RAPAPORT. Firestone Diamonds observed positive pricing in its third fiscal quarter as the company depleted its rough stockpiles amid the continued closure of the Liqhobong mine in Lesotho.
The miner sold the second of two inventory batches that it had been offering to customers as a test of the market’s recovery. Some 19,942 carats of mainly smaller, run-of-mine goods fetched $900,000 at an average price of $47 per carat the highest for that category since June 2018, Firestone said in a trading update last week.
Still, sales for the third quarter ending March 31 were lower than the $3.6 million the company generated in the preceding three months. That period saw Firestone sell a larger parcel containing 43,269 carats, including higher-value special stones that drove an average price of $84 per carat.
RAPAPORT. Gemfields clocked its highest auction revenue since March 2016 at a sale of emeralds from its Kagem mine in Zambia amid strong pricing and increased demand.
Revenue from a series of five mini-auctions between March 15 and April 17 reached $31.4 million as 59 companies placed bids, Gemfields said last week.
The miner sold 271,000 carats of emeralds at an average price of $116 per carat, compared to $60 per carat at the previous set of emerald auctions in November and December 2020. The recent sale included finer qualities of emeralds that were not offered at the previous one, Gemfields explained.
Some 97% of lots found buyers, or 99% by carat weight. The company made selected items available for in-person and private viewings in Tel Aviv, Dubai and Jaipur prior to the auction.
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.
Diamond markets mixed. US and China recovery fueling optimism, but uncertainty remains due to worrying coronavirus situation in India. Europe relatively weak. Supply volatility expected in short term. Polished inventory levels declining as manufacturers reduce capacity and GIA backlog rises. Cutters focused on 1 ct. polished and larger. Small De Beers sight projected for next week. US consumer confidence +12% to pre-pandemic levels in April, reports Conference Board. National Retail Federation predicts record Mother’s Day jewelry sales. China 1Q polished imports +393% to $722M. WFDB launches fundraising campaign to help India with Covid-19 battle: campaign.wfdb.com.
Fancies: Market robust. Upturn in prices for 0.30 to 0.99 ct. across various shapes. Shortages of 1.25 to 3.99 ct., F-J, VVS2-SI2 fancies. Retailers offering wider product ranges as consumers seek alternative shapes at more affordable prices than rounds.
RAPAPORT. China’s polished-diamond imports rose almost fivefold in the first quarter as the mainland retail market extended its recovery, according to data from the country’s main bourse.
Net shipments into China via the Shanghai Diamond Exchange (SDE) grew 393% year on year to $722 million during the three months ending March 31, the institution reported Tuesday. Import volume jumped 394% to 699,500 carats.
The numbers are “a good indication of [the] continued improvement in the diamond market of mainland China,” said industry analyst Julius Zheng.
China’s diamond trade and retail market ground to a halt in early 2020 when Covid-19 hit. It recovered strongly amid more positive consumer sentiment from the middle of the year onward, with restrictions on overseas travel further boosting domestic demand, Zheng explained.