RAPAPORT. A heart-shaped diamond ring was the top seller at a recent online sale by Heritage Auctions, while a Tiffany & Co. brooch sparked a heated bidding war.
The 3.55-carat, D-color, internally flawless, type IIa diamond garnered $112,500 at the May 3 Spring Fine Jewelry auction, which saw participation from nearly 900 bidders, the Dallas, Texas-based auction house said last week. A marquise-shaped, 3.34-carat, D-color, VVS1-clarity, type IIa diamond also proved popular, beating its high estimate by more than $20,000 to fetch $106,250.
Other notable items include an emerald-cut, 8.02-carat, fancy-yellow diamond bracketed by triangular-shaped diamonds. That piece went for $75,000, as did a platinum ring by Wachler featuring a round brilliant-cut, 3.91-carat, E-color, VS2-clarity diamond, which achieved nearly twice its high valuation.
RAPAPORT. Lucara Diamond Corp. saw sales and profit recover in the first three months of 2021 as demand improved and a supply deal with a Belgian manufacturer bore fruit.
Revenue jumped 56% year on year to $53.1 million for the period, the miner reported Thursday. Net profit stood at $3.4 million, compared with a loss of $3.2 million a year earlier.
“Lucara has bounced back in the first quarter of the year, demonstrating its resiliency at a time of continued uncertainty in respect of the ongoing Covid-19 pandemic,” said CEO Eira Thomas.
Some $38 million in revenue came from Lucara’s agreement with HB Antwerp, under which the cutting firm has committed to buying all of the miner’s rough diamonds above 10.8 carats through December 2022. Prices are based on the estimated value of the polished outcome, with Lucara receiving a top-up payment at a later stage if the polished price exceeds initial expectations. The miner received $9.1 million in top-ups during the quarter.
RAPAPORT. The Responsible Jewellery Council (RJC) has elected eight trade members to lead forums representing different parts of the supply chain.
The group chose the new forum representatives at its virtual annual general meeting (AGM) on May 5, the RJC said last week. They will work closely with RJC executive director Iris Van Der Veken to expand responsible practices across the global jewelry and watch supply chain.
The new forum representatives are:
Ayesha Hira of Lucara Diamond Corp., diamond, colored stones and/or precious metals producer forum.
Didier Backaert of Bonas & Co., diamond and/or colored stones traders, cutter and polishers forum.
RAPAPORT. Leading trade organizations have lashed out at Pandora’s recent statements about lab-grown stones, claiming the retailer misrepresented natural diamonds and caused harm to the industry.
Pandora announced it would no longer sell mined diamonds and would instead stock synthetics, linking the decision to its environmental goals. The launch of a lab-grown line will help “transform the market for diamond jewelry with affordable, sustainably created products,” the Danish jeweler asserted last week.
Pandora’s proclamation wrongly positioned lab-grown as an “ethical choice versus natural diamonds,” five jewelry groups said in a joint statement Friday. The signatories were the Responsible Jewellery Council (RJC), the Natural Diamond Council (NDC), the World Jewellery Confederation (CIBJO), the World Diamond Council (WDC) and the International Diamond Manufacturers Association (IDMA).
US Jewelry Sales Leap in April
RAPAPORT. Jewelry sales in the US more than tripled in April as consumers anticipated a return to gatherings and events, according to Mastercard SpendingPulse.
Sales in the category increased 255% year on year during the month, benefiting from a strong base comparison with April of last year when the Covid-19 pandemic forced many US stores to close, Mastercard said last week. Government stimulus payments, warmer weather and a broader reopening also buoyed spending.
“April’s retail sales growth reinforces that the American consumer is healthy and eager to spend,” said Mastercard senior adviser Steve Sadove. “There are a lot of factors at play including stimulus funds, pent-up demand, and the desire to reconnect with friends and family. The fact is that people are excited to gather again and they’re refreshing their look for the occasion.”