RAPAPORT. Tiffany & Co. investors approved LVMH’s $15.8 billion acquisition of the company at a special meeting on Wednesday, paving the way for the transaction to close early in the new year.
Shareholders of the storied US jeweler voted “overwhelmingly” in favor of the modified deal, LVMH said in a statement Thursday. More than 99% of votes were in favor, Reuters reported.
LVMH expects the deal to complete on January 7, 2021, it added. The development follows a legal dispute after the French luxury group pulled out of the takeover in September, only for the parties to negotiate a lower price. Image: Tiffany jewelry boxes. (Shutterstock)
RAPAPORT. Members of Mumbai’s Bharat Diamond Bourse (BDB) have voted in favor of allowing lab-grown trading on the premises of the exchange.
The change will go into effect once the BDB has created guidelines for the sector, India’s Gem & Jewellery Export Promotion Council (GJEPC) said in a statement Tuesday. Companies will be permitted to trade in lab-grown diamonds only after they have signed up to these directives.
Those wishing to buy and sell lab-grown may have to go through an application process, the statement noted. Other rules under consideration include requiring separate business entities for the two product types; ensuring robust segregation, for example by keeping natural and lab-grown goods in distinct office spaces; and mandating the use of different inventory-management systems for the two categories.
RAPAPORT. Amid a challenging year for the industry, diamonds proved the coronavirus pandemic couldn’t dampen their appeal. Several stones made headlines, set records, exceeded expectations, or simply showed their sellers the money. Most of all, they caught our attention in 2020.
Bringing in the big bucks
1. Bundle of blues
In November, Petra Diamonds sold a set of five blue, type IIb, gem-quality diamonds weighing a total of 85.6 carats from its Cullinan mine in South Africa to a partnership between De Beers and Diacore. The collection realized $40.4 million, exceeding analysts’ predictions.
2. Showing spirit
An oval modified brilliant-cut, 14.83-carat, fancy-vivid-purple-pink, internally flawless diamond mined by Alrosa, named Spirit of the Rose, topped the Magnificent Jewels auction at Sotheby’s Geneva in November. It sold for $26.6 million, or $1.8 million per carat.
RAPAPORT. A few hot topics usually dominate our annual list of the most-read items on Diamonds.net. Synthetics, grading and crime tend to be among them.
This year, however, one theme the coronavirus stood out, responsible for the vast majority of the top 10. These stories ranged from the closure of trading halls to De Beers’ and Alrosa’s pricing strategies during the pandemic.
Here are the headlines that attracted the most clicks in 2020:
Rolling story
This piece tracked the ever-changing situation in the industry throughout the year, covering event cancellations, closures of stores and trading floors, and data indicating how the sector was faring.
The move will also strengthen ties between Alrosa and the SDE, the miner said Wednesday.
“In 2020, demand for diamond jewelry in China increased,” Alrosa deputy CEO Evgeny Agureev noted. “Covid-19-related travel restrictions changed the consumption model and people were purchasing goods in their own country. Largely due to this fact, jewelry retailers, especially those from mainland China, continue to strengthen their position in the market. Therefore, it is very important for Alrosa to have business here, improving relations with the industry community and increasing the number of customers [it has in the area].”
The Russian miner, active in China since 2005, currently has three long-term Chinese clients. The company is working on new marketing initiatives in the country, and inviting local jewelry companies to participate, it added.