Blogs

Defend Diamond Jewelry's Value Or Learn To Live With Sale Prices

A friend of mine was recently in Los Angeles on a business trip. Aware of my connection with diamonds, he delightedly told me a story about how he had bought his wife a diamond bracelet.

So far, so good, I thought. What was the reason for the purchase, I asked. A wedding anniversary or some other milestone? Or maybe because he travels so much and leaves his wife at home with two children under 10 years of age, he wanted to "compensate" her as it were. To keep her happy with a special gift.

Leviev Case A Further Blow To Diamond Industry's Reputation

For the diamond industry in general – and the heads of the bourses and the trade organizations in particular – the news this week regarding six of diamond tycoon Lev Leviev's relatives and employees being arrested in connection with diamond smuggling allegations is exactly the kind of report that keeps them up at night.

The industry endlessly discusses the importance of showing that it is clean and operating transparently which, in the vast majority of cases, it is. But the idea that diamonds are being moved around undeclared and sold without passing through the correct channels and without customs duties and other taxes being paid is, unfortunately, one that appears to be fairly widely held by the general public.

Busy Fall Ahead for Diamond and Jewelry Industry

With the start of September coming up and summer more or less over in the northern hemisphere and diamantaires back at work, there is certainly no shortage of events coming up in the next month or so.

From the September Hong Kong Jewellery and Gem Fair to the Bharat Diamond Week, the World Diamond Council meeting and the World Diamond Congress all taking place in India, and the Bharat Diamond Week in New York, together with the CIBJO annual congress in Colombia in the middle of October, there are going to be plenty of opportunities to test the waters of the diamond, gemstone and jewelry industry.

Hong Kong Retailers See Flourishing Sales, But US-China Trade War Likely to Have Impact

Retailers in Hong Kong, the critical pathway to the vital diamond and jewelry market in mainland China, have been seeing excellent figures since the start of this year after a year or more where store sales dropped alarmingly.

The retail industry has enjoyed double-digit growth in the first half of this year, according to government figures released this week, and stores believe the second half of the year will also be a success. There are, however, two possible flies in the ointment: the continuously escalating US-China trade war and a weakening yuan which could cause mainland China shoppers to scale back their purchases.

De Beers Insight Report Shows Need For Honest Engagement With Younger Buyers

For diamond jewelry retailers looking for a guide to how to sell to Millennials – those people currently aged 21 to 39 – and members of the so-called Generation Z, currently in the 18-20 age range, the latest De Beers Diamond Insight Report is definitely an excellent start.

India Set To Continue Thriving As Economy Powers Ahead

It's impossible to visit India and not be struck – among other things – by the sheer economic vibrancy of the country. Just traveling between the hotel and the showgrounds of the India International Jewellery Show (IIJS) recently provided a myriad of views of India in action – from the extremely poor all the way up to the other end of the scale.

So reports today that the Indian economy is expected to grow by around 7.5% this year and next should come as no surprise.

Diamonds Are Doing Good – Not Just In Mining Communities

Recent developments shows that the diamond industry's heart is definitely in the right place.

The Diamond Empowerment Fund (D.E.F) recently donated $130,000 to the Botswana Top Achiever Program during a dinner reception with President Mokgweetsi E.K. Masisi of Botswana. This program recognizes students across Botswana, and provides them with the ability to study in leading universities around the world. Students then come back to Botswana and contribute towards its economic diversification. D.E.F. has been contributing to the Botswana Top Achievers program since 2011.

Good News as ALROSA Reports Rising Diamond Jewelry Sales

Russian diamond miner ALROSA reported that sales of jewelry increased in all of the world's key regions, except for India, in the second quarter. The average global growth rate, according to the miner, was 5% higher than during the same period last year.

Its report follows the publication last week of the De Beers Diamond Insight Report which stated that global diamond jewelry sales in 2017 reached a new record high of US$82 billion, with the Millennial and Gen Z generations combined accounting for two-thirds of diamond jewelry demand.