India Exports Hit Two-Year High
RAPAPORT. India’s polished-diamond exports reached their highest level in more than two years as manufacturers rushed to meet retail demand. April shipments came to $2.25 billion, compared with $35 million during the onset of the coronavirus pandemic a year earlier. The total was also 37% higher than the same period of 2019, according to recent data from the country’s Gem & Jewellery Export Promotion Council (GJEPC).
India Trade Data for April 2021
$861/carat
$811/carat
Source: Gem & Jewellery Export Promotion Council; Rapaport archives.
About the data: India, the world’s largest diamond-cutting center, is a net importer of rough and a net exporter of polished. As such,
Macy’s Says Jewelry Attracting Younger Customers
RAPAPORT. Jewelry was one of the top-selling categories at Macy’s during the first fiscal quarter amid an influx of new, younger customers seeking luxury products.
“We had very strong results with new customers,” Macy’s CEO Jeff Gennette said Wednesday in an earnings call transcribed by Seeking Alpha. “Fragrances, women’s shoes, big ticket, fine jewelry [and] men’s clothing are all kind of on-ramp categories for us that a lot of these younger customers transact with us on. These new customers are spending at much better rates than they have in the past.”
Christie’s Sells Pink Diamond for Record $29M
RAPAPORT. The Sakura ring was the star at Christie’s Hong Kong, setting a world-record auction price for a purple-pink diamond.
The cushion-cut, 15.81-carat, fancy-vivid, internally flawless stone sold within its estimate for $29.3 million, or $1.9 million per carat, at the May 23 Magnificent Jewels auction, Christie’s said Sunday. The piece, purchased by a private Asian buyer, was also the most valuable jewel sold at auction so far this year. Overall, the Hong Kong sale raked in $76.8 million, the auction house’s highest total for a jewelry auction in four years.
“We are very excited to have marked another important chapter in jewelry-auction history today, with The Sakura realizing a record-breaking price,” said Vickie Sek, chairman of Christie’s Asia Pacific jewelry department. “The strong sell-through rates and exceptional prices achieved for top-quality colored diamonds and gemstones reflect a robust market deman
RAPAPORT. Watches of Switzerland reported strong sales growth in its fiscal fourth quarter, reflecting both the boost from e-commerce in the UK and an easing of restrictions in the US.
Group revenue surged 76% year over year to GBP 218.2 million ($308.9 million) over the 14 weeks ending May 2, the UK-based company said last week. Relative to the fourth quarter of 2019, which excludes the effects of the coronavirus pandemic, revenue still grew by 22%.
In the UK, which accounted for just under two-thirds of group revenue for the quarter, online sales soared by 218%. Stores also experienced “strong” growth after reopening from lockdown earlier this year. The launch of three boutiques further developed the mono-brand channel, which offers a wide range of products from a single brand.
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