The move will allow the manufacturing company to offer a more “diverse and comprehensive” range of products.
Diamond Industry Leader Sees ‘Light at the End of the Tunnel’
In a letter sent out Thursday, WFDB’s Yoram Dvash wrote there are multiple reasons to be optimistic about the state of the diamond industry.
Antwerp—The diamond market is seeing signs of improvement, giving stakeholders multiple reasons to be optimistic about the holiday season ahead, Yoram Dvash, acting president of the WFDB, wrote in a letter distributed Thursday.
First diagnosed in Wuhan, China in late December, COVID-19 spread worldwide in the first few months of 2020, forcing the closure of businesses and the cancellation of all the major jewelry trade shows as governments everywhere ordered people to stay home.
The first half of the year, Dvash said, was “almost a complete washout,” with diamond imports and exports declining 70-80 percent in some of the world’s major trading hubs.
The industry’s two largest miners, De Beers Group and Alrosa, recorded significant declines in both production and sales in the first half of the year.
RELATED CONTENT: 10 Questions with De Beers CEO Bruce CleaverBut as of early August, the diamond market is “seeing some signs of recovery,” Dvash said, noting the “responsible policy” of De Beers and Alrosa to limit production and allow customers to defer all purchases to later in the year helped, as did the slowdown of manufacturing in Surat.
Diamond prices are stable, mainly due to shortages in various categories.
Import and export levels remain down year-over-year—they were off about 50 percent in Q3—but it’s an upgrade when compared to the first two quarters of the year.
Dvash said he expects import/export figures to keep improving and diamonds to “deliver a strong holiday season.”
In addition, manufacturers’ profit margins have improved and are actually better than they were pre-pandemic, he said, as they are able to buy only the rough needed to meet demand.
On the retail side, diamond jewelry sales in China are “soaring” post-lockdown.
In the United States, Dvash said independent jewelers are reporting steady demand from customers looking to purchase jewelry for major life events, a claim supported by the latest data.
In a column published earlier this week, Sherry Smith shared data from The Edge Retail Academy that showed independents’ sales grew 2.3 percent over June 2019 and as of July 24, were up 10 percent over last July.
Diamond jewelry, she wrote, was the top performer for independents.
“Our industry has proven its resilience by moving to online trading,” Dvash said. “Consumers are also buying more diamonds through e-commerce, with some of the largest luxury brands selling more diamond jewelry online.”
He said the improvement
The Latest
From now through mid-May, GIA will be offering the reports at a 50 percent discount.
Sponsored by the Las Vegas Antique Jewelry & Watch Show
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
The Patek Philippe expert will serve as personal curator for the brand-focused company.
The 553-square-foot shop is aboard the Carnival Jubilee cruise ship.
NDC filed a complaint against Skydiamond for use of phrases like “diamonds made entirely from the sky.”
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
John Carter received the AGS’s highest honor Tuesday afternoon at Conclave in Austin, Texas.
LVMH said the company performed well despite an uncertain geopolitical and economic environment.
B&D Sales and Service held a ribbon-cutting event for its new location in Cranston, Rhode Island.
It’s ultra-feminine and filled with gold, pearls, and soft pastels.
Emily Highet Morgan and Emily Bennett have joined the agency’s team.
Its updated book for mountings is also now available.
Joyce’s Jewelry sued the bank after cybercriminals drained its accounts of nearly $1.6 million through a series of wire transfers.
He is remembered by loved ones for his loyalty, integrity, and kindness.
Hosted by Freeman’s | Hindman, the sale will take place May 7-8.
The auction house said all 24 timepieces offered in its underground sale of rare and avant-garde watches quickly found buyers.
From lab-grown diamonds and AI to the inevitable Taylor Swift mention, here are some of Conclave’s most intriguing educational offerings.
From cybersecurity liability to trade show coverage, insurance experts share tips on how to build the right policy.
The charm is a modern rendition of the evil eye amulet that has been worn for thousands of years.
Ahead of its trade show next month, TJS awarded free registration and accommodations to one jewelry professional and three students.
By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.
Members can still sell lab-grown stones, it said, but only natural gems are allowed on the show floor.
He is remembered for his charisma, passion, integrity, kindness, and wit.
The retailer also appointed two new board members, avoiding a proxy fight from a potential buyer.
The bridal collection consists of 35 engagement rings and seven wedding bands.