An annual tradition, industry veterans Chaim Even-Zohar and Pranay Narvekar present the 2018 iteration of The Tacy Diamond Pipeline, with an in-depth look at the impact that the rise and acceptance of laboratory-grown diamonds has had on the industry this past year.
Australian jewelry chain Michael Hill says it underpaid staff by as much as A$25 million (US$17.45 million) over the past six years, and will pay out a sum in the range of A$10-25 million (US$7-17.5 million) to redress its error. The Brisbane-based chain is the latest in a string of organisations to admit to staff underpayments, and will face questions from the Fair Work Ombudsman (FWO), writes the Australian Broadcasting Corporation (ABC). The jeweler discovered the discrepancy on its own but did not inform the FWO about it.
To the chagrin of the gem & jewelry industry in the county, the Indian government last Friday (July 5) announced it would increase the import duty on gold and precious metals to 12.5% from current level of 10%. The move will raise the price of gold, silver and other precious metals on the domestic market, with concerns that smuggling may rise and tourists may seek to purchase their gold elsewhere. India is one of the largest gold importers in the world, arising mainly from demand from the jewelry sector. India imported gold worth $32.8 billion during 2018-19.
Retailers and importers across the US - including those in the diamond and jewelry trade - breathed a collective sigh of relief this past weekend following the announcement of a temporary trade truce between the US and China, and an agreement to reopen negotiations. This past weekend at the Group of 20 summit in Osaka, Japan, U.S. President Trump and President Xi Jinping of China agreed to a ceasefire that will forestall another punishing round of of $300 billion in tariffs Mr.
Christie's Maharajas & Mughal Magnificence collection earned a total of $109,271,875 in New York, representing the highest amount taken in by any auction of Indian art and Mughal objects, and the second highest for a private jewelry collection - falling just short of the 2011 auction of Elizabeth Taylor’s jewelry, good for a nearly $116 million haul. Almost 400 lots were offered, ranging from legendary Golconda diamonds to dazzling coloured stones, jeweled objects used in the royal courts to swords and daggers once owned by Indian rulers.
Christie's will hold the landmark Maharajas & Mughal Magnificence sale this week Wednesday (June 19) in New York, and it is slated to be perhaps the highest earning jewelry sale in the auction house's history.
Hong Kong based jewelry retail and bellwether for the Chinese market Chow Tai Fook Group (CTF) has announced that its sales grew 13% to $8.5 billion (HK$66,661 million) for the year ending March 31 (FY2019), citing increased purchases of gold jewelry and an expansion of the company’s retail network in China. Retail sales in Mainland China rose by 8% to $3.88 billion, while revenue from Hong Kong and Macau increased 12% to $2.94 billion.
Signet Jewelers reported a decline in revenue during the first quarter of fiscal 2020 (ended May 4), as sales fell at all their banner stores except for Piercing Pagoda - the ear piercing and gold and sterling silver shop with roughly 780 kiosks in shopping malls across the United States and Puerto Rico - which gained 13.5%. Ecommerce sales also increased 5.3% year over year to $154.3 million.
Swarovski, famous for its glass and zirconia crystals and recognized as one of the world's leading jewelry and accessory brands, has announced its plans to enter into the diamond jewelry category. Avi Krawitz of Rapaport News gathered the scoop from Nadja Swarovski, head of corporate communications and design services, who made the announcement during a panel discussion at JCK Las Vegas last week.
Leading jewelry industry magazine JCK held two jewelry design competitions at this year's Las Vegas show: the annual Luxury Design Awards and JCK Design Center Editor’s Choice Awards (click "Read the full article" to see the designs).
Tiffany & Co. reported a modest decline in global sales in the first quarter, impacted by unfavorable foreign exchange rates and 'dramatically' lower worldlwide tourist spending, which was mitigated by strong local sales. The famous jeweler announced that in the first quarter, worldwide net sales declined 3% to $1.0 billion, down from $1.03 billion in Q1 2018, and comparable sales declined 5%; on a constant-exchange-rate basis, however, net sales were equal to the prior year and comparable sales declined 2%.
An extremely rare, 3.43-carat internally flawless cushion cut diamond referred to as the 'Bubble Gum Pink' has sold for an impressive $7.5 million at Christie’s Hong Kong auction, or $2.2 million per carat. The ‘Superb Colored’ gem was the premier lot sold during the Magnificent Jewels event held by the famed auction house, which fetched a total of $44.6 million.The stone is mounted onto a ring designed by luxury London jewellers Moussaieff, alongside other pink diamonds and marquise shaped white diamonds.
