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Coronavirus Updates: Impact on the Diamond Trade
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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...
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Polished Markets
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Oct 28, 2020
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Rapaport News
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Preparing for a Holiday Season Like No Other
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Rapaport’s quarterly Diamond Trends Webinar outlined the key developments the trade should look out for during the holiday season and 2021.The webinar, presented last week by Rapaport Senior Analyst Avi Krawitz,...
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Polished Markets
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Oct 26, 2020
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Rapaport News
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Plumb Club Partners with Fashion Institute
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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...
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Polished Markets
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Oct 20, 2020
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Rapaport News
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Luk Fook Suffers as Tourists Snub Hong Kong
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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...
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Retail
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Oct 19, 2020
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Rapaport News
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China Resurgence Lifts Chow Tai Fook
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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...
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Retail
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Oct 18, 2020
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Rapaport News
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Jewelry Trade Continues to Shrink
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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...
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Retail
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Oct 18, 2020
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Rapaport News
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Tiffany Encouraged by 3Q Momentum
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Tiffany & Co. has witnessed a rebound in its operations during the third fiscal quarter, driven by growth in e-commerce sales and a strong recovery in China, the jeweler said Thursday.Operating earnings grew 25% year on year...
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Retail
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Oct 15, 2020
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Rapaport News
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Tse Sui Luen Expects Loss Amid Tourist Slowdown
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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...
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Polished Markets
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Oct 13, 2020
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Rapaport News
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The Importance of Being Tiffany
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There was a moment during the 2019 Academy Awards ceremony that made the jewelry world stop and gasp. Lady Gaga, who would later that evening collect the coveted Oscar for best...
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Retail
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Oct 12, 2020
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Avi Krawitz
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Pandemic Boosting Demand for Secondhand Luxury
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The global market for secondhand hard-luxury goods is benefiting from emerging consumer trends that have intensified during Covid-19, according to Boston Consulting Group (BCG). The category is growing by 8% per year, the management firm...
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Retail
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Oct 12, 2020
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Rapaport News
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Polished Prices Firm Ahead of Holiday Season
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RAPAPORT PRESS RELEASE, October 6, 2020, Las Vegas… Diamond market sentiment improved in September as jewelers started to prepare for the fourth-quarter holiday season. Optimism was tempered by a continued rise in global Covid-19 cases and renewed...
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Polished Markets
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Oct 06, 2020
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Rapaport
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Trend Report: Covid-19 Driving Move to Digital
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Las Vegas, September 24, 2020As the diamond industry begins its recovery from the initial impact of Covid-19, its once-lagging progress toward digital is being vastly accelerated. While this will not be a rapid transition...
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Polished Markets
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Sep 24, 2020
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John Costello
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VicenzaOro Lifts Sentiment Despite Slow Sales
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VicenzaOro staged the first major international jewelry trade fair since before Covid-19 amid strict safety measures, with buyers booking modest orders.Attendance was well below pre-pandemic levels due to the absence of participants...
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Polished Markets
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Sep 21, 2020
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David Brough
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LVMH Scraps Tiffany Deal; Tiffany Sues
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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...
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Retail
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Sep 09, 2020
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Rapaport News
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The Rough Market’s Window of Opportunity
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The price cuts that took effect in the rough-diamond market last month surprised some, but made perfect sense given the trends in polished trading and the recent earnings reports from De Beers and...
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Rough Markets
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Sep 08, 2020
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Rapaport News
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Signet to Expand James Allen In-Store Format
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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...
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Retail
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Sep 08, 2020
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Rapaport News
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Signet Sales Better Than Expected
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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...
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Retail
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Sep 03, 2020
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Rapaport News
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Jewelry Among Best Performers for Macy’s
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Jewelry was one of the top-selling categories at Macy’s during the second fiscal quarter, even as overall sales declined at the department-store chain.Group revenue dropped 36% to $3.56 billion in the three months ending August 1, while...
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Retail
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Sep 03, 2020
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Rapaport News
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Rising Polished Prices Boost Sentiment
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RAPAPORT PRESS RELEASE, September 1, 2020, Las Vegas… Diamond markets improved in August as governments eased Covid-19 restrictions and dealers sought to fill specific orders from jewelers. Indian manufacturers increased polished production to fill shortages...
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Polished Markets
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Sep 01, 2020
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Rapaport
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Tiffany Sees Glimmer of Hope as Profit Slumps
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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...
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Retail
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Aug 27, 2020
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Rapaport News
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