Mumbai Bourse to Shut Amid Covid-19 Spike
RAPAPORT. Mumbai’s Bharat Diamond Bourse (BDB) is closing until further notice after the regional government imposed a statewide lockdown because of rising coronavirus infections.
The Indian state of Maharashtra has introduced a night curfew and a full weekend lockdown in response to the virus’s rapid spread. The restrictions go into effect at 8 p.m. local time Monday.
The BDB has asked members to collect necessary belongings on Monday and turn off their office utilities, it said in an announcement to members the same day.
Maharashtra, home to more than 100 million people, has become India’s Covid-19 epicenter. On Sunday, authorities announced 57,000 cases in the state, the highest for one day since the start of the pandemic. Officials had been warning that a lockdown was unavoidable if the numbers continued to increase.
Apparel Group Buys Lifestyle Brand for $3.6M RAPAPORT. Xcel Brands, which owns several apparel labels, has acquired Logo by Lori Goldstein, a lifestyle brand encompassing clothing and jewelry.
Goldstein, an American stylist and designer, launched Logo in 2009. The brand has since clocked up retail sales of more than $1.5 billion, Xcel said Monday. The investment will help enhance the brand’s product merchandising and design, according to the new owner.
The selling price is $3.6 million, according to an Xcel filing with the Securities and Exchange Commission (SEC). This could rise by $12.5 million, depending on royalty payments.
New York-based Xcel specializes in acquiring and developing apparel retail brands. Its portfolio includes Isaac Mizrahi, Judith Ripka, Halston, C. Wonder and Longaberger.
Jewelers of America Unveils CASE Award Winners
RAPAPORT. Jewelers of America (JA) has announced the winners of its 31st annual CASE Awards for jewelry design, recognizing retail members whose pieces feature creativity, artistry, style and excellence.
This year, JA expanded the prizes to include 14 different categories after a record number of entries, it said Tuesday. A panel of judges chose the honorees from nearly 200 applicants, evaluating overall design, marketability, originality and manufacturing quality. That compares to just over 100 submissions in 2020.
“Jewelers of America’s CASE Awards design competition showcases the fine craftsmanship and talent of JA members across the country,” said JA spokesperson Amanda Gizzi. “Judging was incredibly difficult this year, as we had a wide variety of immensely talented jewelry designers enter in every category. The judges had to carefully consider the judging criteria, and it had to come down to the finest details to determ
De Beers Rough Sales Stabilize
RAPAPORT. De Beers brought in $440 million at its March rough sale, with the miner giving an optimistic outlook for the sector while cautioning about the pandemic’s continued effects.
“Following a good holiday season and that trend continuing during the first quarter of 2021, we have again seen solid demand for rough diamonds as we begin a traditionally quieter period of the year for the diamond industry,” De Beers CEO Bruce Cleaver said Wednesday. “Sales were in line with expectations, and both market sentiment and overall industry conditions remain positive.”
The figure for March encompassing the third sight of the year, as well as auctions compares with zero sales for the equivalent period in 2020, when De Beers canceled its trading session because of the coronavirus. However, proceeds were the lowest this year following sales of $663 million in January and $550 million in February.
Lulo Mine Turns Out Sixth Large Stone This Year
RAPAPORT. Lucapa Diamond Company has recovered a 144-carat rough diamond from its Lulo alluvial mine in Angola, it said Tuesday.
The company found the D-color, type IIa diamond at the site’s Mining Block 08, a section of the deposit known for its large, high-value rough. The stone is the sixth over 100 carats Lucapa has found at Lulo this year, and the 23rd of that magnitude from the site since mining operations began.
The miner unearthed three 100-carat-plus diamonds last week: a 131-carat, D-color, type IIa diamond, a 118-carat brown, and a 133-carat, lower-quality grey diamond.