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Pandora Hires Ex-H&M Exec to Help Revamp
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Pandora has hired Martino Pessina as chief commercial officer as part of its efforts to restructure the company and implement a turnaround.In the newly created role, Pessina will lead the Danish retailer’s 10 new regional groups,...
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Retail
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Mar 29, 2020
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Rapaport News
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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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Mar 26, 2020
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Rapaport News
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Research
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Mar 26, 2020
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Rapaport
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Rapaport Weekly Market Comment
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Coronavirus brings unprecedented disruption to diamond industry as US retail, India manufacturing and South Africa mining shut down. $2 trillion stimulus will inject liquidity into US economy and relieve stress among small businesses. Signet Jewelers...
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Polished Markets
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Mar 26, 2020
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Rapaport News
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India: Trading Collapses Amid Virus Shutdown
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Trading collapsed due to coronavirus shutdown in all key retail markets. Rising concerns about spread of COVID-19 within India. Surat polishing industry closed as the country enforces nationwide 21-day lockdown. Bharat Diamond Bourse in Mumbai...
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Research
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Mar 26, 2020
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Rapaport News
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Strong Holiday Lifts Signet to 4Q Profit
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Signet Jewelers returned to profit in the fourth fiscal quarter and recorded growth in same-store sales, as the company’s turnaround plan appeared to be working before the coronavirus crisis hit.The retailer reported net income of $187.1 million...
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Retail
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Mar 26, 2020
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Rapaport News
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GIA Reduces Services Across the World
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The Gemological Institute of America (GIA) has closed most of its laboratories and educational centers due to the coronavirus.The laboratory at its headquarters in Carlsbad, California, has shut temporarily, as have grading facilities in Antwerp, Johannesburg, Mumbai,...
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Polished Markets
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Mar 26, 2020
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Rapaport News
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Alrosa Launches Digital Tender for Large Rough
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Alrosa has introduced a digital auction for its large rough diamonds in an effort to minimize disruption to its sales during coronavirus-related travel restrictions.The tender, which began Monday and runs through April 6, will take the...
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Mining
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Mar 26, 2020
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Rapaport News
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Jewelry Groups Urge Govt. to Support Retailers
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Three jewelry groups have joined the National Retail Federation (NRF) in its efforts to help small US retailers obtain financial aid from the government during the coronavirus shutdown.Jewelers of America (JA), the Jewelers Vigilance...
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Retail
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Mar 26, 2020
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Rapaport News
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De Beers Enables 100% Deferrals at March Sight
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De Beers is allowing sightholders unlimited deferrals at its upcoming rough-diamond sale as manufacturing closures have obliterated demand, market sources told Rapaport News.The rare step follows the shutdown of the Surat polishing industry this week...
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Rough Markets
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Mar 26, 2020
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Joshua Freedman
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Rapaport Suspends Price List Until May 1
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The Rapaport Group will not publish the Rapaport Price List until May 1, after putting the issue to a vote among members of its RapNet trading network. The latest edition from March 20 is the official...
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Polished Markets
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Mar 26, 2020
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Rapaport News
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South Africa, Lesotho Mines Set for Shutdown
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Petra Diamonds, Gem Diamonds, Firestone Diamonds and Lucapa Diamond Company are suspending operations at their mines in South Africa and Lesotho due to government measures to curb the spread of the coronavirus.South Africa has introduced...
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Mining
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Mar 25, 2020
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Rapaport News
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Gemfields Bounces Back into the Black
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Gemfields recorded a profit in 2019 as the cancellation of a Zambian export duty bolstered the value of the company’s Kagem emerald mine.The miner earned $39.1 million for the year, compared with a loss of $60.4 million in 2018,...
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Mining
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Mar 25, 2020
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Rapaport News
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India Eases Trade’s Financial Burden
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India’s government has approved concessions to ease the financial situation for diamond and jewelry businesses after the country went into lockdown to curb the spread of the coronavirus.The finance ministry raised the minimum...
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Financial-Legal
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Mar 25, 2020
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Rapaport News
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Christie’s Delays NY, Geneva Jewelry Auctions
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Christie’s has pushed back its New York and Geneva jewelry sales as the coronavirus spreads around the world.All three of the auction house’s spring Magnificent Jewels sales, which generally occur between April...
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Polished Markets
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Mar 25, 2020
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Rapaport News
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Mountain Province Loss Widens Amid Weak Pricing
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Mountain Province’s losses intensified in 2019 as weaker anticipated diamond prices led to the devaluation of its Gahcho Kué mine.The miner posted a net loss of CAD 128.8 million ($89 million), compared with a loss of $14.1 million...
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Mining
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Mar 24, 2020
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Rapaport News
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More Jewelers Close Up Shop Due to COVID-19
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A number of jewelers and manufacturers are shutting temporarily following government orders amid the coronavirus outbreak.Stuller has closed its Louisiana headquarters and suspended all on-site operations in accordance with Governor John Bel Edwards’s...
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Retail
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Mar 24, 2020
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Rapaport News
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Michael Hill to Close Remainder of Global Stores
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Michael Hill will shut its stores in Australia and New Zealand for an indefinite period in response to the rapid spread of the coronavirus and a slowdown in its store traffic.“In Australia, the current ‘social distancing’ guidelines...
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Retail
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Mar 24, 2020
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Rapaport News
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Surat Diamond Manufacturing Shuts Down
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The entire polishing industry in Surat has shut until March 31 after Indian authorities introduced tight restrictions to slow the spread of the coronavirus.Activities stopped on Tuesday in line with a lockdown enforced by the Gujarat state government....
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Polished Markets
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Mar 24, 2020
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Rapaport News
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Lucapa Nets First Funds from Graff Partnership
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Lucapa Diamond Company has garnered $4 million in revenue from the first share of proceeds through its manufacturing partnership with Graff unit Safdico, it said Tuesday.Under the partnership, which Lucapa announced in January, Safdico has...
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Mining
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Mar 24, 2020
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Rapaport News
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