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Hong Kong Victoria Harbour.
Hong Kong Polished Imports Slump
Polished-diamond imports into Hong Kong plummeted 54% to $2.33 billion in the first three months of 2020, reaching their lowest quarterly total since 2009, as the coronavirus hit demand. Polished exports fell 45% to $2.12...
Polished Markets May 27, 2020 Rapaport News
Polished Diamonds
Diamond Markets Reflect Uncertain Outlook
RAPAPORT PRESS RELEASE, May 5, 2020, Las Vegas… Diamond trading was restricted in April due to the coronavirus pandemic and global lockdowns. Sentiment was weak, with dealers frustrated by the inability to resume business. The...
Polished Markets May 05, 2020 Rapaport
Melee diamonds at De Beers Group Industry Services
India’s Cutting Sector Faces Decade-Low Revenues
India’s polishing revenues will plummet to their lowest in a decade this year, as prices have dropped and inventory has built up, a credit agency has warned.Diamond sales will decline up to 32%, to $13 billion to $15 billion,...
Polished Markets Apr 28, 2020 Rapaport News
Luk Fook store MixC World in Shenzhen Bay
Luk Fook Hit by COVID-19 Closures
Luk Fook’s same-store sales dropped 57% in the fourth fiscal quarter amid extensive retail closures for the first two months of the year and sluggish footfall in March.The jeweler saw a 60% year-on-year slide...
Retail Apr 22, 2020 Rapaport News
Rolex display window
March Shutdown Hits Swiss Watch Exports
Swiss watch exports slumped in March amid continued market pressures resulting from the coronavirus pandemic.Shipments slid 22% to CHF 1.36 billion ($1.4 billion) for the month, with most markets declining significantly, the...
Watches Apr 21, 2020 Rapaport News
Hong Kong retail coronavirus
Hong Kong Retail Sales Plummet 79% in February
Sales of jewelry and other hard-luxury items in Hong Kong slumped to an all-time low in February due to the coronavirus, according to government data.Revenues from jewelry, watches, clocks and other valuable gifts dropped 79% year on year...
Retail Mar 31, 2020 Rapaport News
Namdeb employee sorting through rough diamonds.
De Beers Cancels March-April Sight
De Beers has called off this week’s sight in Botswana, citing restrictions resulting from measures to contain the coronavirus.Lockdowns in Botswana, South Africa and India are prohibiting sightholders from traveling and preventing the shipment...
Rough Markets Mar 30, 2020 Rapaport News
Gucci credit Shutterstock
China Showing Positive Signs, Says Kering
Kering, the owner of Gucci, Saint Laurent and Boucheron, said demand in China was starting to recover, even as the effects of the coronavirus intensified in other locations.“The group is observing encouraging signs in mainland China, where the...
Retail Mar 22, 2020 Rapaport News
India GST
Indian Exporters Get Reprieve from Banks
Indian banks have agreed to offer special concessions to diamond exporters to help them deal with late payments resulting from the coronavirus outbreak.Companies will have extra months to repay loans they take to fund overseas...
Financial-Legal Mar 19, 2020 Rapaport News
De Beers Botswana
De Beers Sight Still On Despite Travel Ban
De Beers’ upcoming sight in Botswana will still take place despite the country’s ban on arrivals from the US, China, India and Belgium, the miner has confirmed.“While this is an extraordinary situation and COVID-19 has...
Rough Markets Mar 18, 2020 Joshua Freedman
Rough and polished diamonds at International Diamo
Israel Eases Trading Rules After Exports Plummet
Israel’s diamond regulator has granted temporary concessions to promote shipments to and from countries affected by the coronavirus, after exports slumped in February.Dealers can now spend 90 days inspecting polished goods from certain virus-hit countries...
Polished Markets Mar 12, 2020 Rapaport News
Chow Tai Fook Hong Kong store
Coronavirus Pummels Chow Tai Fook’s Sales
Sales at Chow Tai Fook dropped 60% in Hong Kong and Macau and 42%in mainland China in the first two months of the year as stores shut for muchof the period.“In response to the measures of local...
Retail Mar 11, 2020 Rapaport News
Rough diamond in loupe
De Beers Sales Fall as Virus Impacts Sentiment
De Beers’ rough-diamond sales declined 28% year on year to $355 million in February as the coronavirus hit demand.Many sightholders took up the miner’s offer to delay buying goods destined for China, sources in the rough market told...
Rough Markets Mar 04, 2020 Joshua Freedman
JCK Las Vegas 2019
JCK Las Vegas to Go Ahead
The JCK Las Vegas and Luxury shows will take place as planned, their organizer has confirmed, allaying fears the coronavirus would jeopardize the events.“At this time of global concern, Reed Exhibitions and...
Polished Markets Mar 04, 2020 Rapaport News
Press Release
Polished Prices Slide Amid Coronavirus Fears
RAPAPORT PRESS RELEASE, March 3, 2020, Las Vegas… Diamond trading declined sharply in February due to economic uncertainty surrounding the coronavirus. Manufacturers and dealers are facing a severe liquidity crunch as sales to China and Hong...
Polished Markets Mar 03, 2020 Rapaport
De Beers sightholder examining rough
De Beers Lets Sightholders Defer Chinese Goods
De Beers has allowed clients to forgo buying certain rough diamonds at this week’s sight, as the coronavirus outbreak has raised concerns about a polished glut.The miner has let sightholders defer purchases of goods that produce...
Rough Markets Feb 26, 2020 Joshua Freedman
China customs officials
China’s Diamond Trade Weighs Virus Effect
Chinese retail is almost dead, the country’s bourses are quiet, and even importing rough goods has been fraught with obstacles. Diamond dealers expect a release of pent-up demand when the coronavirus goes away,...
Polished Markets Feb 25, 2020 Joshua Freedman
De Beers rough and polished
De Beers Optimistic After 2019 Earnings Slump
De Beers gave a positive outlook for 2020 due to an improvement in the industry’s inventory situation, despite growing concerns about Chinese demand.Early data from the holiday season indicate midstream stock levels are more balanced...
Mining Feb 20, 2020 Rapaport News
Luk Fook Hong Kong store 2016
Luk Fook to Reduce Hong Kong Presence
Luk Fook plans to scale back its Hong Kong store network and expand in mainland China and Macau, as events in the region have influenced consumer spending.The retailer expects a “single-digit” decrease in the number of rental...
Retail Jan 20, 2020 Rapaport News
Enzo
Chow Tai Fook Buys Chinese Retailer Enzo
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...
Retail Jan 19, 2020 Rapaport News
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