Articles and News

LVMH Says Luxury Will Keep Going Strong

Paris, France—Louis Vuitton Moet Hennessy (LVMH), the giant luxury-goods conglomerate, sees no signs of a slowdown of demand for luxury goods in either Europe or the United States, and continues its growth in Asia. Yves Carcelle, who heads the fashion and leather goods unit of LVMH, which also owns several luxury watch and jewelry brands, told Bloomberg.com, “Even in a period of crisis, people want to treat themselves. The world of luxury doesn’t obey the same rule.” Read the entire Bloomberg.com article here.

IDEX Launches Global Weekly Diamond Price Report

Tel Aviv, Israel—IDEX Online announces the launch of its new IDEX Diamond Price Report. The report, published weekly, is a transparent analysis of asking prices for higher-quality diamonds in the international wholesale markets. It will be updated based on price changes as reflected by the global trade on IDEX’s trading platform, IDEXOnline.com.

Ehud Cohen, IDEX Online chairman, said, “What is perfect about our price report is that it takes hundreds of thousands of data points from thousands of industry players, and applies standard statistical tools to generate the report. It is driven solely by objective and consistent methodologies.”

Swiss Watch Exports Up in August

Geneva, Switzerland—Swiss watch exports rose sharply in August, climbing 16.4% over the previous year, according to figures from the Federation of Swiss Watch Industry reported in Women’s Wear Daily.

While the increase comes off a low base last year, gains were huge in China (up 44.3%), the United States (up 21.8%) and Hong Kong (up 18.4%). Strongest gains were in mid-priced watches (above CHF500 or $650), up 30%, while timepieces costing more than CHF3,000 ($3,845) saw a slight decline.

IDI Chairman Praises Small Sight

Tel Aviv, Israel—Moti Ganz, chairman of the Israel Diamond Institute (IDI) and president of both the International Diamond Manufacturers Association and the Israel Diamond Manufacturers Association, has praised the Diamond Trading Company’s (DTC) decision to decrease its September sight to $380 million. Ganz said that the DTC, after the unusually large August sight ($855 million), seeks to calm the market by decreasing sights and stabilizing prices, which will affect the entire diamond supply pipeline, including the polished diamond markets in diamond trading centers.

DTC CEO Varda Shine was recently inducted into the IDI League of Honor for her leadership. She received the award at the opening ceremony of the Hong Kong Fair on Monday September 19.