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Rich Shatz
Jewelry Connoisseur Podcast: The Estate Market
The estate-jewelry sector has fared well during the Covid-19 crisis as customers have continued to show interest in designer goods, dealer Rick Shatz told the Jewelry Connoisseur Podcast.Higher-end clients — on whom the pandemic has...
Retail Aug 06, 2020 Rapaport News
Alrosa rough sorting at Mirny.
Alrosa Nearing Inventory Deal with Govt.
Alrosa expects to finalize a sale of rough to Gokhran in the next two months, aiming to reduce its stockpiles while ensuring the diamond industry doesn’t receive a flood of goods.Gokhran — Russia’s state gem and precious-metal depository — would...
Rough Markets Aug 06, 2020 Joshua Freedman
Mining Ekati 150
Mining Sell-Off Highlights Sector’s Woes
Just as the sun emerged from behind the clouds and diamond demand began to recover from a glut in the manufacturing sector, the coronavirus pandemic hit. Its rapid spread forced many miners to shut down...
Mining Aug 06, 2020 Leah Meirovich
July RetailRap 150
How to Market Jewelry During the Pandemic
Is it appropriate for jewelers to market during the pandemic?Yes, now is when jewelers need business the most. I think it’s the perfect time to increase marketing and market share. There are many jewelers that aren’t...
Marketing Aug 05, 2020 Leah Meirovich
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 Aug 05, 2020 Rapaport News
Chow Sang Sang 150
Chow Sang Sang Warns of Steep Profit Drop
Chow Sang Sang is expecting profit to plummet for the first half of the year amid store closures and a sharp decline in tourism to Hong Kong.Profit will fall between 65% and 70% year on year to an estimated...
Retail Aug 04, 2020 Rapaport News
De Beers Office in Botswana
De Beers Turns to Tech as Layoffs Loom
De Beers is no stranger to changing strategy. Throughout its 130-plus-year history, the company has often adjusted its approach, sometimes with just a few tweaks, and on other occasions with radical consequences for the diamond market....
Rough Markets Aug 03, 2020 Avi Krawitz
Asian Star 150
Asian Star Expects Long-Term Covid-19 Impact
Mumbai-based diamond manufacturer Asian Star believes jewelry demand will remain sluggish through the end of the quarter as the coronavirus weighs on consumer spending.“Economic disruption caused by Covid-19 has changed consumer behavior, as people have...
Manufacturing Aug 03, 2020 Rapaport News
Rough diamonds
India Urges ‘Self-Discipline’ from Rough Buyers
Indian industry leaders have renewed their calls for limits on rough imports during the Covid-19 crisis, noting that diamond demand remains uncertain.The Gem & Jewellery Export Promotion Council (GJEPC) and four...
Rough Markets Aug 02, 2020 Rapaport News
Gem Diamonds
Pandemic Punctures Sales at Letšeng Mine
Revenue at Gem Diamonds fell in the first half of the year amid a temporary shutdown of its mine and weak demand due to the coronavirus.Sales of rough diamonds from the Letšeng mine in Lesotho dropped 22% to $74...
Mining Jul 30, 2020 Rapaport News
Rio Tinto
Losses Deepen at Rio Tinto’s Diamond Unit
Weak rough demand and a devaluation of assets pushed Rio Tinto’s diamond division further into the red in the first half of the year, the miner reported Wednesday.The unit recorded a net loss of $40 million...
Mining Jul 29, 2020 Rapaport News
Antwerp Diamond Bourse trading floor.
Antwerp Trading Halls Shut for Second Time
The Federation of Belgian Diamond Bourses has closed all four of Antwerp’s trading floors following a spike in coronavirus cases in the city.The national government tightened social-distancing rules on Monday to prevent a repeat of the full lockdown it instituted...
Polished Markets Jul 28, 2020 Joshua Freedman
Rio Tinto
Rio Tinto Grants Rough Buyers Flexibility
Rio Tinto has given customers flexibility with their rough purchases since the Covid-19 crisis began, allowing them to buy only what they needed.“We provided full flexibility for all our customers and...
Mining Jul 28, 2020 Leah Meirovich
Luk Fook
Luk Fook Sales Tank During Pandemic
Luk Fook’s sales plunged 71% in the first fiscal quarter as the coronavirus continued to reduce foot traffic and tourism.Total same-store sales — at Luk Fook outlets open for more than a year — in Hong Kong and...
Retail Jul 26, 2020 Rapaport News
The new Cullinan plan
Petra Revenue Falls to Nine-Year Low
Petra Diamonds’ full-year sales dropped to their lowest level in almost a decade as the coronavirus aggravated an already weak rough market.Revenue fell 36% to $295.8 million in the fiscal year ending June 30, reflecting sluggish rough...
Mining Jul 26, 2020 Rapaport News
Jewelry store display
Mom-and-Pop Stores Doing OK – for Now
Independent US jewelers have weathered the Covid-19 crisis well, but face a serious challenge if the pandemic persists, according to Jewelers of America (JA) CEO David Bonaparte.“Mainstream mom-and-pop retail jewelers, especially the ones that are...
Retail Jul 22, 2020 Joshua Freedman
Jewelry in box
Jewelers See Worst Quarter for Credit Downgrades
The Jewelers Board of Trade (JBT) reduced companies’ credit scores at an “unprecedented” rate in the second quarter as businesses missed payments during the Covid-19 crisis.Many jewelers that bought on terms of 90 days or less before the pandemic...
Financial-Legal Jul 22, 2020 Joshua Freedman
Watchmaker
Watch Exports to Hong Kong and US Still Weak
Swiss watch exports dropped heavily in June as continued slowdowns in Hong Kong and the US outweighed a recovery in China.Total shipments fell 35% year on year to CHF 1.13 billion ($1.21 billion), the fourth consecutive monthly decline,...
Watches Jul 21, 2020 Rapaport News
Harry Winston London.
Virus Hits Swatch Group’s Bottom Line
Swatch Group, the owner of Harry Winston and Omega, recorded the first half-year loss in its history as the coronavirus devastated sales from February onward.Sales dived 46% to CHF 2.2 billion ($2.34 billion) in the...
Retail Jul 21, 2020 Rapaport News
Mountain Province
Mountain Province Projects 3Q Improvement
Mountain Province anticipates the market for rough diamonds will start to improve toward the end of the third quarter when retailers prepare for holiday sales.“While prices in the post Covid-19 period remain under...
Polished Markets Jul 20, 2020 Rapaport News
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