Rapaport News

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Updated: 19 weeks 6 days ago

Rapaport Weekly Market Comment

Thu, 01/03/2019 - 06:59
Happy New Year! Diamond trade ends relatively good year with 1 ct. RAPI +0.7% despite weak 2H. Diamond manufacturers cautious amid expectations of continued midstream consolidation due to bankruptcies and mergers. Dealer market quiet over New Year holiday. Polished suppliers start 2019 with high inventory of small goods up to 0.30 ct. Total diamonds listed on RapNet +24% year on year to 1.5M ...

India: Suppliers Holding Prices Firm

Thu, 01/03/2019 - 06:57
Polished trading down, with few foreign buyers in the market over Christmas-New Year. Suppliers holding prices firm during lull, but willing to discount on very old stock. Manufacturers raising polished production, but wary due to high inventory levels. Consolidation expected this year as bankruptcy rumors persist. Jewelry sales stable during ongoing wedding season. ...

Rapaport TradeWire January 3, 2019

Thu, 01/03/2019 - 06:41
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Rapaport TradeWire January 3, 2019

Thu, 01/03/2019 - 06:40
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India Aims to Promote Its Jewelry in UAE

Thu, 01/03/2019 - 04:47
RAPAPORT... Two Indian trade groups have agreed to promote the country’s jewelry in the United Arab Emirates (UAE). The Gem & Jewellery Export Promotion Council (GJEPC) and the Metals and Minerals Trading Corporation of India (MMTC) have entered a partnership aimed at stimulating interest in Brand India in the Gulf country, the GJEPC said Wednesday. GJEPC chairman Pramod Agrawa...

Nilesh Sheth to Continue as IDCA President

Thu, 01/03/2019 - 01:57
RAPAPORT... Nilesh Sheth has been reelected as president of the Indian Diamond & Colorstone Association (IDCA), the organization said Wednesday. Sheth, who is president of Nice Diamonds, was voted in unanimously at the New York election on December 12. Members elected Sujan Doshi from S. A. Diamonds as vice president to succeed Rakesh Barmecha. The board’s executive committee will al...

Graph Diamonds: The Year in 5 Telling Charts

Thu, 01/03/2019 - 01:37
RAPAPORT... Data can be exhilarating. Earlier this week, Avi Krawitz, Rapaport’s News Editor and Senior Analyst, called this reporter over to look at his screen, as there was something exciting on it. The attraction was a line chart of the RapNet Diamond Index (RAPI™) for 1-carat diamonds throughout 2018, showing that the peak price on July 6 coincided exactly with the day the US implemen...

Diamond Trade Records Cautious Growth in 2018

Thu, 01/03/2019 - 01:00
RAPAPORT PRESS RELEASE, January 3, 2019, New York… The diamond trade ended 2018 with greater uncertainty than at the beginning of the year. Diamond prices softened in the second half amid fears the US-China trade war would impact discretionary spending. Sentiment softened as the Dow Jones Industrial Average fell 6% for the year, with concerns that investors would experience a negative wealth effec...

Hong Kong Jewelry Exports Face Slowdown

Wed, 01/02/2019 - 06:23
RAPAPORT... Hong Kong’s jewelry exports are expected to slow in 2019 after strong growth last year, due to sluggish economic conditions, the municipality’s trade body has warned. “Less robust economic growth is likely to affect Hong Kong’s jewelry exports,” predicted Alice Tsang, assistant principal economist at the Hong Kong Trade Development Council (HKTDC). Shipments of precious je...

The Three Global Tribes of Jewelry

Wed, 01/02/2019 - 04:38
RAPAPORT... Luxury, and jewelry in particular, is a curious industry. On the one hand, it provides aspirational products and exclusive experiences to consumers; on the other hand, many brands treat consumers very literally: merely as a source of consumption. While there are many examples of luxury brands turning razor-sharp consumer insights into products that not only resonate with, b...

Four Trends from a Tough Year for Stocks

Wed, 01/02/2019 - 01:19
RAPAPORT... Diamond-related shares mainly fell in 2018, in line with a global stock-market downturn. Investors fretted about trade tensions, uncertain consumer demand and the impact of the US Federal Reserve raising interest rates in December. The S&P 500 index ended the year more than 6% down, while Hong Kong’s Hang Seng slid 14%. It wasn’t all bad: Some diamond miners did well, while...

