Diamond News Archives

(IDEX Online) - Gem Diamonds reported increased sales after its Letseng mine resumed operations and demand for its diamond improved.

The London-based miner was hard hit by the coronavirus pandemic and in September it said revenue had slipped from $93.1m in H1 of 2019 to $69.5m.

But today's Q3 2020 trading update shows positive cash flow, revenue of $25.6m and much-reduced debt.

It achieved higher per-carat prices - $2,215 per carat, up from $1,714 per carat in H1 - and sold seven stones for over $1m each.

The mine was closed between March and May by the global pandemic.

CEO Clifford Elphick said: "These prices achieved (on a like for like basis) are higher than those realised in the pre Covid-19 market conditions of H2 2019.

 

"This, together with the continued pro-active cost control and cash preservation measures implemented across the group, has resulted in continued positive cash flow."

Gem operates the highest dollar per carat kimberlite diamond mine in the world, in landlocked Lesotho, and has just agreed a 10-year extension to its mining lease.

Pic shows Letseng mine...

U.S. stock futures fell sharply early Wednesday as investors feared an increase in coronavirus infections could halt the recovering economy.

(IDEX Online)- Almost all jewelry retailers who sell lab-grown diamonds in the US say their margins are better than with mined gems. And more and more consumers are asking for them.

Those are among the key findings of Gaining Critical Mass, a study by US-based MVI Marketing LLC (THE MVEye). 

Almost four out of 10 independent jewelers are sell lab-growns, says the report, and Signet, the biggest US chain, now stocks them.

"Lab-grown diamond is a high margin category that consumers are reacting to positively. Now that Signet is in it, other jewelers will have to take a hard look at this category or lose out on it," said CEO Marty Hurwitz (pictured).

Headline stats from the research include:

80% of jewelry consumers in 2020 have heard about lab-grown diamonds, up from 58 per cent in 2018.

69% of jewelry consumers in 2020 knew of brands using lab-grown diamonds, up from 49 per cent in 2018.

62% of lab-grown diamond retailers report that 5-50 per cent of diamond customers ask about lab-grown diamonds.

Jewelers report a closing ratio of 60 per cent to 80 per cent once customers learn about the product, says the report. 

An estimated 38 per cent of independent retailers in the U.S. offering LGD in-store and/or online. THE MVEye forecasts that, by Holiday 2020, more than 50 per cent of independent jewelers will be on board. 

A majority of LGD retailers surveyed (61 per cent) expressed extreme satisfaction with the decision to stock and promote this product category. 

Ninety-five per cent retailers in the survey report better margins with lab-grown diamonds with 78 per cent reporting margins that were 16...

Gold prices edged higher on Tuesday, helped by a weaker dollar and worries over a second surge in coronavirus cases, although the safe-haven metal held a narrow range as investors' focus on next week's U.S. presidential election.