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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
Jewelry production
Jewelers ‘Failing to Prevent Rights Abuses’
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...
Retail Nov 25, 2020 Rapaport News
Tiffany blue box
Tiffany Profit Soars as China Recovers
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...
Retail Nov 24, 2020 Rapaport News
Interior establishing shot of Forevermark Store in
Forevermark to Make Greater Use of De Beers Name
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...
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
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
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
T Mark
Chow Tai Fook Unveils In-House AI Grading Report
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...
Retail Nov 03, 2020 Rapaport News
Women with shopping bags
Consumers Ready to Spend on Gifts – Survey
US spending on holiday gifts will be similar to last year as consumers look to celebrate after the uncertainty and stress of the pandemic, according to the National Retail Federation (NRF).“Consumers have demonstrated their resilience and adaptability throughout...
Retail Oct 22, 2020 Rapaport News
Luk Fook Hong Kong store
Luk Fook Suffers as Tourists Snub Hong Kong
Sales at Luk Fook slumped in the second fiscal quarter as the Hong Kong-based jeweler suffered from a continued slowdown in tourism and local demand in its home city.Group-wide same-store sales — at branches open for at least a year...
Retail Oct 19, 2020 Rapaport News
Chow Tai Fook store Chengdu China
China Resurgence Lifts Chow Tai Fook
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...
Retail Oct 18, 2020 Rapaport News
Diamond jewelry retail
Jewelry Trade Continues to Shrink
The US jewelry industry continued to downsize in the third quarter, with 101 companies leaving the business, according to new data from the Jewelers Board of Trade (JBT).Nine firms went bankrupt, while 37 dropped out due...
Retail Oct 18, 2020 Rapaport News
TSL Malaysia story
Tse Sui Luen Expects Loss Amid Tourist Slowdown
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...
Polished Markets Oct 13, 2020 Rapaport News
Sarine Tiffany
LVMH Scraps Tiffany Deal; Tiffany Sues
LVMH has abandoned its acquisition of Tiffany & Co., citing a trade dispute between the US and France and a disagreement over the timing of the deal.Tiffany has sued LVMH in response, claiming that the luxury...
Retail Sep 09, 2020 Rapaport News
James Allen
Signet to Expand James Allen In-Store Format
Signet Jewelers plans to have James Allen e-commerce displays in 80 of its Jared locations this holiday season following a successful trial of the store-in-store concept. “Given positive sales results and strong traffic gains, we plan to expand...
Retail Sep 08, 2020 Rapaport News
Signet Kay Florida store shut during Covid-19
Signet Sales Better Than Expected
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...
Retail Sep 03, 2020 Rapaport News
Tiffany
Tiffany Sees Glimmer of Hope as Profit Slumps
Tiffany & Co. reported a sharp decline in profit in the second fiscal quarter but noted sales have returned to pre-pandemic levels in August. “Our global sales trends have strengthened in August, with preliminary month-to-date worldwide...
Retail Aug 27, 2020 Rapaport News
SK lab grown diamonds
SK Jewellery Sees Profit Slump
Singapore-based SK Jewellery Group reported a sharp drop in earnings during the first half of 2020 as store closures and other restrictions implemented during the coronavirus pandemic impacted sales. Net profit fell 81% to SGD 514,000...
Retail Aug 18, 2020 Rapaport News
Birks Group
Birks Could Face Delisting After Losses
The New York Stock Exchange (NYSE) has told Birks Group it is no longer compliant with its listing rules, after the Canadian jeweler incurred losses for four consecutive fiscal years.NYSE American, the exchange’s...
Retail Aug 17, 2020 Rapaport News
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