The need for significant capital investments will be the main trend in the diamond mining industry in 2021-2030

The prospects of the diamond industry in the post-crisis period are discussed by the Rough&Polished correspondent with Sergey Mityukhin, Candidate of Geological and Mineralogical Sciences, Honored Geologist of the Russian Federation.

06 july 2020

Young Diamantaires: We create initiatives for the benefit of diamond communities worldwide

The World Federation of Diamond Bourses recently launched its Young Diamantaires website. The organization has worked for the past four years with young members of the diamond community all over the world to create a platform through which they can express...

29 june 2020

Those who implement the right anti-crisis strategies have more chances

It is not surprising that because of the pandemic and the crisis, the most heated debate in the jewellery industry is about what is happening and the possible ways of survival. Irina Slesareva, an expert, art director of the Russian Diamond Line contest...

22 june 2020

The secondary diamond market in Russia is not mature although its prospects are huge

Pavel Barannik, the founder and head of the Moscow Gemological Laboratory, the founder of the Gemological Institute and President of the Moscow Diamond Club, graduated from the Gemological Institute of America (GIA). He is an expert and consultant...

15 june 2020

Johan Erikson: The industry needs to spend more on advertising and marketing

First Element is a fully independent Diamond Services Company registered in Belgium, Botswana, South Africa and Dubai. First Element is committed to providing a world class diamond service aimed at adding value to the entire supply chain, from the daily...

08 june 2020

Jeweller TSL posts $11.6m loss for fiscal year

25 june 2020
Tse Sui Luen Jewellery has reported a $11.6 mln loss attributable to shareholders for the year to March. Sales declined by 28.3 per cent to $376 mln. The previous year the company turned a profit of $7 mln, according to a report in insideretail.asia.
The company cited the trade dispute between the US and China, which weakened consumer sentiment in the company’s main markets, followed by social unrest on the streets of Hong Kong from June and then the ‘devastating’ impact of the arrival of Covid-19 from the end of last year, for the disappointing result.
Tse Sui Luen responded by negotiating rent relief with landlords, minimising staff costs and administrative expenses, and streamlining its store network.
Chairman Annie Yau said that in addition to those steps, the group adjusted its product portfolio and marketing strategies to stimulate sales and lowering its inventory level to reduce holding costs.
During the year, the turnover of the Hong Kong and Macau retail businesses decreased by 44.6 per cent and same-store sales fell by 41.6 per cent.
The group opened four new stores in Hong Kong it had committed at the beginning of the year, prior to the social unrest and coronavirus pandemic.
Self-run stores on the mainland recorded a year-on-year decrease of 20.8 per cent in sales and same-store sales fell by 21.3 per cent. The company opened 12 new self-operated stores and 78 new franchised stores, but there was a net gain of just 10 stores for the year as poor-performing outlets were shuttered.
Sales in Malaysia grew by 19.3 per cent through the year, despite the nationwide retail shutdown to halt the spread of Covid-19 from mid-March. The company now has six stores there.
TSL’s online sales grew 17.2 per cent during the year, boosted by a presence on several marketplaces and growth of its own direct-to-consumer site.

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished