European Jewelry Sales Bolster Richemont's Q3 Results

Richemont Group's sales in Q3 (the three month period ended 31 December 2019) increased by 4%, with growth in all regions except Japan, the luxury goods group announced last week. The Jewellery Maisons division recorded a 6% increase year-over-year at constant exchange rates versus the prior period and 9% at actual exchange rates. Sales in Europe during the period grew by 9% to €1.26 billion ($1.40 billion) benefiting from favourable comparative numbers and strong sales in most markets. European sales for the nine months of the fiscal year have risen 8% to €3.5 billion ($3.9).

JewelryRetail and Consumer Confidence

E-commerce Drives Modest Growth in US Holiday Jewelry Sales

Jewelry sales during the U.S. holiday season showed a modest increased compared to 2018, with higher-end independent jewelers performing particularly well, according to several surveys. Online buying surged, while foot traffic in retail stores slowed. The Mastercard SpendingPulse report shows that the jewelry sector experienced 1.8 percent growth in total retail sales, with online sales growing 8.8 percent – supporting eCommerce strength.

Retail and Consumer ConfidenceJewelry

Chow Tai Fook To Close More Than 15% of its Hong Kong Stores Amid Protests

Chow Tai Fook, Hong Kong's leading diamond-jewelry retailer and the second largest jeweler in the world by market value after Tiffany & Co., intends to about 15 of its 86 stores in Hong Kong as anti-China protests in the city weigh on the retail market and deter tourists, according to multiple media outlets. Indications that it rather intends to focus on growing its presence in the mainland China market suggests the slump in retail sales is not about the reverse soon.

Retail and Consumer ConfidenceJewelry

India's Titan Co. Sees Strong Q3 Jewelry Sales Despite Economic Slowdown

The Titan Company announced in its Q3 FY ’20 update that jewelry sales in December were were better than expected despite “the general economic slowdown in the economy leading to poor consumer sentimenthit." The company said its revenue growth was "possibly due to a good wedding season" and that the jewelry industry as a whole witnessed “reasonable growth” in the festive Diwali season this year. The company itself did better, the statement reads, while also gaining market share.

JewelryRetail and Consumer Confidence

Hong Kong Jewelry Sales Plunge Again in Nov. as Unrest Keeps Consumers Away

Retail sales in Hong Kong in general, and sales of luxury items and jewelry in particular, continued to fall sharply in November as local social unrest turned extremely violent, causing very severe disruptions to tourism- and consumption-related activities and further dampening consumption sentiment, writes the Census and Statistics Department of the Hong Kong Special Administrative Region. 

JewelryRetail and Consumer Confidence

Tiffany’s Sees Higher Holiday Sales on Strength of China

Tiffany & Co. announced on Thursday Dec. 26 that its overall global sales during the holiday shopping season (from November 1 through Christmas Eve) rose about 1% to 3% compared with the same period last year, with the largest contribution coming from China, Europe and a recovery in the Americas. Mainland China drove the business during the holiday period, with Tiffany seeing a double-digit sales increase there, offset by declines in Hong Kong.

JewelryRetail and Consumer Confidence

Forevermark Launches in Belgium

Forevermark, the diamond brand from De Beers Group, today announced it will launch in five jewelry stores in Belgium through a partnership with Gautam Diamonds. Forevermark jewelry will be available in Gautam stores in the historic Grand Place/Grote Markt and Galerie de la Reine/Koninginnegalerij in the city, as well as in three Antwerp Diamonds by Gautam stores in Brussels Airport.

JewelryRetail and Consumer Confidence

Art Deco Cartier Necklace Triples Estimate at Bonhams' London Jewels Sale

Tiffany & Co. Third Quarter Sales Fall Short of Expectations

Luxury jeweler Tiffany & Co fell short of investor expectations for profit and sales during the third quarter ended Oct. 31 2019, as weak demand in the U.S. and retail disruption in Hong Kong offset growth elsewhere in China. Tiffany's business in the Americas and Europe has struggled to generate growth in recent years as price-conscious younger customers gravitate to lower-priced competitors like Signet Jewelers - which last week released “better-than-expected” results for the third quarter of fiscal year 2020.

Retail and Consumer ConfidenceJewelry

Michael Hill Changes LGD Claims

Barely a week after Jeweller Magazine reported Michael Hill (MHI), the jewelry retailer operating 312 stores in Australia, New Zealand, Canada as well as selling jewelry online, made misleading claims in its marketing by describing their lab-grown diamonds using terms as “real”, “genuine” and “authentic”, the company has changed its messaging.

Retail and Consumer ConfidenceMarketingJewelry

Is US$16.7bn Enough for LVMH To Get Tiffany's?

