Israel’s Rebound Continues as Exports Grow
RAPAPORT. Israel’s polished-diamond exports increased in the first quarter of 2021, indicating a continued recovery following last year’s sharp slowdown.
Shipments rose 12% year on year to $827.6 million for the three months, the country’s Ministry of Economy and Industry reported Tuesday. Export volume climbed 24% to 385,344 carats, with the average price down 10% at $2,148 per carat.
The increase reflects a gradual rebound in Israel’s diamond industry after the coronavirus pandemic caused a downturn in the second quarter of 2020. Polished exports fell 31% last year as a heavy slump during the peak of the crisis outweighed improvements in the second half.
Covid-19 Upsets Plans for India, Hong Kong Shows
RAPAPORT. A coronavirus surge in India and continued restrictions in Hong Kong have forced jewelry-fair organizers to reschedule upcoming events, compounding the woes the exhibition industry has suffered in the past year.
India’s Gem & Jewellery Export Promotion Council (GJEPC) has postponed the IIJS Signature show, which was due to begin this Wednesday in Mumbai, according to a recent notice on the fair’s website. The July Hong Kong diamond and jewelry shows have also been pushed back to later in the month, the Hong Kong Trade Development Council (HKTDC) announced last week.
Signet Acquires Jewelry Rental Subscription Site
RAPAPORT. Signet Jewelers has bought subscription-based jewelry-rental platform Rocksbox, aiming to enhance the retail group’s services offering and reach younger customers.
“Rocksbox has revolutionized the jewelry-rental subscription marketplace by delivering personalized, online and data-driven customer experiences for jewelry lovers who prioritize fashion, online convenience and sustainability,” Signet CEO Virginia Drosos said Tuesday.
Signet believes the acquisition will drive new customers to its other banners, which include Kay Jewelers, Jared, Zales, and online jeweler James Allen. The move is the first step in the company’s new strategy, Inspiring Brilliance, which focuses on innovation and sustainable growth. As part of that plan, Signet also intends to add new services and expand its current ones, such as repair, warranty and piercing, it explained.
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