RAPAPORT... Luk Fook's sales fell 20% in the first fiscal half amiduncertainty in the Hong Kong market and the rising price of gold. Total sales dropped to HKD 6.31 billion ($805.5 million) inthe six months ending September 30. Profit for the period slipped 26% to HKD497.3 million ($63.5 million). Same-store sales - at Luk Fook outlets open for more than ayear - in Hong Kong and Macau slid 2...Read More
RAPAPORT... Nearly a quarter of Gem Diamonds' shareholders voted againstreelecting CEO Clifford Elphick to the company's board, in an effort to force approval of share buybacks and dividends. The board directors opposed implementing those measures because of the current weakness in the diamond market and the need to maintain appropriate cash reserves, the miner noted.Although Elphick's r...Read More
RAPAPORT... US polished-diamondimports fell 24% to $1.48 billion in September, according to the latest datafrom the US Commerce Department. The decline reflected lower volumes and a dropin the average price. Polished imports fell 13% to $15.37 billion for the firstnine months of the year.US Trade Data for September 2019 Read More
RAPAPORT... Lucara Diamond Corp. is expecting sales to rise in 2020 amidan increase in production from the higher-grade portion of its Karowe mine inBotswana. Sales will reach $180 million to $210million next year, compared with $170 million to $180 million for 2019, it predicted last week. Lucara believes it will recover a higher proportion of roughdiamonds -including special-size stones ove...Read More
(IDEX Online) - Lucara Diamond Corp. said it expects an increase in revenue in 2020, with estimates of $180-$210 million. In 2019, total revenue is expected to be between $170-$180 million, according to a recent change in guidance released by the company. However, despite the anticipated increase in revenue, Lucara has reduced its predicted sales - down to 350,000-390,000 carats in 2020 from...Read More
(IDEX Online) - The IDEX Polished Diamond Price Index showed very slight movement in November. Prices dropped marginally around the middle of the month, but returned to their earlier level by the end of November.The Index began the month at 120.86 and ended it at 120.93.OutlookTrade in November continued to rise in the mid-stream, reflecting an increase in retail sales as the holiday season draws...Read More
RAPAPORT... US polished-diamondimports fell 24% to $1.48 billion in September, according to the latest datafrom the US Commerce Department. The decline reflected lower volumes and a dropin the average price. Polished imports fell 13% to $15.37 billion for the firstnine months of the year.US Trade Data for September 2019 Read More
RAPAPORT... Luk Fook's sales fell 20% in the first fiscal half amiduncertainty in the Hong Kong market and the rising price of gold. Total sales dropped to HKD 6.31 billion ($805.5 million) inthe six months ending September 30. Profit for the period slipped 26% to HKD497.3 million ($63.5 million). Same-store sales - at Luk Fook outlets open for more than ayear - in Hong Kong and Macau slid 2...Read More
RAPAPORT... Luk Fook's sales fell 20% in the first fiscal half amiduncertainty in the Hong Kong market and the rising price of gold. Total sales dropped to HKD 6.31 billion ($805.5 million) inthe six months ending September 30. Profit for the period slipped 26% to HKD497.3 million ($63.5 million). Same-store sales - at Luk Fook outlets open for more than ayear - in Hong Kong and Macau slid 2...Read More
Diamond mining major De Beers Group has not recorded any cases of tuberculosis (TB) among its permanent South African employees in 2019. South Africa’s overall TB infection figure is about 567 per 100 000 people, with the country’s mining industry at about 435 per 100 000 people, according to the Minerals Council South Africa, explains De Beers Group senior occupational health manager...Read More
North America-headquartered miner Lucara Diamond Corporation expects to recover between 370 000 ct and 410 000 ct of diamonds from its Karowe mine, in Botswana, in 2020.The company on Friday provided its operating guidance for next year.AdvertisementLucara will spend about $53-million on early works related to a proposed underground mine at Karowe. The company expects to make an investme...Read More
Positive sentiment as US jewelers completeholiday orders. Optimistic outlook for season as stock market rallies despiteTrump impeachment trial and trade war. LVMH $16.2B Tiffany buyout demonstratesconfidence in luxury jewelry sector. Macy's and J.C. Penney highlight strong 3Qjewelry performance. Retailers taking more on memo, presenting good opportunityfor New York dealer market. Manufacturers rai...Read More
Polished trading relatively quietfor this time of year. Manufacturing back to normal after Diwali as suppliersprepare for orders after US holidays. Inventory levels down, supporting pricesof better-quality RapSpec A3+ goods. Large volume of lower-quality diamondsstill available. Rough trading stable, with some hope for further price cuts. RoundRead More
RAPAPORT... Sales at Chow Tai Fook were down only slightly in the first fiscal half,as growth in the Chinese market offset a downturn in Hong Kong. Revenue fell 0.6% year on year to HKD 29.5 billion ($3.77billion) in the six months ending September 30, the company said Thursday. Totalsales in mainland China rose 12% during the period, as the Hong Kong-basedjeweler expanded its store network. Same-...Read More
RAPAPORT... Lucapa Diamond Corporation is in advanced discussions withthe Angolan government to secure a majority stake in its Lulo mine, it saidThursday. The company currently owns 39% of the 3,000-square-kilometerproject, which is based in the Lunda Norte region. State-ownedEndiama owns 51%, and private local company Rosas & Petalas holds a 10%share. Lucapa hopes to reachan agreement wi...Read More
RAPAPORT... Christie's brought in GBP 8.3 million ($10.7 million) fromits Important Jewels sale in London on Wednesday, with pearls dominating the event. The priciest was a cut-cornered rectangular step-cut,18.02-carat, D-color, VVS1-clarity, type IIa diamond ring, which fetched GBP881,250 ($1.1 million) against an estimate of GBP 800,000 to GBP 1.2 million($1 million to $1.6 million). Four o...Read More
RAPAPORT... A storied past and popularity as a brand might bethe first things that would attract a potential suitor to Tiffany & Co. ButLVMH has identified another key attribute that made the US jeweler a valuabletarget: its ability to source its own diamonds and track its supply chain."Tiffany is [advanced], due to its very high level ofvertical integration, compared to our own brands," said...Read More
(IDEX Online) - Lucapa Diamond Company has confirmed that it has been holding advanced discussions with the Angolan Ministry of Mineral Resources and Petroleum and Angola's national diamond company Endiama E.P. to secure a majority stake in the Project Lulo joint venture.Lucapa holds a 39-percent interest in the Angolan project and is the operator of the kimberlite exploration joint venture....Read More
(IDEX Online) - If you think the holidays are moving earlier each year, you're not wrong. A survey by the National Retail Federation and Prosper Insights & Analytics reveals that over half of consumers have already started their holiday shopping and nearly a quarter of purchases have already been made. The survey, which took place during the first week of November, found 56 percent o...Read More
(IDEX Online) - Diamond explorer Botswana Diamonds (BOD) and VAST Resources plc (Vast) have agreed the terms of a new agreement for their proposed joint venture in the Chiadzwa / Marange area of Zimbabwe. In October 2018, BOD and Vast concluded an agreement to development Vast's Heritage concessions in the Marange Diamond Fields (the Heritage Concession Agreement). They also agreed a sep...Read More