The luxury Swiss watchmaker will sell direct to consumers at the HKRI Taikoo Hui mall, in Shanghai, according to Chinese media reports.
The store will be operated by Bucherer, the long-established watch retailer that was wholly acquired by Rolex last September, and will carry Bucherer branding. No date has been given for its opening
China is the second biggest market for Swiss watches after the US, accounting for $209m of exports in August.
But it is currently intensifying efforts to curb conspicuous extravagance, particularly through a crackdown on social media influencers who flaunt excessive wealth.
In addition overall sales of Swiss watches are suffering, according to the Federation of the Swiss Watch Industry, which describes the outlook for the rest of the year as negative.
Rolex dominates the Swiss watch market, with a share of more than 30 per cent. It has always relied on authorized dealers to manage its Chinese operations.
Canadian miner Lucara has sold Clara, its digital sales platform, to former CEO Eira Thomas and a group led by the Vancouver-based HRA Group of Companies.
The move gives Clara’s new owners the freedom to sell other diamonds, in addition to those produced by Lucara at its Karowe mine, in Botswana. It also allows Lucara to focus on the underground expansion of the mine.
Thomas, who stood down last August as Lucara CEO, led the commercialization of the Clara. She said it was designed to disrupt the way diamonds are traded after a century of inefficiency and inflexibility.
Clara’s new owners – HRA and Thomas – will pay $3m in cash and return 10,000,000 Lucara common shares initially issued as partial consideration when Lucara originally acquired the platform in 2018.
“We are excited about the opportunity to realize its full potential, which remains largely unexplored,” said Aaron Ariel, managing director and original founder of Clara.
“We believe it will become the industry’s premier global rough-diamond marketplace. We look forward to partnering with stakeholders throughout the supply chain who share our vision for a healthier, more transparent, and, last but certainly not least, a more profitable industry for all.”
Lucara will retain a 3% net profit interest on Clara’s net earnings and has granted Clara a five-year rough diamond supply agreement for stones meeting the size and quality specifications historically sold through the Clara platform.
Lucara’s larger stones – those over 10.8-cts – are sold via HB Antwerp as part of an ongoing 10-year agreement. They account for around 70 per cent of the company’s revenue.
William Lamb, president and CEO of Lucara, said: “The divestiture of Clara enables us to intensify our strategic focus on maximizing returns and long-term value creation at our world-class Karowe diamond mine in Botswana.
“While the Clara platform provides an innovative digital channel for rough diamond sales, the successful onboarding of other producers’ rough production required to scale the platform, remains unattainable while the platform is owned by a pure-play diamond producer.”
The Criminal Investigative Service (SIC) in Angola seized 710 diamonds of different carats on Sunday in Lucapa, a municipality in the northeastern Lunda-Norte province of Angola.
According to Graciano Lumanhe, the SIC spokesperson in Lunda-Norte, three individuals from Guinea Conakry were found in possession of the diamonds.
Angola Seizes 710 Diamond Stones From Three Guineans In addition to the diamonds, the officers also discovered a diamond weighing scale, two calculating machines, magnifying glasses, a sieve, and $860 and 68,000 kwanzas in cash during the operation.
All the evidence has been submitted to the Office of the Public Prosecutor as part of the preparations for criminal proceedings against the three suspects.
Rio Tinto launched on Wednesday its 2024 Beyond Rare tender, the second in its Art Series, showcasing 48 lots of extraordinarily rare stones from its diamonds business.
Titled Colour Awakened, this collection is headlined by seven “Old Masters”, notable historic diamonds from the Argyle diamond mine in Western Australia that operated from 1983 to 2020.
The Old Masters comprise seven round brilliant cut, pink and red diamonds, ranging in size from 0.60 carat to 2.63 carats. All unearthed from the mine over a decade ago in one case, as far back as 1987 each diamond has been carefully retrieved from private vaults and handpicked for inclusion in this year’s tender.
“No other mining company in the world has custody of such a kaleidoscope of coloured diamonds,” Sinead Kaufman, chief executive of Rio Tinto Minerals said in the statement.
In addition to the Old Masters, the Art Series 02 includes legacy inventory of pink, red and violet diamonds from the Argyle diamond mine, together with white and yellow diamonds from Rio Tinto’s Diavik diamond mine in Canada’s Northwest Territories.
“Four years on from the closure of the Argyle mine, our Beyond Rare Tender platform is a testimony to the enduring prestige of the Argyle Pink Diamonds brand, the quality of production from our Diavik mine, and the ongoing demand for highly collectible natural diamonds,” Kaufman said.
