Diamonds: A cocktail of optimism, pessimism in the midst of Covid-19 pandemic

Rough & Polished’s Mathew Nyaungwa recently attended a webinar organised by CIBJO Communications to examine consumer demand at the time of the Covid-19 pandemic, importance of data, financial models and lab grown diamonds. The webinar, chaired by Edward...

Yesterday

How Russkiye Samotsvety is coping with the current downturn

One of the key issues facing most Russian companies today is the need for an objective assessment of the new consumption decline due to the quarantine, as well as making forecasts for a way out of it. According to a RBC-Petersburg’s study made in June...

03 august 2020

Global rough diamond sales down 80-90% in value in Q2 –Zimnisky

The COVID-19 pandemic, which is spreading across the globe, having originated from China’s Wuhan has left diamond traders and buyers at sixes and sevens. Traditional diamond tenders were cancelled around March as governments imposed travel restrictions...

27 july 2020

Indian diamond and polishing industry requires forward integration - Dinesh Navadiya

Dinesh Navadiya is now the Regional Chairman (Gujarat Region) of The Gems & Jewellery Export Promotion Council (GJEPC) of India for the 3rd term. He is also the Director on the Board of the Gem & Jewellery Skill Council of India (GJSCI)...

20 july 2020

GJEPC will focus on demand generation for diamonds and jewellery in the next two years

Mr. Vipul P Shah, Vice Chairman, GJEPC and also CEO & Managing Director of Asian Star Co. Ltd. has a rich experience in the diamond industry. His business acumen and professional conduct have contributed significantly in transforming a diamond manufacturing...

13 july 2020

Richemont reports 47% dip in sales for Q1 2020

17 july 2020
Announcing its financial highlights for Q1 2020, Richemont indicated that due to the strong impact from Covid-19, sales for the quarter dipped by 47% at actual and constant exchange rates compared to the prior year period.
In Europe, sales were 59% lower than in the prior year period, with all markets impacted by public health protection measures.
Sales in Asia Pacific were the most resilient. The 29% sales decrease across the region reflected declines across all markets, with the exception of China. Sales in the Americas contracted by 61%, with business areas impacted significantly by the temporary store and distribution centre closures. In Japan, sales declined by 64% as stores were closed for most of the quarter under review. The year-on-year sales decline in the Middle East and Africa was contained to 38%, partly reflecting the recent internalization of operations in the Kingdom of Saudi Arabia as well as advanced purchases in anticipation of the Kingdom’s VAT increase on 1 July.
Retail and wholesale sales decreased by 43% and 65%, respectively, due to temporary store closures, severely reduced tourism and generally weak consumer sentiment. Retail sales were lower across geographies, with the exceptions of strong increases in China and the local South Korean market.
Online retail sales decreased by 22%, largely due to the temporary closure of the Online Distributors’ fulfilment centres, following strong double digit growth in the comparative prior year period. 

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