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LVMH Replaces Tiffany CEO as Deal Closes
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LVMH has shaken up Tiffany & Co.’s senior management after the French luxury group finally completed its acquisition of the iconic US jewelry brand.Anthony Ledru, previously executive vice president for global commercial activities...
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Retail
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Jan 07, 2021
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Rapaport News
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Tiffany Holiday Sales Reach All-Time High
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Sales at Tiffany & Co. rose 2% during the holiday season as the US jeweler benefited from sharp growth in China and a surge in online demand.Revenue in the Asia-Pacific region jumped 20% year on year in November and December,...
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Retail
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Jan 06, 2021
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Rapaport News
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Covid-19 Resurgence Hits Consumer Confidence
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US consumer confidence fell almost 5% this month amid the latest coronavirus wave, according to the Conference Board.The business data group’s Consumer Confidence Index declined to 88.6 in December, from 92.9 in November, it reported Tuesday. Americans...
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Retail
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Dec 24, 2020
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Rapaport News
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US Polished Imports Down as Average Price Falls
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Polished-diamond imports into the US slid 8% year on year to $1.34 billion in October as a lower average price outweighed higher carat volumes, according to recent data from the US Commerce Department. The US has now seen 19 consecutive months...
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Financial-Legal
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Dec 22, 2020
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Rapaport News
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China Rebound Boosts Swiss Watch Exports
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Swiss watch exports showed a stabilizing trend in November as buoyant Chinese demand helped ease the decline the industry had seen for most of this year.Global shipments fell 3.2% year on year to CHF 1.94 billion...
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Watches
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Dec 21, 2020
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Rapaport News
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Engagement-Ring Budgets Stable During Pandemic
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The pandemic has altered how US consumers shop for engagement rings, rather than having a major impact on the amounts they spent, according to a survey by wedding resource The Knot.Proposers made greater use of online tools...
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Retail
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Dec 20, 2020
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Rapaport News
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American Gem Society Postpones April Conclave
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The American Gem Society (AGS) has rescheduled its next annual Conclave, which was due to take place in April 2021.The Las Vegas-based organization is planning to hold the event in the fall, and is working to select...
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Polished Markets
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Dec 09, 2020
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Rapaport News
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Stuller Close to Normal Operations After Cyberattack
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Stuller has made progress recovering from a cyberattack that struck over the weekend, with deliveries resuming and communications systems back in action.“As customers place orders this week, we are committed to and anticipate meeting...
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Technology
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Dec 03, 2020
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Rapaport News
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Stuller Hacked by Cyberattackers
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Stuller, one of the largest US jewelry wholesalers, was the victim of a cyberattack on Saturday morning, resulting in delays to orders at a critical point in the holiday season.Customers may experience “several circumstances that are non-Stuller-like” this week following...
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Technology
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Dec 01, 2020
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Joshua Freedman
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US Polished Imports Continue to Drop
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The US recorded its 18th consecutive monthly fall in polished-diamond imports as the coronavirus pandemic continued to affect trading. Shipments dropped 10% year on year to $1.34 billion in September — the gentlest decline since March, according to data...
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Polished Markets
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Nov 22, 2020
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Rapaport News
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Swiss Watch Exports Maintain Gloomy Streak
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Swiss watch exports saw their ninth consecutive monthly decline as US orders slipped and a fresh wave of European lockdowns cast a cloud over demand in the region.Global shipments fell 7% to CHF 1.88 billion ($2.07 billion) in October,...
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Watches
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Nov 19, 2020
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Rapaport News
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Hong Kong’s Tse Sui Luen Suffers Heavy Losses
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Hong Kong-based jeweler Tse Sui Luen (TSL) fell into the red in its first fiscal half as the coronavirus and tensions between the US and China battered its business across the region.The retailer...
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Retail
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Nov 19, 2020
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Rapaport News
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De Beers Sees Third Consecutive Sales Increase
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De Beers’ November sales cycle garnered $450 million as retail demand in the US and China supported manufacturers’ appetite for rough, the company reported Wednesday.The monthly total, covering the period from November 2 to 16, was...
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Rough Markets
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Nov 18, 2020
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Rapaport News
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De Beers: Recovery to Extend ‘Well Beyond 2020’
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The diamond sector’s rebound from the Covid-19 crisis will feature ups and downs that will continue into next year at least, De Beers predicted.“The demand recovery is not expected to be linear, particularly as localized lockdowns...
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Retail
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Nov 10, 2020
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Rapaport News
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WD Opens Up Lab-Grown Patents to Distributors
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WD Lab Grown Diamonds has entered into patent sublicensing agreements with two synthetics companies, enabling them to distribute chemical vapor deposition (CVD) stones in North America and beyond.The deals with Altr and Altr...
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Financial-Legal
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Oct 25, 2020
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Rapaport News
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India Rushes to Meet US Holiday Demand
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Indian diamond manufacturers are planning a curtailed Diwali break as they scramble to fulfill US holiday orders amid a shortage of polished.Factories will shut for five to 12 days instead of the usual two to three weeks, aiming to offset months...
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Manufacturing
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Oct 22, 2020
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Joshua Freedman
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Podcast: Cash, Credit and Covid-19
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The coronavirus crisis has split US jewelers into haves and have-nots, Jewelers Board of Trade (JBT) president Erich Jacobs told the Rapaport Diamond Podcast.Digital-savvy businesses have thrived while less advanced competitors — or those...
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Financial-Legal
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Oct 20, 2020
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Joshua Freedman
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Jewelry Trade Continues to Shrink
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The US jewelry industry continued to downsize in the third quarter, with 101 companies leaving the business, according to new data from the Jewelers Board of Trade (JBT).Nine firms went bankrupt, while 37 dropped out due...
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Retail
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Oct 18, 2020
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Rapaport News
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Alrosa Upbeat as Diamond Sentiment Improves
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Alrosa gave a positive assessment of the diamond market ahead of the holidays after rough and polished trading picked up in the third quarter.The Russian company’s rough-diamond sales climbed to $552.9 million during the three months...
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Mining
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Oct 18, 2020
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Rapaport News
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US Diamond Trade Declines in August
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US polished-diamond imports dropped 39% year on year to $821 million in August, reflecting lower volumes and price per carat, according to data from the Commerce Department. The decline was gentler than the 50% drop...
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Polished Markets
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Oct 13, 2020
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Rapaport News
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