RAPAPORT. Sales of luxury items in China have increased “exponentially” in 2020, led by growth in consumer demand for jewelry, according to Bain & Company.
Purchases of jewelry and leather goods on the mainland have risen approximately 70% to 80% since the beginning of the year, while ready-to-wear clothing and shoes grew about 40% to 50%, Bain noted last week in its China Luxury report, conducted together with Tmall. Luxury beauty spending has risen around 25%, and high-end watch purchases have increased about 20%.
“In 2020, brands actively developed and strengthened ways to connect online and offline channels,” Bain observed. “Brands are…carrying out loads of offline activities, such as fine-jewelry exhibitions and fashion shows, invitation-only product presentations, pop-up stores for seasonal collections, flagship launches and themed cafes.”
RAPAPORT. Rio Tinto achieved record value at its 2020 Argyle Pink Diamonds Tender, with bidders raising their offers for the stones following the mine’s closure.
There were 62 pink, red, blue and violet stones up for sale, weighing a total 57.23 carats. It allowed participants to view the goods using livestreaming and a virtual portal at locations in Antwerp, Singapore and Perth, Australia, due to travel restrictions associated with the coronavirus pandemic.
Hong Kong-based Kunming Diamonds won 35 of the lots on offer, including the coveted Argyle Eternity. The 2.24-carat fancy-vivid-purplish-pink now ranks as the most valuable fancy-vivid diamond in the event’s 37-year history, Rio Tinto said last week.
RAPAPORT. Angola state diamond trader Sodiam has received interest from a number of major tender houses and other providers wishing to establish service centers in the country’s new diamond exchange.
The Angolan Diamond Bourse (ADB), due to be operational by the end of 2021, will consider offers from tender houses Bonas Couzyn, based in Antwerp; South Africa-based First Element; UK-headquartered I Hennig & Co.; Dubai-based Koin International; and Trans Atlantic Gem Sales, also in Dubai.
“One of the main objectives of the [ADB] is to put [our] enormous flow of diamonds under one roof,” Angola Minister of Mineral Resources, Petroleum and Gas Diamantino Azevedo said last week. “It is also understood that a percentage of these diamonds could be sold through a professional and public tender. Sodiam is looking forward to examining service providers to maximize the output of our diamond production and reach the best possible results.”
RAPAPORT. The pandemic has altered how US consumers shop for engagement rings, rather than having a major impact on the amounts they spent, according to a survey by wedding resource The Knot.
Proposers made greater use of online tools during Covid-19, for example, by spending time researching rings on the internet or connecting with jewelers on social media, the organization said Thursday in its 2020 Jewelry & Engagement Study. As a result, nearly a third of engagement-ring purchases happened online, though 63% still occurred in person, either at a local jeweler (51%) or a national retailer (33%).
Still, 86% of couples said the virus had not impacted their spending. The average cost of an engagement ring stood at $5,500 a relatively moderate decline of 7% from $5,900 last year, The Knot noted.
RAPAPORT. The Responsible Jewellery Council (RJC) is preparing a new 10-year plan for ensuring the organization and its members achieve the UN’s sustainable-development goals (SDGs).
The “Roadmap to 2030 and Beyond” will outline how the RJC intends to meet these goals, and how members can align their operations and reporting with them, the council said last week. The document will also explain how the RJC expects its work to produce results, with a focus on key SDGs such as those dealing with gender equality, working standards and climate change. The plan will also include a new set of metrics for assessing members’ compliance with the RJC’s ambitions.