CollectionsMay 07, 2024
These ‘Luminaries’ Are Set to Light Up CoutureThe six designers, all participants in the show’s Diversity Action Council mentorship program, will exhibit in Salon 634.
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
AuctionsMay 07, 2024
Sotheby’s to Auction Sylvester Stallone’s WatchesThe highlight of his collection is the coveted Patek Philippe Grandmaster Chime, which could sell for up to $5 million.
CollectionsMay 07, 2024
Phillip Gavriel Pays Tribute to Venice With New CollectionThe “Venetian Link” series modernizes the classic Veneziana box chain in its bracelets and necklaces.
Brought to you by
From Registration to Return: 10 Tips to Protect You Before, During and After a TradeshowTradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
Events & AwardsMay 07, 2024
JA Now Accepting Applications for New Bench Jeweler ScholarshipThe Seymour & Evelyn Holtzman Bench Scholarship will provide tuition assistance to two low-income students.
Weekly QuizMay 02, 2024
This Week’s QuizTest your jewelry news knowledge by answering these seven questions.
Policies & IssuesMay 06, 2024
Rolex Files Objection to Hallmark’s New Trademark ApplicationThe Swiss watchmaker said the company’s plans to use a new version of the Hallmark crown on jewelry would confuse consumers.
EditorsMay 06, 2024
Q&A: 8 Questions With Anglo American’s Benny Oeyen The executive talked about the importance of self-purchasers and how fuel cell electric vehicles are going to fuel demand for platinum.
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.
MajorsMay 06, 2024
Malabar Gold & Diamonds Opens 4th U.S. ShowroomThe Indian jeweler’s new store in Naperville, Illinois marks its 350th location, part of its ongoing global expansion plans.
Events & AwardsMay 06, 2024
Ben Bridge Jeweler Accepting Applications for Lonia Tate ScholarshipIt will award a graduating high school student with about $10,000 toward a GIA diploma and an internship with the Seattle-based jeweler.
CrimeMay 03, 2024
Second Suspect Arrested in Murder of Colorado JewelerWheat Ridge, Colorado police took a 50-year-old man into custody Wednesday following a two-month search.
CollectionsMay 03, 2024
A Sneak Peek Into PGI’s Couture Platinum Spotlight ProgramPGI partnered with four new and seven returning designers for its annual platinum capsule collection.
MajorsMay 03, 2024
Kristie Nicolosi Joins WJA Board AgainNicolosi, president and CEO of The Kingswood Company, previously sat on WJA’s board from 2011 to 2018.
CollectionsMay 03, 2024
Piece of the Week: A “Bit of LUV” for the DerbyKarina Brez’s race-ready piece is a sophisticated nod to the horse-rider relationship.
CrimeMay 02, 2024
4 Indicted in Burglary Ring Targeting Indian, South Asian FamiliesThe men are allegedly responsible for stealing millions in jewelry and other valuables in 43 burglaries in 25 towns across Massachusetts.
CollectionsMay 02, 2024
Foundrae Launches ‘Horizon’ Collection“Horizon” invites individuals to explore the limitless possibilities that lie ahead, said the brand.
FinancialsMay 02, 2024
Pandora Raises Guidance After Strong Q1The jeweler credits its recent “Be Love” campaign and ongoing brand revamp for its 17 percent jump in sales.
IndependentsMay 02, 2024
Oklahoma Jeweler Glenn Lewis Dies at 68The co-founder of Lewis Jewelers was also the longtime mayor of the city of Moore.
AuctionsMay 02, 2024
Vintage Baume & Mercier With Ties to Elvis Sells for $7K Elvis Presley gifted this circa 1967 gold and diamond watch to Dodie Marshall, his co-star in “Easy Come, Easy Go.”
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.
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.
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.
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.
