Varvara Dmitrieva: The jewelry industry of Yakutia is distinguished by its creativity, unique cultural code and conservation of traditions

Varvara Dmitrieva, Associate Professor and Head of the Department of Precious Stones and Metals Processing Technologies of the North-Eastern Federal University, told Rough&Polished about the results of the Forum of jewelry Craftsmanship and the prospects...

16 april 2024

Valery Budny: There is no strategy and legislation in Russia enabling the full cycle processing of precious raw materials within the country

Valery Budny, Head of the Jewelry Russia program and CEO of the JUNWEX media holding, told Rough&Polished about the results of the meeting and pressing issues in the precious metals and precious stones (PMPS) and the jewelry sectors.

11 april 2024

Paul Zimnisky: Natural diamonds face the risk of eroding their appeal if constantly discounted

New York-based independent diamond and jewellery analyst and consultant Paul Zimnisky told Rough & Polished’s Mathew Nyaungwa in an exclusive interview that the industry should do away with discounts. He said the industry should treat natural diamonds...

01 april 2024

Edahn Golan: Lab-grown diamond prices to continue declining

In an exclusive interview with Rough&Polished's Mathew Nyaungwa, Edahn Golan, proprietor of the eponymous Edahn Golan Diamond Research and Data, predicted that the prices of lab-grown diamonds would continue to decline, especially at the retail and...

25 march 2024

ADPA’s Ellah Muchemwa: G7 restrictions to bring extra costs from diamond mining to retail

The African Diamond Producers Association (ADPA), which has openly registered its disdain for the G7’s rough diamond trade restrictions, is of the opinion that the move will bring extra costs on all stages, from mining to retail. ADPA executive...

18 march 2024

Consumers becoming wary of LGD depreciation - Signet CEO

26 march 2024

Signet Jewelers recorded a fall in sales in the fourth fiscal quarter after what was described by the group's CEO Virginia Drosos as growth in consumer awareness about falling lab-grown diamond (LGD) prices.

“I think that consumers are becoming more aware that lab-created diamond prices are falling,” Drosos said at an analyst call, as cited by Rapaport.

“And so while they might be great for fashion jewelry, there’s something very, very rare and individual about a natural diamond. And so we think that that is a potential tailwind for natural diamonds in the year ahead.”

Signet, which adopted LGDs for its jewelry on a large scale, has said that its sales fell 6% year on year to $2.5 billion during the period. The average transaction value slipped 0.6% in North America and slumped 10% in other regions. The retailer also divested some of its prestige watch boutiques.

Signet’s lab-grown sales are in the “teens percentage” of total group revenue, Drosos noted. Meanwhile, bringing more lab-grown into the fashion category proved a good strategy for Signet over the holidays, she added.

Still, Signet expects the overall jewelry industry to be “down mid-single digits” this year.

Theodor Lisovoy, Editor in Chief of the European bureau, Rough&Polished