In total there are 76 diamonds, weighing 39.44 carats, comprising seven Old Masters, including one Fancy Red diamond; 32 single lots of pink and violet diamonds, including one Fancy Purplish Red diamond; and a rarified offering of nine carefully curated diamond sets, two of which include a 2.47 carat Fancy Intense Yellow diamond and a 4.04 carat D colour diamond, respectively, each from Diavik.
The 48 lots will be showcased in London, Australia, Singapore and Belgium, with bids closing on November 18.
A fancy-pink diamond pendant is set to headline an upcoming jewelry auction at Sotheby’s in Paris, where it is expected to fetch up to EUR 550,000 ($612,797).
The cushion-cut, 4.03-carat diamond piece will feature at the October 10 Fine Jewels sale, according to the Sotheby’s website. The auction will also offer jewels from Cartier, Van Cleef & Arpels, and Giovanni Ferraris.
Additionally, the event will showcase more than 80 pieces from the collection of British singer Dame Shirley Bassey, including diamond jewelry Elton John gifted her.
Here are the rest of top 10 jewels that will be auctioned:
This Cartier Tutti Frutti bracelet designed as a band of articulated branches —embellished with carved emeralds, rubies and emerald beads drill-set with single-cut diamonds — carries a top estimate of EUR 450,000 ($501,395). A necklace from the Shirley Bassey collection composed of a row of graduated brilliant-cut diamonds, with the main ones weighing 5.50, 5.36, and 4.61 carats, could sell for up to EUR 280,000 ($311,798). Sotheby’s will offer this gold and diamond Cartier set comprising a necklace, two bracelets, a pair of ear clips, and a ring, each paved with brilliant-cut diamonds, for a high price of EUR 260,000 ($289,687). A David Morris ring bearing a rectangular step-cut, 7.15-carat diamond of F color and internally flawless clarity, flanked by tapered baguette diamonds, is expected to bring in EUR 140,000 to EUR 250,000 ($155,990 to $278,554). This sapphire and diamond bracelet by Van Cleef & Arpels forms a stylized buckle set with a row of oval sapphires framed by brilliant-cut diamonds. It has a presale range of EUR 140,000 to EUR 240,000 ($155,990 to $267,410). This ring with a pear-shaped, fancy-brownish-yellow diamond weighing 20.03 carats could achieve as much as EUR 220,000 ($245,116). A necklace composed of openwork and oval motifs, each set with an oval sapphire within a double surrounding of brilliant-cut diamonds, has an upper price of EUR 180,000 ($200,540).A 21.17-carat, fancy-light-brown-yellow, SI2-clarity diamond ring with marquise-shaped diamond shoulders is anticipated to realize up to EUR 170,000 ($189,415). This claw-set ring with a rectangular step-cut, 5.06-carat diamond flanked by triangular diamonds carries a high estimate of EUR 150,000 ($155,990).
Lightbox has just launched new campaigns for its lab grown diamonds – despite its announcement in June that it was halting production.
The wholly-owned De Beers-owned subsidiary says it has enough existing inventory to keep it going for the time being.
The production facility in Portland, Oregon, USA, is now being used to manufacture industrial diamonds by Element Six, also owned by De Beers.
“Lightbox has sufficient existing inventory from Element Six to meet the brand’s needs for the foreseeable future,” a company spokesperson told IDEX Online.
“At JCK (in June), we communicated that Element Six (our synthetic diamond industrial business which had also been producing LGDs for Lightbox) would suspend production of LGDs for jewellery to focus on high-tech industrial applications.
“However, Lightbox as a brand is continuing as it plays an important role in supporting the differentiation between LGDs and natural diamonds as LGD prices continue to decline and they are increasingly used in fashion jewellery.
“The latest Lightbox campaigns, referenced in the email below, reinforce this as they focus on foregrounding the message of Lightbox’s recently lowered per carat pricing and its fashion-forward approach to product design.
Lightbox says its new Fall campaigns – Shine Bright Spend Less and Modern Family – reflect the brand’s focus on fashion jewelry and accessible pricing.
Melissa Crivillaro, Lightbox’s chief marketing officer, said: “Our accessible prices, our fun and colorful innovations, and our fashion-focused lab-grown diamond jewelry collections underpin Lightbox’s broad appeal.
“As we lean into our next chapter with a revived identity, new creative campaigns and bold price messaging, we look to connect more deeply with our customers.”
