IndependentsMay 01, 2024
Harwell Godfrey Opens First StoreIt is located in Marin County, California.
SourcingMar 09, 2017
Diamond Trading ‘Subdued’ in January, February
Jewelers haven’t been replenishing their stock like expected, and diamond prices have softened slightly.
More than $2 billion in rough diamonds have entered the supply pipeline so far this year, which could put a strain on the midstream portion of the market if polished demand doesn’t pick up soon, the Rapaport Group said.
New York--Diamond trading has been “subdued” in the first two months of the new year, and diamond prices have softened slightly as a result, the Rapaport Group said in its monthly report for February.
The RapNet Diamond Index (RAPI) for 1-carat, GIA-graded polished diamonds was down 0.3 percent in February, has fallen 1 percent in the first two months of the year and is down nearly 8 percent from a year ago.
The RAPI for half-carat diamonds also fell (down 1 percent) in February while 3-carat diamond prices were flat and the RAPI rose 0.5 percent for 0.3-carat diamonds.
Jewelers haven’t been restocking their diamonds as much as anticipated, though U.S. retailers are expected to do so this month.
As De Beers noted in its year-end results, the United States was the only growth market for diamond jewelry in 2016.
And in 2017, there already has been a “notable” rise in jewelry-related advertising, Rapaport’s monthly reported stated, with Tiffany & Co. spending for a Super Bowl spot starring Lady Gaga and the Diamond Producers Association airing a commercial during the Oscars. The DPA will unveil its third commercial next month and launch the second phase of the “Real is Rare” campaign, which his intended to stimulate demand for diamond jewelry among millennials, in September.
On the rough side of the business, trading was steady in February though the Rapaport Group noted that more than $2 billion worth of rough diamonds have entered the supply pipeline since the beginning of the year and could strain midstream inventory if the expected increase in polished demand doesn’t materialize.
Sales Down for De Beers
Around the same time the Rapaport Group published its report for February, De Beers released its latest sales figures.
The diamond miner and marketer sold an estimated $545 million in rough diamonds in its second sales cycle of the year. This figure includes sales made to sightholders and through its auction platform.
That is down 13 percent from the $617 million in rough diamond sold during the same period last year.
CEO Bruce Cleaver described demand as “good” and in line with expectations for this time of the year.
The decline follows a period in which the company recorded a sharp year-over-year increase in sales.
Originally, De Beers put the total for its first sales cycle of the year at $720 million but has revised that upward to $729 million, meaning the year-over-year increase was actually 34 percent.
Here’s
Editors' Picks
Sponsored by
a chart tracking De Beers’ rough diamond sales since January 2016, when the company began making the information publicly available.
2016 2017 First sales cycle $545 million $729 million Second $617 million $545 million (provisional) Third $666 million Fourth $636 million Fifth $564 million Sixth $528 million Seventh $639 million Eighth $494 million Ninth $476 million Tenth $422 million
2016 2017 First sales cycle $545 million $729 million Second $617 million $545 million (provisional) Third $666 million Fourth $636 million Fifth $564 million Sixth $528 million Seventh $639 million Eighth $494 million Ninth $476 million Tenth $422 million
More on Sourcing
The Latest
SurveysMay 01, 2024
Consumer Confidence Falls in AprilConcerns about rising prices, politics, and global conflicts continue to dampen consumer outlook.
TrendsMay 01, 2024
Amanda’s Style File: All Eyes on EmeraldsMay’s birthstone is beloved for its rich green hue and its versatility.
Brought to you by
Rio’s Reimagined Podcast: For the Love of JewelersMeet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
CrimeMay 01, 2024
Grand Jury to Hear Case Against Jeweler Charged in Fatal Shove Following IJO ShowLast month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
Weekly QuizApr 26, 2024
This Week’s QuizTest your jewelry news knowledge by answering these seven questions.