According to several reports, LVMH's raised offer of 16.7 billion US dollar - from the 14.5 billion offered and declined earlier -  might be convincing enough to persuade TIffany's and the deal could be concluded fast, insiders say. If so, Tiffany's would be joining LVMH's portfolio, which includes Bvlgari, Louis Vuitton and Dior and put the luxury conglomerate in a more interesting position to compete with rivals, such as the Swiss-based Richemont.

JewelryFinance and Trade

Decline in Hong Kong Market Tempers Swiss Watch Trade Growth

A significant decline in Swiss watch exports to Hong Kong in October put a dent in the otherwise positive month, as several of the leading markets recorded strong growth. According to figures from the Federation of the Swiss Watch Industry, Swiss watch exports passed the 2 billion francs (CHF2.03 billion/USD$2.04 billion) representing 1.5% growth compared to the same month last year.

Jewelry

A 7ct. Blue Diamond, Est. $10-14M, Leads Christie’s Nov.12 Auction

Christie's Geneva Magnificent Jewels sale taking place tomorrow (Nov. 12) features a stunning collection of colored and colorless diamonds, led by a 7.03-carat, Fancy deep blue rectangular-cut diamond by London high jewelry house, Moussaieff. The VVS2 blue stone carries an estimate of $10,000,000 - $14,000,000.

Jewelry

Tiffany's Not Willing To Settle for LVMH's Current Offer

Tiffany & Co. has asked luxury conglomerate LVMH to raise its $14.5 billion acquisition offer, arguing that it significantly undervalues the U.S. jewelry chain, Reuters reports, citing unnamed sources. Last week, it became known that LVMH Moët Hennessy Louis Vuitton is seeking to add the iconic U.S. jeweler to its portfolio of upscale brands.

Jewelry

Guangzhou to Host 4th International Jewelry & Diamond Conference in Nov.

The 4th International Jewelry & Diamond Conference 2019 – Guangzhou, jointly held by the Guangzhou Diamond Exchange and the Guangdong Gems & Jade Exchange (GDGJE) will take place on November 21-22. The conference will be held in Panyu, Guangzhou, the major cluster of the diamond and jewelry industry of China, and will welcome industry representatives, associations from around the world and delegates from local governments.

JewelryPolished

Luxury Giant LVMH Proposes $14.5 Billion Takeover of Tiffany & Co.

Tiffany & Co. has received a takeover approach from LVMH Moët Hennessy Louis Vuitton, which is seeking to add the iconic U.S. jeweler to its portfolio of upscale brands. The French company sent Tiffany officials a letter in the past couple of weeks outlining an all-cash takeover bid of about $120 a share, according to people familiar with the matter. That would value Tiffany at close to $14.5 billion, and represents a 22% premium over the stock’s closing price on Friday, according to the Financial Times.

JewelryRetail and Consumer Confidence

De Beers' Lightbox Goes Brick-and-Mortar in Trial Run

Beginning this month, De Beers' lab-grown diamond brand Lightbox Jewelry will be available at two select Bloomingdale’s department stores (one in N.Y., one in San Francisco) and 30 Reeds Jewelers stores in a trial run to see whether their product and value proposal perform in traditional bricks-and-mortar retail environments, reports Forbes magazine. Until now, the only way to purchase Lightbox fashion jewelry was through its website or through an occasional pop-up promotion.

JewelryRetail and Consumer Confidence

A 10 Carat Pink Diamond Sells for $20M at Sotheby's

 A 10.64-carat Fancy Vivid Purplish Pink diamond sold for US$19.9 million (155,831,000 HKD) earlier this week at Sotheby's Hong Kong auction. That's $1.9 million per carat.

The 10.65-carat, Internally Flawless Type IIa pink fell between its $19.1 to $25.5 million (150 million to 200 million HKD) pre-sale estimate. It is set between trapeze diamonds, mounted in 18 karat white and pink gold. The Magnificent Jewels and Jadeite sale totaled $300.8 million HKD, or $38.3 million.

JewelryPolished

Princess Beatrice the Latest Royal Millennial to Get a Diamond Ring

The eldest daughter of the Duke and Duchess of York - Prince Andrew and Sarah Ferguson - granddaughter of Queen Elizabeth II and latest newsworthy royal millennial, Princess Beatrice of York, became engaged earlier this month to Edoardo Mapelli Mozzi. Mozzi enlisted contemporary British jewelry designer Shaun Leane to create the princess’ diamond and platinum engagement ring.

LifestyleJewelry

Richemont Adds Italian Jewelry Brand Buccellati to its Portfolio

Richemont luxury group has acquired 100% of Buccellati Holding Italia S.p.A., the owner of renowned Italian jewelry Maison Buccellati, in a private transaction with Gangtai Group Corporation Ltd, a privately held conglomerate. The price of the acquisition is undisclosed. With the takeover, the luxury conglomerate adds to its brand portfolio that includes Cartier, Van Cleef & Arpels, Piaget, Montblanc, Vacheron Constantin, Jaeger-LeCoultre and Baume & Mercier.

