The loans will go mostly to the import of machinery rather than working capital, according to a recent article from The Economic Times.
10 Jewelry News Stories You Might Have Missed
More Q2 results roll in, a pair of hearts wins big at auction and BIPOC designers send a message.
New York—Last week, National Jeweler published a link to an open letter from a group of 29 BIPOC—Black, indigenous and people of color—designers.
The letter calls for more support of and equity for BIPOC members of the jewelry industry, and lays out ways the industry can help. It can be read in its entirety here.
Also making the news were the Q2 results of a number of big players, including Swatch Group and De Beers, and a mask-wearing plea from another major retail organization.
Read on for more top stories.
1) BIPOC Designers Have Something to Say to the Industry
An open letter from a group of black, indigenous, and people of color jewelry designers calls for more support, education and equity.
2) Swatch Cuts Jobs, Closes Stores as Sales Slump
The Swiss watchmaker is eliminating 2,400 jobs and closing 260 locations in an effort to downsize its retail footprint.
3) Richemont’s Jewelry Sales Sink 41% in Q1
The luxury titan posted double-digit declines across all regions, categories and distribution channels as COVID-19 took its toll.
4) Alrosa, De Beers Report Q2 Results
Production fell by 30-50 percent while sales plummeted as COVID-19 took its toll.
5) Independent Jewelers See Sales Grow in June
Monthly diamond revenue climbed 12 percent year-over-year.
6) June Retail Sales Up 8%, But COVID-19 Threat Looms Large
A rise in COVID-19 cases combined with rising unemployment numbers is a threat to economic recovery, said the National Retail Federation.
7) All Retailers Should Adopt Mask Policy, Says NRF
The call follows mega-retailer Walmart implementing a mask mandate in its stores.
8) COVID-19: Consumer Trends and Where They’ll Go from Here
A recent survey by Provoke Insights looks at online shopping vs. off, the in-store experience and consumers’ top concerns about the future.
9) These 2 Fancy Color Diamonds Captured Buyers’ Hearts in HK
The 5.04-carat fancy vivid blue diamond led Sotheby’s jewelry auction, selling for $10.6 million Friday.
10) Jewelers Relief Fund Raises $27K for Stores in Need
Industry support provided financial assistance to 10 independent jewelry stores that sustained damage during the recent lootings.
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Rio Grande provides a pathway to responsibly sourced gemstones.
Sponsored by AGTA
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There were only 250 made available, selling for more than $50,000.
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The brand has attracted attention for its colorful, vintage-inspired pieces.