Diamond industry news recap -October 23, 2024
Diamond Industry News Recap:
Weekly News Recap: Key Developments in the Jewelry and Diamond Industry
Stay informed with Owl Financial Group’s latest news recap, where we cover the most important stories shaping the jewelry and diamond markets. From industry closures to new campaigns targeting modern consumers, here are the highlights.
Shuttering of US Jewelry Companies Slows
The rate of jewelry business closures in the US has slowed, with 158 companies shuttering in the third quarter, compared to 171 a year ago, according to the Jewelers Board of Trade (JBT). Despite the slowdown, the overall number of active companies in the US jewelry industry fell by 3.3% year on year. However, there was positive news as 112 new businesses opened, marking a 25% increase compared to last year.
US Retail Sales Rise in September in Lead-Up to Holidays
US retail sales continued to grow in September, climbing 0.4% from August to $714.4 billion, driven by a strong job market and lower inflation. The increase comes as shoppers prepare for the holiday season, with clothing and accessories sales, including jewelry, rising 1.1% compared to August and 10% year on year. Online sales led the growth, up 15% from last year.
De Beers and Signet Launch Zillennials Campaign
De Beers and Signet Jewelers have launched a new campaign targeting "Zillennials" (those born between 1993 and 1998) with a focus on natural diamonds. The "Worth the Wait" campaign highlights the unique journey of modern couples, featuring diverse representation across racial, ethnic, and LGBTQIA+ communities. This collaboration aims to boost post-pandemic engagement sales among a new generation of US consumers.
Mountain Province Sales Up, Prices Down
Mountain Province reported a 12% increase in sales for the third quarter, despite a 27% drop in average diamond prices. The Toronto-based miner sold 679,599 carats during the quarter but noted that market conditions remained unsettled, with rough diamond prices continuing to fall. The Gahcho Kue mine is expected to produce 4.2 to 4.7 million carats in 2024, with production forecasted to extend until early 2031.
One-of-a-Kind Philippe Dufour Watch Heads to Auction
A unique Philippe Dufour Grande et Petite Sonnerie wristwatch is set to make history at Phillips' New York Watch Auction in December. With an estimated sale price exceeding $2 million, this one-of-a-kind timepiece features both petite and grande complications and is poised to break auction records. Dufour, a revered name in traditional watchmaking, has crafted only eight of these models, making this an extraordinary opportunity for collectors.
CALL US TODAY at 212-319-1250 for a private, discreet conversation on how you can leverage your jewelry assets to meet your cash needs.You can also email us at info@owlfinancialgroup.com with any questions you may have or schedule a meeting at our offices. https://linktr.ee/owlfinancialgroup
Owl Financial Group - Respected and trusted by Jewelers and Manufacturers throughout the world for over a decade.
Warm Regards,
Kathy Hillelson & Kalman Klein
Owl Financial Group, LLC
P: 212.319.1250 | F: 888.518.5744 | 844.CALL.OWL
info@owlfinancialgroup.com
#jeweler #diamondindustry #diamonddealers #diamonddistrict #diamonddistrictnyc#47thstreet #jckevents #rapaport #rapaportmagazine #gemstone #cusioncut #carat#emeraldcut #gemology #gianewyork