Search
Menu
No internet connection available
Archive
26/07/2024 07:13Big luxury conglomerates are reporting disappointing results for the first half of the year. LVMH's turnover dropped 1% y-o-y to US$45.3bn, with net profits dropping 14% to US$7.9bn. Similarly Kering said its turnover decreased to US$9.8bn, down 11% y-o-y, while net profit nearly halved to US$953m. Earlier, preliminary earnings reported by Cartier indicated a 27% drop in sales in China and Swatch Group reported an 11% decrease overall.
12/05/2023 10:27On May 5, Shanghai, at the Launch Ceremony of the “2023 Shanghai Diamond & Jewelry Culture Festival” and the “Shanghai May Shopping Festival” jointly organized by Shanghai Municipal Commission of Commerce and Pudong New Area Government, Shanghai Diamond Price Index (SDPI) was determined by the National Gems & Jewelry Testing Co. Ltd. (NGTC) jointly with Shanghai Diamond Exchange (SDE) and Gem & Jewelry Trade Association of China (GAC) officially released it.
13/01/2023 11:10The Chinese conglomerate Fosun, best known as being the largest shareholder of insurer Ageas, is considering selling its majority stake in International Gemological Institute (IGI). The deal could value the Antwerp-based diamond evaluator at around 200 million euros, the Bloomberg news agency learned from sources close to the file.
In October, Fosun announced that it plans to sell up to $11 billion in assets to improve its liquidity position. In addition, Fosun would now, together with Deutsche Bank, evaluate the possibility of selling its 80 percent stake in IGI.
07/12/2022 12:10The Chinese National Gemstone Testing Center (or NGTC for short) has issued the first digital certificates (or e-Certificate) for their strategic partner, Chow Taifook (or CTF for short). This is an important step for NGTC’s digitizing transformation. By downloading the NGTC APP or using the WeChat Applet, a user only needs to scan the NGTC certificate code to retrieve the NGTC digital certificate immediately.
14/07/2022 19:54Since March 2022, both the polished diamond import and diamond retail market have taken a toll from a new wave of Covid-19 pandemic in China, as the local administrations nationwide have strengthened preventive and control measures.
14/07/2022 10:07Israel-based diamond tech company Sarine Technologies and the Chinese state lab National Gemstone Testing Center (NGTC) announced a partnership that includes Sarine’s light performance technology (“Sarine Light”) has resulted in a co-branded new industry standard for this grading feature on the Chinese market. NGTC will include the light performance grading in its grading reports.
17/06/2022 06:14The Financial Times reports that the Angolan Government has blocked and taken over the 18% stake of the Chinese company LLI (part of Sonangol) in Catoca. The Government now holds 59% of shares in Angola’s largest mine through IGAPE, the state body managing govt shareholding in companies active in the country. The move is considered another step in President Lourenço’s reform policy, reducing the interdependence with China that was established under the Dos Santos regime, when deals between Angola and China, especially in the oil business, were booming.
18/02/2022 10:30According to the Shanghai Diamond Exchange (SDE), the net import of polished diamonds through the SDE in 2021 reached another record high, reflecting the potential and resilience of the Chinese diamond market. Total net polished import reached US$2.924 billion, surging 105.3% year-on-year of 2020, and up 58.0% from 2019. The SDE is the only portal in China to import polished diamonds under the favorable tax policy of 0% tariff and 4% Value Added Tax (VAT), therefore the figure reflects the value of polished diamonds imported for consumption in China.
24/05/2020 08:37News outlet Caixin reports that China will continue its severely restricted international flights policy through to at least October. Since the end of March, China has cut international flights by 90%, and has implemented the so-called "Five-One" policy, in which for each domestic airline, only one flight per week to a foreign destination is allowed to operate. Foreign airlines can fly into China no more than once per week and all flights are limited to 75% capacity, according to restrictions implemented by China's Civil Aviation Administration (CAAC).
10/02/2020 18:10Concern about the impact of the coronavirus on the diamond and jewelry trade is growing, not only in China, but also in the markets that supply China, like Hong Kong and India. Events have been concelled, retail sales have plummeted and the outbreak of the virus in China has already had a ripple effect on diamond supply chains as the death toll passes 1,000. And this is just the tip of the iceberg.
17/12/2019 15:21Alrosa, Tencent and Everledger are launching a new WeChat Mini Program e-commerce solution for Chinese retailers. The pilot will employ blockchain technology to enable full traceability of diamonds from mine to consumer, providing full transparency of their origin, characteristics and ownership history.
01/07/2019 15:18Retailers 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.