Winter Storms Slow US Retail Sales
RAPAPORT. US retail sales faltered in February as winter storms impacted consumers’ ability to shop, the National Retail Federation (NRF) said.
Revenues slipped 3% versus January’s total, with major snowstorms hitting the country’s northeast, and ice storms in the south cutting power in many locations, according to data the US Census Bureau reported Tuesday. Government stimulus checks, increased Covid-19 vaccinations, and reduced restrictions also buoyed January’s figures. However, February sales were up 6% compared to the same month in 2020.
“February’s retail sales numbers are a minor speed bump on the road to post-pandemic recovery, and are not a reflection of consumers’ willingness and ability to spend and drive the economy,” noted NRF CEO Matthew Shay.
US Polished Imports Stabilize
RAPAPORT. US polished-diamond imports were flat year on year at $1.43 billion in January, reflecting an easing of the industry’s slowdown that dominated 2020. The month was the first since February 2020 that didn’t feature a notable year-on-year decline, according to Rapaport archives based on data from the US Commerce Department.
US Trade Data for January 2021
$1,760/carat
Source: US Commerce Department data; Rapaport archives.
About the data: The US, the world’s largest diamond retail market, is a net importer of polished. As such, net polished imports representing polished imports minus polished exports will usually be a positive number.
RAPAPORT. The World Diamond Council (WDC) and the Responsible Jewellery Council (RJC) have agreed to work together on key issues such as the Kimberley Process (KP), conflict diamonds and sustainability.The two organizations have entered into a cross-membership partnership, meaning the RJC.
RAPAPORT. A Cartier diamond bracelet that took nearly 2,000 hours to create will go under the hammer at Sotheby’s in Hong Kong next month.
The piece, featuring a pear-shaped, 63.66-carat, D-color, internally flawless diamond surrounded by rows of rock crystal, will lead the April 20 Magnificent Jewels sale, Sotheby’s said Monday. The Art Deco-style bracelet is estimated at $5.2 million to $8.4 million. Another top lot is a jadeite bangle weighing 277.67 carats called the Circle of Happiness, Sotheby’s noted.
The auction house will offer a 7-carat, fancy-intense-purplish-pink diamond ring created by Sotheby’s Diamonds, valued at $5.9 million to $7.1 million. Several other jewels by Cartier will also be up for sale, including a 23.48-carat, fancy-deep-pinkish-orange diamond ring with a high valuation of $6.3 million. A ring by the jeweler set with two Kashmir sapphires weighing 5.1 and 4.71 carats and two diamonds carries a high estimate of $1.2 million, while an emeral
Arctic Canadian Diamond Company has appointed former Northwest Territories (NWT) mining minister Wally Schumann as its senior adviser on aboriginal and northern affairs.“[Schumann] joins the company at a very exciting time, as we embark on the next stage of our journey with Ekati, and.