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.
The GIA has announced that Chinese retailer LAELIM Jewelry and Belgian diamond manufacturer IGC Group will pilot GIA’s M2M (Mine to Market) program, which allows for complete transparency and traceability of diamonds along the value chain, writes GIA in a press release. This is one of the first instances where a manufacturer and retailer implemented the M2M program in partnership, and LAELIM is the first retailer in China to participate.
The third edition of CARAT+, a diamond-centred event in Antwerp scheduled for February 10-12 2019, has been postponed due to a lack of commitment to participate on the part of exhibitors and visitors, the organizers announced today. Due to the lack on confirmed participants with the event being less than four months away, the organizer "concluded that it would be difficult to achieve the high-quality standards we impose on ourselves while meeting the expectations of our visitors and exhibitors for an event like CARAT+."
Chow Tai Fook has announced its partnership with native New York designer Vera Wang on a fine jewelry collection launching October 19, 2018 in Mainland China. "Bringing together the foremost Chinese-American designer in the fashion industry and the renowned fine jewelry company in Greater China," the announcement reads, the new collection will "cater to the modern Chinese bride, who has begun to incorporate diamond jewelry into traditional engagements," moving beyond the traditional gold and jade usually worn by brides in China.
A Fancy Pink diamond weighing 5.03 carats, VS1 clarity, sold for more than $2.9 million, or $583,551 per carat at Bonhams London Fine Jewelry sale last week (26 September), setting a new auction world record for a Fancy Pink diamond per carat. The previous auction record for a Fancy Pink diamond held by Sotheby's Geneva, May 2016, was $528,021 per carat.
The Responsible Jewellery Council (RJC) has announced that Andrew Bone will be stepping down as its Executive Director, effective 27 March 2019. Andrew Bone has been Executive Director since the spring of 2015. Under his leadership, RJC membership doubled and the organization laid the foundations for sustainable growth in the future, the RJC said in a statement.
Having set our sights on a half-carat white solitaire pendant set in a silver necklace for $500, today we received an e-mail informing us we can place our order tomorrow (Thursday). Lightbox - De Beers' lab-grown diamond jewelry line - which has sparked outcry, applause, debate, and concern throughout the diamond world (natural as well as synthetic) will finally make its debut after a heated summer. The line as it now stands consists of pastel pink, white and baby-blue lab-grown studs and pendants, priced from $200 for a quarter carat to $800 for one carat, not including the setting.
Amazon's filing for a trademark, "For Keeps by Amazon", makes it appear likely that the e-tail giant might be on the verge of launching a new jewelry brand. According to a filing with the US Patent and Trademark Office on September 19, the patent is for “online retail sales of jewelry, namely precious metals and their alloys and goods in precious metals or coated therewith."
Christie's has announced that the 18.96-carat Pink Legacy – the largest and finest Fancy Vivid Pink diamond the auctioneer has ever put on the block – will be offered for sale at their Magnificent Jewels auction in Geneva on 13 November. With an estimated price of $30 million to $50 million, it has the potential to break the record price per carat for its color category. That record is currently held by ‘The Pink Promise’, an oval-shaped Fancy Vivid Pink diamond of just under 15 carats, which Christie's sold in Hong Kong last year for $32,480,500 - an incredible $2,175,519 per carat.
Russian diamond miner ALROSA recently published the results of its global luxury and jewelry market research, showing that the average global growth rate for decorative jewelry in Q2 2018 was approximately 5% higher than during the same period last year. Sales increased in all of the world's key regions, except for India. The most notable increase came from the Asia Pacific region, where sales increased by 17%. The positive dynamics resulted from the continuing expansion of various local players, made possible by the strong demand for diamond-based jewelry in continental China.
Famed jeweler Tiffany & Co. has lifted the veil on the company’s upcoming jewelry collection, Tiffany True, its first new engagement line in nearly a decade. The newly designed engagement ring at the core of the collection features a new cut of diamond, and its setting is designed so that its four link sides create a basket for the ring, allowing it to sit lower on the finger for a more modern feel.“Tiffany has symbolized the ultimate in love and commitment since 1886 with the invention of the original Tiffany Setting.
