India Polished Exports Flat During Summer Lull

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RAPAPORT… India’s polished diamond exports were steady in July, with dealers at the recent India International Jewellery Show (IIJS) noting a slowdown in global demand during the summer vacation period.

“US demand from big retailers has reduced, but the mid-tier jewelers are buying,” said one Mumbai-based polished supplier. “Similarly, the Chinese buyers are coming back, but they’re not b…

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De Beers’ Two-Month Diamond Budget Isn’t Forever

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RAPAPORT… De Beers ads in the 1980s famously told people to
spend two months’ salary on their diamond engagement rings. In the US, that’s close to $10,000, based on wage data from the Organisation for
Economic Cooperation and Development (OECD). Now another diamond company has
come up with a novel way of devising a ring budget, based not on income, but on how much is left each month.

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Sotheby’s Frank Everett U-Turns on Graff Move

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RAPAPORT… Sotheby’s jewelry executive Frank Everett has returned to
the auction house after a brief stint at Graff Diamonds, according to a post on
his Instagram page.

Everett (pictured) had joined London-based Graff as its US sales
president, and on July 6 posted a photograph on Instagram of his first day at
the jeweler. However, in an update Tuesday, he informed his social-media
f…

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Stornoway Names Permanent CFO

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RAPAPORT… Stornoway Diamond Corporation has appointed Orin Baranowsky
as its chief financial officer with immediate effect, the miner announced
Tuesday.

Baranowsky (pictured) joined Stornoway in 2013 and has served as
vice president for investor relations and corporate development. He became
interim CFO in April following the resignation of Robert Chausse.
“Orin was part of the
senior …

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Hong Kong Jump Boosts Swiss Watch Exports

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RAPAPORT… Swiss watch exports increased in July as trade with Hong
Kong and China continued to improve and shipments of high-end watches grew.
Total exports increased 3.6% year on year to $1.76 billion
(CHF 1.7 billion), the Federation of the Swiss Watch Industry said in a
statement Tuesday. Shipments to Hong Kong jumped 17% to $212 million, after
diving 33% in the same month a year ago. Or…

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Michael Hill’s US Sales Fall

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RAPAPORT… Michael Hill’s US sales dropped in the past fiscal year as
the Australia-based jeweler struggled in the key market.

Revenue from American operations slid 12% to $12.5 million,
while same-store sales fell 8.5%, the retailer reported Monday.
Michael Hill has attempted to revive growth in its US
network by appointing Brett Halliday — a successful head of the group’s
Canada divisi…

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Catoca Sees Revenue Rise in 2016

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RAPAPORT… Catoca, which operates Angola’s largest diamond mine,
reported an increase in revenue and profit in 2016 as lower rough diamond
prices influenced stronger demand for its product.
Revenue grew 2% to $593.6 million during the year as
sales volume increased 6%, while the average price achieved by the mine declined
by the same margin, the company reported this week. The company, which…

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Kathy Ireland on Her Diamond Debut

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RAPAPORT… Former supermodel Kathy Ireland has entered the diamond
jewelry market, a journey she recounts in an exclusive interview with Rapaport
Magazine.

Ireland, famous for her iconic appearances on the cover
of Sports Illustrated: Swimsuit Edition, found similar success in the
business world through her holding company, kathy ireland Worldwide (kiWW). Her
dealings span a diverse range…

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Botswana Rough Exports Drop

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RAPAPORT… Botswana’s rough-diamond exports declined 9% year on year to
$1.65 billion in the first half, according to data the Bank of Botswana
released recently.

Exports grew 3% year on year to $849.6 million in the first
quarter, but fell 18% to $804.1 million in the second quarter, the figures
showed.
The decline largely reflects a 6.5% drop in first-half rough
sales by De B…

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Bonhams to Auction 4.03ct. Blue Diamond

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RAPAPORT… A fancy-intense blue diamond will lead Bonhams’ London
auction next month, with the company estimating it could fetch close to $2
million. 
The pear-shaped, 4.03-carat stone has been in a UK private
collection for more than 30 years, Bonhams said last week. The London-based
auction house expects the jewel to sell for between $1.5 million (GBP 1.2 million)
and $1.9 million, i…

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