21 May
Luxury group Richemont, which owns the Cartier, IWC watches, Piaget, Baume & Mercier and Montblanc brands, announced that its sales grew by three percent at actual rates and by eight percent at constant rates to €10.98 billion ($12.89 billion), while profit grew just one percent to €1.21 billion ($1.42 billion) in fiscal 2018 (ending March 31). The increase in profit was less than expected by investors (Richemont does not publish guidance) and the group’s shares fell 3.78 percent to 118.88 rand ($9.28) on Friday. Among the reasons for the lower than expected profit is the company’s strategy of buying back its product stocks from its retail partners. Richemont spent €203 million ($238 million) in fiscal 2018 (and €278 million or $326.4 million in the prior year) buying back unsold...
18 May
Peter Karachiev
Peter Karakchiev, ALROSA's Head of International Relations, was elected Vice Chairman of the Responsible Jewellery Council (RJC) at its 2018 annual general meeting held in Moscow on May 17. Currently, the RJC comprises over 1,100 member companies with more than 9,000 facilities and in excess of 460,000 employees covered under its global certification system. As a full member of the International Social and Environmental Labelling alliance (ISEAL), the RJC is committed to developing credible and effective standards and continually improving its systems through regular standards review processes with its members and multi-stakeholders. Currently its Code Of Practices (COP) is under review and the new version is expected to be launched early 2019. The...
17 May
Global consumer demand for diamond jewellery hit a new all-time high in 2017, climbing to $82 billion, a two per cent 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, where positive macroeconomics and strong consumer confidence saw demand for diamond jewellery increase four per cent to $43 billion, representing more than half of total global demand. An increase in self-purchase of diamond jewellery helped drive demand, representing 33 per cent of total US diamond jewellery pieces acquired in 2017. Consumer demand in mainland China, the world’s second largest consumer market for diamond jewellery, also returned to positive growth in 2017, reflecting the trend of the...
17 May
Platinum Guild International (PGI) today published the findings of its 2017 Platinum Jewellery Business Review revealing that two key trends — young consumers, and bridal — are emerging to contribute to platinum demand growth in 2018. Compiled by independent platinum market experts and industry analysts, the survey reports strong consumer retail sales growth in India, the US and Japan for 2017, even outperforming gold in some areas. “We saw above-market growth for platinum jewellery in three out of four key markets in 2017. This trend is tied to a robust global economy and historically low platinum prices, together with an increasing preference for platinum among younger consumers, which indicates growth potential in the platinum jewellery sector in 2018,” commented PGI Chief Executive...
17 May
A pair of fancy yellow polished diamonds from ALROSA
Russian state-controlled diamond mining giant ALROSA, which also cuts and polishes some of its mine output, is looking at building a significant value-add business in selling cut and polished fancy coloured diamonds. ALROSA’s diamond polishing business, which includes both colourless and coloured diamonds, generated only a modest 2 percent of the company’s overall $4.6 billion revenue in 2017. Evgeny Agureev, head of the company’s diamond polishing and sales arm Diamonds ALROSA, hopes that will change this year. Agureev told Reuters, “We hope that ALROSA will become one of the global leaders in the sales of polished coloured diamonds.” He added that because the coloured diamond output was from the company’s own...
17 May
Stuart Brown
Former De Beers Chief Financial Officer Stuart Brown has been appointed President and CEO of Mountain Province Diamonds, which operates the Gahcho Kué diamond mine in Canada in a joint venture with De Beers. His appointment is effective from July 1. Brown has over 25 years of experience in the diamond industry, where he has gained a wealth of experience across all aspects throughout the diamond pipeline from exploration, mine development and operations to the selling and marketing of diamonds, the company said in a release on its website. In 2006, after numerous roles within De Beers over a period of 14 years, Brown was appointed as the De Beers Group Chief Financial Officer. He held that position for over five years, and in 2010 was appointed joint...
17 May
WDC Acting President Stephane Fischler (right) and ExecutiveDirector Marie-Chantal Kaninda (centre) with KP stakeholders.
