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Luk Fook store MixC World in Shenzhen Bay
Luk Fook Eyes China Expansion
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...
Retail Nov 26, 2020 Rapaport News
Chow Tai Fook 150
China Rebound Boosts Chow Tai Fook Profit
Chow Tai Fook saw earnings grow in the first fiscal half amid surging gold prices and a recovery in the Chinese market.Profit jumped 45% year on year to HKD 2.29 billion ($296 million) for the...
Retail Nov 25, 2020 Rapaport News
NRF Holiday 150
Sales Will Rise This Holiday, Retail Group Predicts
The National Retail Federation (NRF) has forecast strong growth in US holiday sales, as consumers look for something to celebrate even as coronavirus cases rise.Retail sales in November and December are forecast to advance 3.6% to 5.2% year...
Retail Nov 24, 2020 Rapaport News
Mag cover story Nov 2020
Making the Most of the Holidays
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...
Retail Nov 23, 2020 Lara Ewen
Coronavirus
Coronavirus Updates: Impact on the Diamond Trade
The Covid-19 pandemic that has swept the globe has had a notable impact on the diamond industry, with new developments unfolding every day. Here, we present a one-stop, running news feed on industry events impacted...
Polished Markets Nov 23, 2020 Rapaport News
TSL Malaysia store
Hong Kong’s Tse Sui Luen Suffers Heavy Losses
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...
Retail Nov 19, 2020 Rapaport News
De Beers rough sorting at Debmarine Namibia
De Beers Sees Third Consecutive Sales Increase
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...
Rough Markets Nov 18, 2020 Rapaport News
FCRF colored diamonds 150
Fancy-Color Index Sees Decline in 2020
Prices of fancy-color diamonds slipped 0.7% in the first nine months of the year, remaining relatively steady despite the coronavirus pandemic, the Fancy Color Research Foundation (FCRF) said."The [Fancy Color Diamond Index] displayed...
Polished Markets Nov 15, 2020 Rapaport News
Dominion Ekati ice road 150
Dominion Nears Deal to Restart Ekati
Dominion Diamond Mines plans to recall approximately 60 of its furloughed workers in December to prepare for a restart at its Ekati mine in Canada.Operations at the deposit, which has been shut since March due to Covid-19, will restart after...
Mining Nov 15, 2020 Rapaport News
Alrosa 150
Alrosa Gives Cautious 2021 Production Outlook
Alrosa expects to maintain production at its current low levels next year, aiming to reduce inventories that built up during the pandemic.The Russian miner is discussing a production plan of 28 million to 30 million carats for 2021, which the...
Mining Nov 12, 2020 Joshua Freedman
Adobe online shopping credit Shutterstock 150
US Online Spending Picks Up Post-Election
E-commerce sales in the US rebounded this week following an initial dip in spending after the presidential election, according to Adobe Analytics.On November 8, consumers spent $2.5 billion online, an increase of 26% year on year, Adobe noted Wednesday....
Retail Nov 12, 2020 Rapaport News
Damtshaa mine De Beers
De Beers to Stop Production at Botswana Mine
Debswana, De Beers’ joint venture with Botswana, will pause mining at the Damtshaa deposit for an indefinite period, citing a lack of financial viability given market conditions.“In the current environment, the marginal cash flow produced...
Mining Nov 11, 2020 Rapaport News
Alrosa
Alrosa Sales Continue Upward Trend
Alrosa’s sales exceeded 2019 levels for the third consecutive month in October as the diamond market improved ahead of the holidays.The Russian miner saw sales of $310 million for the month, it said Tuesday — 17%...
Rough Markets Nov 10, 2020 Rapaport News
Julie Lamb trunk show
How to Hold a Virtual Trunk Show
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...
Retail Nov 10, 2020 Jennifer Heebner
De Beers Insight Report Nov 2020
De Beers: Recovery to Extend ‘Well Beyond 2020’
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...
Retail Nov 10, 2020 Rapaport News
Asian Star jewelry
Sales Slump at Indian Manufacturer Asian Star
Asian Star’s sales fell in the second fiscal quarter as the coronavirus pandemic continued to affect business for the Indian manufacturer of diamonds and jewelry.Group revenue — including at subsidiaries — slid 38% year on year to INR 4.98...
Manufacturing Nov 09, 2020 Rapaport News
Michael Lerche Plumb Club podcast
Podcast: Plumb Club Moves with the Times
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...
Polished Markets Nov 09, 2020 Joshua Freedman
Pandora store Cornmarket Oxford UK
Pandora Expects Hit from Second Lockdowns
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...
Retail Nov 04, 2020 Rapaport News
Mountain Province
Rough Demand Jumps at Mountain Province Sale
Mountain Province recorded its largest open-market sale to date as rough-diamond demand returned ahead of the holiday season.The miner sold 559,528 carats for $34.3 million at last month’s tender in Antwerp, averaging $61 per carat,...
Rough Markets Nov 03, 2020 Rapaport News
De Beers rough diamonds
De Beers Lets Sightholders Defer Smaller Goods
De Beers is allowing customers to defer purchases of smaller rough at this week’s sight, as reduced manufacturing capacity in India has slashed demand.Sightholders can refuse to buy fancies, makeables and sawables up to 0.75 carats, and instead make the...
Rough Markets Nov 02, 2020 Joshua Freedman
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