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.
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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.
Hong Kong Shows postponed to August
The Hong Kong Trade Development Council (HKTDC) has rescheduled its trade shows for the second time as coronavirus-related restrictions continue.
Chow Tai Fook revenue tumbles due to virus
Chow Tai Fook’s sales slid in the fourth fiscal quarter amid sluggish consumer demand and store closures brought on by the coronavirus pandemic.
ALROSA to increase spending on preventing the COVID-19 spread to $4.2 mln
Press release – ALROSA increases its spending on fighting the spread of COVID-19. As of April 14, the respective budget stood at around $4.2 million (RUB 308 million), with procurement already in progress for about 80 percent of the total.