Stephane Fischler and Marie-Chantal Kaninda, Acting President and Executive Director respectively of the World Diamond Council (WDC), met with key stakeholders involved in the Kimberley Process (KP) in the Democratic Republic of Congo (DRC). The meetings primarily focused on two topics — the support from the DRC in regard to KP reform and establishment of the Permanent Secretariat, and the process of formalisation, registration and traceability of the artisanal miners in the DRC. All the local actors praised the very successful formalisation drive by the DDI that has resulted in 200,000 artisanal miners so far being registered with the support...
17 May
The Italian Exhibition Group (IEG), which owns and operates the VICENZAORO trade show, has revealed that it is investing €35 million ($41.4 million) in upgrading Hall 2 of the Vicenza Exhibition Centre — the Fiera di Vicenza. The upgrade will cover 26,000 square metres.  The reconstructed Hall 2, which will be built on two levels instead of the current five, will be equipped with functional and sustainable technologies that will allow IEG to host more numerous and more diverse types of events, with particular attention being paid to meeting the needs and development of shows linked to the gold and jewellery industry, and especially VICENZAORO. The IEG said that a key element in VICENZAORO's most recent development was the investment made in the construction of  Hall 7 at the the Fiera di...
16 May
Danish mass-market jewellery brand PANDORA reported a  1 percent drop in first quarter revenue to DKK 5.12 billion ($809 million) impelled by a 9 percent drop in the Asia-Pacific region due mainly to lower growth in China and a 16 percent decrease in revenue from the Americas. Revenue from the Middle East, Europe and Africa was up 15 percent, however. Pre-tax profits were DKK 1.67 billion ($263.4 million), down from the DKK 1.88 billion ($297 million) reported in Q1 2017. The company said it was taking steps to strengthen sales in the China market, which accounted for 12 percent of its overall first quarter revenue. CEO Anders Colding Friis told Reuters that among the issues being tackled was the grey market, which involved product being imported from other markets and then being sold...
16 May
ALROSA announced that its revenue grew 58 percent in a quarter-on-quarter comparison with last year to RUB 96 billion ($1.54 billion) in the first quarter of 2018. Pre-tax profits for the period were up 78 percent over the first quarter of 2017 to RUB 48 billion ($769 million), leading to earnings for the period of RUB 33.2 billion ($532 million) — double the earnings in Q1 2017. Rough diamond sales for the period grew by 43 percent in a quarter-on-quarter comparison to 13.4 million carats despite a production decrease of 26 percent for the period. The growth was due to sales of around 6 million carats from company's stocks. Free cash flow during the period rose 3.5 times, reaching RUB 41.1 billion ($658 million), while the company’s net debt for the quarter fell 4.6 times to RUB 18.6...
16 May
After two successful editions, the Platinum Guild International (PGI) has announced the kick-off of this year’s edition of its Season of Love platinum jewellery promotional initiative in over 1,000 participating retail stores across India. The initiative gives consumers the opportunity to win free jewellery, a couple holiday and dining out experiences. The PGI has positioned platinum jewellery as an emotional symbol in India and has consistently targeted a younger age group with its promotions. The Season of Love initiative has been part of this emotional branding exercise and has become increasingly popular with retailers. According to the PGI, last year’s initiative delivered increased consumer footfalls to retail stores and platinum jewellery sales grew to 52 percent of totals from 27...
16 May
Indian jewellery retailer P. N. Gadgil & Sons Ltd., which has just announced plans to go public with an IPO of ₹500 crore ($74 million) said it will invest ₹256 crore ($38 million) from the IPO towards adding 15 new stores in its home state of Maharashtra as well as adjoining states. The company, which currently has 25 stores — having had just two as of April 2012 — said it aims at having 29 stores by fiscal 2019 and 40 by fiscal 2020. The company’s plans include two large-format (6,000 square feet on average) stores and nine small-format outlets (1,600 square feet on average). It also plans a range of medium-format (average 2,850 square feet) in suburban areas of Mumbai and Pune.
