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.
Tiffany & Co. reported that its global net sales for FY 2017 (ended January 31, 2018) increased 4% to $4.2 billion, reflecting sales growth in most regions - particularly in the U.S. and China. However, its comparable store sales remained flat for the year despite 9% sales growth in the fourth quarter (Q4). During Q4, on a constant-exchange-rate basis, worldwide net sales rose 6% and comparable store sales were 1% above the prior year, falling short of estimates of a 2.7% gain.
Jewelers of America (JA), the leading non-profit jewelry association in the US - founded over a century ago to advance the jewelry industry and consumer trust - has announced the winners of its 28th annual CASE Awards, a national jewelry design competition. The CASE Awards recognize custom-designed and crafted pieces of jewelry for their creativity, artistry, skills and excellence in quality and style, and "showcases the creativity and expertise of designers in Jewelers of America member retail stores across the country,” said JA President & CEO David J.
Signet Jewelers same store sales declined 5.2% in the fourth quarter and declined 5.3% in full year fiscal ended February 3, 2018, the company announces at the conclusion of a self-described "challenging year". At the same time they announced two additions to its Board of Directors, appointing Sharon L. McCollam and Nancy A. Reardon as Independent Directors effective March 13, 2018.
Helzberg Diamonds has announced a "focused effort on innovating its marketing strategies," naming Ellen Junger as its new chief marketing officer and Carmichael Lynch its new advertising agency of record. Junger previously served as chief customer and marketing officer role for Payless ShoeShource.
At the annual pinnacle of high-end celebrity jewelry and fashion, Oscars night, the bling on the red carpet did not disappoint. High-end jewelry reporter Anthony DeMarco covered the glamorous event for Forbes magazine, noting that diamonds and white metals were the overwhelming favorite among the stars. The other major trend on the Oscars red carpet, he writes, was sparkling drop earrings, particularly pear shaped gems or filigree designs. Necklaces were not as prevalent as in past years but those that did appear were sparkling diamond statements.
Firestar Diamond, a company owned by Nirav Modi, the billionaire jeweller at the heart of a $2 billion fraud case in India, has filed for bankruptcy in a New York court, as investigators stepped up their investigation into a case that has stunned the country of India. Firestar Diamond, which on its website states that its operations span the US, Europe, the Middle East, the Far East and India, blamed liquidity and supply chain challenges. It listed up to $100 million in assets and debt, the court document said.
Swiss watch exports saw their strongest growth in more than five years during 2017, according to the Federation of the Swiss Watch Industry. with Hong Kong and mainland China representing the top two markets for Swiss watches. This trend continued to start off 2018, as January sales in Hong Kong rose 21.3 percent to grab a 15 percent of the market, while sales in mainland China surged by 44.3 percent to reach 10.9 percent of the market, overtaking the US.
"The [jewelry] industry has seen 20 smash-and-grab robberies in jewelry stores since October, as a troubling trend that began in the Midwest has now spread to other areas of the country", writes Rob Bates of JCK. According to Jewelers’ Security Alliance (JSA) president John Kennedy, “The frequency and the number of these crimes are growing and growing. We think it’s very dangerous.
Swiss watch industry exports rose strongly at the beginning of 2018, boosted by substantial sales growth in Asia, reports the Federation of the Swiss Watch Industry. Year on year, total January exports of wristwatches rose by 12.6% to $1.7 billion (1.6 billion Swiss francs), as the trade benefited from the dynamic performance of previous months and a favourable base effect, the Industry body writes.
Real is a Diamond partnered with The NBCU Content Studio on new custom video content launching during the live on-air and digital broadcast of the 2018 Winter Olympics in Pyeongchang. “The Making of a Gem” video shorts were developed to showcase the striking similarities between the unique journey of an athlete on the rise, and a diamond - tapping into the emotional context of a diamond’s symbolic meaning.
Indian federal agents launched an investigation into billionaire jeweller Nirav Modi, one of the country’s richest men, over accusations that he and others defrauded a state bank of $44 million.
The "On a roll" collection by Nadine Ghosn must have some special sauce, as it has gained some big-time attention: notably, from McDonald's. The fast-food giant approached the designer and asked her to collaborate on a project in honor of the Big Mac’s 50th anniversary this year, writes Ashley Davis for National Jeweler.
Russian diamond mining giant ALROSA teamed up with GfK (Growth from Knowledge), consumer research company, to examine the purchasing trends among diamond consumers. The US is the world’s largest consumer market of diamond jewelry, and China is the most rapidly growing market, and the study shows why. The research was conducted in the autumn of 2017, surveying more than four thousand people from the US and China who had bought or received diamond jewelry as a gift within the last 12 months, and targeting men and women aged 25 to 55 years with average or above average income.
The Belgian Embassy in Tokyo was the setting for the launch of a new initiative to bring certified, Antwerp-sourced diamonds to the Japanese retail market under the quality label: "Diamonds & Antwerp" (DnA).
