RAPAPORT. Three weeks in March 2020 underscored how fast the situation could change during Covid-19. On the third of the month, JCK announced that its annual Las Vegas shows would take place as usual in late May and early June, despite the outbreak. On the 17th of the month, it called them off.
What happened in between was unprecedented. The World Health Organization (WHO) declared the novel coronavirus a pandemic on March 11. US industry events got canceled. Diamond bourses around the world started to close their trading halls. And the state of Nevada ordered all nonessential businesses to close to the public for 30 days, forcing JCK’s hand.
RAPAPORT. Revenue and earnings rose at Titan Company in the third fiscal quarter as the Indian jewelry retailer saw a recovery in consumer demand during the important Diwali period.
Sales climbed 17% year on year to INR 76.59 billion ($1.06 billion) in the three months ending December 31, including at subsidiaries, the company reported last week. Profit increased 12% to INR 5.3 billion ($73 million).
Titan noted an “impressive festive-season recovery in the jewelry division,” with sales for the category up 22% at INR 68.36 billion ($942 million) during the quarter. The diamond-studded segment experienced a “significant” rebound, coin sales were high, and wedding-jewelry sales also grew, the group added. Revenue from watches fell 12% to INR 5.51 billion ($75.9 million).
Angola’s state-owned diamond company, Endiama, has signed a joint-venture agreement with trade and investment group Gemcorp to develop the Mulepe diamond deposit.The site, located in the Lunda Norte region of the country, contains significant kimberlite and alluvial deposits, Gemcorp said last.
RAPAPORT. Hong Kong saw its first quarterly rise in polished-diamond imports for more than two years as global trading picked up following a slump in early 2020. Shipments into the municipality rose 4% year on year to $3.55 billion for the October-to-December period, according to.
Sapphires are the most desired colored gemstone among US consumers, followed by rubies, emeralds and amethysts, according to a recent survey by MVI Marketing. Some 46% bought fine jewelry featuring sapphire in the past two years, the study found. Ruby and emerald each attracted 41%, with 35%.