Luxury group Richemont, owner of the Cartier and Van Cleef & Arpels jewelry brands, recorded a 10% rise in jewelry and watch sales for the year ended 31 March 2019. Jewelry sales saw progression in all regions and in all channels, with double digit increases in Asia Pacific - particularly in China - and the Americas, while watch sales increased in most regions with double-digit growth in retail, reflecting strong client demand. Jewelry and watches represent Richemont's two largest product lines at 36% and 35% of group sales, respectively.
The list of Chinese products to be hit by 25 percent tariffs imposed by the U.S. government at the behest of President Donald Trump is expansive and is potentially about to cover the entirety of consumer products from China, including a broad swath of jewelry products, as the trade war escalates rapidly. On May 9, the U.S.
The Antwerp World Diamond Centre (AWDC), the coordinating federation for the Antwerp diamond industry, is joining forces with Ars Nobilis, the umbrella organization for the Belgian jewelry sector, in an effort to streamline the Antwerp diamond trade with jewelry manufacturers and retailers in Belgium. The two representative bodies yesterday signed a memorandum of understanding stating that the members of Ars Nobilis will be able to call upon the services of the AWDC regarding legal advice, training, public relations and communication, advocacy and security.
Leading Hong Kong jeweler Chow Tai Fook is expanding in North America, this week announcing the establishment of a "business hub" in Boston to supply products and services - jewelry and technology - on a wholesale basis to US retailers. Chow Tai Fook North America (CTFNA) says it "will offer customized, specialty collections in the diamond and fine jewelry segments, as well as private label offerings, to address the evolving needs of jewelry consumers." CTFNA, which owns diamond jewelry brands Hearts on Fire and Mémoire, recently moved Hearts On Fire President Caryl Capeci into the role of
Jewelry maker Pandora, known for its charm bracelets, intends to make another 1,200 workers in Thailand redundant while speeding up its marketing spend as its new CEO looks to turn around the struggling jewelry maker after another disappointing quarter. The company already laid off 700 of their nearly 14,000 employees in Thailand, which is almost half of its 32,000 global workforce.
Global demand for gold jewelry rose 1% in Q1 2019 to 530.3 tonnes, driven by the Indian market, writes World Gold Council (WGC). A lower local rupee gold price in late February and early March coincided with the wedding season, which is the traditional time for significant gold purchases, lifting jewelry demand in India 5% higher than the same period last year. The 125.4 tonnes purchased makes last Q1 2019 the highest Q1 since 2015.
As of yesterday, May 1, Signet Jewelers' e-tailer James Allen will offer laboratory-created diamonds, becoming the first Signet-owned entity to do so, reports Rob Bates of JCK. "This is a test," says Oded Edelman, president of the James Allen site, which was Signet Jewelers purchased in 2017. "If consumers adopt it, then maybe it’s a sign for the rest of Signet to adopt it as well. We’ll wait and see how it goes.”
A spectacular and comprehensive trove of nearly 400 diamonds, colored stones and the finest jeweled objects from the Mughal Empire (1526-1857) to the present day, with provenance including the royal and noble families of India, will be offered in a landmark auction this June at Christie's in New York. Christie’s anticipates the Maharajas & Mughal Magnificence jewelry auction could rank as one of its most high-profile and high-value jewelry auctions ever, featuring some incredible dia
The Responsible Jewellery Council (RJC) today launched its new Code of Practices (COP). The COP defines responsible, social and environmental business practices for companies in the jewellery supply chain and commits members to adhere to a robust set of comprehensive auditable standards. This marks the third iteration of the COP since the RJC formed in 2005, and reflects the evolving needs of the industry and demands of consumers globally.
De Beers Group announced last week that Nancy Liu will become the new Forevermark CEO, stepping up from her current role as COO and taking over the day to day responsibility for the leading diamond brand. Stephen Lussier, Executive Vice-President of Consumer & Brands for De Beers Group, will continue to oversee the strategic role Forevermark plays within the Group’s brand portfolio as Forevermark Chairman. Lussier has been the brand’s CEO since 2009.
Earlier this year in a cost-cutting move, Signet Jewelers, which claims to be "the world's largest retailer of diamond jewelry," asked its employees in Akron, Ohio and Dallas, Texas to apply for a "Voluntary Transition Program" out of the company. “Based on participation," the company wrote, "we may need to take additional actions including an involuntary reduction-in-force.” The message wasclear enough: take the buyout or risk being fired without one. Not enough people took the severance package and assistance in finding a new job voluntarily, and the firings have arrived.
