RAPAPORT... A pink diamond weighing more than 13 carats will go under the hammer at the upcoming Christie’s sale in New York, where it is forecast to fetch up to $35 million.The emerald-cut, 13.15-carat, fancy-vivid-pink, VVS1-clarity stone is one of the largest of its kind ever offered at auction and is potentially internally flawless, the auction house said Monday. It will be the star of the Dec...
RAPAPORT... Sarine Technologies’ revenue jumped 20% year on year to $14.5 million in the third quarter as an increase in machine purchases compensated for a slowdown in manufacturing activity.The period saw the launch of the company’s Meteorite Plus machine, which enables more cost-effective scanning of small rough diamonds. As a result, sales of capital equipment — customers’ one-off machine...
RAPAPORT... Indian jewelry manufacturer Goldiam International has increased its lab-grown diamond inventory as it adapts to the inflationary US market following a sales drop in the first fiscal half.The growing cost of goods and higher interest rates led to a decrease in consumer spending on discretionary items such as jewelry, the company said last week. Goldiam supplies jewelry to retailers and ...
RAPAPORT... LVMH has expanded its apprenticeship initiative to the US following its acquisition of Tiffany & Co., enabling the New York-based brand to train the next generation of jewelry designers and makers.The program focuses on recruiting applicants from diverse, historically underrepresented communities, LVMH said last week. Part of the group's Métiers d’Excellence Institute, the cou...
RAPAPORT... Bruce Cleaver had a very focused “to do” list when he took over as De Beers CEO in July 2016. Having previously worked on strategy and business development at the company, as well as at parent Anglo American, he recognized De Beers’ need to evolve, and to protect it from the increasing volatility evident in the global economy and diamond market. “I wanted to build a more sustainable bu...
RAPAPORT... US polished-diamond imports crept up 1% year on year to $1.81 billion in August, according to recent data from the country’s Department of Commerce. The average price jumped 65%, outweighing a 39% slump in import volume. US Trade Data for August 2022 August 2022 Year-on-year change ...
RAPAPORT... US shoppers shelled out cash heartily online for holiday gifts in October as retailers offered deals to get customers spending early.Total e-commerce sales for the month rose 11% over September’s figure to $72.2 billion and were on par with the $72.4 billion spent in October 2021, even as inflation grew, Adobe said Friday.“Despite inflationary pressures and the rising cost of borrowing...
RAPAPORT... Brilliant Earth lowered its outlook ahead of the crucial fourth quarter, noting that consumers were hesitant about making purchases.The online-focused jeweler expects full-year sales of $436 million to $446 million, down from an earlier forecast of $450 million to $470 million, it said Thursday. Fourth-quarter revenue will be between $116 million and $126 million, compared with ac...
RAPAPORT... Petra Diamonds has halted production at its Williamson mine in Tanzania for at least three months following a wall breach.The pause will give the company time to build a new tailings storage facility that was already under construction before last week’s incident at the site. The new facility shares a wall with the old one; this adjoining wall collapsed. “[Williamson]’s technical ...
RAPAPORT... Revenue from Richemont’s jewelry brands was solid in the first fiscal half as demand grew in all regions and the Asia-Pacific market recovered.Sales from the company’s jewelry maisons — Cartier, Van Cleef & Arpels, and Buccellati — rose 24% year on year to EUR 6.34 billion ($6.58 billion) for the six months ending September 30, the luxury giant reported Friday.Europe and Japan prov...
