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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 Jan 17, 2021 Rapaport News
Chow Tai Fook store Wuhan China
Chow Tai Fook Sales Rise as China Recovers
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,...
Retail Jan 11, 2021 Rapaport News
Montage Jan 2021
2020 Hindsight from Our ‘People of the Year’
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...
Polished Markets Jan 10, 2021 Rapaport News
Polished Diamonds
Diamond Prices Firm After Supply Declines
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...
Polished Markets Jan 05, 2021 Rapaport
Hong Kong
Hong Kong Retail Sees Gradual Recovery
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...
Retail Jan 04, 2021 Rapaport News
De Beers rough diamonds at office in Calgary Canad
The Top 10 Stories of 2020
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...
Polished Markets Dec 30, 2020 Joshua Freedman
Polished diamonds and tweezer
Year in Review: Diamond Trading During Covid-19
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...
Polished Markets Dec 29, 2020 Rapaport News
Wedding Report 140
Wedding Industry Takes Hit During Pandemic
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...
Polished Markets Dec 27, 2020 Rapaport News
Covid retail
Covid-19 Resurgence Hits Consumer Confidence
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...
Retail Dec 24, 2020 Rapaport News
Diamond engagement ring
Engagement-Ring Budgets Stable During Pandemic
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...
Retail Dec 20, 2020 Rapaport News
De Beers Employee feeling washed and crushed Kimbe
De Beers Sales Increase Again
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...
Rough Markets Dec 17, 2020 Rapaport News
Jean Z. Poh
How E-Commerce Can Help You Crunch the Numbers
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...
Retail Dec 15, 2020 Jean Z. Poh
Venetia mine
De Beers Trims Production Plan for Coming Years
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...
Mining Dec 13, 2020 Rapaport News
Diamond merchants examine diamonds on the streets
India’s Gem, Jewelry Exports Show Recovery
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...
Polished Markets Dec 08, 2020 Rapaport News
Birks store Toronto Canada
Birks Sales Slide After Store Closures
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...
Retail Nov 29, 2020 Rapaport News
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 at store in Delhi, India
Diwali Sales Shine as ‘Bored’ Consumers Return
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...
Retail Nov 26, 2020 Joshua Freedman
NRF Holiday 150
Sales Will Rise This Holiday, Retail Group Predicts
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...
Retail Nov 24, 2020 Rapaport News
Luk Fook HK 150
Luk Fook Warns of Profit Drop
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...
Retail Nov 22, 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
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