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Rapaport Weekly Market Comment
Sentiment improving as holiday orders and shortages support polished prices. Cutters planning brief Diwali break amid rise in production. US holiday shoppers expected to keep spending in line with last year at average of $998, says NRF....
Polished Markets Oct 22, 2020 Rapaport News
Rapaport TradeWire October 22, 2020
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Research Oct 22, 2020 Rapaport
Rough diamonds in Calgary offices De Beers
De Beers Notes Recovery Ahead of Holidays
De Beers’ sales and production rebounded in the third quarter as the impending holiday season revitalized the diamond market following months of slow sales.Rough sales totaled 6.6 million carats during the three months ending...
Mining Oct 22, 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
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 Oct 22, 2020 Rapaport News
De Beers Industry Services grading Surat
India Rushes to Meet US Holiday Demand
Indian diamond manufacturers are planning a curtailed Diwali break as they scramble to fulfill US holiday orders amid a shortage of polished.Factories will shut for five to 12 days instead of the usual two to three weeks, aiming to offset months...
Manufacturing Oct 22, 2020 Joshua Freedman
Petra Blues 150
Petra to Offer Collection of Blue Diamonds at Tender
Petra Diamonds plans to hold a special tender of five blue diamonds it recovered from the Cullinan mine in South Africa last month.The sale of the Letlapa Tala collection, which means “blue rock” in the northern Sotho...
Mining Oct 21, 2020 Rapaport News
GSI 150
Lab Launches Synthetic-Diamond Course
Gemological Science International (GSI) has launched a new online educational course dedicated to lab-grown diamonds, it said Tuesday.The Laboratory-Grown Diamond Essentials class was created in response to the rapid rise in the number of companies active in the...
Polished Markets Oct 21, 2020 Rapaport News
Rio Tinto 150
Rio Tinto to Sell Final Argyle Specials
Rio Tinto will launch a tender of large rough diamonds, including the last of its special stones from the Argyle deposit in Australia.The miner will feature 28,399 carats of special-sized rough — weighing more than 10.8...
Mining Oct 21, 2020 Rapaport News
Jwaneng mine
Diamond Rebound to Boost Botswana Growth
Botswana’s government expects the country’s economy to return to growth next year on the back of a recovery in the diamond sector.The nation’s gross domestic product (GDP) will increase 7.7% in 2021, Thapelo Matsheka, minister of finance and...
Mining Oct 21, 2020 Rapaport News
Swiss Watches 150
Swiss Watch Exports Still Slow to Recover
Swiss watch exports continued to decline in September, with China the only country to see an improvement.Total shipments fell 12% year on year to CHF 1.6 billion ($1.77 billion), the seventh consecutive monthly decrease. Although the...
Retail Oct 20, 2020 Rapaport News
Dominion Ekati 150
Dominion in Flux as CEO Resigns
Patrick Merrin has stepped down as interim CEO of Dominion Diamond Mines, deeming it “appropriate” to focus on his position at the rough producer’s parent company.Merrin, who is chief operating officer at the Washington Companies, took on the lead...
Mining Oct 20, 2020 Leah Meirovich
FIT student at bench
Plumb Club Partners with Fashion Institute
The Plumb Club, an alliance of jewelry suppliers, has launched a collaboration with New York’s Fashion Institute of Technology (FIT) to help design students enter the industry.The project connects students in FIT’s jewelry-design program with Plumb...
Polished Markets Oct 20, 2020 Rapaport News
Petra restructure 150
Petra Lenders Take Majority Control of Company
Petra Diamonds has called off its formal sales process, as its lenders have acquired majority ownership in the company in exchange for writing off sizeable debts.The groups reached the agreement following discussions on a long-term...
Mining Oct 20, 2020 Leah Meirovich
Brittany Lewis and Caleb Wood
Two Execs Join WD Lab Grown Diamonds
WD Lab Grown Diamonds has hired heads of marketing, merchandise and operations as the US-based producer expands under private-equity ownership.Brittany Lewis joined WD earlier this year to lead marketing and merchandising, the company said last...
Polished Markets Oct 20, 2020 Rapaport News
Podcast Oct 2020
Podcast: Cash, Credit and Covid-19
The coronavirus crisis has split US jewelers into haves and have-nots, Jewelers Board of Trade (JBT) president Erich Jacobs told the Rapaport Diamond Podcast.Digital-savvy businesses have thrived while less advanced competitors — or those...
Financial-Legal Oct 20, 2020 Joshua Freedman
Chaim Pluczenik
Chaim Pluczenik Becomes AWDC President
The board of the Antwerp World Diamond Centre (AWDC) has elected Chaim Pluczenik as president, a spokesperson for the trade organization said Monday.Pluczenik, owner of Antwerp-based dealer Pluczenik Diamond Company, replaces Nishit Parikh, who...
Polished Markets Oct 19, 2020 Rapaport News
MP Gahacho Kue 150
Mountain Province Output Thrives in Third Quarter
Production at Gahcho Kué rose in the third quarter as Mountain Province mined from a higher-grade portion of the deposit.Ore from the asset yielded 2.19 carats of rough diamonds per tonne in the three months ending September...
Mining Oct 19, 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
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