RAPAPORT. Alrosa’s diamond sales rose in November to their highest level since January as customers continued to replenish their rough inventories ahead of the holidays.
Revenue from rough and polished goods jumped 36% year on year to $390.5 million, the Russian miner reported Thursday. Rough sales increased 33% to $374.1 million, while sales of polished almost tripled to $16.4 million, from $5.8 million a year earlier.
“Demand for rough diamonds from our key clients in November remained strong enough as they bring their stocks to the normal levels amid the seasonal growth in demand for diamond jewelry in the US and China,” said Evgeny Agureev, deputy CEO of Alrosa.
RAPAPORT. Australian jeweler Michael Hill predicted a rise in profit for the current half year after reporting growth in same-store sales.
Sales at branches open for at least 12 months increased 8% year on year in the 22 weeks ending November 29, even as total revenue slipped 1.3% to AUD 224.9 million ($168.2 million), the Queensland-based retailer said Wednesday. The group expects earnings before interest and taxes (EBIT) for the fiscal first half ending December 31 to be “materially” higher than the AUD 31.6 million ($23.6 million) it reported for the same period a year ago, it added.
“Across all channels and segments, the company has delivered strong results for October and November, continuing on the solid growth in sales and margin from the first quarter,” CEO Daniel Bracken commented. “In addition to this impressive top-line performance, the company continues its unwavering focus on costs, and has worked diligently to deliver strong improvements in its cash and bal
RAPAPORT. The Indian Diamond & Colorstone Association (IDCA) has unveiled its new board and leadership team following elections earlier this month.
Haridas Kotahwala of Royal India USA will remain as president, the New York-based IDCA said Thursday. The board also elected Rajeev Pandya of Ashi Diamonds as vice president, Rutali Gandhi of Sagar Star Corp as secretary, Amit Jhalani of TBR International as treasurer, and Parag Jain of Paramount Gems as joint secretary.
Sujan Doshi of S. A. Diamonds and Sailesh Lakhi of Sparkles and Colors USA will continue as directors. The incoming directors for 2021 are:
Navneet Chordia of Galaxy USA
RAPAPORT. Losses from crime against the US jewelry industry soared 89% to $101 million in 2019, reflecting a splattering of high-value burglaries perpetrated by gangs.
Burglary losses more than tripled to $40.5 million, from $11.6 million in 2018, the Jewelers’ Security Alliance (JSA) said Tuesday in its annual crime report. The total number of criminal events declined 0.2% to 1,438.
“After many years of significant declines in dollar losses from crime, the industry got a jolt in 2019 due to large dollar crime losses caused by very active professional gangs, particularly sophisticated burglary gangs,” explained JSA president John Kennedy. “While losses have moderated in 2020 due to Covid-19 closures and disruptions, the disturbing statistics of 2019 should be a wake-up call for the industry that the bad old days of escalating crime losses can quickly return.”
RAPAPORT. E-commerce spending in the US spiked in the week following Cyber Monday, as shoppers raced to make holiday purchases prior to the predicted rise in shipping costs, according to Adobe Analytics.
Online sales jumped 49% year on year from December 1 to 9, with consumers buying before December 11, when vendors generally raise shipping charges for those who want their gifts by Christmas, Adobe noted last week.
Based on current spending patterns, digital holiday sales will surge at least 30% year on year to $184 billion, Adobe predicted. That figure is just shy of the 33% increase to $189 billion Adobe forecast in October. Seasonal outlay currently stands at $136 billion, 33% up over the same period last year.