confidence jumps to 15-year high in December with rising expectations for 2017.
Retail stores struggle with cautious holiday season spending, while mobile drives
strong ecommerce growth. Amazon reports record holiday sales, including 10,451
carats of diamonds. Hong Kong sees Christmas tourist rush but luxury spending
restrained ahead of Jan. 28 Chinese New Year. Diamond trading …
RAPAPORT… As 2016 draws to a close, Rapaport News took the
opportunity to speak with leading industry experts about the
past year and their expectations for the next 12 months. Most agreed 2016 was
a challenging year, to say the least. Interviewees were split on their forecast
for polished diamond prices in 2017 even though they shared a relatively strong
sense of optimism for the New Yea…
RAPAPORT… A new disciplinary committee will deal with misconduct in
India’s diamond trade under plans approved by the Gem & Jewellery
Export Council (GJEPC).
The GJEPC teamed up with the Bharat Diamond Bourse (BDB) and
the Mumbai Diamond Merchants’ Association (MDMA) to form the Trade Disciplinary
Committee. The 21-member panel will handle cases including fraud,
non-disclosure of synth…
RAPAPORT… Hong Kong-based jeweler Luk Fook opened its first stores in
Malaysia to tap into Southeast Asia’s “booming” tourism industry.
The retailer launched two stores in popular tourist locations
in the capital city Kuala Lumpur, picking sites in the Pavilion Elite and Suria
KLCC shopping malls, the company announced.
Luk Fook first entered the Southeast Asian market in 2010 wit…
RAPAPORT… U.S. post-election optimism boosted consumer confidence in
December as expectations hit a 13-year record, according to the Conference
The monthly consumer confidence index increased to 113.7 in
December from 109.4 in November, the board said. A spike in the ‘expectations’
index to the highest since December 2003 outweighed a weaker view of the
present economic situation, t…
RAPAPORT… Amazon sold 10,451 carats of diamonds in a record holiday
season for the online retailer as U.S. post-election confidence pushed consumer
optimism to a 13-year high.
Amazon said its diamond sales were equivalent in volume terms
to six and a half Russian Kokoshnik tiaras, the headgear worn by Queen
Elizabeth II. The ecommerce group’s customers bought 2.5 million watches,
RAPAPORT… There was little surprise when Time magazine named Donald Trump its ‘Person of the Year.’ Love him or hate him, Trump left his mark more than any other individual in 2016. Notably, the choice says as much about the impact he will potentially make as it does about his historic election.When deciding the most important story for the diamond industry in 2016, we’ve used a similar criterio…
RAPAPORT… Gujarat authorities postponed the annual Sparkle
International gem and jewelry exhibition by a month as India’s demonetization
policy prevented visitors from attending the show in December.
The 9th edition of the fair will now take place in Surat
from January 19 to 22, according to the Southern Gujarat Chamber Of Commerce
and Industry (SGCCI), the show’s organizer.
“Due to the p…
RAPAPORT… De Beers said it will start flooding its Snap Lake mine in
Canada and cease its involvement in an exploration quest in Saskatchewan.
The miner will begin flooding the site in Canada’s
Northwest Territories in January after receiving regulatory approval earlier
this year. This comes after the company attempted to sell the mine but failed
to reach an agreement with potentia…