The JCK booth’s mega-sized display case is a one-time experience, even for experienced trade show attendees.
MID House of Diamonds will be among the exhibitors at the June 2020 JCK Vegas Show. Come say Hi!
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Despite the dramatic global slowdown in rough diamond supply, work continues at mines owned by Alrosa, the state-controlled Russian producer, which has just announced the discovery of a 236-carat intense fancy yellow colored diamond at the Ebelyakh mine, in the north of Yakutia, the autonomous area in Siberia where most of the country’s deposits are located.
There are few enterprises in the international jewelry industry that have been as severely impacted by the COVID-19 crisis as have been the trade show organizers, and there are few operations more likely to be fundamentally changed than trade shows.
With the diamond pipeline impacted significantly by COVID-19 pandemic, rough diamond sales by De Beers during second quarter of 2020 stood at $56 million, about 96 percent down from the figure reported for the same three-month period a year earlier. In the opinion of RBC Capital Markets, the diamond mining company is likely to post a $100 million loss in the first half of the year.
The COVID-19 pandemic has provided the luxury product industries an opportunity to rethink the way the way they do business. Many of the measures necessary may have had to be instituted at some time in the future, but they are more urgent now the current crisis has accelerated many consumer trends that were already underway, notes the Milan headquartered luxury markets team of the Boston Consulting Group, in a report just released in conjunction with Altagamma, the foundation responsible for promoting Italian luxury brands
With many of the action houses relying more on online bidding at any other time in their history, all as a result of the COVID-19 crisis, live auctions hope to make a triumphant return to Christie’s in New York on July 29, with Christie’s Magnificent Jewels sale becoming the first live jewelry auction by a major auction house in New York since the outbreak of the coronavirus pandemic in North America.
Even the most optimistic forecasts of the high-end luxury product show a fall in sales of luxury personal goods from 35 percent to 45 percent as a result of the current global pandemic, reports a study just released by Milan-based office of the Boston Consulting Group together with Altagamma, the foundation responsible for promoting Italian luxury brands.
Is the COVID-19 crisis precipitating a truce or at least an agreed-to modus operandi between the natural and laboratory-grown or synthetic diamond sectors. Forbes contributor Pamela Danziger seems to think so. “In a global market transformed by COVID-19, the lab-grown and mined diamond industries have called a truce as they now face a common enemy: declining consumer demand,” she suggests in an online article published by the economic journal.
The diamond industry continues to be impacted by the ongoing coronavirus, particularly in India, which now is the country with third highest number of confirmed infections worldwide, and in Israel, which is struggling with the second wave of COVID infections after successfully getting through the first wave with relatively few casualties.
Despite the lockdown and the increased comfort with shopping using the Internet, more than 62 percent of American consumers would still prefer to buy diamond jewellery at a physical store rather than online, according to new research published today by De Beers Group in the second of its Diamond Insight ‘Flash’ Reports, which seek to highlight the evolving consumer perspective in light of COVID-19. But there is a provider, the store environment needs to be considered safe.
Despite the lockdown and the increased comfort with shopping using the Internet, more than 62 percent of American consumers would still prefer to buy diamond jewellery at a physical store rather than online, according to new research published today by De Beers Group in the second of its Diamond Insight ‘Flash’ Reports, which seek to highlight the evolving consumer perspective in light of COVID-19. But there is a provider, the store environment needs to be considered safe.
New York, the gateway to the world’s most important diamond jewelry market, kicked off Phase 3 of its four-stage reopening process, and as the city that had been hardest-hit worldwide by the COVID-19 pandemic struggles to resurrect its economy.
The June fine jewelry auction season, which took place against the backdrop of the COVID-19 pandemic, has produced some mixed results, but one definite highlight was the sale worth $2.12 million of a 28-carat diamond on the final day of Christie’s Jewels Online auction. This made it the most expensive jewel ever auctioned via the Internet, and it lent credence to the understanding that the auction is being inexorably changed.
As the fallout from the financial crisis instigated by the COVID-19 epidemic has yet to settle, it appears that one of the first major casualties could be a mining company. Following a strategic review into its capital structure options, Petra Diamonds announced on June 26 that it is now seeking offers for the company or for other assets.
It is a statement that has fast becoming a mantra during this period of global pandemic and social distancing – “the world as we know it will be forever changed” – and increasingly it becoming clearer that the business environment which will be one of those to be transformed most significantly.
With the lockdown largely ended, China’s market is a quickly ramping up, wrote Lian Qiang, President of the Shanghai Diamond Exchange (SDE), in a blog published by the World Diamond Council (WDC) and could even beginning growing before the end current calendar year. But, he noted, the COVID-19 pandemic impacted in unprecedented ways on China’s jewelry retail markets and their supply chains, making it likely that the industry will be forever changed.
The anchor of the diamond market had traditionally been matrimonial jewelry. Historically, it also has been its most stabilizing factor. Economic crises come and go, but people continue to get married. However, the COVID-19 epidemic has broken some of those rules – not by reducing people’s inclination to hitch up for better or for worse, but rather by reducing their ability to do so in the proper way.
The auction season this year is taking place against the backdrop of the COVID-19 virus, and consequently will feature a patchwork of both live and online events.
As more U.S. states are moving out of the COVID-19 lockdown, many of the consumers polled in a survey conducted on behalf De Beers indicated that there have been positive effects to their lives during the quarantine. Respondents noted focusing on more time with family, less time commuting, and feeling grateful for things they used to take for granted.
For several years already diamond market analysts have been predicting an impending shortage of rough diamond supply, triggered by a consistent rise in demand for polished goods, largely from the developing markets of Asia, coupled with a lack of new diamonds scheduled to come on stream over the coming decade. In the wake of the COVID-19 crisis, however, that problem seems to have placed on the backburner, as least for now.
For more than 50 years, the task of marketing diamonds and diamond jewelry was carried out by one company, De Beers, which it one stage spent about $250 million per year generically promoting the diamond dream. The results were spectacular, transforming the diamond into one of the world’s most sought-after luxury products.
Since the start of the worldwide coronavirus crisis in February, luxury market analysts have been struggling to forecast how the fast moving and often unpredictable pandemic is likely to impact on an industry that was worth more than $300 billion at the end of 2019.
One of the most poignant signs of the COVID-19 lockdown in the diamond business over the past several months has been the closure of the diamond trading halls in the various bourses around the world. More than just places where people do business, to many they represent the heart and soul of the industry, the common space where colleagues meet, interact and exchange information.
Mother’s Day has traditionally offered a strong selling opportunity to the jewelry industry, but with the world caught in the grip of the COVID-19 pandemic, questions were being asked whether 2020 would prove an exception to the rule. Actual sales data is not yet available, but indications is that consumers still celebrated their partners, matriarchs and grandparents, albeit modestly as one would expect in a time of economic hardship.
While the COVID-19 is certainly a threat to the artisanal diamond mining communities in African, the economic effects could outweigh the health effects, reports the World Diamond Council (WDC) in its latest newsletter.
Just as the jewelry industry appears to be consolidating, so does the rough diamond business, at least geographically, states Learn Bonds, a London-based financial publication serving the investment market. But, while the study has been quite widely quoted in the trade, it does appear to include certain blind spots and quite a few possible inaccuracies.