De Beers Sight Sees Strong Demand, Low Supply 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.”
Pandora Raises 2021 Outlook, Focuses on China
RAPAPORT. Pandora has increased its forecast for the full year amid strong US and online demand at the start of 2021.
The Danish jeweler now expects revenue for the year to increase more than 12% compared to 2020, adjusted from its initial prediction of more than 8%, it said Tuesday.
The upgrade is “driven by the US stimulus packages, as well as stronger underlying performance,” the company noted.
Revenue rose 8% year on year to DKK 4.5 billion ($725.7 million) in the first quarter, as sales in the US jumped 64% in local currency terms to DKK 1.39 billion ($224.3 million). Profit came to DKK 628 million ($101.3 million), compared to a loss of DKK 24 million ($3.9 million) the previous year. Online sales increased 136% compared with the same period of 2020 and more than 200% versus 2019.
Letšeng Mine Produces 254ct. Rough
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)
Pandora Taps Lab-Grown, Drops Mined Diamonds
RAPAPORT. Pandora has launched its first lab-grown jewelry line and pledged to cease using mined diamonds in any of the company’s pieces.
The Danish jeweler will introduce the collection, Pandora Brilliance, in the UK on May 6, before debuting it globally in 2022, it said Tuesday. Pandora believes offering synthetics will make its products more accessible to a wider audience looking for more affordable and sustainable diamond jewelry, it explained.
“Pandora continues its quest to make incredible jewelry available for more people,” said Pandora CEO Alexander Lacik. “[Pandora Brilliance] is a new collection of beautifully designed jewelry featuring lab-created diamonds. They are as much a symbol of innovation and progress as they are of enduring beauty and stand as a testament to our ongoing and ambitious sustainability agenda. Diamonds are not only forever, but for everyone.”
Letšeng Mine Produces 254ct. Rough
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)