A twin-stone colored diamond ring featuring fancy vivid blue pear-modifiedbrilliant-cut diamonds of 3.06 and 2.61 carats was the headline item at Christie’s New York Magnificent Jewels auction on 16 April, selling for $6.7 million, or $1.2 million per carat. The hammer price fell right within its $6-$8 million pre-sale estimate.
Several diamond and jewelry industry sites are reporting that the U.S. State Department may be prepraring to strengthen and enforce disclosure requirements for all materials used in jewelry. State Department representaitives met with a coalition of industry leaders in New York to explain the new potential regulations. According to Rob Bates at JCK, "The United States believes that jewelry materials and other minerals are funding conflict and rogue regimes, specifically mentioning Iran, Venezuela, and certain countries in Africa, said attendees.
The Watches & Jewelry business group of LVMH Moët Hennessy Louis Vuitton recorded revenue growth in the first quarter of 2019, driven by the performance of its jewelry, though the group lagged behind other product categories. Bvlgari is said to have "made strong progress" in its own stores.
Signet Jewelers, North America's largest retail chain for diamond jewelry, endured an uninspiring fourth quarter as weak holiday sales weighed down revenues, sending the jewelry group to a combined 6% loss in Q4 and a 0.1% loss on Fiscal Year 2019. Signet's total Q4 sales (in the 13 weeks ended February 2, 2019) were $2.15 billion, down $138.4 million or 6.0% on a reported basis and 5.4% on a constant currency basis.
The Antwerp World Diamond Centre (AWDC), the umbrella organization of the Antwerp diamond industry, participated from 24 to 28 March in the Belgian State Visit to South Korea, where they co-organized an event to highlight a new partnership between Antwerp and Korea's leading jewelery brand, Golden dew. During the State Visit, and in honor of the jeweler's 30th anniversary, Golden dew launched three special cuts it developed together with three different Antwerp diamond companies.
Global diamond jewelry sales grew 4% over last year to $85.9 billion in 2018, driven by persistently high demand in the first half of the year, according to Alrosa's global luxury and jewelry market research. The global jewelry market grew at a slightly slower pace than the 5% growth achieved in 2017, a softening the miner attributes to a slowdown in key consumption markets in the second half of 2018.
Tiffany & Co. last week reported record sales and net earnings for the full year 2018 despite its holiday sales failing to meet expectations due to external events, economic uncertainties, and market volatilities. Worldwide net sales rose by 7%, reaching a record $4.4 billion due to growth in all regions and higher spending attributed to local customers and foreign tourists. Net earnings were $586 million, compared with $370 million in the prior year, notwithstanding a 1% worldwide net sales decline to $1.3 billion.
With the 2019 edition of Baselworld getting underway Thursday, Graff Diamonds has revealed two of the three Fancy Vivid Yellow Diamond watches to be showcased. Yellow diamonds are extremely rare, so it takes patience - and good contacts - to collect enough to set them in a timepiece or a piece of jewelry; it can take years to source enough stones of the same color, intensity and size. Each watch is built in 18-karat yellow gold to underscore the brilliance of the watch's diamonds, and each features round and fancy oval diamonds that are meticulously set by hand.
After a small rise in January, export growth in the watch industry gained momentum in February, according to figures from the Federation of the Swiss Watch Industry. The industry exported goods worth the equivalent of CHF 1.8 billion francs ($1.8 billion), up 3.4% from February 2018. However, a 58 percent surge in shipments to the U.K. in February accounted for 80% of the increase worldwide and is explained by stockpiling ahead of Brexit. In the first two months of the year, the U.K. imported 242 million Swiss francs ($242 million) of timepieces from Switzerland.
Pandora's Chairman of the Board Peder Tuborgh has told the company to start looking for someone to take over his position in 2019, as he plans to end his nearly five year tenure as the Danish jewerly maker's chair. "Once our new CEO, Alexander Lacik, has been onboarded and we start to see traction from [the new marketing and merchandising strategy] Programme NOW, the foundation for a successful brand turnaround will be in place. it will be time for me to hand over the baton to a new chairman,” Tuborgh said.
Searching for a means to safeguard smooth transactions in the event it ends up having US sanctions imposed on it, Russia's Alrosa, the world’s largest producer of rough diamonds, has found a partner in its efforts to conduct trade in a currency other than the US dollar. Evgeny Agureev, Alrosa’s director of sales, told the South China Morning Post that it has enlisted one of its many Chinese customers - Chow Sang Sang Jewellery - on a long-term contract this year.