Jewelry

#TrustForevermark Campaign Launched in India

Forevermark, the diamond brand from the De Beers Group, has launched its latest consumer campaign, #TrustForevermark, in India, aiming to help prospective buyers allay their doubts, fears and questions that arise when buying diamonds, according to a Forevermark press release. Forevermark is rolling out a multi-media campaign including events, PR, digital, print, television, radio, outdoor and social media content. The #TrustForevermark campaign the brand's largest yet in India and will be rolled out nationally over the next three months targeting nine Tier I and 41 Tier II cities.

MarketingJewelryRetail and Consumer Confidence

Plumb Club the First Trade Association to Require Members to Join RJC

The Plumb Club - one of the jewelry, diamond and watch industries' leading supplier organizations - today announced that its members have voted to require all new and existing Plumb Club members to become Certified Members of the Responsible Jewellery Council (RJC). The Plumb Club, a current RJC association member, is the first organization of its kind to require its members to follow the RJC Code of Practices.

ComplianceJewelry

Sales Fall 5% in H1 at US Jewelry Stores

Sales of jewelry at dedicated jewelry stores in the U.S. fell by nearly 5% (-4.6%) to $14.4 billion from $15.1 billion in the first half of 2019, according to figures from the US Census Bureau (see link). In June, the decline was the sharpest of the year, falling 10.5% to $2.31 billion from $2.58 billion in the same month a year ago. This would indicate a downturn in consumer confidence, although provisional figures from July show a 1.3% increase July 2018, at $2.41 billion.

Jewelry

Women’s Jewelry Association Appoints New Executive Director

The Women's Jewelry Association (WJA) has appointed a new executive director, Jennifer Markas, who begins work Sept. 10. Bernadette Mack, the outgoing executive director, will work with Markas during her transition until the end of the month. 

Jewelry

Flawless 81 Ct. Diamond Among Stunning Pieces at Sotheby's Oct. Auction

Rare and exceptional fancy color diamonds, as well as a large flawless emerald diamond will be in the spotlight at this autumn’s Magnificent Jewels and Jadeite auction at Sotheby's Hong Kong. The October 7 sale presents three very remarkable stones: a superb 10.64-carat fancy vivid purplish-pink diamond of internally flawless clarity estimated at $19.1 million to $25.5 million, an important 6.01-carat fancy vivid blue diamond, and a magnificent 80.88-carat D-color, flawless diamond.

JewelryPolished

Signet's Q2 Sales Fall but Beat Projections, Investors Take Notice

Signet Jewelers' sales for the second quarter of fiscal 2020 (ended Aug. 3) fell but did not decline as much as expected, and investors took notice. The company's stock, declining hard and fast since 2015 - and down over 60% year-to-date in 2019 - jumped by roughly 25% on the news and have held its gains. The world’s largest jewelry retailer announced reported that total sales fell 3.9% to $1.34 billion in Q2 and that comps for same-store-sales fell 1.5%, outpacing the forecasted 2–3% drop.

Jewelry

Tiffany & Co. To Enter India Market, Expand Presence in China

Tiffany & Co. earlier this month announced plans to enter the India market, and recently said they would be increasing their presence in China following a quarter in which they saw double-digit growth with local customers in Mainland China, together with a decline in tourist purchases which impacted their Q2 results.

Jewelry

Decline in Tourist Spending Hits Tiffany's Q2 Sales

Tiffany & Co. reported a decline in sales in the Americas and globally in the second quarter, with the company pointing to weak spending among tourists and locals in the Americas and Asia Pacific spurred by unrest in Hong Kong. Net sales in the second quarter tailed off by 3% to $1.05 billion in the three months ended July 31, in part due to a strong performance in the same quarter a year ago when they earned $1.08 billion. Worldwide same-stores sales were down 4 percent, the jeweler announced, while net income of $136.3m in the second quarter was down 6% from a year ago.

Jewelry

Paul Zimnisky's In-Depth Look at Fortunes of Leading Diamond Jewelry Retailer, Signet

Signet Jewelers Limited claims to be the world's largest retailer of diamond jewelry and is clearly the largest specialty retail jeweler in the US, UK and Canada. It operates over 3,300 stores primarily under the name brands of Kay Jewelers, Zales, Jared The Galleria Of Jewelry, H.Samuel, Ernest Jones, Peoples, Piercing Pagoda, and JamesAllen.com. Just over a year ago the company was among the S&P 500, but its share price and market cap have fallen hard.