We don’t have any idea to develop lab-grown diamonds at this moment because we don’t see any market for it right now. Chow Tai Fook is a jewelry brand as well as a diamond brand, and our brand value is authenticity, so we have to live up to that. It’s important to understand that Chinese consumers value natural as real, and there’s no grey area in China when it comes to man-made diamonds.
- Kent Wong, managing director of Chow Tai Fook Jewellery Group, from an interview with Avi Krawitz, Rapaport News.
The Millennial and Gen Z generations combined accounted for two-thirds of global diamond jewelry sales in 2017, as diamond jewelry demand reached a new record high of US$82 billion, according to data published today by De Beers Group in its latest Diamond Insight Report.
Leading Hong Kong jewelry retailer Chow Tai Fook is the latest company to turn to blockchain technology to enable its customers to know the origin and authenticity of the diamonds they are buying.
Billed as a "Great opportunity for retailers, wholesalers, manufacturers and deal-makers!', the bankruptcty trustee of Firestar Diamond, Inc. and Fantasy, Inc. is liquidating the inventory and intellectual property of Firestar and Fantasy, including diamond and jewelry inventories as well as their patents, trademarks and associated jewelry. These companies manufactured and supplied fine diamond jewelry to the largest and most significant retailers and online sellers in the US and globally, but will disappear following the liquidation sales.
Signet Jewelers' CEO Gina Drosos said the brand will follow consumer demand when deciding whether the company will start selling lab-grown diamonds in its stores, which currently number about 3,500 (3,000 in North America, 500 international). Industry insiders have told us they suspect decision has already been made. The CEO made the remark during a conference call about Signet's Q2 2019 results.
According to new research from Euromonitor International, India is set to overtake US as the world's second largest fine jewelry market by the end of 2018, reports Business Matters. The study shows that China remains the biggest market for fine jewelry with sales reaching US$86.3 billion by the end of 2017, which are expected to reach US$92 billion by the end of this year. The Chinese market as a whole has grown by over 21% in the last five years.
Tiffany & Co outstripped quarterly estimates for profit and revenue and raised its full-year earnings forecast as the retailer sold more jewelry in China and the Americas. Second-quarter global net sales rose 12% to $1.1 billion, with comp sales rising 8%, and first half sales net sales increased 13% to $2.1 billion, comp sales rising 9%, reflecting geographically broad-based growth and increases in all product categories.
Tiffany & Co. announced earlier this week it would undertake a three-year renovation of its iconic flagship store on Manhattan’s Fifth Avenue, made famous by the film Breakfast at Tiffany’s and "one of the most recognized jewelry retail spaces in the world," according to Anthony DeMarco.
Following the recent announcement by CEO Nick Hayek Jr. that the Swatch Group would be packing up its 18 brands - including Omega - and its approximately 50-million dollar budget and heading for the exit at BaselWorld, the renowned watch and jewelry trade fair is facing a future of uncertainty. Hayek's statement about Swatch's departure was blunt and clear as a bell: “Today everything has become more transparent, fast-moving, and instantaneous ... In this new context, annual watch fairs, as they exist today, no longer make much sense. This does not mean that they should disappear.
A full house at the Antwerp Diamond Bourse, including stakeholders from across the spectrum of the diamond industry, greeted De Beers Group representatives Paul Rowley and Nimesh Patel as they explained the company's foray into the synthetic diamond jewelry market and reinforced its commitment to the natural diamond industry.
Bellweather jewelry group Chow Tai Fook built on its 2017 sales gains by recording a solid first fiscal quarter of 2018 (three months ended 30 June 2018), citing "impressive growth" in the Hong Kong and Macau market. Benefitting from "improving local consumer spending and an increase in visitors from Mainland China", retail sales surged by 21% in Hong Kong and Macau, while same-store sales (SSS) increased by 26%. Sales on the Mainland also fared well, increasing by 11%, with same-store sales up 4%.
Paramount Jewels has placed the winning bid of $5.2 million for the more than century-old New York jeweler A. Jaffe, a Nirav Modi-owned company that filed for bankruptcy earlier this year. The takeover includes the business and brand, meaning all of A. Jaffe’s core assets: its name, intellectual property, design patents, accounts receivable and inventory; all the assets, the companies said in a statement, that are “needed for A. Jaffe to continue as the successful brand that it is recognized as in the industry and to consumers.”
