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Industry News: Diamonds Heading Down But Gold Spiking Up; Video Promotes Good Of Diamonds; More July 06, 2016 (0 comments)

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D.E.F. Launches ‘Diamonds Do Good’ Global Video Campaign Targeting 8 Million

New York, NY—Tapping into consumer demand to do business with companies that are a force for positive change, the Diamond Empowerment Fund has launched the “Diamonds Do Good” global video messaging campaign. Three 60-second PSA videos vividly showcase the correlation between the purchases of diamonds and the positive effects of those purchases on communities throughout the world. (Left, a still from the Rio Tinto water project video)

As part of D.E.F.’s Diamonds Do Good mission, the campaign’s consumer-impacting videos target more than eight million Millennials and will rotate on global websites such as Vogue, The New York Times, Instyle, Elle, Vanity Fair, Harper’s Bazaar, and many others.

The social impact initiatives featured in each PSA video can also be found on DiamondsDoGood.com and include these programs: Forevermark’s support of the Zimele business loan program in South Africa, Rio Tinto’s support of sustainable development and clean water through the Bunder project in India, and the Diamond Empowerment Fund’s own support of the Flaviana Matata Foundation giving scholarships to young women in Tanzania.  Click on the highlighted link to see each video.

Championing the positive stories behind diamonds is a continuation of the Diamond Empowerment Fund’s effective effort to reach Millennials and all consumers with messaging that builds consumer confidence.  Retailers can help educate their customers by sharing the videos on their own social network channels and by posting the videos on their website. Contact Diamond Empowerment Fund Executive Director, Nancy Orem Lyman at n.lyman@diamondempowerment.org for more information.

Earlier this month the Diamond Empowerment Fund celebrated its mission to provide education to youth from diamond communities by hosting six student scholars at the highly successful Diamonds Do Good Awards Gala, held June 2 in Las Vegas. The visiting students came from two of D.E.F.’s beneficiary programs, African Leadership Academy and Botswana Top Achievers.

 

More Diamonds Mined, But Value Drops, In 2015

Tel Aviv, Israel—In 2015, 127.4 million carats of diamonds were mined around the world, a 2.1% increase over 2014, according to just released Kimberley Process figures and reported by diamond industry research analyst Edahn Golan. But the value of the total diamond production decreased 4.2% to $112.3 billion; with the average value dropping to $108.96 per carat.

Read his full report here.

 

Diamond Prices Slide Again in June

New York, NY—Polished diamond prices fell in June and sentiment softened again after a relatively weak Hong Kong show and mixed results in Las Vegas. Steady U.S. demand is supporting the diamond market—and exhibitors at both the Couture Show and JCK Luxury reported solid results in the luxury sector of the industry—but non-luxury results at the show were mixed, while Brexit, the U.S. election, and continued weakness in China’s luxury sector are fueling uncertainty in the diamond market overall. 

According to Rapaport’s RapNet Diamond Index (RAPI), prices for one-carat, GIA-graded diamonds fell 0.5% in June. RAPI for 0.30-carat diamonds dropped 1.6%, while RAPI for 0.50-carat diamonds slid 0.4%. RAPI for 3-carat diamonds declined 2.4 percent.

For the total second quarter, RAPI for one-carat diamonds fell 0.7 percent in the second quarter, reversing some of the gains made in the first three months of the year. The index edged up 0.7% for the first half of 2016.

Chart source: Rapaport

In the second quarter, selective diamond buyers pushed for deeper discounts. Polished inventory continued to rise and prices came under pressure, while rough trading remained resilient. There is steady demand for commercial-quality SI-clarity goods, but demand was weak for better quality and large diamonds.

Rough trading was steady in June but slowed after the De Beers sight. De Beers sold $560 million worth of rough in June and its sales increased 12 percent to an estimated $3.02 billion in the first half of the year. De Beers and ALROSA kept prices steady on average but prices have started to soften on the secondary market and at auctions. Liquidity is tightening as banks are withdrawing from the industry. Standard Chartered's decision to exit “high risk” diamond lending will result in the industry losing approximately $2 billion in credit, while Antwerp Diamond Bank continues to wind down its $1.5 billion book.

“The diamond industry is being challenged by low profitability, tight liquidity and sluggish demand. It is vital that rough diamond producers maintain price levels that ensure profitability and liquidity in the manufacturing sector during these uncertain times. Producers must increase their marketing spend to ensure generic diamond engagement ring demand from U.S. Millennial consumers,” said Martin Rapaport, chairman of the Rapaport Group. The Rapaport Monthly Report can be purchased here.

