Diamond industry news recap -November 7, 2024
Diamond Industry News Recap:
Weekly News Recap: Key Stories in Jewelry and Diamond Markets
Welcome to Owl Financial Group’s latest news recap, highlighting this week’s major developments in the jewelry and diamond sectors. From auctions of historical jewels to advancements in diamond science, here are the top stories.
GIA to Close Israel Gem Lab by End of 2024
GIA to Close Israel Gem Lab by End of 2024
The Gemological Institute of America (GIA) announced it will close its gem laboratory in Israel by year-end as part of a strategic global restructuring. This move comes after decades of operations in the region and aims to streamline services and allocate resources to other locations. Israeli clients will still have access to GIA services through alternative channels.
GIA Graders Spot Unusual Inclusions in Natural Diamonds
GIA graders have identified rare inclusions in natural diamonds that provide new insights into Earth’s deep mantle. These unusual formations not only offer a glimpse into geological processes but also highlight the scientific value of diamonds beyond their aesthetic appeal.
Jewels from the Sassoon Dynasty to Go Under the Hammer
Jewels from the Sassoon Dynasty to Go Under the Hammer
Jewelry from the famed Sassoon dynasty, including an Art Deco Cartier diamond necklace, will be auctioned at Christie’s Geneva on November 12. The necklace, which survived a WWII bombing, is estimated to sell for $1 million to $1.5 million. Other pieces include a Cartier ruby and diamond necklace and an Art Deco Colombian emerald bracelet, showcasing the Sassoons’ legacy of fine jewelry and cultural influence.
US Watch and Jewelry Sales See Sustained Growth
The U.S. watch and jewelry market continued its recovery in August, marking the 12th consecutive month of growth, with sales up 8.4% year-on-year. Much of this resurgence is driven by multi-line retailers like Amazon, Costco, and Walmart, which account for two-thirds of all watch and jewelry sales. Specialty jewelers, however, face challenges, as reflected by Signet’s 3.7% drop in Q2 same-store sales in North America.
Titanic-Era Rolex to Be Auctioned by Sotheby’s
A unique Rolex watch linked to the Titanic disaster is expected to fetch between $1.5 million and $3 million at Sotheby’s Geneva auction. This historic timepiece, steeped in cultural significance, underscores the enduring appeal of collectible luxury watches.
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