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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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Jul 13, 2020
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Rapaport News
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Birks Sales Rise Pre-Pandemic
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Birks Group’s sales increased sharply in the latest fiscal year as three of its major retail stores reopened following renovations.The Canadian jeweler resumed trading at flagship sites in Vancouver, Toronto and Montreal during the 12-month...
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Retail
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Jul 12, 2020
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Rapaport News
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Titan Sales Slump as Lockdown Hits India
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Revenue at Titan Company dropped sharply in the past two months during India’s coronavirus lockdown, but the jewelry retailer noted encouraging signs as restrictions eased.Jewelry sales fell more than 80% year on year in May...
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Retail
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Jul 09, 2020
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Rapaport News
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Diamond Price Index Firms Amid Slow Trade
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RAPAPORT PRESS RELEASE, July 7, 2020, Las Vegas… The global diamond market was uncertain in June due to the resurgence of Covid-19 and geopolitical tensions. Polished prices firmed for select goods. The RapNet Diamond...
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Polished Markets
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Jul 07, 2020
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Rapaport
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Jewelers See Positive Signs as Business Restarts
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Times are hard for luxury in general, and jewelry in particular. In a recent survey by McKinsey & Company, jewelry was one of the luxury products consumers were most willing to forgo post-Covid-19, considering the financial crisis...
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Retail
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Jul 02, 2020
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Leah Meirovich
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Chow Tai Fook Expanding China Store Count
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Pandemic or not, Chow Tai Fook has no intention of slowing its expansion into China, with plans to open approximately 450 stores on the mainland during the current fiscal year, managing director Kent Wong told...
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Retail
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Jun 29, 2020
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Avi Krawitz
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Eira Thomas Confident Lucara Can Navigate Crisis
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The diamond mining sector has been hard hit by the coronavirus crisis. There has been a significant drop in demand — when rough sales could even take place — forcing miners to reconsider their production programs...
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Mining
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Jun 22, 2020
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Avi Krawitz
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Hong Kong August Shows Canceled
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The Hong Kong Trade Development Council (HKTDC) has called off this year’s jewelry fairs, scheduled for August, after quarantine rules made the events inaccessible to overseas participants.The HKTDC initially postponed the...
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Polished Markets
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Jun 21, 2020
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Rapaport News
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Where Do We Go from Here?
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The coronavirus pandemic has impacted every part of the diamond supply chain. As markets reopen with the virus still lingering, there is a consensus that a new normal has been established, even as it continues to evolve. The...
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Polished Markets
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Jun 21, 2020
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Avi Krawitz
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JVC Releases Guide to FTC Rules
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The Jewelers Vigilance Committee (JVC) has published a book containing advice on how to interpret the US Federal Trade Commission (FTC) jewelry guidelines.Understanding the FTC Guidelines deciphers the complex rules governing the manufacture, sale,...
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Financial-Legal
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Jun 18, 2020
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Rapaport News
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Tiffany Sees ‘Robust Recovery’ in China
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Tiffany & Co. reported a strong rebound in its operations in mainland China during April and May, after Covid-19 lockdowns resulted in heavy first-quarter losses for the jeweler. “While sales in key markets like the...
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Retail
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Jun 09, 2020
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Rapaport News
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LVMH Watch Chief Takes On Jewelry Portfolio
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LVMH has promoted Stéphane Bianchi to CEO of its watches and jewelry division, starting July 1. Since 2018, he has been CEO of watchmaking and of the French luxury group’s TAG Heuer timepiece brand.Bianchi will oversee...
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Retail
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Jun 08, 2020
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Rapaport News
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LVMH-Tiffany Deal Faces Uncertainty
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The LVMH board met on Tuesday to discuss its takeover of Tiffany & Co., fueling rumors that the $16.2 billion deal was less certain than before Covid-19.The panel of directors “focused its attention on the...
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Retail
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Jun 04, 2020
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Rapaport News
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Podcast: Time for Subtle, Discreet Brand Marketing
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As difficult as the Covid-19 lockdown period has been, Sally Morrison, director of public relations at De Beers’ consumer and brands division, sees opportunity for the diamond industry moving forward. In the first episode of the Rapaport...
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Marketing
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Jun 01, 2020
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Rapaport News
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A Time to Heal
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The Covid-19 crisis is presenting an opportunity for the market to restart, refresh, and build on its experience of dealing with the diamond-trade slowdown of the past few years. In these unprecedented times, it would be foolish to make predictions...
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Polished Markets
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May 27, 2020
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Avi Krawitz
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Staying Relevant in the Coronavirus Era
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During lockdown, there comes a time when one simply doesn’t want to be told anymore that we’re in this together — “even though we may be apart.”While plunging further down that YouTube rabbit hole, as we all often have...
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Marketing
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May 14, 2020
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Avi Krawitz
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Is the Diamond Trade Prepared for Change?
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As diamond markets start to return, the Rapaport News team discusses prospects for the industry in the latest episode of the Rapaport Diamond Podcast. We discuss the extent to which things have fundamentally changed in the past...
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Polished Markets
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May 14, 2020
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Rapaport News
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Lightbox Delays New Production Plant to 2021
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Lightbox, De Beers’ lab-grown diamond jewelry brand, has delayed commissioning its new facility in Portland, Oregon, by a few months due to the COVID-19 pandemic.“The building itself and plant infrastructure [are] already complete, and we are...
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Manufacturing
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May 07, 2020
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Avi Krawitz
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Diamond Markets Reflect Uncertain Outlook
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RAPAPORT PRESS RELEASE, May 5, 2020, Las Vegas… Diamond trading was restricted in April due to the coronavirus pandemic and global lockdowns. Sentiment was weak, with dealers frustrated by the inability to resume business. The...
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Polished Markets
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May 05, 2020
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Rapaport
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Eight Surat Cutting Units Return to Work
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India has resumed manufacturing and exports of gems and jewelry, as the country starts to ease its restrictions following five weeks of lockdown.Eight production units in Surat, the country’s diamond-cutting hub, have begun operations at the...
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Polished Markets
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May 04, 2020
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Rapaport News
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