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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
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
Shutterstock
Swiss Watch Exports Maintain Gloomy Streak
Swiss watch exports saw their ninth consecutive monthly decline as US orders slipped and a fresh wave of European lockdowns cast a cloud over demand in the region.Global shipments fell 7% to CHF 1.88 billion ($2.07 billion) in October,...
Watches Nov 19, 2020 Rapaport News
TSL Malaysia store
Hong Kong’s Tse Sui Luen Suffers Heavy Losses
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...
Retail Nov 19, 2020 Rapaport News
De Beers rough sorting at Debmarine Namibia
De Beers Sees Third Consecutive Sales Increase
De Beers’ November sales cycle garnered $450 million as retail demand in the US and China supported manufacturers’ appetite for rough, the company reported Wednesday.The monthly total, covering the period from November 2 to 16, was...
Rough Markets Nov 18, 2020 Rapaport News
Man shopping on Alibaba
Alibaba Sales Soar During 11/11 Season
The pandemic didn’t stop Alibaba from recording sales growth this Singles’ Day, with the Chinese e-commerce giant enjoying a sharp rise in activity on its platforms during the week and a half running up to the...
Retail Nov 12, 2020 Rapaport News
De Beers Insight Report Nov 2020
De Beers: Recovery to Extend ‘Well Beyond 2020’
The diamond sector’s rebound from the Covid-19 crisis will feature ups and downs that will continue into next year at least, De Beers predicted.“The demand recovery is not expected to be linear, particularly as localized lockdowns...
Retail Nov 10, 2020 Rapaport News
Cartier logo on building in Chengdu China April 20
Jewelry Stands Out at Richemont
Richemont’s jewelry sales outperformed the rest of the group in the three months ending September 30 as Chinese demand grew and consumers spent money online.Sales at jewelry maisons — Cartier, Van Cleef & Arpels, and Buccellati...
Retail Nov 08, 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
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
Alrosa mine trucks
Alrosa Upbeat as Diamond Sentiment Improves
Alrosa gave a positive assessment of the diamond market ahead of the holidays after rough and polished trading picked up in the third quarter.The Russian company’s rough-diamond sales climbed to $552.9 million during the three months...
Mining 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
Polished diamond and loupe
China Cracks Down on Diamond Smuggling
China has arrested 121 people suspected of bringing CNY 3.88 billion (around $570 million) in diamonds into the country through illegal channels since 2015, according to a state-owned newspaper.Officials seized more than 2,520 diamonds,...
Financial-Legal Oct 01, 2020 Rapaport News
Sarine Files India Lawsuit 150
Sarine, Chinese Lab Debut Light-Performance Report
Sarine Technologies has partnered with China’s National Gemstone Testing Center (NGTC) to offer light-performance reports for a leading jewelry supplier in the region.The co-branded reports for high-end Chinese jewelry designer, manufacturer and wholesaler...
Retail Sep 16, 2020 Rapaport News
Ana de Armas NDC
Bond Actress Revealed as New Face of Diamonds
The Natural Diamond Council (NDC) has unveiled actress Ana de Armas as the star of its first celebrity campaign, which will debut at next week’s Emmy Awards.De Armas recently received a Golden Globe nomination for...
Marketing Sep 16, 2020 Rapaport News
Bharat Diamond Bourse
India Trading Still Down, but Decline Eases
India’s polished-diamond exports fell 26% year on year to $1.22 billion in August, a gentler decline than in previous months, as overseas jewelry demand improved, the country’s Gem & Jewellery Export Promotion Council (GJEPC) reported.“We have...
Polished Markets Sep 15, 2020 Rapaport News
Chow Sang Sang store 150
Chow Sang Sang Turns Focus to China
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,...
Retail Aug 30, 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
Forevermark diamond ring
Diamonds High on Holiday Gift Lists
Consumers are showing strong interest in buying diamonds for their loved ones this holiday season, seeing a need to give something special following an uncertain year, according to a survey by De Beers.In the US, almost 60% of men...
Retail Aug 11, 2020 Rapaport News
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