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Letšeng Prices Exceed Pre-Pandemic Levels
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Gem Diamonds’ sales rose sharply in the third quarter as rough prices from its lucrative Letšeng mine in Lesotho topped pre-coronavirus levels amid a recovery in the large-stone market.Revenue grew to $60.5 million in the three months...
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Rough Markets
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Oct 28, 2020
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Rapaport News
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Coronavirus Updates: Impact on the Diamond Trade
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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...
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Polished Markets
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Oct 28, 2020
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Rapaport News
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De Beers Notes Recovery Ahead of Holidays
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De Beers’ sales and production rebounded in the third quarter as the impending holiday season revitalized the diamond market following months of slow sales.Rough sales totaled 6.6 million carats during the three months ending...
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Mining
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Oct 22, 2020
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Rapaport News
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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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China Resurgence Lifts Chow Tai Fook
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Retail sales at Chow Tai Fook grew 2.6% year on year in the second fiscal quarter as a strong recovery in China outweighed continued weakness in Hong Kong.Sales rose 21% on the mainland while slumping 52% in Hong Kong...
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Retail
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Oct 18, 2020
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Rapaport News
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De Beers September Sales Soar 57%
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De Beers has registered its highest sales total since January, as rough demand has improved ahead of the fourth-quarter holiday season.The company sold $467 million of rough during its September sales cycle, the eighth...
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Polished Markets
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Oct 14, 2020
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Rapaport News
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Tse Sui Luen Expects Loss Amid Tourist Slowdown
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Hong Kong-based jeweler Tse Sui Luen (TSL) expects to incur a net loss of at least HKD 40 million ($5.2 million) for the first fiscal half as the Covid-19 pandemic depressed the company’s sales.The loss for...
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Polished Markets
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Oct 13, 2020
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Rapaport News
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Hong Kong Show Cancellation Hits Belgium Trade
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Belgium’s polished shipments slumped last month as the cancellation of the September Hong Kong show and continued uncertainty around Covid-19 stalled the sector’s recovery.“Rough is performing really well; polished is still somewhat subdued,” a spokesperson...
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Polished Markets
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Oct 12, 2020
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Rapaport News
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Alrosa Sees Continued Improvement in Sales
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Alrosa’s sales rose for a second consecutive month in September as manufacturers returned to buying following a lengthy period of inactivity.Revenue from diamonds grew 30% year on year to $336 million, with rough sales up 28% to $328.2 million, the...
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Rough Markets
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Oct 11, 2020
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Rapaport News
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India’s Asian Star Sees Sales Plunge
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Sales and profit plummeted at Indian diamond manufacturer Asian Star in the first fiscal quarter as the coronavirus froze the company’s activities.Revenue slumped 80% year on year to INR 1.64 billion ($22.2 million) for the...
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Manufacturing
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Sep 29, 2020
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Rapaport News
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HB Antwerp Aims to Shake Up Large-Stone Market
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It’s not often a newcomer sweeps in to buy the largest diamond available on the market. Such deals are usually reserved for high-end jewelers such as Graff, Moussaieff, Harry Winston, or even large-scale retailers like Chow...
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Manufacturing
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Sep 17, 2020
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Joshua Freedman
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WFDB Elects Yoram Dvash as President
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The World Federation of Diamond Bourses (WFDB) has voted in Yoram Dvash as its president for a three-year term, the organization said Tuesday.Dvash, who holds the same position at the Israel Diamond Exchange, had been...
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Polished Markets
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Sep 15, 2020
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Rapaport News
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Tiffany Messed Up During Covid-19, LVMH Says
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LVMH plans to countersue Tiffany & Co. after the companies’ $16 billion marriage turned sour, accusing the US jeweler of management errors during the coronavirus.“[Tiffany’s] first-half results and its perspectives for 2020 are...
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Retail
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Sep 10, 2020
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Rapaport News
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Belgium Exports Rise as Demand Returns
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Belgium’s polished-diamond exports grew for the first time in 16 months in August, as demand rose after a long period of inactivity.“There’s definitely demand and shortages in certain categories. People are buying again,” Karen Rentmeesters, senior communications...
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Polished Markets
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Sep 09, 2020
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Joshua Freedman
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Gem Diamonds Incurs First-Half Loss
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Gem Diamonds fell into the red in the first half of 2020 as the coronavirus crisis froze the rough market and restricted the company’s sales.The net loss of $113,000 — compared with a $9.7 million profit...
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Mining
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Sep 06, 2020
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Rapaport News
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Signet Sales Better Than Expected
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Signet Jewelers’ revenue and profit beat expectations in the second fiscal quarter as stores unlocked their doors and the retailer upgraded its digital capabilities.“Sales improved sequentially throughout the second quarter as we reopened stores...
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Retail
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Sep 03, 2020
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Rapaport News
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Rough-Market Momentum Set to Continue
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The resurgence in rough-diamond trading will persist for another two months as manufacturers fill supply shortages and retail demand rises, dealers predicted.“There’s still a gap, because demand is there, and supply is very limited and...
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Rough Markets
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Sep 03, 2020
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Joshua Freedman
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Hong Kong Show to Go Virtual
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The Hong Kong show usually scheduled for September will take place in an online-only format this year due to the coronavirus.Jewellery & Gem World Hong Kong, formerly the September Hong Kong Jewellery &...
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Polished Markets
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Sep 01, 2020
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Rapaport News
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Hong Kong Retail Continues to Slide in July
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Sales of jewelry and other luxury items in Hong Kong plunged in July amid a continued lack of tourism and a resurgence in coronavirus cases.Revenue from jewelry, watches, clocks and other valuable gifts slid 54% year on year...
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Retail
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Sep 01, 2020
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Rapaport News
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Chow Sang Sang Turns Focus to China
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Jeweler Chow Sang Sang will open more than 40 new stores in China by the end of the year, while closing a number of locations in Hong Kong.“Despite all the uncertainties brought on by the pandemic and geopolitical strife,...
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Retail
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Aug 30, 2020
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Rapaport News
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