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Rapaport Weekly Market Comment
Positive sentiment as US holiday season begins. NRF retail group forecasts Nov./Dec. sales +3.6% to $755B as consumers show willingness to spend on spirit-lifting gifts after challenging year. Covid-19 continues to spread, with concerns about crowded shopping...
Polished Markets Nov 26, 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
Ellio Krischer
Elliot Krischer to Head NY Diamond Dealers Club
The Diamond Dealers Club of New York has elected Elliot Krischer as its new president, replacing Reuven Kaufman, who served in the position since 2011. Krischer (pictured), who is the CEO of Esskay Gems, was...
Polished Markets Nov 26, 2020 Rapaport News
IGI CVD 150
Lab Grades Its Largest CVD Diamond
The International Gemological Institute’s (IGI) Hong Kong laboratory has graded a 12.75-carat synthetic diamond, the largest chemical vapor deposition (CVD) stone it has ever received.The lab-grown stone, cut from a 46.20-carat rough, has...
Polished Markets Nov 26, 2020 Rapaport News
Gem Diamonds Pink 14ct 150
Letšeng Yields 14ct. Pink Diamond
Gem Diamonds has recovered a 14.09-carat pink diamond from its Letšeng mine in Lesotho.The miner unearthed the “top-quality” type II stone from the deposit on November 24, it said Wednesday. The discovery comes after the...
Mining Nov 26, 2020 Rapaport News
Jewelry production
Jewelers ‘Failing to Prevent Rights Abuses’
Human Rights Watch (HRW) has called for mandatory sourcing rules for the jewelry industry and urged retailers to name their suppliers, claiming the sector is not doing enough to combat abuses.“Many jewelry companies...
Retail Nov 25, 2020 Rapaport News
Chow Tai Fook 150
China Rebound Boosts Chow Tai Fook Profit
Chow Tai Fook saw earnings grow in the first fiscal half amid surging gold prices and a recovery in the Chinese market.Profit jumped 45% year on year to HKD 2.29 billion ($296 million) for the...
Retail Nov 25, 2020 Rapaport News
Deloitte Black Friday 150
Deloitte: Online to Overtake In-Store on Black Friday
Online US retail sales will surpass in-store purchases on Black Friday for the first time as shoppers look to avoid crowds, according to a survey from Deloitte.Some 74% of respondents intend to go fully digital over the Thursday-to-Monday Thanksgiving...
Retail Nov 25, 2020 Rapaport News
Petra De Beers Blue Diamonds 150
De Beers Buys Petra Blue Diamonds for $40M
De Beers has purchased five rough blue diamonds from Petra Diamonds for more than $40 million in partnership with one of its sightholders.The miner bought the Letlapa Tala collection together with South African...
Mining Nov 25, 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
Gubelin gemstone ratings
Colored Gemstones Get New Ratings System
Switzerland’s Gübelin Gem Lab has launched a scoring system for colored gemstones based on wine ratings, claiming that the industry lacked a common method of describing quality and uniqueness.The numerical scale takes into account...
Gemstones Nov 24, 2020 Rapaport News
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
Interior establishing shot of Forevermark Store in
Forevermark to Make Greater Use of De Beers Name
De Beers will associate its corporate identity more closely with Forevermark, enabling the diamond-jewelry brand to benefit from group-wide efforts in the realm of sustainability and responsible sourcing.“Aligning Forevermark more closely with the De Beers...
Retail Nov 24, 2020 Rapaport News
Synova 150
Fancy Shapes Get Automation Boost
Swiss technology provider Synova has expanded its automated diamond-cutting system to include fancy shapes. The company, which is part-owned by De Beers, unveiled the DaVinci Diamond Factory last year at the Dubai Diamond Conference. Synova...
Manufacturing Nov 23, 2020 Leah Meirovich
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 Nov 23, 2020 Rapaport News
Polished diamond
US Polished Imports Continue to Drop
The US recorded its 18th consecutive monthly fall in polished-diamond imports as the coronavirus pandemic continued to affect trading. Shipments dropped 10% year on year to $1.34 billion in September — the gentlest decline since March, according to data...
Polished Markets Nov 22, 2020 Rapaport News
Israel Diamond Exchange trade floor shut June 2020
Israel Polished Exports Slump
Israel’s polished-diamond exports fell 37% year on year to $1.9 billion in the first 10 months of 2020, according to figures the government released last week.The decline, which reflects the impact of the pandemic, eased slightly in August...
Polished Markets Nov 22, 2020 Rapaport News
Macys jewelry 150
Jewelry Gives Shining Performance at Macy’s
Jewelry was one of the top-selling categories at Macy’s during the third fiscal quarter, even as overall sales declined at the department-store chain.Group revenue dropped 23% to $3.99 billion in the three months ending October 31,...
Retail Nov 22, 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
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Rapaport Weekly Market Comment
Rising expectations for holiday season despite surge in Covid-19. US retail sales +5.7% in Oct. Digital driving growth in US and China: Walmart 3Q e-commerce +79% and Alibaba’s 11/11 Singles’ Day sales +26% to record $74B. Polished...
Polished Markets Nov 19, 2020 Rapaport News
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