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The Antwerp World Diamond Centre (AWDC) announced that its Scientific & Technological Research Centre for Diamonds (WTOCD) has developed a technology that fully automates the diamond polishing process and opens up the possibility of diamonds once again being polished on a large scale in Antwerp. According to a AWDC press note, FENIX, the new, fully automated technology, which has been 10 years in development, enables diamonds to be polished between 10 and 20 times faster than the current manual system. A stone, that would typically consumer and entire day in processing, can now be polished in one and a half hours, the AWDC said. AWDC Chief Executive Ari Epstein commented, “This discovery fundamentally changes the diamond polishing process. Today’s wages simply make it too expensive to...
French luxury group LVMH Moët Hennessy Louis Vuitton has launched a dedicated jewellery section on its online retail portal 24sevres.com. The web retailer, which sells fashion items from LVMH’s own labels along with those of competitors like Italian brand Valentino, said the dedicated jewellery section would feature product from 13 brands. Prices for jewellery will range from $90 to $2,500. A study by Bain found that the jewellery segment grew faster than any other in the luxury goods sector barring shoes, clocking a 10 percent rise in constant currencies to €17 billion ($19.64 billion) in 2017. Rival Richemont, which owns the Cartier brand among others, is also boosting its web presence as high-end jewellery and watches increasingly find customers online. Richemont’s online retailer Yoox...
The Zimbabwe Consolidated Diamond Company (ZCDC), the state-owned entity that now controls all diamond mining in the country, is looking at securing $200 million in foreign direct investment while also ploughing in another $200 million from its own diamond sales earnings to bring the country’s rough diamond output up to 10 million carats a year by 2023. Stating this, ZCDC Chief Executive Morris Mpofu said that the strategy, contained in the company’s Diamond Value Management (DVM) plan, will primarily target exploration given that Zimbabwe’s easy-to-mine alluvial deposits have been depleted. Thus apart from the famed Chiadzwa diamond deposits in Marange that are currently being exploited, the ZCDC would look at other areas in Chimanimani as well as known kimberlites in Chihota and Mwenezi...
Coloured gemstone producer Gemfields announce revenues of $71.8 million — what it termed an all-time Gemfields auction record — from its tenth auction of rough rubies held in Singapore from June 5 to 9. The rough rubies were from the Montepuez mine in Mozambique, in which Gemfields holds a 75 percent stake, with the remainder being held by local partner Mwiriti Limitada. Gemfields said that of the 86 lots totalling 629,893 carats, that were offered, 82 constituting 588,656 carats were sold, achieving an average price of $122 per carat. This, the company said, is a record for the its mixed quality ruby auctions.The ten Gemflelds auctions of Montepuez rubies held since June 2014 have generated an aggregate $407 million in revenues. This auction, which offered high, medium and commercial...
ALROSA announced it had sold $277.5 million in rough diamonds along with $10.5 million in polished in May. This brings the 2018 calendar year total to $2.26 billion in rough and $43.3 million in polished. ALROSA Deputy General Director Guy Okoemov commented, ”We continue seeing good demand for almost all assortments of our diamonds. There was a planned decrease in sales in May compared to the same month last year due to the sale of inventories accumulated by the beginning of the year. Along with this was a seasonal decline in the current production, mostly driven by mining suspension at some alluvial deposits in the first months of the year.”
Trans Atlantic Gem Sales (TAGS) has announced it will be holding a rough diamond tender from June 19 to 27 in Dubai’s Almas Tower. Two productions from South Africa and Angola will again be presented, with both productions being of high quality and high colour material. This rough diamond tender follows six previously successful tenders which have been very well received by the market and the offerings continue to grow in both caratage and popularity. While final details will soon be forthcoming from the producers, TAGS said it is expecting in the region of 25,000 carats of South African goods and 18,000 carats of Angolan goods across a full range of sizes with a combined value in excess of $40 million.
As part of an increased focus on the Asia-Pacific region, ALROSA announced it will hold auctions for the sale of what it calls special size rough diamonds (weighing over 10.8 carats) in Hong Kong and Vladivostok in June, September and November. The first auction in Hong Kong will take place from June 13 to 27, with results being posted on June 28. A total of 105 gem-quality lots weighing an aggregate 1,620 carats will be on offer. The second auction will be held in Vladivostok from June 18 to 29. This sale will feature 130 gem-quality lots with total weight 2,149 carats. Results will be posted on June 29. ALROSA has invited 150 companies from Belgium, Hong Kong, Israel, India, China, the UAE, Russia and the US to participate in the June auctions. The company will hold another auction in...
India’s Titan Company, which owns Tanishq, the largest jewellery brand in the country, with a footprint across all geographic regions, is looking to boost Mia, a low-priced brand, to achieve a ₹1,000 crore ($150 million) turnover in five or six years. The group plans to more than double the number of Mia stores by the end of this year by adding another 25. Operated under the Tanishq umbrella, the eight-year-old Mia brand is aimed at younger women looking for innovative designs at inexpensive prices that are suitable for daily wear. Titan has now formed a separate team for Mia and increased the brand’s annual number of collection launches from three to around six. It also intends to move product ranges from gold and diamonds to silver and even crystal. Tanishq Vice President for Retail...
Hong Kong’s jewellery, watches and valuable gifts retail segment has shown a strong — and accelerating — growth rate over the first four months of this year, pushing up the special administrative region’s overall retail figures by 13.9 percent in a year-on-year comparison for the period. The jewellery, watches and valuable gifts segment grew by 21 percent over January and February, 23.1 percent in March and 24.6 percent in April. Observers said the overall retail growth is being driven by a rising number of visitors from the mainland after a lull that stretched over three years to the middle of last year. A government spokesman said however, that the strong sustained growth was due to both strong local consumer spending as well as rising inbound tourism. The high tourist traffic is...
Signet Jewelers Limited announced two executive appointments that it said rounded out its leadership team that would drive the company’s transformation under its Path to Brilliance plan. Mary Elizabeth Finn has been named Chief People Officer and Stephen E. Lovejoy has been named Chief Supply Chain Officer, effective immediately. Finn and Lovejoy will report directly to the Chief Executive Officer, Virginia Drosos. “Mary Liz and Steve are joining Signet at a very exciting time as we embark on our Path to Brilliance, and each will play a critical role in building our culture of agility and efficiency. Mary Liz will help us continue to foster diversity and inclusion, and to lead training and development for all team members, while Steve will leverage his retail expertise to drive greater...
Signet Jewelers Limited, the world's largest retailer of diamond jewellery, today announced its results for the 13 weeks ended May 5 — the first quarter of fiscal 2019 — reporting total sales of $1.48 billion, up 5.5 percent from the $1.4 billion reported in the first quarter of fiscal 2018. On a constant currency basis, this was an increase of 4.3 percent. Same store sales, however, remained flat when compared to the same quarter last year. Signet maintained its 2019 fiscal guidance of $5.9 billion to $6.1 billion in total sales and same store sales down by low-to-mid single digits. The company also continues to expect $475 million in share repurchases during this fiscal year, of which $60 million were repurchased in the first quarter. Company Chief Executive Virginia Drosos commented, “...