The report shows that couples are searching for vintage and antique rings, gold jewelry, pearls, and colorful pieces.
De Beers, Alrosa Sales Both Pacing $1B+ Behind Last Year
The world’s two largest diamond miners reported a more than 30 percent drop in revenue in their most recent round of sales.
Gaborone, Botswana—The world’s two largest diamond mining companies both reported a more than 30 percent drop in revenue in their most recent round of sales, a sign the pipeline remains stuffed with goods amid weak polished sales.
In its eighth sales cycle of the year, De Beers Group sold $295 million in rough diamonds to sightholders and via its auction platform, down 39 percent from a year ago.
It is the sixth consecutive round in which the diamond miner and marketer’s sales have declined, and it is now more than $1 billion behind where it was at this point last year.
The company continues to allow sightholders to refuse goods, with CEO Bruce Cleaver noting in the statement on its most recent results: “As we approach what is traditionally a quieter time of year for the diamond industry during the Diwali holiday (Oct. 25-29), we have again offered our customers flexibility during this sales cycle.”
To date, 2019 sales have totaled $3.22 billion versus $4.41 billion at this point last year, a 27 percent drop.
Here’s a chart detailing De Beers’ rough diamond sales in 2018 vs. 2019.
Rival Alrosa’s sales slipped by almost exactly the same percentage.
In the second week of September, Alrosa reported rough and polished sales totaled $181.8 million in August, compared with $294.9 million in August 2018. That is a 38 percent drop.
In January-August 2019, sales totaled $2.16 billion, down from $3.32 billion in January-August 2018, a decline of 35 percent.
Avengy Agureev, who heads Alrosa’s sorting and sales arm, said in a company statement that the diamond industry is experiencing macroeconomic and industry-specific “headwinds” that are dampening demand in the midstream.
Among the headwinds battering natural diamond demand are a slowing world economy, the unrest in Hong Kong affecting sales there, competition from lab-grown diamonds and the changing tastes of younger consumers. According to the latest research from industry analyst Edahn Golan, U.S. stores are selling less bridal jewelry and more lower-priced fashion jewelry.
According to our research, American jewelry stores are selling less diamond bridal jewelry, while selling more lower-cost fashion diamond jewelry, reshaping the American jewelry retail landscape.#Diamonds #jewelry #bridal #engagementring #RetailAnalytics #afactforyourmonday pic.twitter.com/fUPIZH9Ro7
— Edahn Golan (@edahn) September 30, 2019
Yet, as the industry heads into what traditionally is the busiest time of year for U.S. retailers, Alrosa’s Agureev said he expects rough purchasing to pick up as the supply-demand ratio balances out.
“We are still expecting that after a significant decrease in rough diamond supply by major diamond producers since the beginning of the year, the excess stock in the system is decreasing. This will help to restore supply and demand balance, which should not take too long.”
The Latest
He’s remembered as a “font of passion,” leaving behind a legacy of dedication to his craft and community.
The first one will take place next month during the Jewelers of Louisiana’s and Mississippi Jewelers Association’s conventions.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
The redesigned boutique features interactive displays and a workshop space for hands-on learning about watchmaking.
A combination of factors is driving growth in the industry despite the precipitous drop in prices across the board.
By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.
Ho Brothers offers scalable solutions for the future of custom jewelry.
The company plans to invest $25 million in marketing initiatives to boost awareness around its namesake and licensed brands.
Optimism about the current state of the economy was offset by anxiety around inflation and the political environment.
The former WJA executive director is MFM’s new managing director.
DDG encourages retailers to educate customers on the positive impact of purchasing natural diamonds.
Highlighting the most iconic Tiffany collections, it’s inspired by the company’s late window designer, Gene Moore.
Jen Cullen Williams and Duvall O’Steen explore how jewelers can save time and money by using AI to analyze engagement and create content.
The retailer previously turned down an $8.4 billion offer in 2018.
The Florida store’s owner Miguel Gonzalez is retiring.
The lab stresses the importance of accurate identification, as the difference in price is “substantial.”
The brand also plans to expand its retail footprint from 138 to 200 stores over the next three years.
One is reserved for a NAJA member, the other for a non-member.
Longtime employees Carie Lehrke and Megan Mattice have received promotions.
Three guests joined National Jeweler and Jewelers of America to discuss trending time periods, spotting reproductions, and more.
Chris Clipper and Robert Lepere join the company with 50 years of combined experience.
The trendy, metallic earrings wink at classic spring colors.
JSA said a man and woman pulled the safe out of an Oakland jewelry store but couldn’t quite get it into their van.
The miner’s March auction generated $19 million.
Helen McCluskey will succeed H. Todd Stitzer when he meets his 12-year term limit in June.
“Chopard x Julia Roberts” showcases the first gems cut from the 6,000-carat-plus “Insofu Emerald."