Swarovski, the famous producer of precision-cut crystals, this week launched a new collection of lab-grown diamonds in 16 colors at the Paris Haute Couture Fashion Week, a clear challenge to De Beers' Lightbox brand of synthetic gemstones. The company in 2016 launched its Diama collections in the US, using synthetic diamonds, and entered the lab-grown market as producers in 2018 with its Swarovski Created Diamonds.
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).
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.
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.
Two of the pieces of jewelry stolen in a November heist at the Royal Palace in Dresden, Germany, are said to be up for sale, according to an Israeli security firm. Individuals claiming to have two sets of jewels from Dresden's Green Vault - the Dresden White Diamond and the breast star of the Polish Order of the White Eagle - offered both items for 9 million euros (10 million dollars) in a series of emails, said Zvika Nave, chief executive of the CGI Group.
Forevermark, the diamond brand from De Beers Group, recently unveiled the first boutique in its Next Generation Retail Concept, located within renowned jewellery department store, Caibai in Beijing, the company writes. They say that the the newly renovated 100 square metre boutique "breaks away from the traditional across-the-counter service, inviting consumers to discover the world of Forevermark through an immersive, interactive and informative experience," adding that this is the first time Forevermark has offered this kind of consumer experience within one of its retail partners.
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.
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.
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.
Tiffany & Co. launched its first-ever men's collection, Tiffany Men's, in October with a launch party in Los Angeles. They have now set up a Men's Pop-Up Shop on East 57th St. in New York City. The pop-up shop is open from December 5 through January 6.
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.
An Art Deco aquamarine and diamond necklace by Cartier, dated circa 1940, sold for £459,062 (approx. $601,399) including premium, at Bonhams' London Jewels sale, tripling its pre-sale estimate of £100,000 - 150,000 (est. high of $197,440). The auction house says that the highly articulated geometric necklace, set with nearly 170 carats of beautifully matched aquamarines, was an impeccable example of Cartier's late Art Deco style and sparked an international bidding war.
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.
Former #1 professional tennis player and celebrity Serena Williams has launched a diamond jewelry line of 70 designs, ranging from statement necklaces, diamond and gold-studded words such as "queen" or "winner" to - no suprise there - tennis bracelets, rings and earrings in a diverse array of prices, starting at US$299 up to US$10k for the most luxurious pieces.
In a spectacular robbery on monday morning thieves broke into the Royal Palace in Dresden, Germany, stealing over a hundred pieces of Baroque jewelry from the so-called the Grüne Gewölbe (Green Vault). According to the authorities, the robbers smashed in a window to gain access after starting a fire that disabled the security system. They seem to have precisely targeted a glass display cabinet, containing the priceless pieces, including three sets of diamonds, including brilliant-cut diamonds, part of an 18th-century jewelry collection.
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.
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.
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.
Hong Kong’s retail sales, and particulaly those of jewelry and other luxury items, took a nosedive in September as the protests that have plagued the city since June have kept tourists away and led to a decline in consumer spending. According to a press release and figures from the Census and Statistics Department of the Government of the Hong Kong Special Administrative Region, the overall value of retail sales in September 2019 decreased by 18.3% to an estimated HKD29.9 billion (US$3.8 billion) compared with the same month in 2018.
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.
Last week, Tiffany & Co. found itself at the center of a social media firestorm after posting an image on Twitter of a woman covering one eye with her hand, leading to accusations that the jeweller supports the Hong Kong protesters and prompting Tiffany's to remove the post. Angry Chinese consumers believed it deliberately evoked a symbolic pose adopted by Hong Kong’s pro-democracy demonstrators after a woman was shot in the eye with what protesters say was a police beanbag round during violent clashes with police. Her image later popped up in many posters and memes.
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.
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.
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.
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.
From October 22-24, 2019, the Antwerp World Diamond Centre (AWDC) will be hosting the 15th edition of the "Antwerp Diamond Experience", where it will welcome select jewelers, wholesalers and manufacturers from across Europe and give them inside access to the world's leading diamond trade center … free of charge, and with no purchase obligation. (Registration link below).
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.
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.
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.
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.
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%.
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.
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.
The withdrawal of India’s beneficiary status under the Generalized System of Preferences (GSP) trade program is expected to have a "moderate" impact on India's exports of gems and jewelry to the US, but will not directly impact diamond exports - contrary to what some have been reporting.
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).