Diamond industry news recap -September 26, 2024
Diamond Industry News Recap:
Weekly News Recap: Key Updates from the Jewelry and Watch Industries
This week, Owl Financial Group brings you the latest developments from the world of luxury goods and gemstones. From historic diamond necklaces to the diamond market’s "new normal," dive into the essential updates you need to know.
Sotheby’s to Offer Diamond Necklace with Link to Marie Antoinette
A rare diamond necklace, potentially linked to Marie Antoinette, is set to be auctioned by Sotheby’s in Geneva. This exquisite piece, boasting approximately 300 carats of diamonds, was worn during two royal coronations. Valued at up to $2.8 million, the necklace may include diamonds from the infamous “Affair of the Necklace” scandal. This masterpiece of Georgian design will tour multiple cities before the auction in November.
Letšeng Mine Yields 213-Carat Rough for Gem Diamonds
Gem Diamonds continues to discover massive stones at its Letšeng mine in Lesotho. The company’s latest find is a 212.91-carat rough diamond, the 13th stone over 100 carats discovered this year alone. Operational improvements at the mine have enabled the recovery of larger stones with fewer breakages, contributing to Gem Diamonds’ strong production forecast for 2024.
Swiss Watches Bounce Back in August, but Uncertainty Looms
Swiss watch exports increased by 6.9% year-on-year in August, a stronger recovery than July’s modest growth. However, the overall trend for 2024 remains negative, with watchmakers citing poor visibility in the medium term. With demand from key markets like China and Hong Kong declining, the outlook for the remainder of the year remains cautious, despite the temporary upswing.
Jewels From My Inbox: September 2024 Edition
As the holiday season approaches, jewelry retailers are preparing for a whirlwind of activity. This month’s trends include hoop earrings, tennis bracelets, and vibrant sapphires. As consumers get ready for the festive rush, jewelers are blending the warmth of autumn with the lingering glow of summer in their collections.
Is Current Diamond Industry Turbulence Shaping a ‘New Normal’?
The Indian diamond industry has been navigating significant challenges as polished inventories grow while prices remain flat. Companies are now adopting different strategies, including shorter work weeks and extended vacations, to manage the volatility. Some, like Venus Jewel, are focusing more on the domestic Indian market, while others are re-evaluating their operations to cope with the ongoing turbulence.
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Owl Financial Group, LLC
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