RAPAPORT. The Diamond Council of America (DCA) has elected Chuck Kuba to a two-year term as chairman of its board of directors.
Kuba, the owner of Iowa Diamond in Des Moines, Iowa, is also on the board of directors of Jewelers of America (JA), and was previously the president of the Iowa Jewelers Association, the DCA said last week.
David Bonaparte, CEO of JA, and Bill Luth, executive vice president of global store operations for Signet Jewelers, will serve as vice chairmen. Dan Casanova, vice president of Riddle’s Jewelry, will take on the roles of secretary and treasurer. Jennifer Hammond, divisional vice president for Signet brands Kay, Zales and Peoples, will join the board for a one-year term.
RAPAPORT. Gold-jewelry demand plummeted in 2020 due to the pandemic and high prices, according to the World Gold Council (WGC).
The global total dropped 34% to 1,412 tonnes for the year, the lowest since the organization began collating annual data in 1995, it reported Thursday.
Demand plunged in the first half and fell less heavily in the third quarter, with an economic recovery in key markets leading to a stilted improvement in the fourth quarter. Average gold prices for the year jumped 27% to $1,770 per ounce, further deterring consumers.
“The impact of the Covid-19 pandemic was felt across the gold market throughout 2020, and [the fourth quarter] was no different,” said Louise Street, the WGC’s senior markets analyst for research. “Consumers around the world remained at the mercy of lockdowns, economic weakness and high gold prices, resulting in a new annual low in jewelry demand.”
US consumer spending on gifts is expected to decrease 20% this Valentine’s Day, with the number of people planning to purchase jewelry also slipping, according to the National Retail Federation (NRF).Consumers intend to lay out $21.8 billion on their loved ones over the holiday, the NRF noted.
RAPAPORT. US polished-diamond imports fell 1% year on year to $1.37 billion in November, data from the US Commerce Department showed. The decline was the 20th consecutive monthly drop, according to Rapaport records. The November slowdown reflected a sharp slide in the average price per.
RAPAPORT. Swiss watch exports continued to recover in December as robust Chinese demand helped offset declines in other countries.
Global shipments fell 2.5% year on year to CHF 1.72 billion ($1.93 billion) for the month, the mildest drop since the beginning of 2020, the Federation of the Swiss Watch Industry reported Thursday.
Exports to China soared 45% to CHF 306.6 million ($344.6 million). However, lower shipments to large markets such as the US and Hong Kong outweighed that improvement.
“China continued to post very strong growth during the final month of the year,” the federation noted. “Overall, all other markets fell by 9%, pointing to a gradual recovery, but still on a sharply downward trend.”