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Back in business
Jewelers See Positive Signs as Business Restarts
Times are hard for luxury in general, and jewelry in particular. In a recent survey by McKinsey & Company, jewelry was one of the luxury products consumers were most willing to forgo post-Covid-19, considering the financial crisis...
Retail Jul 02, 2020 Leah Meirovich
Jewelry Store Lootings
Protests Lead to Looting of US Jewelry Stores
Many US jewelers are coping with stolen property and the destruction of their premises following major looting sprees amid protests over the death of George Floyd.“It was like a war zone,” said Mark Clodius,...
Retail Jun 04, 2020 Leah Meirovich
Alrosa Gokhran new
Gokhran May Purchase Alrosa Rough
Alrosa is in talks to sell a considerable volume of diamonds to Gokhran, Russia’s repository for precious metals and gems.The Yakutia municipality, which holds a stake in Alrosa, has proposed that Gokhran buy diamonds worth $1.7 billion from...
Mining May 13, 2020 Leah Meirovich
Sotheby's
Sotheby’s to Bring Some Magnificent Jewels Online
Sotheby’s will offer a selection of items from its New York Magnificent Jewels auction at a special online sale in June, after the coronavirus put the live event in jeopardy.Some pieces originally consigned for that sale,...
Polished Markets May 13, 2020 Leah Meirovich
How to protect you store from cybercrime
How to Protect Your Store from Cybercrime
First place is usually something to strive for, but being the number-one target for cyberattacks that steal customer data is not a distinction retailers want. As jewelers move increasingly toward online offerings, their private information...
Financial-Legal May 11, 2020 Leah Meirovich
Kristall polishing factory
Alrosa Halts Polishing Divisions Indefinitely
Alrosa has shut all operations at its polishing units until further notice, as it waits for demand and health conditions to improve.The closure affects the miner’s three manufacturing centers: its original two in Moscow and...
Manufacturing May 10, 2020 Leah Meirovich
Signet
Signet Revamps Rules as Some Branches Reopen
Signet Jewelers has reopened more than 130 US stores and is planning to unlock up to 50 more doors in time for Mother’s Day as some states are allowing retailers to do business again. The company, which owns Kay Jewelers,...
Retail May 07, 2020 Leah Meirovich
Miners
Heavy Debt Looms over Mining Shutdown
A number of diamond-mining companies that have halted production during the COVID-19 crisis will find it difficult to resume operations amid their struggles with debt, analysts have predicted.The warning comes after several miners announced...
Mining Apr 23, 2020 Leah Meirovich
Rio Tinto
Govt. Allows Mining at Argyle to Continue
Mining at Rio Tinto’s Argyle deposit in Australia is proceeding as usual, despite a lockdown amid the coronavirus pandemic.The company has received full approval from the Western Australian state government to continue its production operations prior...
Mining Apr 06, 2020 Leah Meirovich
Miners coronavirus
Production Continues as Miners Fight Virus Impact
Alrosa, Petra Diamonds and Lucara Diamond Corp. are among the companies putting special procedures in place in preparation for a possible coronavirus outbreak, while still continuing operations at their mines.Alrosa, which has not had...
Mining Mar 19, 2020 Leah Meirovich
Sothebys HK sale 150
Sotheby’s Postpones Magnificent Jewels Auction
Sotheby’s has rescheduled its Hong Kong Magnificent Jewels sale and other jewelry auctions amid new restrictions on public gatherings due to the coronavirus pandemic.“We are closely monitoring the advice of government and health...
Polished Markets Mar 17, 2020 Leah Meirovich
New York Fraud
NY Dealer Sentenced in Memo Theft Case
A New York diamond wholesaler was sentenced to five years of probation and ordered to pay $65,000 after stealing nearly $600,000 in loose diamonds sent to him on memo.Isaac Dayan, whose business operates under the name Diamonds...
Polished Markets Feb 27, 2020 Leah Meirovich
Signet
Signet Launches First Spanish-Language Ads
Signet Jewelers has introduced its first foreign-language advertising campaigns in the US market, targeting the growing number of Hispanic millennials expected to marry in the coming years.“They are a big customer group, and getting a lot bigger...
Retail Feb 20, 2020 Leah Meirovich
Alrosa LJ West
L.J. West Buys Pink-Purple Alrosa Diamond
New York-based diamond collector and wholesaler L.J. West has purchased a 6.21-carat fancy-intense-pink-purple diamond from Alrosa.The stone, one of three the Russian miner cut and polished from a 20.18-carat rough it found in one of its...
Polished Markets Feb 19, 2020 Leah Meirovich
Community Building
How to Build a Strong Retail Community
Just a few generations ago, jewelry stores were mom-and-pop shops at the heart of their local communities. While technology has opened the market to a wider audience and added many positive elements to the jewelry-purchasing process,...
Retail Feb 18, 2020 Leah Meirovich
Chow Tai Fook
Virus Plagues Chow Tai Fook Operations
Chow Tai Fook will temporarily suspend operations at more than 40 locations in Hong Kong and Macau following a rise in the coronavirus epidemic.The shutdown is a protective measure in the interest of public health and safety, as the risk...
Retail Feb 12, 2020 Leah Meirovich
DelGatto Koin
DelGatto and Koin Partner on Tender Financing
DelGatto Diamond Finance will provide funding directly to customers of rough and polished tender operator Koin International. “All buyers can obtain financing,” DelGatto founder Chris Del Gatto told Rapaport News Wednesday. “It...
Rough Markets Jan 23, 2020 Leah Meirovich
RetailRap
How to Sell Luxury Products to Millennials
Millennial consumers are independent, vocal, tech-savvy and used to getting what they want. They have disposable income and aren’t afraid to spend it on things they believe add value to their lives, no matter the price...
Retail Jan 22, 2020 Leah Meirovich
AWDC
Belgium Tightens Access to Diamond Trade
Belgium has introduced legislation requiring managers of diamond companies to prove their good conduct and knowledge of money-laundering laws.The rules, passed in November by royal decree, are intended to control access to the sector and came after...
Financial-Legal Jan 09, 2020 Leah Meirovich
Link Chains Alexander McQueen
The Jewelry That’s Set to Sparkle in 2020
Whether it’s big, bold, bright or ball-shaped, this year’s jewelry will be all about making a statement. Staying true to the millennial fashion ethos, responsibly sourced materials and new, unique styles will play a big...
Retail Jan 01, 2020 Leah Meirovich
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