News
Petra Diamonds subsidiary ordered to wind up over unpaid tax
Petra Diamonds has confirmed that a winding-up order has been made against its wholly owned indirect subsidiary, Petra Diamonds UK Treasury Limited (PDUK Treasury), following a petition by HM Revenue & Customs.
Today
LVMH’s watches & jewellery division revenue rose 8% in the first nine months of 2026
The Watches & Jewellery division of the French conglomerate LVMH, home to over 75 world-renowned luxury brands, recorded an 8% organic revenue growth during the first nine months of 2026 thanks to strong jewellery demand, despite a challenging economic...
Today
Russian companies to increase investment in PGM exploration by 17% in 2026
In 2026, Russian companies will increase their investment in the exploration of platinum group metals (PGM) by 17%, with the total reaching nearly 2 billion rubles ($23 million), the Russian Ministry of Natural Resources and Environment...
Today
Diamond jewellery sales in India set to increase 15% - 20% on sharp rise in gold prices
Indian diamond jewellery retailers anticipate a 15% - 20% increase in sales during the 2026 festive season, driven primarily by the sharp rise in gold prices which prompts consumers to consider diamond jewellery in more affordable price range...
Yesterday
South Africa mining output falls 12.7% in August on weak PGMs, coal and iron ore
South Africa's mining output declined 12.7% year-on-year in August, according to Statistics South Africa, with platinum group metals, coal, and iron ore accounting for the largest negative contributions.
Yesterday
With 22 Million In Lockdown, Chinese New Year Isn’t Looking Prosperous For Luxury
25 january 2021
(jingdaily.com) - What Happened: Although China has been largely successful in controlling the virus, an alarming spike in cases and its first COVID-19 death since May have now rattled the country, causing it to close down just before Chinese New Year. In Hebei, where cases have surged to over 550, officials last week imposed “wartime mode” measures, including mass testing, transportation shutdowns, and travel restrictions. As the province surrounds Beijing, the country’s seat of power, these precautions act as a “political moat.” Shijiazhuang and Xingtai, two cities with more than 17 million people, were put under lockdown as well as districts in Beijing itself. All in all, more than 22 million people have been ordered to stay indoors — double the number of people affected last January in Wuhan.
Bharat: Will Other Bourses Now Embrace Lab-Growns?
22 january 2021
(idexonline.com) - The tide is turning for lab-grown diamonds. The world's biggest bourse, Bharat, in Mumbai, India, voted earlier this week to allow them back on to its trading floors. Members overturned a ban introduced five years ago to prevent them being mixed in with mined gems. Technology to distinguish one from the other has come a long way since 2015, and so has the willingness of diamantaires to embrace a product that is cheaper to produce and more profitable to sell. Only last month De Beers, creators of the modern diamond industry, opened its $94m Lightbox factory in Portland, Oregon, USA, which will soon be producing 200,000 carats a year of polished lab-grown gems. It has a super-simple pricing policy - $800 per carat, any diamond, any size, any cut. Lab-growns currently account for about three per cent of all gem-quality diamond sales worldwide (2020, Statista) and that figure is forecast to reach 10 per cent within a decade. The Bharat Diamond Bourse has recognized which way the wind is blowing. If it doesn't join the lab-grown revolution, it will become irrelevant as diamond traders will simply take their trade elsewhere. So is BDB setting a precedent? Can we expect Antwerp, Ramat Gan, Dubai and others to embrace lab-growns any time soon?
In the Wake of the Cyberattack on Stuller, 5 Tips on Cybersecurity
21 january 2021
(nationaljeweler.com) - Stuller was hit by a cyberattack over Thanksgiving weekend that delayed shipments, shut down the phone lines, and created other operational issues amid the holiday rush. It took a few days for the massive manufacturer and supplier to get same-day shipping services on in-stock items and the phone lines back up and running. While Stuller said there was no indication that sensitive business information was compromised—noting that customer credit cards on file are tokenized, encrypted, and not housed at Stuller—the stressful disruption came at the most critical time of the year for the supplier, underscoring the need for businesses today to invest in cybersecurity.
Even in a Pandemic, Fine Jewelry Is Selling
20 january 2021
(nytimes.com) - Conventional wisdom suggests that a pandemic would not bode well for jewelry sales. But for Mark Patterson, a fine jewelry designer with a retail store in this coastal Southern California enclave, 2020 has defied expectations at every turn. (And he’s not alone.) “Wholesale is down — we haven’t done any trunk shows — but our retail store has doubled sales from last year,” Mr. Patterson said in late October. “It’s crazy. We don’t know how to explain it.”
Will LVMH De-Americanize Tiffany?
19 january 2021
(jingdaily.com) - Key Takeaways: Tiffany and LVMH may seem like a match made in heaven since both companies belong to “The Old Guard” of luxury, have a people-centric approach, and understand how to listen to their customers, but there are cultural issues at play. Tiffany has an impressive market share in Mainland China, and a recent UBS survey showed that Chinese buyers see Tiffany as a “go-to jewelry brand, second only to Cartier.” We can expect Tiffany to invest in the expansion of its physical retail footprint, continue to push art-and-luxury crossovers, and go through a brand relaunch.
