Connect with us

Headlines

World’s Largest Diamond Mine to Close ⁠— Here’s What That Could Mean

The mine is known for producing pink and red diamonds.

mm

Published

on

Rio Tinto Group plans to close its Argyle mine in western Australia, and that could bring a rise in the price of pink diamonds.

The mine is well-known for producing pink and red diamonds, Bloomberg reports.

In fact, 90 percent of the world’s pink diamonds come from the mine, although such stones are only a tiny percentage of Argyle’s total production. The majority of its production consists of brown diamonds, which are less valuable.

The mine is the world’s largest producer of diamonds by volume.

Arnaud Soirat, head of copper and diamonds for Rio, told Bloomberg that operations will be shut down in late 2020. By then it’s expected that its supply of economically viable stones will have been exhausted.

Pat Godin, CEO of Stornoway Diamond Corp., has predicted that with the closure, “The rational offset between supply and demand should lead to price growth.”

Advertisement

He told Bloomberg that the effect could be “even more dramatic” for pink diamonds.

“You can imagine the laws of supply and demand will apply, and you can imagine the impact that will have on those very rare pink, red, blue and purple diamonds,” Godin said.

Read more at Bloomberg

Over the years, INSTORE has won 80 international journalism awards for its publication and website. Contact INSTORE's editors at editor@instoremag.com.

Advertisement

SPONSORED VIDEO

Les Georgettes

It’s All About Choices

With beautiful jewelry from Les Georgettes, choice is everything. Choose a design. Change colors. With 30 styles, 3 finishes and 48 stunning leather colors, you’ll never be at a loss for a unique piece of jewelry. Create, mix, stack and collect Les Georgettes by Altesse. Made in France.

Promoted Headlines

Headlines

Tiffany Rolls Out Men’s Jewelry Collection

The line is ‘centered on craftsmanship as the foundation of our company.’

mm

Published

on

Tiffany & Co. announced the launch of its Tiffany Men’s collections, including jewelry, watches and home and accessories products.

Tiffany Men’s includes two collections: Tiffany 1837 Makers and Diamond Point.

These pieces are from the Tiffany & Co.’s men’s collection. Photo: Roe Etheridge

“Tiffany Men’s is centered on craftsmanship as the foundation of our company,” said Reed Krakoff, chief artistic officer for Tiffany. “Tiffany 1837 Makers is a nod to the workmanship and time-honored techniques used in creating jewelry — the idea that there’s a person behind each object.”

According to a press release:

Embodying Tiffany’s craftsmanship heritage, the Tiffany 1837 Makers collection is inspired by the jeweler’s hollowware workshop and its tradition of handcrafting sports trophies. Designers experimented with concave and convex forms, flat edges and motifs evocative of utilitarian hardware when creating jewelry, barware and more. Stamped with symbols like “T & CO MAKERS,” “NY” and “AG925,” Tiffany 1837 Makers honors Tiffany’s silversmithing legacy and the fact that the luxury house set the U.S. standard for sterling silver (925 per 1,000 parts silver). The made-to-order Tiffany 1837 Makers trophy ring honors Tiffany’s 160-history of making sports trophies by hand and makes a bold statement and adds edge to any outfit.

Diamond Point, on the other hand, “represents the elevated, classic end of the style spectrum with a strong, graphic pattern.”

The company states:

This motif appears as a subtle accent or a prominent overlay on jewelry and Home & Accessories pieces like the Diamond Point rectangle pendant in sterling silver, cuff in sterling silver and cocktail mixer in lead crystal and sterling silver. Most of the Diamond Point jewelry designs are die struck and hand polished to achieve the distinctive textured motif.

Diamond Point takes a more modern and graphic approach, utilizing a pattern inspired by a diamond’s culet that ties back to our diamond authority.

The New York Post reports that the launch is “part of the Tiffany’s strategy to attract younger shoppers and pump up sales.”

In all, Tiffany Men’s includes about 100 pieces. Jewelry rices range from $200 to $15,000.

Among the accessories items on offer are ice tongs and cocktail shakers.

Continue Reading

Headlines

Jeweler Sentenced for Theft, Ordered to Pay $85,000 in Restitution

He’ll have to serve 4 years of probation.

mm

Published

on

A Colorado jeweler who was accused with stealing gold, jewelry and money from customers has been ordered to pay restitution and serve a probationary sentence.

David Kushnir, who operated D & D Jewelers in Thornton, pleaded guilty to theft, KMGH-TV reports. He was accused of stealing from nine customers, according to the news outlet.

The court ordered Kushnir to pay about $85,000 in restitution and serve four years of economic crime supervised probation.

In January, authorities accused Kushnir of defrauding customers after they brought their diamonds, watches and other jewelry to him for repair or consignment sale at his business. It was also alleged that he sold fake diamonds to three victims.

The Sentinel newspaper reported in January that in one case, he was accused of removing a movement piece worth $40,000 from a Rolex watch he was asked to repair and then substituting “a Chinese piece.”

Read more at KMGH-TV

Continue Reading

Headlines

Pandora to Buy Back $75M in Jewelry from Retailers

The effort is part of a broader restructuring program.

mm

Published

on

Pandora plans to buy back about $75 million in jewelry from retailers.

The idea is to help retailers avoid holding onto stock for too long, Rapaport News reports.

The repurchased inventory will be smelted, with new jewelry to be made from the material.

Rapaport reports that the program will be rolled out in “select global markets.”

The effort is part of a broader Pandora restructuring program expected to cost the company over $224 million.

Advertisement

The plan comes as Pandora prepares for a brand relaunch that will kick off Aug. 28 in Los Angeles.

At the event, the company “will reveal its new company purpose, brand expression and visual identity, and show the Autumn 2019 collection.”

Read more at Rapaport News

Continue Reading

Most Popular