Alrosa Sales Rise as Market Strengthens
RAPAPORT. Alrosa’s sales jumped sharply in the first quarter as market activity rebounded across the diamond supply chain, the company said last week.
“Demand for rough diamonds remains sustainably strong, as cutters and polishers took steps to maintain adequate stocks during the downturn of 2020,” the Russian miner explained. “Demand from end consumers of diamond jewelry continued growing at a robust rate, especially in the US and China.”
Revenue from rough and polished diamonds grew 28% year on year to $1.16 billion for the first three months of 2021. Rough sales increased 28% to $1.13 billion, reflecting a 65% surge in volume to 15.5 million carats, while the average selling price fell 22% to $73 per carat.
Christie’s to Offer 101ct. ‘Spectacle’ Diamond
RAPAPORT. Christie’s will sell a 100.94-carat diamond at its upcoming Magnificent Jewels auction in Geneva, where it expects the stone to fetch up to $18 million.
The emerald-cut, D-color, internally flawless diamond, called the Spectacle, originated from a 207.29-carat rough Alrosa unearthed in 2016 at its Zarnitsa pipe in Yakutia, Christie’s said Monday.
Alrosa cut the stone at its polishing facility in Moscow over the course of a year and eight months, Christie’s noted. The diamond the largest ever manufactured in Russia will lead the May 12 auction.
The Spectacle is the third D-color, 100-carat-plus diamond the auction house has sold over the past 10 years. The Winston Legacy, a 101.73-carat, D-flawless stone, went for $26.7 million in Geneva in 2013, and the 163.41-carat, D-flawless Creation I fetched $33.7 million in 2017.
US Jewelry Store Closure Rate Slows
RAPAPORT. The number of jewelry businesses operating in the US slipped slightly in the first quarter of 2021, a much smaller decrease than in previous periods, according to data from the Jewelers Board of Trade (JBT).
In total, the sector downsized 1.5% year on year to 24,095 companies, compared to a decline of 4.2% in the first quarter of 2020, the JBT reported last week.
Of the businesses that discontinued operations, four firms went bankrupt, while 32 dropped out due to mergers or takeovers. A further 108 closed for other reasons. Meanwhile, the number of new businesses fell 31% to 33.
Retailers still constitute the bulk of the sector, numbering 18,263 down 1.5% year on year. The wholesale trade dropped 1.3% to 3,476, while the manufacturing sector contracted 2.3% to 2,356 firms.
The organization will reevaluate certain diamonds with “green or greenish” in the color grade, a spokesperson told
Rapaport News last week. The recall applies to reports it issued between January and June 2020. The GIA declined to reveal how many stones were affected or to provide their report numbers.
“Recent research and investigation into potential treatment methods caused us to request the return of the subject diamonds for further analysis,” the spokesperson said.
The institute informed customers about the issue around six weeks ago, and is in the process of collecting and reassessing the diamonds. Some stones could get an “undetermined” ruling, while others may require further testing, the spokesperson explained. Many diamonds had already come back with their natural-color statuses confirmed, market sources said. The GIA bases its conclusions on the “state of knowledge and criteria in place at the date of examination,” it added.
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