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11 Apr
A Bulgari Serpenti watch
Luxury group LVMH Moët Hennessy Louis Vuitton recorded revenue of €12.5 billion ($14.1 billion) for the first quarter 2019, an increase of 16 percent over the same quarter last year. Organic growth, maintaining the same structure and exchange rates, was 11 percent. The group reported that all geographic regions are experiencing good growth. The Watches & Jewelry business group, which reported revenue for the period of €1.05 billion ($1.18 billion), recorded an overall revenue growth of 9 percent and an organic growth of 4 percent over the €959 million ($1.08 billion) reported in the first quarter of 2018. The growth was driven by the performance of its jewellery segment. Bulgari made strong progress in its own stores, driven by its...
11 Apr
A lioness at Zambia's Kafue National Park wears a satellitetracking collar
Coloured gemstone producer Gemfields has partnered with National Geographic to showcase vital projects supported by the company in Africa that benefit both communities and conservation. Two short films created through the collaboration, follow National Geographic photographer and filmmaker Shannon Wild as she explores the communities and environments benefitting from projects supported by Gemfields. The first film, based in Zambia’s Kafue National Park, highlights the Zambian Carnivore Programme (ZCP), which both studies large carnivores and addresses threats to them and their ecosystem, to assist their onward survival. The Greater Kafue ecosystem is the largest protected area in Zambia and...
11 Apr
Signet Jewelers Limited released its 2018 Corporate Social Responsibility (CSR) report that highlights its achievements in the four key CSR areas it has outlined for itself — People, Responsible Sourcing, Environmental Stewardship and Charitable Giving. It notes among other things, the company’s high gender parity and its leadership in the area of responsible sourcing. Highlights from the report in each area include: People The only jewellery retailer selected for the 2019 Bloomberg Gender Equality Index. 74 percent of Signet’s field leadership are women. 43 percent of senior management (VP and above) are women, as are 50 percent of the Signet Board of Directors. Over 11,000 Signet team members certified as experts in diamonds or gemmology. Responsible Sourcing Signet leads the...
11 Apr
Trans Atlantic Gem Sales (TAGS) reported that its rough diamond tender in Dubai, which ran from March 26  to April 2 this year, realised a total of $38.36 million from the sale of 41,347 carats. This translates to an average $927.87 per carat. TAGS utilised 30 showing rooms in the Dubai Diamond Exchange to present the productions to 204 companies over the eight-day period. Specialist manufacturing companies from India, Belgium and Israel attended the tender. Two regular productions from South Africa and Angola were again presented at the tender along with a Namibian production. All materials were of high quality and high colour and featured a significant number of large single stones and exceptional specials.
10 Apr
ALROSA sold $369.2 million in rough diamonds over March this year, an 8.4 percent increase over the $340.6 million it had sold in February. The miner also sold $8 million in polished, a hefty 60 percent jump over the $5 million it had sold in February. In all, January-March sales of rough totalled $987.9 million, while polished sales in the period amounted to an aggregate $16.3 million. "The market is gradually stabilising following a soft demand from cutting and polishing companies in the second half of the last year. Demand for smaller-sized stones showed a recovery in the first quarter. The sector is also gradually restoring the balance between rough diamond inventories and purchase volumes,”  said company CEO Sergey Ivanov. He added that he was cautiously optimistic about the second...
10 Apr
The congress will take place at the Four Seasons Hotel,Bahrain Bay
CIBJO, the World Jewellery Confederation, will hold its 2019 annual congress in Manama, the capital of the Kingdom of Bahrain, from November 18 to 20. Pre-congress meetings will be held November 16 and 17, and the congress will follow the World Pearl Forum, which is due to take place on November 14 and 15. The CIBJO Annual Congress will be hosted by DANAT, the Bahrain Institute for Pearls and Gemstones, which is dedicated to developing the local and regional pearl and gemstone industry, and operates one of the world's most sophisticated laboratories in the field. The official venue and hotel of the 2019 CIBJO Congress is the Four Seasons Hotel, Bahrain Bay. CIBJO congresses serve as the official...
