quiet, with select demand for better-quality SIs. Hong Kong show signals
improving sentiment among jewelers, but dealers cautious. Rough market stable,
with limited De Beers supply supporting prices that are reducing cutters’
profit margins. Manufacturers expected to reduce polished output in 3Q as
inventory levels rise. Petra diamonds cuts production and sales outlook by 9% a…
RAPAPORT… Luk Fook’s share price rose 2% on Thursday as the Hong
Kong-based jeweler reported a jump in profit for fiscal 2017 and an improvement
in consumer sentiment in mainland China.
The company’s profit grew 7% to $131.6 million (HKD 1.03
billion) in the 12 months ending March 31, the retailer said in its Thursday statement. And while revenue dropped 9% to $1.64 billion (HKD 12.81…
RAPAPORT… Andrey Polyakov has resigned as president of the World Diamond Council (WDC), handing the reins to vice president Stéphane Fischler, the organization said Wednesday. Fischler, who has been involved in the WDC since its establishment in 2000, will become acting president on July 1, before starting a two-year term as president in May 2018. A partner in Belgium-based company Fischle…
RAPAPORT… What business does a gemological laboratory have telling stories about diamonds? That was the unspoken question Matt Crimmin had to answer in his presentations at JCK Las Vegas earlier this month. As vice president of lab operations for the Gemological Institute of America (GIA), Crimmin used the show to roll out what his team had effectively been working on since 2010: a solution to s…
RAPAPORT… Jewelry designer Theo Fennell has bought out the luxury
brand that bears his name, with the backing of private-equity group Endless.
Theo Fennell entered administration last month after the
London-based jeweler became unable to handle its costs, rescuers at
professional-services firm BDO said. In an update this week, Endless said
its support for Fennell’s management buyout (MBO) c…
RAPAPORT… Petra Diamonds has lowered its sales and production forecast
for the current fiscal year, as an expansion of its operations has taken longer
The South Africa-focused miner’s rough-diamond output will
be 8% to 9% below its projection of 4.4 million carats for the 12 months ending
June 30, it said Wednesday. As a result, revenue will be about 8% to 9%
RAPAPORT… Jewelers of America (JA) hosted two days of meetings and
events in Washington last week to give retailers and suppliers the opportunity
to talk with lawmakers about issues affecting the industry.
The seventh annual “advocacy visit” included a legislative
forum at the historic Army & Navy Club, and a full day of meetings with
congressional leaders on Capitol Hill. Jewelers…
RAPAPORT… Botswana’s gross domestic product (GDP) grew 4.3% in 2016, mainly due to an improvement in the nation’s diamond trade, the Bank of
Botswana said last week.
An increase in wholesale activity by diamond companies operating in Botswana,
such as De Beers’ Global Sightholder Sales (GSS) and state-owned Okavango
Diamond Company, drove the nation’s economic growth, explained Keith
RAPAPORT… Revenue fell for South Africa-based Trans Hex in the past
fiscal year as the company sold a smaller volume of diamonds and prices
declined, the miner said in a statement last week.
Sales of rough diamonds slumped 19.5% to $41.8 million (ZAR
540.2 million) in the 12 months that ended March 31. Diamond sales by volume
fell 17.5% to 40,187 carats, while the average price of rough sol…