Hong Kong’s retail sales of jewelry, watches and other valuables in January 2019 were up 4.7% year-on-year after falling by 5% in December, according to statistics released by the HK government, as increased tourism from the Mainland and early Lunar New Year shopping lifted overall retail sales. The Hong Kong Tourism Board reported that January tourist arrivals rose to 6.78 million, up 27% from January last year, with the number of visitors from the Mainland - good for more than 80% of the total visitors - increasing by 35%.
Signet Jewelers, which claims to be "the world's largest retailer of diamond jewelry," is asking its employees in Akron, Ohio and Dallas, Texas to apply for "voluntary buyouts". The buyout program was communicated to all Akron employees (2,600) and 780 in Dallas in a series of staff memos issued a week ago. The announcement came as Signet, which operates more than 3,500 stores including Kay Jewelers, Zales, Jared the Galleria of Jewelry and Piercing Pagoda, tries to cut costs as part of its “Path to Brilliance” business plan, spokesman David Bouffard said.
BV Schmuck & Uhren (BVSU) has become the first German jewelry trade association to become a member of the Responsible Jewellery Council (RJC). The association, which was founded in 1947 and represents nearly 170 medium-sized companies at the national, European and international levels, announced its decision at the recently concluded Inhorgenta Munich show.
The average expenditure on an engagement ring in the U.S. stayed flat in 2018 at $3,388, fitting the new pattern of economizing on the big day and a slight shift away from including an engagement ring, according to a survey from The Wedding Report. The survey concluded that the average cost of a wedding in the U.S. declined by 4%, from $25,764 in 2017 to $24,723 in 2018.
Americans are expected to spend a record amount on Valentine’s Day this year despite a years-long decrease in the percentage of people celebrating the holiday, according to the annual survey released today by the National Retail Federation (NRF) and Prosper Insights & Analytics. Of the estimated $20.7 billion the NRF expects US consumers to spend on the holiday, almost $4 billion will be on jewelry, putting it at the top of the list, despite the fact that only 18% of people surveyed are planning to gift jewelry (26% men, 9% women).
Dutch Diamond Technologies (DD) has created the world’s first ring that is entirely made from a lab-grown diamond. ‘Project D’, DD’s name for the ring, took a year to manufacture and was created in honour of the company’s 10th anniversary. For grading this unique piece of jewelry, DD turned to HRD Antwerp, Europe’s leading authority in diamond grading, writes the grading lab in a press release.
RapNet, a member of the Rapaport Group of Companies and the world’s largest diamond trading network, will be introducing jewelry into its global trading network, as announced yesterday in a press release. RapNet members can now upload jewelry images and data, perform detailed searches, and directly trade jewelry with each other without any fees or commissions. There are no additional fees to use this service.
LVMH Moët Hennessy Louis Vuitton, the world’s leading luxury products group, recorded revenue of €46.8 billion in 2018, an increase of 10% over the previous year. LVMH's results have upset prevailing wisdom about the health of China’s shoppers with its latest results. The luxury bellwether, which owns some of the world’s most valuable brands including Christian Dior and Givenchy, said Tuesday that demand from Chinese consumers strengthened in the three months through December, defying analysts' expectations for a decline in luxury spending.
Charterhouse-backed Siaci Saint Honore (SSH), a leading France-based insurance brokerage and consulting firm with a strength in jewelry insurance, and Lloyd's coverholder Driesassur, the Belgium-based global market leader for insurances for the diamond trade and a jewelry and fine art insurance specialist, have agreed to join forces.
Signet Jewelers, the United States' largest retailer of diamond jewelry, announced its same-store sales fell 1.3% to $1.84 billion during the "Holiday Season" (the 9 weeks ended January 5, 2019) as the company failed to get enough demand from its legacy product lines and enough traffic in their stores during key weeks in December. For the current quarter ending Feb. 2, it now expects same-store sales to be down 1.6% to $2.5%.
One of the bellwether jewelry brands and the largest jeweler in China, Chow Tai Fook, has reported that same-store-sales of gem-set jewelry in Q4 2018 declined by 5% in mainland China and 8% in Hong Kong and Macau “amid an uncertain macroeconomic environment.” This marks the first quarterly decline in two years for the company despite China’s lowering of its jewelry import tax by an average of 20.7 percent last summer, which was expected to bolster sales.
Tiffany & Co. has announced that, effective immediately, it will begin sharing with consumers the provenance (country of origin) of its diamonds weighing 0.18 cts. and up. This "Diamond Source Initiative", which Tiffany's calls "a significant step for diamond transparency," will go further than current industry standards, and responds to increasing consumer demand to know they are making responsible purchases.
