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Signet Sees Surge in Holiday E-Commerce Sales
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Signet Jewelers reported a positive holiday season as soaring online sales helped compensate for the pandemic’s adverse impact on store traffic.Revenue was flat year on year at $1.8 billion for the nine weeks ending January...
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Retail
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Jan 14, 2021
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Rapaport News
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Chow Tai Fook Sales Rise as China Recovers
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Sales at Hong Kong-based jeweler Chow Tai Fook grew almost 18% in the last three months of 2020 as a recovery in mainland China outweighed weakness in its home territory.“In light of the easing Covid-19 situation in mainland China,...
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Retail
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Jan 11, 2021
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Rapaport News
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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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Hong Kong Retail Sees Gradual Recovery
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Hong Kong recorded its gentlest decline in hard-luxury revenues for a year and a half, as a drop in coronavirus cases boosted the local retail market.Retail sales of jewelry, watches, clocks and valuable gifts fell 16% year...
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Retail
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Jan 04, 2021
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Rapaport News
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‘Naturalmark’ Aims to Defeat Undisclosed Synthetics
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A new project to combat undisclosed synthetics has launched in India, offering retailers low-cost screening and inscription using a model based on gold hallmarking.Naturalmark will place tamper-proof seals on parcels of loose diamonds, as well as laser-inscribing finished jewelry,...
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Retail
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Jan 03, 2021
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Joshua Freedman
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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 Retail Sales Fall Amid Covid-19 Spike
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US retail sales struck a disappointing note in November due to an uptick in coronavirus cases and the lack of a second government stimulus package.Revenues fell 1.1% month on month to $546.5 billion, though they were still 4.1% higher than...
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Retail
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Dec 17, 2020
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Rapaport News
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How E-Commerce Can Help You Crunch the Numbers
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What if the pandemic presents the largest growth opportunity the jewelry industry hasever seen? Covid-19 and lockdowns have effectively wiped out in-person shopping, but they’ve also forced the jewelry industry as a whole...
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Retail
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Dec 15, 2020
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Jean Z. Poh
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Michael Hill Forecasts Half-Year Profit
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Australian jeweler Michael Hill predicted a rise in profit for the current half year after reporting growth in same-store sales.Sales at branches open for at least 12 months increased 8% year on year in the 22 weeks ending November 29,...
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Retail
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Dec 10, 2020
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Rapaport News
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De Beers Aims for Full Traceability by 2030
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De Beers has pledged to provide the origin and impact of all its diamonds by 2030 as part of a plethora of sustainability goals it has set out for the coming decade.By 2025, it will “scale” programs that help identify...
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Retail
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Nov 30, 2020
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Rapaport News
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Birks Sales Slide After Store Closures
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Canada-based jewelry retailer Birks Group saw sales slump in its first fiscal half as the coronavirus forced stores to shut for much of the period.Revenue slid 33% year on year to just over CAD 57 million ($43.9...
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Retail
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Nov 29, 2020
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Rapaport News
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Luk Fook Eyes China Expansion
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Hong Kong-based Luk Fook will accelerate its expansion in mainland China, considering the market a strong source of revenues amid struggles in its home territory.The jewelry retailer plans to open a net 250 new mainland stores...
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Retail
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Nov 26, 2020
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Rapaport News
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Jewelers ‘Failing to Prevent Rights Abuses’
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Human Rights Watch (HRW) has called for mandatory sourcing rules for the jewelry industry and urged retailers to name their suppliers, claiming the sector is not doing enough to combat abuses.“Many jewelry companies...
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Retail
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Nov 25, 2020
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Rapaport News
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Tiffany Profit Soars as China Recovers
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Tiffany & Co. reported a sharp jump in profit in the third fiscal quarter as sales in China surged and consumer spending shifted to higher-margin items.Net earnings rose 52% to $119 million in the three months ending October...
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Retail
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Nov 24, 2020
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Rapaport News
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Forevermark to Make Greater Use of De Beers Name
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De Beers will associate its corporate identity more closely with Forevermark, enabling the diamond-jewelry brand to benefit from group-wide efforts in the realm of sustainability and responsible sourcing.“Aligning Forevermark more closely with the De Beers...
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Retail
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Nov 24, 2020
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Rapaport News
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Making the Most of the Holidays
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It’s been a tumultuous year, and the upcoming holiday forecast has not eased concerns. Although sales are still expected to increase over last year, the margin is slim, according to AlixPartners. The consulting firm...
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Retail
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Nov 23, 2020
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Lara Ewen
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How to Hold a Virtual Trunk Show
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Two weeks after New York’s Museum of Art and Design (MAD) closed due to the coronavirus pandemic, Franci Sagar hosted the Store at the MAD’s first virtual trunk show. It was far from her...
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Retail
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Nov 10, 2020
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Jennifer Heebner
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Podcast: Plumb Club Moves with the Times
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The pandemic and its impact on trade shows have forced the Plumb Club to help its members do business all year round, said president Michael Lerche.The coalition of 43 jewelry suppliers has been inextricably linked...
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Polished Markets
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Nov 09, 2020
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Joshua Freedman
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Pandora Expects Hit from Second Lockdowns
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Pandora has warned that fresh coronavirus-related restrictions could dampen the jeweler’s holiday sales and put the brakes on its steady recovery.The Danish retailer has maintained its financial guidance for the year...
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Retail
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Nov 04, 2020
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Rapaport News
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Chow Tai Fook Unveils In-House AI Grading Report
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Chow Tai Fook is launching its own diamond certificates based on artificial intelligence, using a new grading scale featuring numbers instead of letters.The Chow Tai Fook AI Diamond Grading Certificate will be available for stones weighing...
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Retail
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Nov 03, 2020
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Rapaport News
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