 

Gold Up Following Brexit, But Correction May Be Coming

New York, NY—Gold prices hit a 27-month high on Wednesday as investors’ appetite for risk dwindled in the aftermath of Brexit. Gold closed at $1,366 the ounce, more than $200 higher than last year at this time. But analyst Bob Dickey of RBC Capital Markets believes a correction is coming and warns against chasing the market. Though prices may have yet to peak, he feels a correction of 10% or more is reasonable to expect.

 

Industry Notables Join Panel at GIA’s New York Jewelry Career Fair

New York, NYGIA’s annual Jewelry Career Fair at the Jacob Javits Center July 25 will feature an opening panel of industry veterans and rising stars, each with a unique and inspiring path to success.

Susan Jacques, GIA’s president and CEO, will open the event with a panel presentation on “Job Success in Today’s Market.” Other speakers include Rahul Kadakia, international head of jewelry for Christie’s; Steven Lagos, founder and chief creative director for LAGOS; Martin Rapaport, chairman of the Rapaport Group; Natalie Tjaden, recent GIA graduate and merchandising assistant for Jewelry Television; and Yancy Weinrich, senior vice president of Reed Jewelry Group.

GIA president Susan Jacques at last year's Career Fair.

Both aspiring and current gem and jewelry professionals will be able to meet with nearly 50 job recruiters and spend one-on-one time with career coaches during the event, 8 a.m. to 1 p.m. on July 25. Recruiting begins at 10:15 a.m. The event is free for job seekers and open to the public; anyone interested in attending is urged to register prior to the event. For more details, visit gia.edu/career-fair or email careerfair@gia.edu. Follow @GIANews #JewelryJobs for updates.

 

Jewelers of America Expands With New Hires
New York, NY—Jewelers of America (JA) announces two new additions to staff, for both JA and National Jeweler, the industry news publication it acquired in February 2015. JA’s Summer Gu has joined JA as marketing coordinator. Gu will coordinate promotion of JA member benefit programs, events, advocacy and publications, and assist in member recruitment and engagement efforts. She is a 2014 graduate of New York University with a master of science in public relations and corporate communications. Gu joins director of marketing and communications Molly Fallon and Lauren Thompson, who was promoted from communications manager to associate director of communications and digital development last year.

Lauren Kalma, formerly public relations and marketing coordinator, is now public relations and events coordinator, working with Amanda Gizzi, director of public relations and events.

Ashley Davis has joined the editorial staff of National Jeweler as associate editor, covering emerging designers, new collections, and trends in the fine jewelry market. Davis is a graduate of the New School’s Riggio Honors Program and comes to National Jeweler after two years as an accessories assistant at Women’s Wear Daily. National Jeweler also promoted Brecken Branstrator to senior editor, leading the magazine’s colored gemstone coverage.

“We are excited to welcome Summer Gu to Jewelers of America. Her role will help JA better engage with our members and keep them, and the industry, aware of JA’s ongoing initiatives, like our mission to promote consumer confidence in the jewelry industry,” says JA president and CEO David J. Bonaparte.

“Ashley Davis brings excellent insight into designers and her background in journalism and accessories is a great addition to National Jeweler’s editorial team,” adds National Jeweler publisher Matthew Tratner.

 

MJSA Book Honored in Association Publishing Competition 

Attleboro, MA—Jewelry Metals: A Guide to Working with Common Alloys has won a Silver Award in the 2016 Association Media & Publishing EXCEL competition, the largest and most prestigious award program recognizing excellence in association publishing.

Published by MJSA Press in 2015, Jewelry Metals is a practical guide to working with precious and non-precious jewelry metals. It offers insights into the characteristics of common alloys, advice for easier casting and bench work, tips for managing scrap metal, and regulations for international marking and stamping. It also includes illustrated step-by-step instruction on a range of metalworking techniques, including mokumé gane, granulation, chasing, and anticlastic forming. 

James Binnion, an acclaimed metalsmith and recognized expert in the mokumé gane metalworking technique, served as technical editor. He is the owner of James Binnion Metal Arts in Bellingham, WA.

This is the second award for Jewelry Metals, which earlier earned a Bronze Ribbon in the 2015 Association TRENDS All-Media Contest. To learn more about Jewelry Metals and other resources and opportunities offered by MJSA, go to MJSA.org.

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