09 Apr
Signet Jewelers, plans to shut 150 stores this year as it strives to implement a turnaround plan and cope with rapidly evolving consumer jewellery-buying patterns. The planned 2019 closures come after the group shut 262 stores in 2018, mainly in the US and Canada. Signet, which operates some 3,300 stores under the Zales, Kay Jewelers and Jared The Galleria Of Jewellery brands, along with Piercing Pagoda kiosks in shopping malls, also plans to limit the number of new store openings in the year ahead. North American jewellery stores in general have been struggling to cope with a rapid decline in consumer footfalls at shopping malls, where many of them are located. They are also having to deal with changing tastes for jewellery, with the younger demographic increasingly opting for non-...
09 Apr
De Beers announced it had provisionally sold $575 million in rough diamonds through its 3rd sales cycle of 2019. This compares with the $524 million that was sold in the 3rd cycle of 2018.  The company also said that its actual sales for the 2nd sales cycle of this year now stood at $496 million.  CEO Bruce Cleaver said, “As we move into the second quarter of the year, we saw a continuation of stable demand for our rough diamonds during the third cycle of 2019.”
08 Apr
The Israel Diamond Exchange (IDE) plans to build a 120-story tower within the Diamond Exchange complex. The tower will be the tallest in Israel and one of the ten tallest buildings in the world. The building will expand the size of the Diamond Exchange complex to 800,000 square metres, from the 100,000 square metres it currently occupies. Some of the new area will be allocated for use by bourse members, and the rest will be leased to other business entities. The project is being promoted by the Ramat Gan Municipality and will include two additional skyscrapers of 88 stories and 77 stories, expanding the number of towers on land owned by IDE to six. Ramat Gan Mayor Carmel Shama-Hacohen observed, "The new compound will include the flagship tower of the State of Israel and will be the...
08 Apr
National Bank of Fujairah CEOVince Cook
The National Bank of Fujairah, a bank with years of experience in the diamond sector in Dubai, opened a representative office in Antwerp on Sunday.  The Antwerp World Diamond Centre (AWDC), which issued a press release about the bank’s new office in Antwerp, said the purpose of the representative office is to help the bank service its Antwerp-based customers by being closer to them and by providing market intelligence to its headquarters in the UAE.  “The arrival of this bank demonstrates that the Antwerp diamond industry offers an attractive business opportunity for financial service providers,” said AWDC CEO Ari Epstein. He added, “Anyone who does his homework and is prepared to acquire thorough knowledge about the diamond...
05 Apr
A 17.43-carat Kashmir cushion-shaped sapphire dating from the late 19th to early 20th century will headline the Bonhams Jewels auction in London on April 30. The vivid blue stone is estimated at £300,000-£400,000 ($392,000-$522,520). It will be the first time this stone — which was formerly owned by a European noble family — has appeared at auction. Bonhams UK Director of Jewellery Emily Barber said, “Sapphires hailing from Kashmir are among the most highly-prized gems for serious connoisseurs.” She added, “After the discovery of the mine in the high Himalayan mountain region of northwest India in 1881, the majority of mining activity took place during the following decade, after which the supply was essentially exhausted. This makes them extremely rare and highly desirable to collectors...
05 Apr
ALROSA said it sold 92 rough diamonds weighing a total of 1,700 carats for $9.3 million at its auction for special size rough diamonds (over 10.8 carats each) in Ramat Gan, Israel. Winning bids were placed by 30 companies. "Local firms, most of which specialise in large rough diamonds as well as other global companies participated in the auction. We invited over 100 companies in all. The auction ended with good results and the demand for our product in Israel market remains stable," said ALROSA United Selling Organisation (USO) Director Evgeny Agureev. ALROSA held six auctions for special size rough diamonds in Israel last year, realising a total of almost $90 million. The company intends to hold four more auctions through 2019.
