Diamonds net - Hong Kong Jeweler TSL Warns of Loss diamonds.net - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from diamonds.net Daily Mail and Mail on Sunday newspapers.
Greenland Ruby Unveils $18M Loan
RAPAPORT. Greenland Ruby, a miner of rubies and sapphires in the island nation, has reached an agreement with a specialist financier for an $18 million working-capital facility.
The financing, spread over three tranches, is “believed to be one of the largest” in the history of colored gemstones, the company said in a recent statement. The deal with Nebari Natural Resources Credit Fund I will allow the miner to accelerate its growth plans, it explained.
“This is a tremendous milestone for Greenland Ruby,” said its CEO, Magnus Kibsgaard. “With the new financing, we will not only continue mining at the current site, but also begin activity at our other licensed sites, where we have already recorded exciting exploration results.”
Losses Narrow for Online Gold Jeweler Mene
RAPAPORT. Mene, an online retailer that prices its precious-metal jewelry based on weight, reduced its net loss for 2020 as the average value per order increased.
The company reported a 51% decline in its net loss for the year ending December 31 as the average order value rose 63% to CAD 1,530 ($1,235), the Toronto, Canada-based company said last week. Sales of gold products grew 21%, while platinum jewelry was up 34%. Total revenue jumped 62% to CAD 21.1 million ($17 million).
During the year, the company introduced 180 new products, with sales of new designs accounting for 19% of total revenue.
Revenue for the fourth quarter rose 53% year on year to CAD 7.1 million ($5.7 million), with the net loss narrowing to CAD 76,727 ($69,929) compared to a loss of CAD 3.4 million ($2.7 million) in 2019.
RAPAPORT. Vivrelle, a club that provides its members with a shared closet of luxury goods, has raised $26 million to finance its multipronged expansion plans.
The Series-A venture-capital funding will help enlarge the company’s product offering, amplify marketing initiatives, and scale up operations, Vivrelle said in a statement on Monday.
The club, established in 2018 by newlyweds Blake and Wayne Geffen, lets paid members experience closet items including designer handbags, jewelry and diamonds for as long as they would like, or swap them out monthly. It also offers the try-before-you-buy model, with discounts available for those who purchase items from the closet.
Tiffany Debuts Men’s Engagement-Ring Line
RAPAPORT. Tiffany & Co. has created its first ever line of engagement rings for men in an effort to appeal to a broader client base.
The collection, named after the jeweler’s founder, Charles Lewis Tiffany, is part of an effort to promote “love and inclusivity” and “[pave] the way for new traditions to celebrate our unique love stories,” Tiffany said last week.
Tiffany will offer the signet-style rings in platinum and titanium with center-set diamonds of up to 5 carats. Rings with round brilliant diamonds will have a streamlined, knife-edge band, inspired by the original Tiffany setting, while those with an emerald-cut stone are designed with strong, architectural beveled edges, the company noted.