RAPAPORT. The Gemological Institute of America (GIA) has seen a rise in submissions of lab-grown diamonds with counterfeit inscriptions that make the stones appear natural.Clients using the GIA’s update or verification services are increasingly sending in goods that prove to be synthetic,.
US Retail Sales Sluggish Without Stimulus Spark
RAPAPORT. US retail sales were flat in April as consumer spending slowed following stimulus-driven purchasing the previous month, the National Retail Federation (NRF) said.
Revenue was unchanged over March’s figure and rose 51% year on year, reflecting coronavirus-related store closures during April 2020, according to data the US Census Bureau reported last week. By contrast, March saw a 10% month-on-month increase.
“In March, we saw a surge in spending as stimulus checks came in, and that spending declined slightly in April,” said NRF CEO Matthew Shay.
Sales fell versus the previous month in six of the nine categories the US Census Bureau monitors. The clothing and accessories segment which includes jewelry dropped 5%, while online sales slipped 1%.
Alrosa Profit Bounces Back
RAPAPORT. Alrosa saw a sharp rebound in profit in the first quarter as the mining company capitalized on a strong recovery in the diamond market.
Net profit soared to RUB 24.02 billion ($325.9 million) from RUB 3.06 billion ($41.5 million) a year earlier, the Russian miner reported Tuesday. Revenue jumped 44% year on year to RUB 89.31 billion ($1.21 billion).
Strong retail demand in the US and China spurred the market during the period ending March 31, with manufacturers showing appetite for rough amid low midstream inventories and reduced supply from miners, Alrosa explained. By the end of the quarter, rough prices recovered to levels that had been visible in the first quarter of 2020, the company added.
RJC Joins United Nations Sustainability Platform
RAPAPORT. The Responsible Jewellery Council (RJC) has joined a United Nations forum that aims to accelerate the implementation of the 17 sustainable development goals (SDGs).
As a member of the United Nations Global Compact (UNGC) SDG Ambition Platform, the RJC will help its 1,400 member companies step up their sustainability efforts and set targets to meet specific benchmarks, it said last week. The organization also hopes to create a positive impact on the communities where its companies operate.
“By engaging hundreds of companies across the world, this initiative is mobilizing a truly global movement of responsible enterprises,” said Sanda Ojiambo, CEO of UNGC. “This will accelerate progress towards embedding sustainability into business strategies and operations which will benefit society as well as business.”
Plumb Club Expands Member Roster
RAPAPORT. The Plumb Club has signed up Evolution Diamond and Cynergy Trading Corp. as its newest members, the industry organization said this week.
Evolution is a lab-grown diamond manufacturer specializing in bridal, fashion and men’s jewelry, The Plumb Club said Monday. Cynergy is the North American arm of India-based diamond-jewelry manufacturer Creations Jewellery.
“Both companies will be great additions to our roster,” said Michael Lerche, president of The Plumb Club. “The advantage that the club provides members has grown significantly over the past year, with many of our new programs and the introduction of [business-to-business virtual sales-meeting platform] TPC-365. I’m sure the addition of these two new members will be a great asset for both the companies and The Plumb Club.”