Christie’s auction fetches $1.3m as online interest doubles
Christie’s sold over $1.3m of jewelry at its latest online auction, with no sign of bidding being dampened by coronavirus.
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Heavy debt looms over mining shutdown
A number of diamond-mining companies that have halted production during the COVID-19 crisis will find it difficult to resume operations amid their struggles with debt, analysts have predicted.
De Beers makes dramatic cut to production plan
De Beers has reduced its full-year production guidance by 7 million carats, putting the miner on course for its lowest output since 2009.
India trade urged to freeze rough imports
India’s leading diamond-trade organizations have called on members to stop importing rough for at least a month to prevent an oversupply and ensure banks maintain their credit to the sector.
Kering’s watch, jewelry segment takes a hit in Q1
Luxury conglomerate Kering was set to have a strong start to the year, but the coronavirus has weighed heavily on its business, sending first-quarter revenue falling double digits.
India’s rough choice: an import moratorium?
Stuart Brown, the ex-joint managing director of De Beers, and current CEO of Canadian miner Mountain Province Diamonds, made an amazing statement in a Financial Times article, stating the very obvious: “We need India to open up. Until the manufacturing opens up there, there will be no demand for rough diamonds.”
JCK Las Vegas, Luxury cancelled for 2020
A month after it announced plans to postpone JCK Las Vegas and Luxury due to the spread of COVID-19, Reed Exhibitions has cancelled both shows for 2020.
An opportunity to strengthen connections
A rough diamond changes hands at least five times before it reaches the cutting wheel, an industry veteran explained to my amazement when I first started writing about the market. A polished stone is traded even more often before being set into a piece of jewelry, he continued.
LVMH’s first-quarter sales fall 17%
As expected, luxury conglomerate LVMH recorded a steep drop in sales in the first quarter as the coronavirus forced the closures of its stores and factories worldwide.
COVID-19 restrictions temporarily halt fancy color diamond trade
Due to the COVID-19 pandemic, for the first time since its inception in 2015, the Fancy Color Research Foundation (FCRF) will not publish the Fancy Color Diamond Index (FCDI) for Q1 2020.
WFDB Head Ernie Blom steps down temporarily
The World Federation of Diamond Bourses (WFDB) has named Yoram Dvash as acting president following Ernie Blom’s decision to stand down temporarily.
Four more watch brands ditch Baselworld
Baselworld, the world’s largest watch and jewelry event, has been dealt another blow with the departure of four more luxury brands.