International
Jewellery industry news from around the world.
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Sep- 2020 -9 September
Tiffany sues LVMH over merger agreement
Tiffany & Co has filed a lawsuit against LVMH in relation to a prior merger agreement that set out Tiffany’s takeover by the group. LVMH had initially announced a “definitive” agreement with the luxury jewellers last November, whereby it outlined its intention to acquire the group for $16bn (£12.5bn), or…
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Aug- 2020 -26 August
Tiffany unveils renovation plans for flagship store
Tiffany and Co has unveiled the exterior renderings regarding the renovation of its Fifth Avenue flagship store. The upper addition of the 10-story building will be “completely reimagined” into a new exhibition, event and clienteling space, having previously operated as office space. The structure will be surrounded by a “curtain”…
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11 August
De Beers publishes diamond industry insights
The CEO of De Beers Group has shared a range of key insights for the diamond trade ahead of the 2020 holiday season, as well as in the context of Covid-19. The insights are based on the findings of comprehensive consumer research taken across the US, China and India, with…
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10 August
Alrosa unearths 236-ct diamond
Almazy Anabara, a subsidiary of the Alrosa Group, has unearthed a 236-ct rough diamond of “intense” yellow-brown colour in Russia. The diamond was extracted from the Ebelyakh mine in Yakutia, and is the largest natural colour rough diamond ever found in the country. The diamond’s dimensions are 47x24x22 mm, and,…
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3 August
Diamcor cuts costs as average prices rise
Diamcor has announced it will continue efforts to implement short-term operational changes and cost reduction efforts at its Krone-Endora at Venetia mine in South Africa. The mine project has been temporarily halted due to local lockdown measures, and in light of the closure, Diamcor will continue to reduce, defer, and…
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Jul- 2020 -31 July
Gem Diamonds sales rise in H1
Gem Diamonds has announced that it generated $29.4m (£22.3m) in its half-year results, after 16 diamonds sold for more than $1m (£760,000) each. This marked a rise against the 12 diamonds that sold for $26.6m (£20.2m) collectively in the first half of 2019. During the period, the average price of…
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30 July
De Beers jobs at risk following poor sales
De Beers has announced that total revenue plummeted 54% to $1.2bn (£920m) in its half-year results, with rough diamond sales falling to $1bn (£767m), down from the $2.3bn (£1.76bn) reported the year prior. In light of the damaged performance, CEO Bruce Cleaver told Reuters that the group would “likely” proceed…
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16 July
Diamond sales plummet at De Beers
Rough diamond sales at De Beers slumped by 96% to $56m (£44.6m) in the second quarter of the year, down from $1.3bn recorded the year prior. This was largely driven by lower volumes, which plunged by 97% to 300,000 carats in the prios, while prices also fell. It comes after…
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14 July
Alrosa sales tumble in June
Diamond mining giant Alrosa saw sales plummet 86% year-on-year to $31.3m (£25m) in the month of June, attributing the fall to delayed purchases from customers. Rough sales crashed by 89% to $24.8m (£19.8m) in the period, down from the $36.2m (£29m) reported in May. Polished revenues, however, soared to $6.5m…
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8 July
GemFair to deliver regional training programmes
GemFair has signed a memorandum of understanding with the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH and the Mano River Union (MRU) in a bid to develop and deliver a capacity building programme in West Africa. The partnership will see them jointly deliver a regional training programme that aims to…
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