Though its website has been down for a week, Christie’s proceeded with its jewelry and watch auctions on May 13-14, bringing in nearly $80 million.
Alrosa Reports 5% Drop in Rough Diamond Sales in Q3
But the mining company said sales picked up in the second half of the quarter, marking a “turning point” in destocking in the midstream.
Moscow—Oversupply in the midstream continues to impact the industry’s diamond miners, though Alrosa said the latter half of Q3 marked a “turning point” in destocking.
The Moscow-based miner reported a 5 percent year-over-year decline in all diamond sales (gem quality and industrial) in the third quarter to 6.4 million carats. Gem-quality rough diamond sales specifically fell 8 percent, as cutters and retailers continued to reduce their respective stocks.
Year-to-date, sales are down 13 percent to 25.3 million carats, mainly due to a 14 percent drop-off in demand for gem-quality rough.
In value terms, sales shrank 37 percent year-over-year to $601 million in the third quarter and are down 34 percent on the year to $2.39 billion.
Weaker demand for diamond jewelry, particularly in the United States and China, caused the decline, Alrosa said, as did the continuing difficulty midstream producers face in securing financing.
Also contributing is consolidation and increasing online sales on the retail end of the business.
There are fewer businesses, and many of those that remain require less stock—either because they are e-tailers or brick-and-mortar retailers that have gotten more efficient with inventory management—which, in turn, means cutting and polishing companies need to buy less rough from miners.
However, Alrosa said rough diamond sales recovered in the latter half of the third quarter, marking a turning point in the scramble to destock and “creating a basis for the market recovery in the future.”
RELATED CONTENT: De Beers’ Production Down 14% as Mines Close, Market SlowsWhile sales were down in the third quarter, Alrosa’s production rose 15 year-over-year to 12.1 million carats, buoyed by mining at a new deposit, V. Munskoye, and increased production at the Botuobinskaya kimberlite pipe.
V. Munskoye is part of the Udachny Division, which also includes the Udachnaya and Zarnitsa pipes and alluvial deposits in the Republic of Sakha (Yakutia); Udachnaya is the kimberlite pipe that just yielded a 232-carat diamond.
Also located in Yakutia, the Botuobinskaya pipe falls under the Nyurba Division, which also includes the Nyurbinskaya pipe and alluvial deposits.
Year-to-date, Alrosa’s production has totaled 29.7 million carats, up 12 percent year-over-year.
The Latest
Despite the absence of “The Allnatt,” Sotheby’s Geneva jewelry auction totaled $34 million, with 90 percent of lots sold.
Lilian Raji gives advice to designers on how to make the most of great publicity opportunities.
Despite the rising prices, consumers continue to seek out the precious metal.
Why do so many jewelers keep lines that are not selling? Peter Smith thinks the answer lies in these two behavioral principles.
The “Argyle Phoenix” sold for more than $4 million at the auction house’s second jewels sale.
The annual list recognizes young professionals making an impact in jewelry retail.
Tradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
Owner David Mann is heading into retirement.
While overall sales were sluggish, the retailer said its non-bridal fine jewelry was a popular choice for Valentine’s Day.
Christie's is selling one of the diamonds, moving forward with its Geneva jewelry auction despite the cyberattack that took down its website.
The ad aims to position platinum jewelry as ideal for everyday wear.
Retailers can customize and print the appraisal brochures from their store.
The move follows a price-drop test run in Q4 and comes with the addition of a “quality assurance card” from GIA for some loose diamonds.
The site has been down since Thursday evening, just ahead of its spring auctions.
The late former U.S. Secretary’s collection went for quadruple the sale’s pre-sale estimate.
Three fifth graders’ winning designs were turned into custom jewelry pieces in time for Mother’s Day.
Kimberly Adams Russell is taking over the role from her father, David Adams, marking the third generation to hold the title.
As a token of womanhood, this necklace depicts when Venus was born from the sea.
The deal gives the retailer control over the distribution of Roberto Coin jewelry in the U.S., Canada, Caribbean, and Central America.
Show your mother some love with a piece of fine jewelry.
The company’s Easton location will remain open.
Brian D. Fleming of Carla Corporation was elected to serve a one-year term in the role.
Sponsored by the Las Vegas Antique Jewelry and Watch Show
Tobak, author of “Ice Cold: A Hip-Hop Jewelry History,” shares how the exhibition came to be, and the pieces people may be surprised to see.
Stars adorned themselves in emeralds, platinum, and myriad bird motifs, writes Associate Editor Natalie Francisco.
M.S. Rau is set to open a seasonal gallery in the high-end resort town early next month.