The parade of stars at the 2019 Golden Globe Awards dazzled a global audience with some astounding diamond jewels. Statement necklaces stole the show, with stunning earrings, stacks of bejeweled bangles, emeralds, rubies and other colored gemstones shining in their supporting role.
According to its latest market research report (Q3 2018) on the global luxury and jewelry sectors, Russian diamond miner Alrosa says that global jewelry sales rose by 4% in Q3. North America, the largest diamond jewelry market, showed a 4% sales increase in Q3 compared to the same period last year. According to key retailers, stable growth was driven by increased demand from the local population.
HRD Antwerp, a European leading authority in diamond certification, has entered a partnership with Dubai-based jewellery retailer Stargems Group to certify their entire jewelry inventory through the establishment of a diamond jewelry grading lab. This cooperation will ultimately ensure the transparency and authenticity of each jewelry piece, HRD Antwerp announced today in a statement.
Signet Jewelers' online diamond bridal jewelry retailer JamesAllen.com has officially opened its new concept retail store in Georgetown, Washington DC. The brick-and-mortar location is a first for the online retailer, and is intended to lure and engage consumers by encouraging them to interact with the product as well as their staff. The initiative launches Signet's effort to draw traffic to their digital platform while tapping into the "immersive" experiential aspect shopping, a combination favored particularly by the younger generations.
A ring made by Bulgari and set with fancy vivid blue diamond weighing 8.08 carats was sold for $18,312,500 at Christie’s New York Magnificent Jewels auction, beating its presale estimate of $13 million to $18 million. The cushion-cut Type IIb Fancy Vivid Blue of natural color, VS2 clarity garnered $2.27 million per carat, and was the top lot at the Magnificent Jewels auction, which totaled $69,225,750 and also included a rare, 15.56-carat heart-shaped pink diamond set in a pendant, selling for $9,537,500.
53 million Americans plan to buy a diamond between Thanksgiving and Valentine’s Day. 21% (1-in-5) Americans plan to purchase a diamond between Thanksgiving and Valentine’s Day, with men and millennials among the most likely to be in the market for a diamond this holiday season. 35% of millennials plan to purchase a diamond, and more than 1-in-10 plan to buy a diamond engagement ring (13%), while 27% of men plan to purchase a diamond and 11% plan to buy an engagement ring.
- Diamond Producers Association, findings from a recent survey.
Tiffany & Co's worldwide net sales increased 4% to $1.0 billion in the third quarter, with higher spending by local customers noted across the board, but a decline in purchases by Chinese tourists in the United States and Hong Kong put a dent in the jeweler’s Q3 results. The stock market took notice, as shares of Tiffany & Co. plunged 12 percent following their publication of the results, as industry analysts had been anticipating better results.
A diamond jewelry manufacturer from Antwerp, Giovanni Daems, is the first to develop a new, patented technology for a fully-automated diamond setting machine, which it unveiled this week at the China International Import Expo in Shanghai.
Jewelry maker Pandora, known for its charm bracelets, reported Tuesday that Q3 sales in the U.S. fell 12% year-over-year to $153.2 million (DKK 1 billion), while worldwide revenue decreased 3% in local currency to $765.8 million (DKK 5 billion). The "unsatisfactory" results prompted the company to reduce its sales and profit margin guidance for this year following revenue declines in consecutive quarters, and is now saying it expected sales in local currencies to increase by between 4 and 7 percent this year, compared with the 7-10 percent it previously projected.
The Antwerp World Diamond Centre (AWDC) and Alibaba Group announced today that they have entered an exclusive partnership to offer Antwerp certified diamonds directly to Chinese consumers via Alibaba’s B2C marketplace, Tmall. The cooperation agreement was signed in the framework of the first China International Import Expo (CIEE), which is being held this week in Shanghai.
Richline Group, a wholly owned subsidiary of Berkshire Hathaway, announced that it is partnering with both JCPenney and Macy’s to introduce its new jewelry brand, Grown With Love, Lab Grown Diamonds this holiday season. As JCK reports, the line will include fashion as well as bridal components. "The Macy’s line will include stones up to 3 cts., while the J.C. Penney line tops off at around 1.5 cts.
Rosy Blue and Vijay Gold Designs, two of Sears Holdings Corp.'s prominent jewelry suppliers, have challenged the retailer's plans to liquidate 142 stores in bankruptcy, saying some of the inventory they have furnished to Sears was on consignment. On October 15, Sears - once an innovative icon of the retail industry - filed for Chapter 11 in New York federal court to provide restructuring and financial relief for the organization.