Articles and News
Industry News: AGS Opens NY Take-In Window; Polished Diamond Prices Creep Up; Rio Tinto Tender; More March 05, 2014 (0 comments)
AGS Labs To Open NYC Take-In Window
Las Vegas, NV--The American Gem Society Laboratories is opening its first-ever New York take-in window, which will be located in the Brinks offices at 580 Fifth Avenue, Suite 400, in New York’s diamond district. To celebrate the launch, AGS Labs and the New York Diamond Dealers Club (NYDDC) have formed a special partnership for DDC members. AGS will offer free shipping to DDC members for 60 days, beginning March 13.
On March 12, the NYDDC will host a reception at 1:30 p.m. to commemorate the launch. Peter Yantzer, CG, executive director of AGS Laboratories, and Ash Shah, CGA, director of membership at the American Gem Society, have a presentation on AGS Laboratories and meet members of the DDC. Representatives from Brinks will also be on hand to answer questions.
To contact the AGS Labs take-in window, call AGS Labs at (800) 250-2600 or Brinks at (212)-704-5262.
Polished Prices Edge Up; Rapaport Auctions 60,000+ Carats of Melee
New York, NY—Polished diamond prices edged up while rough diamond prices remained stable. Polished trading was driven by U.S. and Chinese demand, as jewelers began to replenish inventory sold during the Christmas and Chinese New Year shopping seasons.
In February, Rapaport's RapNet Diamond Index (RAPI) for one-carat certified polished diamonds increased 0.3%, while RAPI for smaller diamonds continued the positive trend that was evident in 2013. 0.30-ct. stones rose 2.9% and 0.50-ct., 2.2%.
The Rapaport Monthly Report for March 2014, “Rising Confidence,” notes polished prices have firmed and profit margins improved. There is greater liquidity in the market as manufacturers’ inventories have declined, but concerns remain that liquidity will tighten in the coming months since trading is expected to slow in the second half of the year and banks are reducing credit to the industry.
Diamond markets are optimistic but all eyes are on this week’s Hong Kong show to assess whether the positive trend will be sustainable. Polished suppliers are clamoring for higher prices, but buyers are resisting, as retail jewelry demand is steady but not booming.
Separately, Rapaport’s global trading group opened its melee auction in New York last week with over 60,000 carats of diamonds, including recycled and finely assorted parcels in all shapes, qualities and sizes. With the price of melee rising steadily, manufacturers are increasingly seeking recycled polished stones, says the company. The auction—with viewing last week in New York and through Friday at the Hong Kong International Jewellery Show—is one of the company’s largest auctions to date.
To participate, contact Auction Support: auctions@rapaport.com.
Rio Tinto Tenders Large White And Fancy Color Rough Diamonds
Antwerp, Belgium--Rio Tinto has announced its first rough diamonds tender for 2014 will be held in Israel and Antwerp from March 9-28.
Comprising 124 lots of rough diamonds from its Argyle (Australian), Diavik (Canadian) and Murowa (Zimbabwean) mines, the tender showcases a unique combination of white and fancy color rough diamonds. Notable examples include:
- A 70 carat white diamond from the Diavik mine.
- Several fancy and intense yellow diamonds from all three mines.
- Several large dark brown diamonds from the Argyle mine.
- A range of extremely rare natural pink rough diamonds from the Argyle mine.
- Several purple diamonds from the Diavik mine.
While the majority of Rio Tinto's rough diamond production is sold through two year supply agreements with designated Select Diamantaires, the miner offers specific product segments for sale to a wider community of invited companies. A proprietary auction mechanism is used for this sale format.
Viewings in Israel are fully booked but diamond companies who wish to schedule a viewing appointment in Antwerp should email auctionsales@riotinto.com or call (+32) 3 303 68 68.
MJSA Introduces Mobile Website with Improved Search Capabilities
Attleboro Falls, MA—MJSA announces a mobile website that enables quick searches for MJSA member companies, show exhibitors, and educational programs, as well as supplies and services through the MJSA Buyer's Guide.
Designed specifically for easy viewing on smart phones, mobile.mjsa.org also provides the current spot prices of gold, silver, platinum, and palladium, as well as updates on MJSA initiatives.
Features include:
- MJSA Member Directory allows searches of member companies by name or city.
- MJSA Show Exhibitors directory allows searches by company name, booth number, or product categories, for all MJSA trade shows.
- Lists of upcoming MJSA-sponsored seminars and educational programs.
- Search for tools, equipment, supplies, and services through the MJSA Buyers’ Guide.
For more information, click here or call (800) 444-MJSA.