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Kering’s jewelry and watch category saw “outstanding” growth in the first quarter, despite a difficult geopolitical environment. Revenue from the group’s recently formed Kering Jewelry division, which also includes watches, grew 14% year on year on a reported basis, coming to a record EUR 269 million ($317 million) for the three months that ended March […]
The contrast between the performance of the retail jewelry sector and diamond mining revealed in the recent round of earnings is striking. At retail, Watches of Switzerland said its Roberto Coin business delivered an excellent US holiday season. Swatch Group noted that Harry Winston had a record month in December, while Birks Group reported comparable-store […]
Belgian diamond companies Diarough and Pluczenik have joined former De Beers CEO Gareth Penny’s bid for the miner as the deadline nears for making an offer, Rapaport News has learned. The two Antwerp-based manufacturing and trading businesses would provide a financial investment in return for a stake in De Beers, sources with knowledge of the matter told Rapaport […]
On April 8, World Diamond Day (WDD) gave natural diamonds the date they had been missing: a global rendezvous now set to become a unifying moment for all those who express their commitment to them. World Diamond Day was conceived by the World Diamond Heritage Board, founded and led by Frenchman Nicolas Chrétien, and subsequently […]
During Kering’s much-anticipated Capital Markets Day presenting its new strategic plan, CEO Luca de Meo said the fashion and accessories group plans to focus on its jewelry brands to boost profits. Kering unveiled a strategic road map for revenue growth called ReconKering during the online conference call with media and employees today from Florence. “ReconKering is our […]
Angola’s declaration of its 2025 diamond production and exports highlights just how much the rough market has changed. Today, five groups shape the diamond market: De Beers, Alrosa, Angola, Okavango Diamond Company and the tender houses. That marks a clear shift from its historic structure. De Beers (in)famously controlled supply for about a century, largely […]
In the diamond industry, certain developments are neither immediate nor self-evident. They unfold over time, take shape through successive adjustments, and reflect deeper transformations within the professions. The place of women in the industry today Women hold a significant place within the diamond industry. Today, they account for 57% of the sector’s workforce (UFBJOP, 2024). […]
Alrosa CEO Pavel Marinychev met with members of the Smolensk regional leadership to discuss expanding the country’s diamond-cutting industry, as well as launching a training program. The meeting with Smolensk region Governor Vasily Anokhin and Deputy Chairman of the region government Pyotr Ilyukhun took place at natural-diamond cutting factory Kristall, which belongs to the Alrosa […]
It’s been quite a week in the world. The situation in the Middle East raises the question of how the war with Iran might affect the diamond market, beyond the disruption to trading in Dubai and Ramat Gan, the two centers directly impacted by Iran’s attacks. Those interruptions are unlikely to upset the immediate diamond […]
News in Brief: The Rapaport View: The market had been anticipating a De Beers write-down since Anglo flagged two weeks ago that it was considering this. However, the scale is at the higher end of expectations. Anglo gave two main reasons for the decision: A “prolonged shifting of customer preference between natural diamonds and lab-grown diamonds” as […]
Guidelines require producers to offer reasonable prices and assortments. South Africa’s diamond regulator has introduced new guidelines requiring rough producers to offer their goods to local buyers on more attractive terms. Miners in the country already have to make 10% of their run-of-mine rough available for the State Diamond Trader (SDT) to purchase. After that, […]
Lucara profits for FY2025 are down 35%. Petra Diamonds losses for the year are up by 67%. And Mountain Province net losses for the first nine months of the year are up by almost 600%. Against that dismal backdrop, Alrosa, the sanctioned Russian miner, has just posted an 88% surge in profits. What on earth is going on? Headline figures rarely tell the whole story, and Alrosa is a case in point. The truth is that Alrosa is […]