Rio Tinto‘s Australian Diamonds program has launched its latest campaign in India highlighting a new range of affordable bridal and fashion jewelry from the company’s Argyle diamond mine in Australia, the company announced in a press release. Mithali Raj, captain of the Indian women’s cricket team is the official ambassador for the new campaign, helping promote the popularity of diamonds in fashion and bridal jewelry, particularly for younger Indian consumers.
According to an analysis conducted by experts at ALROSA, in Q1 2018, sales of jewelry set with polished diamonds in the main global consumer markets have grown by 7% in comparison to the first quarter of 2017. Their figures are a clear indication that projections about increasing demand for diamond jewelry are correct, and even understated, as several markets performed even better than anticipated. According to ALROSA’s estimates, the positive market dynamics were mostly driven by growth in consumer interest and fluctuations in currency exchange rates.
Calling financial year 2018 a "year of recovery", leading jewelry retail group Chow Tai Fook, a bellweather for China's jewelry landscape, reaped the benefits of the retail market in Greater China regaining its upward momentum, leading to a vibrant performance for the group. Chow Tai Fook’s sales and profit rose during the fiscal year in the rising Chinese market, with the retail sector also noting increased tourism to Hong Kong as having a positive impact on sales.
China will cut import tariffs on nearly 1,500 consumer products as from July 1, including gold jewelry set with diamonds, as well as precious stones, in a bid to boost imports as part of efforts to open up its economy. A total of 18 tax items involving jewelry categories are included in the tariff reduction, with an average tariff rate drop of 68%.
Signet Jewelers recorded a $77.2 million (5.5%) increase in overall sales during the 13 weeks ended May 5, 2018 (Q1 fiscal 2019), yet profits tumbled as the retail group reported a net loss of $496.6 million in the quarter, compared with a profit of $78.5 million in the year-earlier period due to a non-cash impairment related to the credit-outsourcing transition and restructuring charges.
The longstanding Managing Director of Baselworld, Sylvie Ritter, has decided to step down from her position at the MCH Group, which runs Baselworld. Michel Loris-Melikoff, who has until now held the position of Director of MCH Beaulieu Lausanne SA, will succeed her. The Group says that Ritter decided to hand over the management of the World Watch and Jewellery Show: "After 26 years with the MCH Group – 15 of which were as Managing Director of Baselworld – it's time for me to start something new and take on new challenges", says Sylvie Ritter in explaining her decision.
De Beers this morning dropped a bomb on the diamond jewelry world with the announcement that they are launching a new brand of fashion jewelery containing laboratory-grown diamonds (LGDs). Called Lightbox Jewelry, the new brand will offer consumers LGDs in high quality designs for casual, everyday occasions at lower prices than existing LGD offerings. "Lightbox will bring something entirely new and innovative to LGDs, by combining colour and sparkle in fashion jewellery, and at very accessible retail prices", the miner writes in a document sent to stakeholders.
The world's most recognized diamond grading institution, GIA (Gemological Institute of America) is launching a pilot program together with leading jewerly retailer, Chow Tai Fook which will use blockchain technology to deliver secure, digital diamond grading reports to consumers for the first time.
Tiffany & Co. (NYSE:TIF) yesterday reported its financial results for the three months (Q1) ended April 30, 2018, which saw worldwide net sales increase 15% to $1.0 billion, led by gains in North America and Asia. As a result of broad-based sales growth, comparable sales increased 10%. Profits soared 53 percent, to $142 million, as shares jumped as much as 17 percent to $119.60 in New York trading, an all-time intraday high and the biggest one-day leap in almost a decade.
Forevermark, the diamond brand from De Beers Group, has announced the launch of Libert’aime by Forevermark, a new flagship store at HKRI Taikoo Hui in Shanghai, the Group writes in a press release. The opening marks the 1,000th Forevermark store in China, and comes as the brand celebrates its 10-year anniversary in the country.
Global consumer demand for diamond jewelry hit a new all-time high in 2017, climbing to US$82 billion, a two percent increase on the previous year, according to industry insight data published today by De Beers Group. The US was the main driver of growth for the fourth consecutive year, De Beers writes, where positive macroeconomics and strong consumer confidence - which recently hit an 18-year high - saw demand for diamond jewelry increase four percent to $43 billion, representing more than half of total global demand.
