Antwerp Resignation Highlights Tension over Sanctions
Rapaport Diamonds.net
by Gidon Ben-Zvi
2d ago
Belgian’s diamond industry says it takes issue with the implementation of sanctions on Russian diamonds and not with the sanctions themselves. However, Ari Epstein’s resignation as CEO of the Antwerp World Diamond Centre (AWDC) has brought unrest over the import ban into focus. Rapaport Senior Analyst Joshua Freedman reports.  The post Antwerp Resignation Highlights Tension over Sanctions appeared first on Rapaport ..read more
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Swiss Watch Exports Plunge Amid Halt in Asia Demand
Rapaport Diamonds.net
by Gidon Ben-Zvi
2d ago
Swiss watch exports recorded a steep decline in March as demand in China and Hong Kong dipped below that of four years ago, during the height of the pandemic. Shipments of timepieces slid 16% to CHF 2 billion ($2.2 billion) for the month, the Federation of the Swiss Watch Industry reported Thursday. The downturn followed a 3.8% fall in February, the first drop in more than two years, as appetite began to falter in Asia. “Swiss watch exports recorded a sharp decline in March,” the federation noted. “China and Hong Kong accounted for a particularly high proportion of the trend. China suffered a ..read more
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Diamonds Through the Ages, and This Week’s Other News
Rapaport Diamonds.net
by Gidon Ben-Zvi
2d ago
What is the Rapaport team reading? Our editors and reporters sat down to pick content from around the web that’s helped expand their knowledge of the diamond and jewelry industry this week. Leah’s Selection: Watches and Wonders 2024: How Women Are Driving the Luxury Watch Market (Euronews) “At a time when gender lines are becoming fuzzier in the jewelry world, the latest offerings at the most recent Watches and Wonders show were on point. Big brands have taken notice that this formerly male-dominated segment is now a playground for women as well. From gender-fluid timepieces to a varie ..read more
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Rio Tinto Output Falls Amid Bereavement Pause
Rapaport Diamonds.net
by Leah Meirovich
2d ago
Production at Rio Tinto’s Diavik mine in Canada slid in the first quarter after the miner halted production to allow workers to grieve for colleagues who died in a plane crash. Output fell 22% year on year to 740,000 carats for the three months that ended March 31, Rio Tinto said Tuesday. However, production was 12% higher than the previous quarter, during which the miner closed two kimberlite pipes and produced lower-grade ore. The company processed 343,000 tonnes of ore during the quarter, a 20% drop from the same period the year before and 12% down from the previous quarter. In January, a p ..read more
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Jewelry Sees Weak Start to Year at LVMH
Rapaport Diamonds.net
by Leah Meirovich
2d ago
First-quarter sales at LVMH slipped amid a slowdown from the luxury firm’s jewelry and watch brands as well as weak domestic spending in China. Revenue for the watch and jewelry category fell 5% year on year to EUR 2.47 billion ($2.62 billion) during the three months that ended March 31, LVMH said Tuesday. The luxury conglomerate did not provide a reason for the downturn in jewelry. It noted that during the period, Tiffany & Co. launched its first exhibition, in addition to a new global campaign showcasing its icons that proved extremely successful. Meanwhile, Bulgari relaunched its B.zero ..read more
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De Beers Sales Down but on Road to Rebound
Rapaport Diamonds.net
by Leah Meirovich
2d ago
Proceeds at De Beers’ third rough-sales cycle of the year remained sluggish compared to a year earlier but continued to see improvement despite entering a traditionally slow period for the industry. The miner brought in $445 million in April, down 18% versus the equivalent period in 2023, it said Wednesday. However, that figure is 3% higher than the $431 million the company reported at its second sight of the year, which ran from February 26 to March 1, and 19% higher than the January sight. April is generally a quieter period for buying rough, following post-holiday restocking at the start of ..read more
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Petra’s Rough Prices Continue to Slip Amid Weak Demand
Rapaport Diamonds.net
by Leah Meirovich
4d ago
Petra Diamonds’ rough prices decreased at its latest tender, as smaller goods experienced seasonal weakness. The fifth trading session, which took place in April, brought in $49 million from the sale of 362,132 carats, while like-for-like prices slipped 1% versus February, the miner reported Tuesday. Of the total, $8.2 million came from the sale of a 14.76-carat, blue diamond from the Cullinan mine in South Africa. The sales value was up 3% from February’s $48 million and 17% from the equivalent tender in May 2023. Sales volume dropped 16% from February 2024 and 23% year on year, while the ave ..read more
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AWDC Names Karen Rentmeesters as Interim CEO
Rapaport Diamonds.net
by Gidon Ben-Zvi
5d ago
The Antwerp World Diamond Centre (AWDC) has appointed Karen Rentmeesters as its interim CEO following Ari Epstein’s resignation. She will assume the new role on Tuesday, the organization said Monday. Rentmeesters is currently the AWDC’s chief officer for public relations and industry relations, having been with the organization for 15 years. Among her tasks will be appointing a new, permanent CEO. “To fill the position of ad interim CEO, we deliberately chose someone with extensive experience in and knowledge of the diamond industry, a large network, and the necessary expertise,” said Isidore ..read more
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US Retail Sales Slow Slightly in March
Rapaport Diamonds.net
by Leah Meirovich
5d ago
March US retail sales increased at a slower pace than the previous month as inflation eased and the job market improved. Revenue grew 0.7% from the month before to $709.6 billion — adjusted for seasonal variation — compared to an increase of 0.9% in February, according to data the US Census Bureau released Monday. “As inflation for goods levels off, March’s data demonstrates steady spending by value-focused consumers who continue to benefit from a strong labor market and real wage gains,” said National Retail Federation (NRF) CEO Matthew Shay. “In this highly competitive market, retailers are ..read more
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Strong Holiday Demand Spurs Chow Tai Fook Sales
Rapaport Diamonds.net
by Gidon Ben-Zvi
6d ago
Sales rose at Chow Tai Fook in the fourth fiscal quarter as the Hong Kong-based jewelry retailer saw increased holiday purchasing and the return of visitors to the municipality. “During the fourth quarter, both mainland China and Hong Kong and Macau were benefited from strong festive demand,” the company said Friday. “In Hong Kong, the continued recovery of inbound tourism has been supportive to our business.” Retail sales grew 12% for the three months that ended March 31, reflecting a 12% increase in China and a 13% hike in other markets, the jeweler reported. Despite being headquartered in H ..read more
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