The second edition of The World’s Premier Diamond Event, CARAT+, will open at the Antwerp Expo Belgium on May 6, introducing new show features and welcoming leading industry professionals from across the globe. Launched for the first time in 2017, CARAT+ won the praise of exhibitors and visitors alike with its glamorous trade show floor and 130 leading exhibitors from 13 countries.
Brisbane-based retail jeweler Michael Hill has announced, "The complete exit of the loss-making retail operations in the US" as part of a set of strategic actions across its global retail network. The company, which "entered the U.S.
National Jeweler's Michelle Graff provides a preview of the five hottest engagement ring trends for 2018 according to WP Diamonds, the online jewelry purchasing division of White Pine Trading. "Rose gold with pavé, three-stone rings that mimic Meghan Markle’s, and more halos are three of the engagement ring trends WP Diamonds is forecasting for 2018." The classic, solitaire 'Tiffany setting' (don't call it Tiffany, she warns) is always on the list, and yellow stones are “gaining some serious momentum”, according to WP Diamonds.
Tiffany & Co.'s worldwide net sales increased 8% to $1.05 billion in the two months of the holiday period ended December 31, 2017 due to growth across regions and product categories, and comparable store sales rose 5%, the jeweler announced in a press release. On a constant-exchange-rate basis that excludes the effect of translating foreign-currency-denominated sales into U.S. dollars, worldwide net sales rose 6% with comparable store sales up 3%. The growh was fueled by higher sales of fine jewelry, watches, and a new home and accessories collection.
Vrai & Oro, the jewelry designer owned by laboratory-grown diamond producer Diamond Foundry, has closed its Los Angeles retail store after only six months. Despite several articles by the likes of Vogue announcing their partnership, and The Hollywood Reporter dropping Hollywood names like headliner Leonardo DiCaprio, the designer has come to the conclusion, "that retail is a true challenge." The Los Angeles fine jewelry label, which was purchased by Diamond Foundry in November of last year, opened a store in downtown L.A. at the ROW DTLA shopping center last August.
This debate shows the need for the industry to demonstrate the value of its products. The link between a diamond and love is clear and well-established. But while consumers don’t think twice about buying $300 sneakers, or $1,000 handbags, they regularly balk at spending a few thousand dollars on engagement rings. And yet, it takes a lot of painstaking craft to make a ring (of the non-$25 variety). It also takes a lot of effort and money to get diamonds out of the ground. Plus, consumers are buying a product that is intended to hold its value and truly last forever ... it’s clear, many consumers don’t know all that. Perhaps that’s something the industry can think about how to rectify in the year ahead.
- JCK's Rob Bates addresses the stormy internet debate about Kay Jewelers' $24.99 diamond ring
Leading Chinese jewelry retailer Chow Tai Fook reported a 5% year-on-year increase in same store sales (SSS) for the three-month period ended December 31, 2017 (Q3 FY2018) in its key markets of Mainland China and Hong Kong & Macau, reflecting solidification of the recovery in demand and increasing points of sale. Overall retail sales value in Hong Kong and Macau was flat year-on-year for the third quarter, but recorded 12% growth in Mainland China.
Signet's total sales for the 9 weeks ended December 30, 2017 (“Holiday Season”) were $1,881.7 million, down $59.2 million or 3.1%, compared to $1,940.9 million in the prior year, the group announced in a press release today. Same Store Sales (SSS) decreased 5.3%. Sales declines were primarily driven by weakness in the Sterling division (Kay, Jared, R2Net and Regional brands), impacted predominantly by the credit outsourcing transition* which accounted for approximately two-thirds of the decrease. R2Net was the best performer in the division, increasing sales 38.6% to $50.6 million.
Independent analyst and consultant on diamonds and the mining industry, and publisher of the Zimnisky Global Rough Diamond Price Index, Paul Zimnisky has published a wide-ranging article comprised of quick diamond-industry stats and trends: "2018 Global Diamond Industry Primer". Here he lays out the current situation and developments as we bring the 2017 diamond year to a close, and identifies what to look out for in the year ahead.
Moda Operandi, the American online luxury retailer originally founded in 2011 as a platform to provide consumers access to full collections straight from the runway, has just received a brand-new influx of cash. Billionaire entrepreneur and executive director of Chow Tai Fook Jewellery Group Adrian Cheng and Apax Digital co-led its latest round of funding, which totals a massive $165 million in growth capital. That number doubles Moda Operandi's total funding, which had reached more than $130 million as of its Series E round in February 2015.
A "superb twin-stone colored diamond ring by Graff" soared past its $6,500,000 - $8,500,000 estimate to earn $12,575,000 at hammer time yesterday during Christie’s Magnificent Jewels sale. The remarkable sale comes just a day after another blue diamond fetched $15.1 million at Sotheby's New York auction.