16 May
The United Nations Economic and Social Council (ECOSOC) has confirmed the Special Consultative Status held by CIBJO, the World Jewellery Confederation, for the coming four years. The decision follows CIBJO's successful submission and the acceptance of its Quadrennial Report, covering the period 2014 through 2017. One of the six main organs of the United Nations, ECOSOC serves as the principal body in the international organisation for coordination, policy review, policy dialogue and recommendations on economic, social and environmental issues, as well as for implementation of the UN's internationally agreed development goals. In so doing it engages a wide variety of stakeholders — policymakers, parliamentarians, academics, major groups, foundations, business sector representatives and...
15 May
Coloured gemstone producer announced it has once again partnered with Gübelin Gem Lab to embed nanoparticles proving origin into all emeralds for sale at the upcoming auction in Lusaka, Zambia from May 15 to 18, to drive greater levels of transparency in the coloured gemstone sector. According to Gemfields, there is no global system to accurately track a coloured gemstone from mine to market, mainly because the sector is traditionally driven and largely artisanal. Trading is often very secretive. The company said it is actively seeking solutions to bring greater transparency to the sector. Gemfields said the Gübelin Gem Lab’s solution is set to bring about a major change because it allows a brand or consumer to physically check the origins of a gemstone by using a synthetic ‘DNA...
15 May
Israel pavilion at 2017 JCK Las Vegas show
The Israeli Diamond Industry (IDI) which organises the Israel pavilion at the JCK Las Vegas show, will hold an auction of special diamonds at the show. The stones will be put up by Israeli exhibitors at the show and will be on view at the Israel pavilion at the show. Bids will be accepted from June 1 to 3 and progress on the bidding will be displayed on screens at the pavilion. The United States accounts for about 40 percent of Israel's polished diamond exports. In 2017, Israel’s net polished diamond exports to the US stood at $1.7 billion out of a total of $4.5 billion.  IDI Chairman Boaz Moldawsky said, “We are looking forward to a very good show this year at JCK Las Vegas. There is a growing demand from our US clients...
15 May
Sergey Takhiev
Sergey Takhiev had been appointed Head of Corporate Finance at ALROSA. Prior to this appointment, Takhiev was Director of Investor Relations at NLMK Group, a steel company. An ALROSA statement said his team's efforts were recognised as the best in class among public companies in the global metals and mining sector. Sergey Takhiev studied Financial Management at the Academy of National Economy, and he is a graduate from INSEAD (France). Sergey has over 13 years of experience in metals and mining sector. ALROSA Chief Financial Officer Alexey Philippovskiy commented, "In his new role, Sergey Takhiev will be responsible for attaining a fair valuation of the company, improving its information transparency, building dialogue with the finance community,...
11 May
GJEPC Chairman Pramod Agarwal's projected image loomsover speakers during his opening remarks at the event.
Minister of Commerce & Industry and Civil Aviation Suresh Prabhu today clearly articulated the government’s support for the Indian gem and jewellery industry, indicating that this support would continue despite the recent near-$2 billion bank fraud that had rocked the country in February this year. The Minister was speaking at a finance symposium titled Diamond & Jewellery Financing 2018 — Mitigating Risks Effectively organised by the Gem & Jewellery Export Promotion Council (which functions under the Ministry of Commerce), to bring industry, banks and government together to better understand each other in the wake of the scandal that had shaken...
10 May
ALROSA announced it had sold rough diamonds worth $1.98 billion over the four months from January through April this year, while polished sales for the period stood at $32.9 million. This aggregated to a total of $2.01 billion in sales for the first four months of 2018. In April alone, ALROSA sold rough diamonds worth $396.2 million and polished worth $9.1 million for a monthly total of $405.3 million. "In January-April, world markets saw consistent high demand for rough diamonds. In April, the diamond trade slowed down seasonally, as has been the case traditionally. Nevertheless, demand and sales results were good enough for this month, supported by an optimistic market trend and positive reports from retailers," commented ALROSA Deputy CEO Yury Okoemov.

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