Personalizing Can Give Stores an Edge

Tue, 01/01/2019 - 06:00
RAPAPORT... In the retail industry, “The customer is always right” has long been the motto. This drive to please consumers means businesses are constantly in search of new and inventive ways to make them happy. But where do they start? What does the general public look for when making a purchase? And what is everyone talking about when they say the new-age consumer is looking for an ...

Gem Diamonds Signs Off 2018 with 125ct. Find

Tue, 01/01/2019 - 05:44
RAPAPORT... Gem Diamonds has recovered a 125-carat diamond at its Letšeng mine in Lesotho, bringing the company’s annual haul of 100-carat-plus stones to 15.  It found the high-quality, white, type IIa diamond on December 20, shortly after unearthing two other stones weighing 101 carats and 71 carats, the miner said last month. The total number of diamond discoveries above 100 carats ...

Crimes of the Times: 2018’s Biggest Jewel Heists

Tue, 01/01/2019 - 01:09
RAPAPORT... A slew of heists rocked the jewelry industry in 2018, making headlines worldwide. Rapaport News looks back at four of the biggest thefts of last year — and one of the tiniest. Swedish Royal Jewels In August, thieves stole priceless royal artifacts belonging to former Swedish monarchs Karl IX and Kristina. The robbers took the items from a display case during a raid...

Roberto Coin Jade Line Pulled from Macy’s

Mon, 12/31/2018 - 06:13
RAPAPORT... Macy’s has removed a collection of Roberto Coin black-jade jewelry from its shelves following allegations the line bears unlawful gem certification. Natural-stone supplier Kings Stone, which made the claims that prompted Macy’s move in April, filed a lawsuit in August seeking damages of $46.1 million from Roberto Coin Incorporated (RCI). The suit asserts the jeweler conti...

Rare Opal Contains Trapped Insect

Mon, 12/31/2018 - 03:12
RAPAPORT... This story has legs: A US jeweler has obtained a colorful opal featuring an encased insect. The rare stone originates from Java, Indonesia, and features a well-preserved invertebrate, apparently with its mouth still open. Looking closely, one can even see thin fibers extending from the limbs, noted Philadelphia-based gemologist Brian Berger, who recently acquired the gem. Th...

Adamas Acquires Synthetics Producer Scio

Sun, 12/30/2018 - 05:46
RAPAPORT... Nevada-based Adamas One Corp. has bought all assets belonging to Scio Diamond, a producer of lab-grown diamonds. Adamas will pay $3.3 million over 18 months to cover Scio’s secured debt, according to a December 11 filing with the US Securities and Exchange Commission. Scio will also receive 350,000 shares of Adamas stock, which it will use to settle its unsecured debts of m...

TrueFacet Looks to Raise $10M from Investors

Sun, 12/30/2018 - 05:35
RAPAPORT... TrueFacet, a platform for pre-owned luxury watches and jewelry, is offering nearly $10 million in shares in its latest funding round. The New York-based marketplace has raised $7.1 million of the target so far, according to a December 26 filing with the US Securities and Exchange Commission. Including that amount, it has procured $21.8 million over six rounds, according t...

Damiani Family to Buy Out Namesake Jeweler

Sun, 12/30/2018 - 04:44
RAPAPORT... The Damiani family plans to acquire the Italian jeweler that bears its name, thereby delisting it from the Milan Stock Exchange. Leading Jewels, the Damianis’ holding company, has offered to buy the entire group for up to EUR 11.8 million ($13.5 million), it said Friday. The company proposes to spend EUR 0.86 ($0.98) per share, representing a 5% premium to the stock’s Thursday cl...

De Grisogono Hires Piaget Exec as CEO

Sun, 12/30/2018 - 03:37
RAPAPORT... De Grisogono has appointed Céline Assimon as CEO, tasking her with international brand development and product expansion. Assimon will succeed John Leitao, who has been with the Swiss luxury jeweler since May 2013. She was previously the director of high jewelry and exceptional pieces at Piaget, and worldwide head of jewelry and watch sales at Louis Vuitton. “With [Céli...