JewelryIn-depth

Diamonds & Jewelry on U.S. List of Chinese Imports Subject to 10% Tariff, Starting Sept.1

President Donald Trump said Thursday that the U.S. is putting 10% tariffs on another $300 billion worth of Chinese goods, effective Sept. 1. This means that starting at the beginning of next month, every single good coming into the U.S. from China, except those with exemptions, will be subject to an import tax. Called the 'tranche four' tariffs, the list includes rough and polished diamonds (whether or not worked), loose 'synthetic ...

World NewsEconomyRough MarketJewelry

Social Unrest, Trade War Weigh on Hong Kong Jewelers' Q1 Results

Chow Tai Fook Jewellery Group (CTF) has reported higher sales and continuing expansion of their POS (points of sale) during Q1 FY 2020 (three months ended 30 June 2019), as sales in mainland China stores continued to grow at a strong rate while those in Hong Kong and Macau declined for the second time in the past three quarters. Retail sales grew by 24% in mainland China during the period, with same-store sales (SSS) improving by 11%, the jeweler reported. Retail revenues in Hong Kong and Macau fell by 6%, while SSS dropped further, down 11%.

JewelryRetail and Consumer Confidence

Alrosa's H1 Diamond Production Grows While Sales Slump

Russian diamond-mining giant Alrosa increased its rough-diamond output in Q2 and H1 2019, but the miner's sales have fallen to a low not seen since Alrosa started publishing monthly results in 2016 as rough and polished diamond market saw weak activity and very poor demand. Alrosa pointed to changing retail practices such as consolidation and increasing online sales as reasons for a reduction in polished diamond stocks across the retail sector. As businesses embrace more efficient stock management practices, cutters and polishers reduce the volumes of their rough diamond purchases. 

Mining and ExplorationRough MarketJewelry

Australian Jeweller Michael Hill To Reimburse Underpaid Staff Up to $17.5 Million

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.

Jewelry

India Raises Import Duty on Gold & Precious Metals

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. 

Jewelry

U.S. - China Trade Truce Brings Relief to Diamond & Jewelry Market

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.

World NewsFinance and TradeJewelry

Christie's Makes History with $109.3 Million Auction

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.

JewelryWorld News

Christie's Jewelry Auction This Week Might Be Most Valuable Ever

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.

JewelryWorld News

Gold Jewelry, New Stores Drive Chow Tai Fook's Revenue and Profit

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.

JewelryRetail and Consumer Confidence

Signet Jewelers' Sales Decline in Q1

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.

JewelryRetail and Consumer Confidence

Swarovski To Take Leap into Diamond Jewelry

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.

Jewelry

Meet JCK's 2019 Jewelry Design Award Winners

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).

Jewelry

Tiffany's Q1 Sales Decline on Lower Tourist Spend & Forex Challenges

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%.

Jewelry

The 2018 Diamond Pipeline: Faking the Diamond Dream

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.

Market AnalysisIn-depthRough MarketPolishedJewelry

Bubble Gum Pink Diamond Sells for $7.5M at Christie's Hong Kong

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.

JewelryWorld News

U.S and China Spur Growth of Richemont's Jewelry Sales

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.

Retail and Consumer ConfidenceJewelry

Trump's Tariffs Will Soon Impact Diamond & Jewelry Imports from China

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.

Finance and TradeJewelry

Belgian Diamond Industry & Jewelry Organisations Join Forces

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.

JewelryRough MarketPolished

Hong Kong Jeweler Chow Tai Fook To Expand in North America

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

JewelryRetail and Consumer Confidence

Pandora's 'Reset' Costs 1,200 Jobs as Sales Continue Slide

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.

Jewelry

Global Gold Demand Up 7% in Q1, Driven by Indian Jewelry

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. 

Jewelry

Signet Jewelers Offers Synthetics Online via James Allen

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.”

Jewelry

"Once in a lifetime” Jewelry Collection To Grace Christie’s Auction Block

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

JewelryWorld News

Responsible Jewellery Council Launches New Code of Practices

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.

SustainabilityComplianceJewelry

Nancy Liu Appointed New Forevermark CEO

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.

Jewelry

Signet Jewelers Commences Layoffs as Too Few Took Severance Package

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.

Jewelry

Twin Blue Diamonds Lead Christie's Auction at $7M

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. 

Jewelry

U.S. Jewelry Sourcing Regulations May Get Much Stricter

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.

JewelryOrigin TrackingCompliance

Luxury Group LVMH Reports Jewelry Revenue Growth in Q1

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.

JewelryRetail and Consumer Confidence

Disappointing Q4 Sales Weigh Down Signet's Annual Results

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.

Retail and Consumer ConfidenceJewelry

Antwerp Takes Aim at Korean Diamond Jewelry Market

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.

Jewelry