RAPAPORT. Israel’s diamond trade recorded sharp growth in April as the industry recovered from last year’s downturn, government data showed.
Polished exports after returns skyrocketed 735% versus the same period of 2020, when many countries were in lockdown and the supply chain froze, according to figures the Ministry of Economy and Industry released Monday.
Polished imports jumped 512%. Rough exports rose by a factor of almost 21, while rough imports increased almost 13 times over.
In the first four months of 2021, polished exports grew 31% year on year to around $1.15 billion, the government added. Polished imports surged 96% to approximately $855 million, with rough exports climbing 116% to $522 million, and rough imports rising 112% to $594 million.
RAPAPORT. The third installment of Swiss gem and jewelry show GemGenève is set to take place in November after a forced cancellation last year due to the coronavirus pandemic.
The show, which will run from November 4 to 7 at Geneva’s Palexpo, will include lectures, round tables, seminars and exhibitions, GemGenève said Thursday. It is open to jewelry designers, exhibitors, dealers, retailers and collectors, as well as to the general public.
In August, show organizers announced they would not hold the 2020 fair amid the challenges brought about by travel restrictions and health concerns. Exhibitors who had signed up for the event were reimbursed and guaranteed a spot at this year’s fair.
RAPAPORT. Phillips has hired two executives for its international jewelry department in an effort to broaden its expertise in the sector.
Sara Payne Thomeier will join the auction house as senior vice president and head of jewels for the Americas, Phillips said last week. She will be responsible for leading the New York jewelry department, deepening client relationships and sourcing material for jewelry auctions in New York and Hong Kong. Thomeier was previously executive vice president and jewelry specialist at art appraisal and advisory group Gurr Johns International and has worked at wholesaler Provockative Gems.
Phillips has also appointed Cristel Tan as international jewelry specialist for southeast Asia. She will focus on developing Phillips’s client base and profile in the region as the auction house looks to broaden its reach there. Additionally, she will support the Hong Kong jewelry team and help with aucti
Manufacturers snapped up the limited supply in anticipation of rough shortages, sources told
Rapaport News. Sales will still be 10% to 25% lower than the previous cycle in March because of reduced availability, they estimated. That translates to a sight value of $330 million to $400 million.
“People are buying from the miners and the big sources, thinking that there will probably be tenders that will be canceled,” a sightholder said. “There is the perceived idea that there’s going to be a shortage in certain goods. People are as eager to buy rough as they were four weeks ago.”
De Beers is not offering any ex-plan goods those over and above customers’ prearranged allocations the sources added. The miner has fewer diamonds available for clients after reducing its inventories during a strong first quarter for the rough trade, when it sold 13.5 million carats against production of 7.2 million carats. It has suffered operational difficulties at some of its Botswana
RAPAPORT. Gem Diamonds has unearthed a 254-carat rough stone in Lesotho, marking a return to high-value discoveries following a lull.
The “high-quality,” type II, white diamond came from the company’s lucrative Letšeng mine, it said in a statement Tuesday.
The miner had not publicized any noteworthy finds since January, when the deposit produced a 146.9-carat rough. Output of large diamonds was sluggish in the first quarter because of the nature of the areas of Letšeng the company accessed during the quarter, CEO Clifford Elphick said last month.
Image: The 254-carat diamond. (Gem Diamonds)