Diamond industry news recap -September 12, 2024
Diamond Industry News Recap:
**Weekly Diamond Industry News Recap: Diamonds, Luxury Watches, and Elizabeth Taylor's Jewels**
The diamond industry is a fascinating one, constantly evolving and adapting to changing trends. This week's news recap brings you a taste of what's happening, from the US market's mixed signals to the rise of large rough diamonds from Gem Diamonds. We'll also delve into the world of luxury watches and a legendary actress' iconic jewelry collection.
US Diamond Market: A Tale of Two Sides
The US diamond market presents a curious picture. While retail sales remain steady, with a year-on-year increase of 8.5% in August for natural diamonds, there's a hesitation from retailers to buy new inventory. This cautiousness stems from price declines, leading to a preference for memo diamonds (diamonds held on consignment for potential sale) to minimize risk. This situation highlights how retailers are managing their inventory levels, impacting dealer sentiment despite stable consumer demand.
Gem Diamonds Unearths Another Large Rough Diamond
Continuing its streak of impressive finds, Gem Diamonds has recovered a 126.21-carat rough diamond from its Letšeng mine in Lesotho. This marks their 12th stone exceeding 100 carats retrieved this year alone! This success is attributed to operational improvements at their processing plant, enabling them to handle large diamonds with greater efficiency. As a result, the company has revised its production and sales volume forecasts upwards for the full year.
Rolex Seeks to Combat Counterfeiting with Tech
Luxury watchmaker Rolex is stepping up its fight against counterfeiting with a novel solution. They've filed a patent application for an integrated system using an NFT chip embedded in their timepieces. This chip, along with a dedicated smartphone app, would store vital information about the owner, the watch itself, and a security key. Additionally, the chip could track service history, all secured on a blockchain for enhanced security.
Fabergé Conjures "Beetlejuice Beetlejuice" Collection
Diamond Industry Needs Global Traceability Standards**
The need for universally accepted traceability and transparency standards in the diamond industry is gaining traction. A new report by the Dubai Multi Commodities Centre (DMCC) highlights the importance of high-tech solutions to ensure the integrity and sustainability of the diamond supply chain. While acknowledging concerns about potential delays, costs,and regulatory burden, the report proposes a collaborative approach to define minimum requirements for traceability and transparency.
Elizabeth Taylor's Jewels Up for Grabs (No Auction Required!
This week, legendary actress Elizabeth Taylor's captivating jewelry collection has resurfaced. M.S. Rau, a prestigious antiques dealer, has acquired this extraordinary assortment, offering collectors a unique opportunity. Unlike traditional auctions, these pieces are available for purchase directly through the store, potentially at a more favorable price point. The collection boasts a diverse range of signed and unsigned pieces, some holding deep personal significance in Taylor's life,like a bracelet engraved with her children's names.
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Owl Financial Group, LLC
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