Diamond industry news recap -October 9, 2024
Diamond Industry News Recap:
Weekly News Recap: Key Updates in the Diamond and Jewelry Sectors
Stay ahead with Owl Financial Group’s latest weekly news recap, covering significant developments in the diamond and luxury jewelry markets. From shifting industry trends to innovative new products, here’s what you need to know.
Martin Rapaport on Natural Diamond Markets
Geopolitical and economic changes are reshaping the diamond market, with the natural diamond industry facing competition from lab-grown alternatives. Martin Rapaport discusses major factors such as declining Chinese demand, the rise of India as a diamond consumer, and a shift towards diamond resale opportunities. The industry has lost nearly 50% of global demand, but new strategies can help navigate these turbulent times.
Diamond Prices Decline in September
Diamond prices continued to drop in September due to oversupply, as indicated by the RapNet Diamond Index (RAPI™). Indian manufacturers reduced production to balance inventory levels, while demand remained weak in China and stable in the US. Leading diamond miners, including De Beers and Alrosa, held rough prices steady, aiming to prevent market oversaturation.
Lucara Sells Digital Sales Platform to ex-CEO
Lucara has sold its digital diamond sales platform, Clara, to former CEO Eira Thomas and HRA Group. The transaction allows Lucara to concentrate on expanding its Karowe mine, while the new owners plan to scale Clara as a premier marketplace for rough diamonds. Lucara retains a 3% profit interest and a five-year rough diamond supply agreement.
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Cartier Clock and 17-ct Ring Lead Paris Auction
An upcoming Bonhams auction in Paris will feature an Art Deco Cartier jeweled clock and a 17.19-carat diamond solitaire ring. With 174 lots, the event will showcase pieces from renowned brands like Cartier, Bulgari, and Van Cleef & Arpels, offering a range of designs from the 1930s to contemporary collections.
New Jewelry Company Disrupts How People Wear Hearing Aids
Auzi, a London-based startup, is revolutionizing the hearing aid market by turning these devices into luxury fashion items. Co-founders Daniela Groza and Declan McLaughlin designed jewelry cases for hearing aids using precious metals and gemstones, blending technology with style. The company plans to expand globally and integrate AI for future product enhancements.
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