Sotheby's Magnificent Jewels and Noble Jewels auction held in Geneva yesterday, May 15, certainly lived up to its name, as the historic Farnese Blue diamond - given in 1715 by the Philippines to the Queen of Spain Elisabeth Farnese, wife of King Philip V of Spain - smashed its pre-sale estimate of $3.7 to $5.3 million, earning $6.7 million at the fall of the hammer. It was the first time the exceptional 6.16-carat, pear-shaped, fancy dark grey-blue, SI1-clarity stone had ever appeared on the market, after having remained in the same family for over three centuries.
Some 2,400 industry professionals attended the first day of the specialized diamond trade fair, CARAT+, opened ceremoniously by model and actress Elizabeth Hurley in Antwerp on Sunday, followed by a surprise parade of vintage cars crusing through the show. The number of visitors easily surpassed expectations for only the second edition of the trade show, the organizers said.
In celebration of the launch of its spring campaign, "Believe In Dreams", as well as their largest new jewelry collection in nearly a decade, “Tiffany Paper Flowers”, Tiffany and Co. has transformed its corner of New York City with its iconic blue hue. Tiffany & Co's marketing blitz took a New York icon, the city's famed yellow cabs, and painted them with the brand's trademark robin's egg blue.
A 3.09-carat rectangular-cut Fancy Intense Blue diamond sold for more than $5.375 million at Christie’s New York Magnificent Jewels auction last Tuesday, setting a world record price for an intense blue diamond at $1.739 million per carat, nearly doubling its pre-sale high estimate of $2-$3 million.
The second edition of CARAT+, ‘The World's Premier Diamond Event’, is ready to get underway on Sunday, May 6. Today the organization reported that pre-show registrations have climbed 50% compared to the 3,000 people that attended the first edition last year, with individuals from more than 51 countries having registered to attend.
De Beers Group's diamond jewelry endeavors are expanding to Saudi Arabia, in Moscow and its Forevermark brand will launch a new store in Indonesia as it continues on its global growth trajectory. De Beers Diamond Jewelers, the company's retail chain, will launch in capital city of Riyadh and is the brand’s first location in Saudi Arabia. JCK's Rob Bates explains that the two new stores in Russia’s capital are a new flagship on Petrovka Street and an intimate new store in Vremena Goda Mall.
Later this month Sotheby’s Magnificent Jewels spring sale in New York will feature a 33.25-carat, D-flawless pear-shaped diamond pendant-necklace, topped by a marquise-shaped 1 carat diamond, with a high estimate of $5 million.
After the $2 billion worth of fraud allegations against Indian jewelry tycoon Nirav Modi and Gitanjali Gems chief Mehul Choksi shocked the Indian diamond industry, the last thing it needed was more bad news, which is precisely what they got. Jewelry chain Kanishk Gold, which also owns the Krizz jewelry brand, has been named in defrauding 14 banks, including the Punjab National Bank (PNB) and the State Bank of India (SBI), for an amount close to as $126.4 million, or Rs 824 crore. Taking into account interest due, the loss to banks exceeds $153 million (Rs 1,000 crore). The SBI has sought th
Following its successful 2017, with 19% growth globally, and a solid start to 2018, De Beers has announced it plans to grow its presence of its Forevermark brand on the European market. Starting in Germany, where Forevermark will enter the market for the first time after signing with an exclusive licensee partner, De Beers is in advanced-stage discussions with potential partners in France and Italy. In Germany, Forevermark is partnering with Heinz Mayer, an Idar-Oberstein-based diamond jewelry specialist.
The strong growth of watch industry exports reported in January was confirmed - and even bettered in February, reports the Federation of the Swiss Watch Industry, as exports to Hong Kong and the US saw their strongest monthly advance for six years. The total value of Swiss exports reached $1.78 billion (CHF 1.69 billion), an increase of 12.9% on the February 2017 figure. A total of 1.9 miilion units (+3.8%) were shipped, good for $1.67 billion (CHF 1.59 billion), with an additional $100.7 million (CHF 95.9) earned from other products.