In mid-2023, as China’s real-estate crisis lingered, property firms started to offer gold bars as an incentive to buy their apartments. Unlike real estate, gold is perceived to hold its value, the theory went. Then again, companies also presented new cars, cell phones, free decorations and parking lots to woo customers and boost sales. Their efforts bore little fruit, however, as supply continued to outweigh demand. Housing starts have fallen by more than 60% relative to pre-pandemic levels, according to a February Report by the International Monetary Fund (IMF). The property slump, along wit ..read more

The Gemological Institute of America (GIA) is now offering printed versions of AGS Ideal grading reports following its integration of AGS Laboratories. The GIA adopted the product as a digital-only supplement to its own reports when it acquired elements of AGS’s laboratories in 2022. The certificate measures light performance, including brightness, fire, and contrast. The document is available with regular GIA grading reports and dossiers for both natural and lab-grown diamonds, as well as with e-reports and diamond focus reports, the GIA said last week. The move comes after the GIA returned t ..read more

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

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

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

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

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

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

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

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