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Podcast: Oversupply, Tariffs and Silver Linings
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As the trade returns from its summer vacations and starts to look toward the holiday season, the Rapaport editorial team outlines the industry’s prospects for the rest of the year. It’s volatile out...
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Polished Markets
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Aug 22, 2019
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Rapaport News
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Trade War Sparks Opportunity for Indian Jewelers
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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...
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Retail
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Aug 13, 2019
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Avi Krawitz
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How Trump’s Tariffs Could Affect the Trade
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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,...
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Financial-Legal
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Aug 11, 2019
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Lara Ewen
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HSBC to Pay $330M in Antwerp Fraud Settlement
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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...
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Financial-Legal
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Aug 07, 2019
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Joshua Freedman
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Let’s Set Our Sights on the Auctions
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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...
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Rough Markets
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Aug 07, 2019
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Avi Krawitz
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Diamond Trading Quiet Amid Tight Profits
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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...
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Polished Markets
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Aug 06, 2019
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Rapaport
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Alrosa Nets Fish-Shaped Diamond
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Alrosa’s knack for recovering unusually shaped diamonds hasscaled new heights with the discovery of a rough stone resembling a fish.“In the photo, you see a very rare specimen: a rough-diamondcrystal which pretends to be a fish,” the Russian...
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Mining
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Aug 01, 2019
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Rapaport News
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Newfield Secures Funds for Sierra Leone Mine
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Newfield Resources will start construction at the Tongo mine in Sierra Leone in the coming weeks, after its board approved final funding for the project. The first diamond production from the mine is expected...
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Mining
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Jul 30, 2019
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Rapaport News
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Dubai Upgrading Diamond-Tender Center
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The Dubai Diamond Exchange (DDE) will soon unveil its renovated center for rough and polished diamond tenders, the bourse reported Saturday. “The DDE is currently under renovation,” the exchange said. “Once...
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Polished Markets
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Jul 29, 2019
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Rapaport News
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Small-Stone Slump Hits Firestone Revenue
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Firestone Diamonds saw a decline in sales during its fiscal fourth quarter due to a drop in demand for small, lower-value diamonds that make up the bulk of its supply. The company reported sales of $12.7 million for...
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Mining
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Jul 29, 2019
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Rapaport News
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Israel, Shanghai Bourses Strengthen Cooperation
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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...
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Polished Markets
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Jul 15, 2019
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Rapaport News
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Forevermark Unveils New Bridal Campaign
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Cue the sentimental music and emotive narration, Forevermark has launched a marketing campaign for its first bridal collection. The campaign, titled “I Take You, Until Forever,” aims to depict the ups and downs...
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Retail
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Jul 11, 2019
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Rapaport News
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Will Gemologists Survive Automation?
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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...
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Technology
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Jul 10, 2019
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Avi Krawitz
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India Hikes Import Tax on Precious Metals
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India’s Gem & Jewellery Export Promotion Council (GJEPC)has expressed disappointment with the nation’s latest Union Budget, adding that failure to reduce high duties on gold and diamonds will result in furtherjob losses.The council...
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Financial-Legal
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Jul 07, 2019
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Rapaport News
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Trans Hex Reveals Plan to Go Private
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Trans Hex is considering a buyback program for minority shareholders ahead of its potential delisting from the Johannesburg Stock Exchange (JSE).The South African miner stated an intention to repurchase its issued share capital for ZAR...
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Mining
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Jul 07, 2019
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Rapaport News
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Stop Buying Rough
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The prevailing panic surrounding the rise of lab-grown diamonds is overshadowing the bigger challenge facing the diamond market: There is no profit in the trade. This long-term challenge is reaching crisis levels, as manufacturers lack liquidity and...
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Rough Markets
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Jul 03, 2019
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Avi Krawitz
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Challenging Diamond Market Sees Further Declines
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RAPAPORT PRESS RELEASE, July 2, 2019, Las Vegas … Diamond market sentiment was weak in June due to sluggish demand and tightening manufacturing profits. Suppliers are reducing prices to raise liquidity, as they’re under pressure from...
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Polished Markets
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Jul 02, 2019
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Rapaport
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China Expansion Spurs Luk Fook Growth
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Luk Fook’s revenue and profit grew in fiscal 2019, driven by an expansion of its network in mainland China.Overall revenue for the Hong Kong-based jewelry retailer rose by 9% to HKD 15.86 billion ($2.03 billion) in the year ending...
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Retail
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Jul 01, 2019
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Rapaport News
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RJC Ready to Target Consumers
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The Responsible Jewellery Council (RJC) is planning a strategy to help retailers assure consumers their jewelry has been ethically sourced and that they follow the required sustainability standards. The group, whose mandate is to set...
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Polished Markets
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Jun 27, 2019
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Avi Krawitz
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De Beers Cuts Prices as Rough Sales Slide
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De Beers’ rough-diamond sales slumped to a 20-month low of $390 million in June amid weak sentiment in the manufacturing sector. Sightholders noted the price cuts De Beers implemented on certain categories were not enough to stimulate demand. “The...
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Rough Markets
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Jun 25, 2019
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Avi Krawitz
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