05 Apr
ALROSA and Endiama jointly run Catoca, which operatesthe Luaxe diamond mine
ALROSA and Angola’s diamond management company Endiama, both of which are state-controlled enterprises, have signed a memorandum of understanding that among other things aims at cooperation in the search for new diamond deposits in Angola, the development of global diamond industry self-regulation mechanisms, the building up of responsible supply chains in support of the Kimberley Process and the promotion of diamond products in key markets. Russian President Vladimir Putin and Angolan President João Lourenço were present when ALROSA Chief Executive Sergey Ivanov and Endiama Administrative Council Chairman Jose Ganga Junior signed the document. The memorandum, which has a broad ambit, is...
04 Apr
WDC Executive Director Marie-Chantal Kanindaaddresses the forum
Expanding the scope of the Kimberley Process to include issues related to human rights and labor relations, as is being advocated by the World Diamond Council (WDC), will help create conditions in which Sub-Saharan Africa's artisanal diamond miners can meet their economic potential. This will also support the development of their countries' economies, WDC Executive Director Marie-Chantal Kaninda told the 6th Forum of the Africa-Belgium Business Week, meeting on April 3 in the Belgian town of Genval. Kaninda was delivering the opening address in her capacity as honorary president of the forum, which is organised by Africa Rise, a Belgian organisation that promotes Africa's economic and social emergence...
03 Apr
Signet Jewelers Limited reported revenue of $6.25 billion for fiscal 2019, registering an operating loss of $764.6 million or 12.2 percent on sales by generally accepted accounting principles (GAAP). Same store sales were down 0.1 percent. The result contrasts with the $579.9 million operating profit registered in fiscal 2018. The company however said it had registered $275.1 million in operating profit by non-GAAP standards after offsetting the $735.4 million in loss related to goodwill and intangible impairment, the $125.9 million charges related to the company’s restructuring plan, the $167.4 million loss related to the sale of non-prime receivables and a $11 million charge related to regulatory resolution. Chief Executive Virginia Drosos commented, "In Fiscal 2019, we began our ‘Path...
03 Apr
The US Federal Trade Commission (FTC) said it had sent warning letters to eight companies insisting that they distinguish in advertisements between diamonds that come from mines and those made in laboratories, reports Reuters. The FTC, in its letters, also asked the companies to review the use of “eco-friendly” or similar terms to describe diamonds made in a laboratory. “It is highly unlikely that they can substantiate all reasonable interpretations of these claims,” Reuters quoted the FTC as saying in a press release. The FTC declined to identify the recipients of the letters, but Reuters, citing one unreacted letter that it had viewed, said the Diamond Foundry was one recipient. The Diamond Foundry did not immediately respond to a request for comment. The FTC said that it had found...
02 Apr
Titan Company, which owns the Tanishq, India’s largest jewellery brand, has increased its stake in Chennai-based online jewellery retailer CaratLane to 69.47 percent by acquiring slightly more than 3 million more shares for ₹99.99 crore ($14.45 million). CaratLane was founded in 2008 by IT professional Srinivas Gopalan and Mithun Sacheti, scion of a Jaipur gem and jewellery family. It sold affordable, everyday-wear jewellery. In 2015, it raised $31 million in investment from the Tiger Global investment group. CaratLane later embarked on an omni-channel strategy, opening brick-and-mortar stores. Titan, which is part of the giant Tata industrial group, acquired a 62 percent stake in CaratLane in 2016 for ₹357.24 crore ($51.63 million at today’s exchange rates), in what is seen as a move to...
02 Apr
ALROSA said that its first first auction this year of large (over 10.8 carats each) rough diamonds in New York, saw 107 stones weighing a total of 1,900 carats being sold, realising $11.8 million — a 50 percent increase on the combined total of opening bids. Over 30 firms from the US, Israel, Belgium, India and the UAE participated in the auction.  "We held the first auction this year in the United States, selling almost 90 percent of the auctioned stones. In general, the market today is experiencing an increase in activity and interest in our products maintains stable. We invited about 20 American companies to this auction and some of them participated,” said ALROSA United Selling Organisation Director Evgeny Agureev. He added, “The overall sales exceeded the total opening bid by 50...

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