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What the Brexit Deal Means for the Diamond Trade
The UK's departure from the European Union has altered the way British diamond businesses trade with important centers such as Antwerp, as well as with markets around the world. The impact stretches from...
Financial-Legal Jan 10, 2021 Joshua Freedman
Rough diamond
UK Secures Deal to Keep Rough Trade Alive
The UK has secured independent membership of the Kimberley Process (KP), enabling it to continue participating in the international rough-diamond trade after the nation leaves the European Union.Britain’s decision to withdraw from the EU on January 31 requires the...
Rough Markets Jan 15, 2020 Joshua Freedman
Swiss Watches Geneva 150
Brexit Continues to Buoy Swiss Watch Exports
Swiss watch exports rose 4.4% to CHF 1.74 billion ($1.72billion) in March as UK retailers continued to stockpile in preparation forBrexit. “The UK was a special case once again, because ofstockpiling in the run-up to Brexit,” the Federation of the Swiss...
Retail Apr 21, 2019 Rapaport News
Swiss Watches
Brexit Stockpiling Boosts Swiss Watch Growth
Swiss watch exports rose in February, as stockpiling in theUK prior to Brexit accounted for 80% of the industry’s worldwide growth. Shipments rose 3.4% to CHF 1.8 billion ($1.8 billion) forthe month overall, following a two-month downturn....
Retail Mar 19, 2019 Rapaport News
Antwerp port
Belgium Prepares for ‘No-Deal’ Brexit
Belgium’s diamond industry has urged companies to preparefor the possibility of the UK leaving the European Union (EU) without a customsdeal.Trading between the EU and the UK will be subject to customschecks if the two parties fail to finalize an agreement...
Rough Markets Jan 21, 2019 Rapaport News
Brexit Could Halt UK Rough Trade
The UK will temporarily be unable to import and export roughdiamonds if the nation leaves the European Union without an exit deal, thegovernment has warned. The UK is currently a member of the Kimberley Process (KP) byvirtue of its being...
Rough Markets Oct 21, 2018 Rapaport News
Brexit credit Aha
Brexit Concerns Weigh on UK Jewelers
The weak pound and uncertainty over the UK’s departure fromthe European Union are making it hardfor British jewelers to plan their business activities, dealers said.The currency has declined about 13% since Britain’s...
Financial-Legal Sep 06, 2018 Joshua Freedman
UK Jewelers Weather Brexit Uncertainty
Theweaker pound has boosted jewelry demand from tourists as travelers visitthe UK seeking cheap deals, retailers have reported.Jittersover Britain’s exit process from the EU and the outlook for the UK economy havedragged on the pound...
Retail Aug 28, 2017 David Brough
Harvey Kanter
Blue Nile Sales Below Expectations
Blue Nile missed its own quarterly revenue and earnings guidance as engagement ring sales slowed amid global economic uncertainty.Revenue crept up 0.1 percent to $113.8 million in the secondquarter ending July 3, with U.S. engagement-ring...
Retail Aug 09, 2016 Rapaport News
UK hallmarking
London Bourse 'Well Placed' to Cope With Brexit
The London Diamond Bourse (LDB) said it is in a strongposition to face the post-Brexit storm because of its access to a bondedwarehouse enabling duty-free trading but warned of currency headwinds.A bonded warehouse is a facility overseen by customs authorities where imports...
Polished Markets Jul 04, 2016 Rapaport News
Alrosa rough
Brexit Could Delay ALROSA Privatization
The fallout from the U.K.’s decision to leave the EuropeanUnion (EU) may affect the timing of Russia’s privatization of ALROSA, accordingto Sberbank CIB, the bank organizing the sale of shares.The sale of a 10.9-percent stake in the...
Mining Jun 29, 2016 Rapaport News
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Brexit Impact
PRESS RELEASE, June 27, 2016, New York … Brexitwill not have a sustainable negative impact on polished diamond demand. The EUhas not been a dominant diamond consumption center for many years. While anegative wealth...
Financial-Legal Jun 27, 2016 Martin Rapaport
Brexit: Pound's Slump to Hit Jewelry Importers
The U.K.’s National Association of Jewellers (NAJ) warnedthe cost of making and importing jewelry in the country will rise, after thenation voted on Thursday to leave the European Union (EU).Gold surged 4.7 percent on Comex, according...
Financial-Legal Jun 26, 2016 Rapaport News
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