The pulse of the jewelry industry and its relationship with the constantly changing world is reflected each year at Jewellery & Gem World Hong Kong (JGWHK).
This year the annual jewelry trade show attracted more than 3,300 exhibitors, a 5% decline from 2023, according to Informa Markets, which owns and operates the fair. Although final buyer numbers aren’t available, walking the floors on the first four days, it’s easy to see that foot traffic was down as well. Still the show is expected to attract about 50,000 visitors.
Buyers in the Fine Design Pavilion of Jewellery & Gem World Hong Kong
More important than the numbers themselves is what they represent. A major typhoon in the Shanghai area a few days before the show began meant many exhibitors and buyers from the area could not immediately make the trip to Hong Kong. Obviously, war in Ukraine and in Gaza has kept people in these regions from attending. After years of exponential growth, the U.S. jewelry market has softened, partly due to the upcoming presidential election. The China market has softened as well, reflecting the country’s overall economic challenges. These are the two largest markets in the world for jewelry. Then for the first time in memory, the fair coincided with the Mid-Autumn Festival on September 18, which further reduced overall attendance, at least temporarily.
For a fair that has been held during trade wars, citywide political protests and a once-in-a-century typhoon, these distractions were mild by comparison. Through it all JGWHK remains, by far, the largest jewelry trade fair in the world, and for good reason.
Petra Diamonds reported increased sales for FY 2024, despite weak market conditions.
The UK based miner said it had saved $75m by deferring capital expansion programs and sustainably reducing its cost base.
Revenue for the year was $367m, an increase of 13 per cent on FY 2023, according to its Audited Full Year 2024 Results, published on Tuesday (24 September).
“Petra demonstrated its agility in responding to a weaker pricing environment by building greater business resilience,” said CEO Richard Duffy.
“We acknowledge the difficult market conditions through FY 2024 and believe that prices will stabilise through to the end of CY 2024 with some improvement expected in CY 2025.”
Petra sold 3.2m carats of rough during the year an increase of 36 per cent but achieved lower average prices per carat, down 17 per cent to $116, attributable to a 12.4 per cent decline in like for like prices, as well as product mix movements.
Last month Petra today Petra canceled its August/September tender to restrict supply amid ongoing weak demand.
Goods from its Cullinan and Finsch mines, in South Africa, will be sold instead at its next tender, which is expected to close in mid-October.
India’s exports of polished diamonds fell by 23.8 per cent year-on-year in August, according to the latest figures from the GJEPC (Gem and Jewellery Export Promotion Council).
Total foreign sales were $1.04bn, compared to $1.36bn last August. Exports in July were $908m, down 22.7 per cent.
Polished diamond exports have fallen every month this year, down 20 per cent in January, 28 per cent in February, 27 per cent in March, 17 per cent in April, 15 per cent in May and 26 per cent in June. All figures are for US dollars.
Gross exports of all gems and jewelry fell by 18.8 per cent during August – a slower rate of decline than diamonds – to $2.01bn.
Rough imports for the April to August period were down 22.6 per cent to $4.98bn.
Rio Tinto is offering early termination for employees at its Diavik diamond mine as part of the company’s efforts to save costs ahead of the mine’s closure in 2026, the Australian miner told jewelry news agency Rapaport.
Located in Canada’s Northwest Territories, about 200 km south of the Arctic Circle, Diavik has become an integral part of the NWT economy, employing over 1,000 people and producing an average of 6-7 million carats of gem-quality diamonds annually.
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Since entering production in 2003, the mine has outputted roughly 90 million carats of rough diamonds, making it one of the largest in Canada.
The offer of early termination to Diavik employees, says Rio Tinto, is a response to the challenges currently facing the diamond industry as the mine approaches the end of its life cycle.
“I can confirm that Diavik is looking at voluntary separation as part of our efforts to manage costs and rightsize our business given the relatively short runway to Diavik’s planned closure,” Matthew Breen, chief operating officer at Diavik, told Rapaport.
While the diamond mine is slated to close in the first quarter of 2026, Rio previously indicated that some workers will remain at the mine site until 2029 to support the closure and reclamation process.
Elsewhere in NWT, De Beers’ Gahcho Kué mine, about 280 km away from Yellowknife, is expected to follow Diavik and close around 2030.
A report earlier this year shared by research firm Impact Economics estimates that these NWT diamond mine closures could result in 1,500 jobs being lost and about 1,100 residents leaving the territory.
