India’s gem and jewellery industry expects the government will consider its demand for lower import duty on raw materials

A go-getter at heart, with an attitude to match, Pramod Kumar Agrawal, Chairman of the Gem & Jewellery Export Promotion Council (GJEPC) of India is a man in a hurry. He has not left any stone unturned to bring back the Indian gem & jewellery...

Yesterday

“Only do business with clients who have impeccable integrity,” suggests Davy Blommaert, banker

Davy Blommaert heads the Diamond Business at National Bank of Fujairah, which falls under the bank’s corporate and institutional banking division. With nearly 10 years of experience in the diamond industry, he was tasked to establish a unit within NBF...

18 march 2019

Russia’s export legislation is like a log on the road making it difficult to drive through

Eduard Utkin, General Manager of the Russian Jewellers Guild Association, which is a member of the Russian Federation Chamber of Commerce and Industry, answers the questions from Rough & Polished regarding the activities of the country’s professional...

11 march 2019

Botswana mum on new demands as negotiations with De Beers draw closer

Botswana said it will begin new diamond marketing and sales negotiations with De Beers in June or July this year. Mineral resources minister Eric Molale told Rough & Polished’s Mathew Nyaungwa on the sidelines of a mining conference in Cape Town, South...

04 march 2019

DLX-jewellery will focus more on colour stone designed pieces as well as diamond jewellery sets going forward - Jack Chen, General Manager, DLX-Jewellery

Graduating in International Business from an Institute in Sydney, Australia, in 2015, Jack Chen returned to China to start managing his family-owned jewellery business. Besides holding a certificate in a practical diamond course at Gemological Institute...

25 february 2019

Richemont announced trading results for the 3Q 2018

14 january 2019

news_14012019_richemont.jpgRichemont announced trading results for the three month period ended 31 December 2018 versus the prior year period.
The Group’s net cash position at 31 December 2018 amounted to € 2.3 billion (2017: € 5.1 billion) with a gross cash position at € 6.6 billion following the € 4.0 billion corporate bond issued in March 2018.
With the consolidation of YNAP and Watchfinder regrouped for the first time under the newly created Online Distributors business area, Group sales grew by 24%. 
Sales grew in all regions, with the exception of the Middle East and Europe. During the latter part of the quarter, sales in Europe were affected by social unrest in France which negatively impacted tourism and led to store closures for six consecutive Saturdays.
A 10% increase in sales in Asia Pacific reflected double digit sales growth in mainland China and good increases in other main markets. Sales growth in Hong Kong slowed, primarily due to the strength of the Hong Kong dollar versus the renminbi that resulted in lower tourist spending. In Japan, a 7% expansion in sales was driven by continued domestic and tourist spending as well as the impact of newly opened directly operated boutiques.
Sales in the Americas rose by 9%, benefitting from good performance by the Jewellery Maisons and the other business area unfavourable currency movements weighed on sales in the Middle East and Africa, which decreased by 13% over the period.  
The retail channel posted a 5% increase in sales, with growth slowing in December due to the above mentioned temporary store closures in France and a strong comparative base for high jewellery. The wholesale channel registered a 1% growth in sales, reflecting ongoing cautious watch inventory management and distribution optimisation initiatives.
The 8% sales progression at Cartier and Van Cleef & Arpels was driven by jewellery and watches. Specialist Watchmakers’ sales were in line with the prior year period, with lower wholesale sales offset by higher sales in the Specialist Watchmakers’ directly operated boutiques.

Alex Shishlo, Editor in Chief of the European Bureau, Rough&Polished, Brussels