic.The Jeweler Support Network, created by the American Gem Society (AGS) and the Diamond Producers Association (DPA),...
Retail Mar 30, 2020 Rapaport News
Antwerp port house
Belgian Banks Postpone Loan Repayments
Belgium has introduced emergency financial concessions to help companies survive the current downturn, offering businesses extra time to repay loans and meet tax obligations.The government and banks have agreed to postpone repayments of existing...
Financial-Legal Mar 30, 2020 Rapaport News
Petra Cullinan mine plant
Rough Prices Slide 24% at Petra Tender
Rough prices slumped at Petra Diamonds’ March tenders in South Africa and Antwerp as the severe slowdown in the market virtually wiped out demand.Goods from Petra’s South Africa mines sold for 24% less than...
Mining Mar 29, 2020 Rapaport News
GJEPC
GJEPC Donates $6.7M in Coronavirus Aid
The Gem & Jewellery Export Promotion Council (GJEPC) will contribute a sum from its own reserves to help combat the COVID-19 pandemic.The trade group plans to donate INR 500 million ($6.7 million) to aid...
Polished Markets Mar 29, 2020 Rapaport News
Venetia mine
De Beers Cuts Venetia Workforce During Lockdown
De Beers will reduce its worker head count at its sole diamond mine in South Africa by around 75% in response to the country’s measures to curb the spread of the coronavirus, parent company Anglo American said Friday.The...
Mining Mar 29, 2020 Rapaport News
Chow Sang Sang
COVID-19 Has ‘Alarming’ Impact on Chow Sang Sang
COVID-19 heavily affected sales at Hong Kong-based jeweler Chow Sang Sang in the first two months of 2020, as a lockdown in China forced it to shut most of its stores in the country.“The first three weeks into 2020 [were]...
Retail Mar 29, 2020 Rapaport News
Pandora
Pandora Hires Ex-H&M Exec to Help Revamp
Pandora has hired Martino Pessina as chief commercial officer as part of its efforts to restructure the company and implement a turnaround.In the newly created role, Pessina will lead the Danish retailer’s 10 new regional groups,...
Retail Mar 29, 2020 Rapaport News
Rapaport TradeWire March 26, 2020
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Research Mar 26, 2020 Rapaport
Rapaport Logo
Rapaport Weekly Market Comment
Coronavirus brings unprecedented disruption to diamond industry as US retail, India manufacturing and South Africa mining shut down. $2 trillion stimulus will inject liquidity into US economy and relieve stress among small businesses. Signet Jewelers...
Polished Markets Mar 26, 2020 Rapaport News
India Diamond Week Launches 150
India: Trading Collapses Amid Virus Shutdown
Trading collapsed due to coronavirus shutdown in all key retail markets. Rising concerns about spread of COVID-19 within India. Surat polishing industry closed as the country enforces nationwide 21-day lockdown. Bharat Diamond Bourse in Mumbai...
Research Mar 26, 2020 Rapaport News
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