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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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Jan 17, 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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2020 Hindsight from Our ‘People of the Year’
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What a difference a year makes. The modus operandi of the diamond and jewelry trade was vastly different at the end of 2020 than at the start. That’s a good thing, as the changes had been brewing for...
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Polished Markets
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Jan 10, 2021
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Rapaport News
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Diamond Prices Firm After Supply Declines
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RAPAPORT PRESS RELEASE, January 5, 2021, Las Vegas… Diamond trading was seasonally slow in December as the industry’s focus shifted to retail and as diamantaires took their end-of-year break. Sentiment received a boost from strong holiday...
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Polished Markets
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Jan 05, 2021
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Rapaport
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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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The Top 10 Stories of 2020
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A few hot topics usually dominate our annual list of the most-read items on Diamonds.net. Synthetics, grading and crime tend to be among them.This year, however, one theme — the coronavirus — stood out, responsible for the...
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Polished Markets
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Dec 30, 2020
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Joshua Freedman
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Year in Review: Diamond Trading During Covid-19
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The diamond industry underwent rapid changes in 2020 as the coronavirus swept through the world and devastated economies. The much-read Rapaport Weekly Market Comment kept up with the news, narrating the state of the...
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Polished Markets
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Dec 29, 2020
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Rapaport News
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Wedding Industry Takes Hit During Pandemic
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Wedding spending in the US dropped in 2020 and will remain low in 2021, even as the number of people tying the knot next year is expected to surge, a survey found.This year, 1.1 million couples wed, compared to an average...
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Polished Markets
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Dec 27, 2020
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Rapaport News
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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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Engagement-Ring Budgets Stable During Pandemic
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The pandemic has altered how US consumers shop for engagement rings, rather than having a major impact on the amounts they spent, according to a survey by wedding resource The Knot.Proposers made greater use of online tools...
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Retail
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Dec 20, 2020
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Rapaport News
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De Beers Sales Increase Again
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De Beers’ rough sales rose in December, albeit at a slower rate than in previous months, as steady retail demand ahead of the holidays supported trading at the rough and polished levels.The final sales cycle of the year brought...
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Rough Markets
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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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De Beers Trims Production Plan for Coming Years
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De Beers has reduced its production plan for the next two years, aiming to avoid releasing too much rough into the market as the diamond sector attempts to exit the crisis that dominated 2020.The...
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Mining
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Dec 13, 2020
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Rapaport News
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India’s Gem, Jewelry Exports Show Recovery
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India’s international trade in gems and jewelry improved in November as the government and the industry pulled together to weather this year’s unprecedented crisis, according to the country’s Gem & Jewellery Export Promotion Council (GJEPC).The...
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Polished Markets
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Dec 08, 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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Diwali Sales Shine as ‘Bored’ Consumers Return
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Jewelry sales in India beat expectations during the Diwali season amid a release of pent-up demand and strong consumer confidence about future gold prices.Revenues were on a par with last year, or better, as Indians returned to shopping...
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Retail
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Nov 26, 2020
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Joshua Freedman
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Sales Will Rise This Holiday, Retail Group Predicts
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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...
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Retail
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Nov 24, 2020
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Rapaport News
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Luk Fook Warns of Profit Drop
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Luk Fook has projected a sharp fall in revenue and profit for the first half of the fiscal year amid a resurgence in the coronavirus in the second quarter and its economic impact.Revenue declined 50% year...
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Retail
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Nov 22, 2020
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Rapaport News
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Hong Kong’s Tse Sui Luen Suffers Heavy Losses
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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...
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Retail
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Nov 19, 2020
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Rapaport News
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