CollectionsApr 30, 2024
12 Otherworldly Pieces From Tiffany & Co.’s 2024 Blue BookThe “Tiffany Céleste” collection reimagines designer Jean Schlumberger’s interpretations of the universe.
MajorsApr 30, 2024
Zales Celebrates 100 Years With New CampaignThe brand also created a 100-carat lab-grown diamond necklace in honor of its centennial.
Brought to you by
The Blueprint for Success in Scalable, Personalized Jewelry RetailWith Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
MajorsApr 30, 2024
Platinum Guild International Appoints New CEOTim Schlick has been promoted from his previous position as COO.
Events & AwardsApr 30, 2024
Canadian Jewellers Association Brings Back the Summit It’s the second year for the event, slated to take place in October in Toronto.
Recorded WebinarsApr 29, 2024
Watch: Diamond Identification and Evaluation - How to Protect your BusinessSupplier Spotlight Sponsored by GIA
CollectionsApr 29, 2024
Simone I. Smith Mixes Denim and Diamonds in New Collection“SIS x MISA Denim and Diamonds” is a collaboration between the designer and celebrity stylist Misa Hylton.
IndependentsApr 29, 2024
Venus Jewelers Relocating After 45 YearsThe retailer is moving to a newly designed space in the same shopping center.
SurveysApr 29, 2024
Mother’s Day Jewelry Spending to Reach $7B, Says NRFGifts that are unique and thoughtful are top of mind this year, according to the annual survey.
CollectionsApr 26, 2024
Piece of the Week: Jacquie Aiche’s Starry Galaxy NecklaceThe necklace is featured in the brand’s “Rebel Heart” campaign starring Adam Levine and Behati Prinsloo.
Events & AwardsApr 26, 2024
AGS Conclave and GIA Symposium Are ConvergingThe two organizations will host a joint event, “Converge,” in September 2025.
SourcingApr 26, 2024
Anglo American Reportedly Shopping De Beers as BHP Eyes Anglo Big changes appear to be on the horizon for the diamond miner and its parent company, Anglo American.
Events & AwardsApr 25, 2024
Alexis Padis Takes Over as AGS Board President Padis succeeds Lisa Bridge, marking the first time the organization has had two women board presidents in a row.
EditorsApr 25, 2024
5 Tips for Creating Fans from the Top (Savannah) Banana Jesse Cole, founder of Fans First Entertainment, shared the “five Es” of building a fan base during his AGS Conclave keynote.
WatchesApr 25, 2024
Audemars Piguet and John Mayer Partner on Limited Edition WatchThe Royal Oak Perpetual Calendar "John Mayer" was celebrated at a star-studded party in LA last week.
SourcingApr 25, 2024
De Beers Lowers Production Guidance for 2024The announcement came as the company reported a 23 percent drop in production in Q1.
MajorsApr 25, 2024
Detroit Lions’ QB Jared Goff Keeps Going to JaredThe three-time Pro Bowler continues to partner with the retailer, donating to a Detroit nonprofit and giving watches to fans.
CrimeApr 24, 2024
Jewelry Crime Declines Significantly, But Dollar Losses Remain High A double-digit drop in the number of in-store crimes was offset by a jump in off-premises attacks, JSA’s 2023 crime report shows.
CollectionsApr 24, 2024
Pippa Small Announces ‘Venus’ CollectionInspired by the Roman goddess of love, the designer looked to the sea for her new collection.
FinancialsApr 24, 2024
Kering’s Jewelry Brands a Bright Spot in Tough Q1The luxury titan posted declining sales, weighed down by Gucci’s poor performance.
Events & AwardsApr 24, 2024
JCK Industry Fund Announces 2024 Grant RecipientsThe selected nine organizations have outlined their plans for the funds.
SourcingApr 24, 2024
Rio Tinto’s Q1 Production Drops Amid Pause to Honor Lost Colleagues The mining company’s Diavik Diamond Mine lost four employees in a plane crash in January.
