Articles and News
Industry News: Polished Diamond Prices Continue Decline; MJSA Boosts Careers In Jewelry; More November 04, 2015 (0 comments)
Polished Diamond Prices Soften Again in October
New York, NY—Polished diamond prices fell again in October despite rising expectations for the U.S. holiday season. Trading improved but turnover is well below last year’s levels, according to data from Rapaport. Suppliers are holding large polished inventory, while dealers are trying to buy select goods at deep discounts.
The RapNet Diamond Index (RAPI) for one-carat, GIA-graded diamonds fell 1.3% in October. RAPI for 0.30-carat diamonds slipped 0.1% and RAPI for 0.50-carat diamonds declined 1%. RAPI for three-carat diamonds slid 0.4%.
The Rapaport Monthly Report shows that steady U.S. demand is partly compensating for weakness in China. Jewelry sales were soft during the October 1 Golden Week, with Hong Kong weaker than Mainland China. Far East dealers are careful about buying into a down trending market. Trading center demand is geared toward filling orders for the U.S. holiday season with Israeli and U.S. dealers “cherry-picking” goods in India before the Diwali break (Nov. 7-13).
Rough markets remain under pressure with over-priced rough not selling. Manufacturers have significantly reduced factory output by 30%-50% and continue to reject De Beers and ALROSA supply. Trading on the secondary market is very quiet. Rough needs to decline by at least 20% to ensure reasonable profit margins in the middle market, says Rapaport.
Market sentiment is weak with ongoing consolidation in the midstream and deep concerns about stagnant demand. All eyes are on the U.S. retail sector as the industry has increased its marketing efforts with the re-launch of “A Diamond is Forever” advertising and the introduction of the “Ever Us” two-stone diamond ring category expected to boost consumer spending. Read more here.
Separately, RapNet has also suspended from its trading network those diamond companies suspended by GIA for allegedly participating in scheme to hack into GIA’s computers and alter diamond grading reports. RapNet has removed all diamonds with grading reports involved in this matter as well as all other diamonds listed by suspended members. Additional updated information and a list of all the diamonds and the companies that submitted them is available here.
GIA has asked anyone in possession of the listed diamonds or invalidated grading reports to immediately return them to GIA. Rapaport clients may return the grading reports and diamonds to Rapaport offices in New York, Ramat Gan, Mumbai and Hong Kong.
Suspended Rapnet members are: A. Lallubhai & Brothers, Admg Diamonds Pvt. Ltd, Darshna Gems, Dirgh Diamond Pvt. Ltd., Mahima Gems, Nidhi Impex, Pansuriya Impex, Shree Yogeshwar Gems, Sitaram Gems and Unity (HK).
MJSA, Boston School Cultivate the Next Generation of Jewelers
Attleboro, MA—There is a career path that regularly has more job openings than candidates to fill them: making jewelry. MJSA and North Bennet Street School in Boston are committed to recruiting the next generation of bench jeweler talent.
MJSA launched the BEaJEWELER initiative this year to help jewelry schools and businesses connect with that new generation and to maintain a competitive industry workforce. This month, North Bennet Street School and MJSA will team up for two exciting days of jewelry-making presentations and demonstrations at NBSS’s 65,000 sq. ft. career-training facility at 150 North Street in Boston’s North End. An open house will take place Friday and Saturday, November 20 and 21, from 10 a.m. – 2 p.m. each day.
Successful industry professionals will share their stories of how they developed their skills and established fulfilling careers in jewelry making and repair. NBSS staff will show live demonstrations of how to turn raw metal into wearable, beautiful jewelry. For more information, go to nbss.edu and BEaJEWELER.com.
VICENZAORO DUBAI Second Show Set For Next April
Dubai, United Arab Emirates—VICENZAORO DUBAI (VOD), organized by DV Global Link joint-venture company between Fiera di Vicenza and the DUBAI World Trade Centre (DWTC), will host its second annual show next spring, from April 14-17, 2016. The show targets buyers from the Middle East, Eurasia, North and East Africa, and Central and South Asia.
In 2015, more than 6,000 visitors from 110 countries attended VICENZAORO DUBAI, including retailers, store chains, department stores, wholesalers, dealers, importers and exporters, manufacturers, jewelry designers, and professional associations.
The exhibition format of VICENZAORO DUBAI 2016 will be organized into four key areas: Global Brands (leading innovators and the benchmark companies from the industry); Fine Jewellery & National Pavilions (unbranded jewellery collections distinguished for variety and creativity); Gemstones & Diamonds (a community dedicated to precious and semi-precious stones); and Packaging & Supply (packaging and visual merchandising).
Throughout the four days of VOD 2016, there will be seminars on the latest trends, one-to-one business meetings, conferences, and workshops, organized in cooperation with leading international organizations such as International Trade Associations and Institutions, Chambers of Commerce and Industry, and Consortiums.
Ahead of VICENZAORO DUBAI 2016, DV Global Link is also organizing a Road Show Campaign across 23 countries and 31 cities (UAE, Kuwait, Qatar, Bahrain, Oman, Saudi Arabia, Iran, India, Pakistan, Bangladesh, Sri Lanka, Egypt, South Africa, Nigeria, Tanzania, Kenya, Angola, Ghana, Zimbabwe, Singapore, Indonesia, Malaysia, Philippines).
For more information, contact info@vicenzaorodubai.com; (+971 4) 308 6431.
Winter Diamond Week In Israel Set For Feb. 14-18
Ramat Gan, Israel—The International Diamond Week in Israel (IDWI) winter edition will be held February 14-18, 2016 at the Israel Diamond Exchange (IDE). Moti Fluk, IDWI parting chairperson, said he expects the February edition to bring more members of bourses from the USA, Europe and Asia onto the IDE trading floor than ever before.
"We'll be encouraging members of additional bourses affiliated to the World Federation of Diamond Bourses (WFDB) to come and join us, making this the most diverse and valuable 'interbourse' diamond trading event that has been held up to now," Fluk said. Members of the Diamond Dealers Club of New York (DDC), the Antwerp Diamond Bourse and the Bharat Diamond Bourse of Mumbai will be joining the event.