A 5.69-carat fancy vivid blue diamond fetched $15.1 million at Sotheby’s New York yesterday, making it the top lot of the day and confirming once again that purchasers are willing to pay top dollar for blue diamonds that carry the ultra-rare “fancy vivid” classification. The hammer price, which is equivalent to $2.66 million per carat, came in slightly above the pre-sale high estimate of $15 million. The emerald-cut gem, which is set in a platinum ring and flanked by two baguette-shaped diamonds, has a VVS1 clarity grade.
Angolan state-owned diamond company Sodiam will divest a stake in Geneva-based jewelry maker De Grisogono - a Swiss firm controlled by the husband of the billionaire daughter (Isabel) of former president Jose Eduardo dos Santos - for “reasons of public interest and legality,” report Henrique Almeida and Candido Mendes for Bloomberg Markets. The move comes, the journalists write, as Angola’s new leader, President Joao Lourenco, untangles the country from the business interests of his predecessor’s family.
Tiffany & Co. saw its worldwide net sales increase 3% to $976 million in the third quarter for the three months ended October 31, 2017, while comparable store sales declined 1%. On a constant-exchange-rate basis, their comps held steady. Their net earnings increased 5% to $100 million from $95 million. The uptick in net sales was driven by a 15% rise in the Asia-Pacific region, to $283 million, as strong growth in mainland China contrasted with declines in most other countries, which the jeweler attributed largely to lower Chinese tourist spending.
An incredibly rare 14.93-carat Fancy Vivid VVS1 pink diamond, which Rahul Kadakia, International Head of Jewellery at Christie’s, described as the "Picasso of the Pink Diamond world," sold for $31,861,000 (HKD 250 million), or approximately $2.13 million per carat, at Christie’s Magnificent Jewels Hong Kong auction on November 28. The diamond, referred to as The Pink Promise Diamond, is an oval-shaped fancy vivid pink Type IIa diamond, weighing approximately 14.93 carats, set within a circular-cut diamond surround, gallery and hoop. Its Fancy Vivid Pink color (as opposed to Fancy Intense Pink) is a designation given by the GIA and represents the most prized color grading in a pink diamond.
Signet Jewelers announced its results for the 13 weeks ended October 28, 2017 (Q3 Fiscal 2018): total sales were $1,156.9 million, down $29.3 million or 2.5%, compared to a decrease also of 2.5% in the 13 weeks ended October 29, 2016. The retailer's same-store sales ("SSS") were down 5.0%, including an estimated 120 basis point negative impact that they attributed to weather-related incidents (read, hurricanes) and systems and process disruptions associated with outsourcing the credit portfolio.
According to a survey of more than 14,000 engaged or recently married individuals undertaken for the 2017 Jewelry & Engagement Study by popular wedding planner The Knot, the average spend on engagement rings is $6,351, up 25 percent from 2011 ($5,095).
Two leading Hong Kong-based jewelry retailers, Chow Tai Fook and Luk Fook, delivered strong results in the second quarter of their respective financial years ending September 30 2017, signalling the sustained recovery of the Greater China market after a prolonged slump. Chow Tai Fook reported a 15% increase in retail sales in Mainland China and a 12% rise in Hong Kong and Macau compared to the same period a year ago. Luk Fook, reporting only same-store sales (SSS), reported 17% growth year on year, including a 16% increase in gem-set jewelry.
A legendary 19.07 carat pink diamond of historic Royal French provenance will be offered for sale at Christie’s Magnificent Jewels auction in Geneva on 14 November 2017, the auction house reports in a press release. The magnificent stone has been in the collection of four kings, four queens, two emperors and two empresses, starting with the Sun King, Louis XIV. It is one of France’s most storied gems, with three centuries of royal provenance.
The National Association of Jewellers (NAJ), considered the UK’s leading jewelry association, has appointed Simon Forrester as its new CEO, replacing Michael Rawlinson, who resigned from the NAJ in May. Forrester will assume his new role after spending seven and a half years as chief executive of the British Pest Control Association. Forrester has previously won the award of Trade Association Chief Executive of the Year in 2016 and, under his leadership, The British Pest Control Association received several awards and nominations.
High jewelry houses are increasingly going straight to the source to acquire rough diamonds that they will turn into their beautiful creations, writes Ming Liu in a feature for CNN. Typically, the larger category of rough diamonds are obtained by specialist diamond cutters and polishers who analyze each stone to determine the ideal cut in which to shape them, and only after this process are the polished gems usually presented to high jewelry houses.
In 2015, CAP Conseil, a sustainable development consultancy based in Belgium, presented the Antwerp World Diamond Centre (AWDC) an idea for a fully ethical and traceable diamond jewelry project from small-scale origin. Two years later, the first MY FAIR DIAMOND collection has become a reality.
India's jewelry sector can breathe a little easier after Friday's announcement of the removal of gems and jewelry from the scope of the Prevention of Money Laundering Act, writes The Hindu Business Line. The sector has been hit hard by the dual impact of demonetisation and the Goods and Sales Tax (GST). Following the move, jewelers no longer need to verify the identity of their clients by a KYC process for every transaction of Rs. 50,000 ($765) or more made through a single or multiple transactions.