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US Trade Continues to Downsize
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The US jewelry industry contracted in 2019 as the number of businesses closing shop continued to exceed new entrants.The sector shrank 3.3% to 24,565 companies active in the fourth quarter, compared with 25,400 a year earlier, according to data...
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Retail
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Jan 20, 2020
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Rapaport News
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Chow Tai Fook Buys Chinese Retailer Enzo
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Chow Tai Fook has acquired Enzo Jewelry, a colored-gemstone brand with around 60 retail locations in mainland China.Enzo, founded in 2004, targets “modern, sophisticated and self-confident women who demand fashionable jewelry with a highly distinctive...
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Retail
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Jan 19, 2020
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Rapaport News
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Chow Tai Fook to Shut Stores in Hong Kong
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Chow Tai Fook intends to close up to 15 stores in Hong Kong as street protests and a tourism slowdown have hit sales.Leases on more than 40 of the jeweler’s 91 retail locations in the municipality are due to expire during the fiscal...
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Retail
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Jan 14, 2020
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Rapaport News
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Retail
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Jan 09, 2020
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Sonia Esther Soltani
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Signet Takes Hit Following Wells Fargo Report
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Signet Jewelers is losing market share to competitors and faces risks from its credit operations, according to an analyst’s report that sent the retailer’s stock tumbling.Ike Boruchow, senior analyst at Wells Fargo, raised concerns that...
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Retail
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Jan 08, 2020
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Rapaport News
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US Consumer Spending Unlikely to Grow Soon
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Consumer confidence fell slightly in December, The Conference Board reported, forecasting that spending would not improve significantly in early 2020.The business-data provider’s Consumer Confidence Index decreased marginally in December to 126.5 from 126.8 in November,...
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Retail
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Jan 06, 2020
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Rapaport News
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Titan Revenue Grows During Diwali Season
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Jewelry sales at Titan Company strengthened during the third fiscal quarter amid solid bridal demand, the Indian retailer said Saturday.Revenue grew 11% year on year for the three months ending December 31,...
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Retail
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Jan 05, 2020
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Rapaport News
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Hamilton Jewelers Mourns Martin Siegel
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Martin Siegel, the chairman of Hamilton Jewelers who wasinstrumental in growing the US retailer’s brand, died on December 17, thecompany announced. He was 86. Born in New Jersey, Siegel joined his father’sfine-jewelry business on leaving the army...
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Retail
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Dec 19, 2019
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Rapaport News
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Alibaba Sees Record Singles’ Day Sales
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Singles’ Day has continued to grow as a major onlineshopping occasion in China, with Alibaba Group reporting record sales through itse-commerce sites. The total value of transactions on the Chinese retailgiant’s platforms rose 26% to CNY 268.4...
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Retail
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Nov 12, 2019
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Rapaport News
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Bailey Banks & Biddle Files for Chapter 11
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The parent company of Bailey Banks & Biddle, whichclaims to be the US’s oldest nationwide jeweler, has filed for Chapter 11bankruptcy in Texas, according to a court document. Houston-based BBB Group estimated both assets andliabilities of up to $50,000...
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Retail
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Nov 11, 2019
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Rapaport News
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Pandora Slashes Sales Forecast
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Shares in Pandora dropped 18% Tuesday after the Danish jeweler lowered its full-year revenue outlook. The retailer reduced its forecast to a decline of 7% to 9%,from its earlier range of -3% to -7%, despite efforts to reignite sales...
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Retail
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Nov 05, 2019
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Rapaport News
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Couples Prefer Customization over Size
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Couples are prioritizing personalization and overall costand quality rather than size when buying engagement rings, according to asurvey by wedding-planning resource The Knot. Some 45% of engagement rings contain custom-designedelements, the publication noted...
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Retail
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Nov 05, 2019
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Rapaport News
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More Brides Buying Their Own Engagement Rings
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US women increasingly buy engagement rings forthemselves, and spend more on them than their partners do, De Beers said Mondayin its annual Diamond Insight Report. The proportion of engagement rings financed solely by brides rose...
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Retail
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Oct 29, 2019
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Rapaport News
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LVMH Proposes Tiffany Takeover
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LVMH Moët Hennessy Louis Vuitton has approached Tiffany & Co. about acquiring the US jeweler for almost $15 billion, according to media reports. The Paris-based luxury group submitted a non-binding offerto Tiffany earlier...
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Retail
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Oct 27, 2019
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Rapaport News
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US Consumer Spending Dips
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US retail sales stalled between Augustand September, indicating that consumer confidence may be waning in light ofthe escalating trade war. Total purchases for September —excluding automobiles, gasoline and restaurants — dipped 0.1% compared to theprevious...
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Retail
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Oct 17, 2019
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Rapaport News
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Costco Sells $220,000 Diamond Ring
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Costco sold a diamond ring worth $220,000 in the fourth fiscal quarter, the membership-based warehouse retailer saidearlier this month. Executivevice president and chief financial officer Richard Galanti confirmed thesale during the company’s...
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Retail
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Oct 16, 2019
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Rapaport News
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UBS Predicts Drop in Diamond-Jewelry Sales
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Global diamond-jewelry demand will decline 2% this year asstock-market volatility in the US is likely to affect consumer sentiment, UBSpredicted. “Demand in 2019 [to date] has been lackluster, and we expecta modest decline in global diamond-jewelry sales in [the...
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Retail
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Oct 02, 2019
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Rapaport News
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James Avery Picks Non-Family Member as CEO
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James Avery Artisan Jewelry has named John McCullough as CEO— the first non-family member to lead the Texas-based retailer. McCullough, who was previously chief operating officer (COO),succeeds Chris Avery, who has been...
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Mining
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Sep 10, 2019
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Rapaport News
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Alrosa Falls Victim to Changing Retail Practices
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Retailers’ attempts to maintain low diamond inventories are hurtingdemand across the trade, Alrosa warned after reporting its lowest quarterlysales since 2015. The Russian miner’s sales slumped 26% to $807 million in thesecond quarter...
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Mining
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Jul 18, 2019
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Rapaport News
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Michael Hill to Repay Workers up to $17M
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Michael Hill will hand out between AUD 10 million ($7million) and AUD 25 million (just under $17.5 million) to compensate retail employeesin Australia, after discovering it had been underpaying them. The jeweler had been...
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Retail
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Jul 11, 2019
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Rapaport News
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