Titan Jewelry Sales Continue Recovery
RAPAPORT. Revenue at Titan Company increased in the fourth fiscal quarter as consumer sentiment continued to improve following the wedding season.
Jewelry sales rose 70% year on year for the three months ending March 31, as consumers took advantage of lower gold prices to purchase wedding jewelry for events that had been deferred. Titan also benefited from a favorable base comparison with the same period last year, which was affected by store closures amid the coronavirus pandemic, it said Wednesday.
“The company continued to witness strong business momentum as the Covid-19 impact on consumer sentiment seemed to fade in the early part of the quarter,” the company noted. “After recording the best ever revenue in the third quarter, which was a festive season, the company again recorded very strong revenues in the fourth quarter. The jewelry division has emerged very strongly from the crisis and witnessed strong growth in the quarter.”
Polished trading slower after robust 1Q. Concerns about high Covid-19 infections in Europe and India. Bharat Diamond Bourse sharply restricts activity. Surat manufacturing and exports continue. US jewelers optimistic as consumer confidence grows in March. Vaccine rollout and $1,400 stimulus checks fueling retail spending. Rough market cooling. Cutters anticipate rise in polished inventory as GIA releases backlog. De Beers sells $440M of rough in Mar./Apr. vs. zero last year. Lucara extends exclusive large-stone rough supply deal with HB Antwerp for two years. Signet acquires jewelry rental company Rocksbox. Israel 1Q polished exports +12% to $828M.
Fancies: Market for fancies seeing upturn. Some higher prices as consumers seek alternative shapes at more affordable prices than rounds. Dealers witnessing increased sales of fancy-shape engagement rings. Rise in orders for Ovals, Pears, Emeralds and Radiants above 2 ct. Cus
‘Peculiar’ Coloring Helps GIA Spot Treatment
RAPAPORT. The Gemological Institute of America (GIA) has identified a fancy-color diamond containing rare lines of blue, positing that the stone was originally brown before it underwent treatment.
The round brilliant, 1.50-carat, fancy-intense-green-yellow diamond contained blue “graining,” an unusual phenomenon, according to researchers from the GIA in Carlsbad, California. While fancy-color diamonds often have an uneven hue, linear graining is usually brown, pink or yellow, it noted in the Winter 2020 edition of Gems & Gemology, the GIA’s academic journal, which it released this week.
“Initially, this stone likely had a brown color,” wrote Britni LeCroy, staff gemologist, and Virginia Schwartz, supervisor of diamond identification. “HPHT [High Pressure-High Temperature] treatment then influenced the body color by destroying the initial brown color before creating most of the yellow component, as well as green luminesc
US Proposes Tariffs on Select Indian Jewelry
RAPAPORT. Three countries including India face heavy tariffs on certain jewelry exports to the US after Washington, DC, threatened punitive action in response to taxes on digital retailers.
The US Trade Representative (USTR) has proposed retaliatory duties of up to 25% on six nations that have introduced e-commerce taxes targeting companies such as Amazon.
Jewelry products from India, Turkey and the UK are among the affected merchandise, according to documents the USTR distributed late last month. The US proposals also target other products but not jewelry from Austria, Italy and Spain.
The tariffs on India would impact 17 jewelry categories totaling approximately $50 million in annual export value, according to the Gem & Jewellery Export Promotion Council (GJEPC). They exclude loose diamonds, a spokesperson added.
RAPAPORT. The Jewelers Board of Trade (JBT) has reelected Ann Arnold to serve a second term as chairman of its board of directors.
Arnold, the chief strategy officer for Buyers Intelligence Group (BIG), was first appointed to the board last year, the organization said last week. She has volunteered with the JBT for nearly 13 years.
In addition to Arnold, several other officers and directors were elected to a one-year term at the company’s annual meeting on February 10 and board meeting on March 10.
The following people were elected to the board of directors:
Chairman Ann Arnold, Buyers Intelligence Group (BIG)