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Tag: Diamonds

  • Malabar Gold & Diamonds Expands UK Presence With Two New Showrooms; Reveals Future Expansion Plans

    Malabar Gold & Diamonds Expands UK Presence With Two New Showrooms; Reveals Future Expansion Plans

    Malabar Gold & Diamonds, a renowned Indian jewellery brand, has broadened its reach in the UK with the introduction of two additional showrooms – one in Birmingham and another in Southall.

    The Birmingham Outlet

    The Birmingham outlet is the largest of the brand’s stores in the UK, boasting 5700 square feet of retail space. Both new store locations were inaugurated by Bollywood actress and brand ambassador, Kareena Kapoor Khan. In a statement, the company expressed that these spaces have been designed to provide consumers with a world-class shopping experience.

    Current and Future Showrooms

    With these two new store openings, Malabar Gold & Diamonds now operates retail locations in Birmingham, Leicester, Southall, and Green Street, London. “We’re receiving excellent support and cooperation from the UK authorities for business initiatives originating from South Asian countries. This is something to truly appreciate,” conveyed MP Ahammad, the chairman of the Malabar Group. He further informed of plans to open more showrooms in addition to the existing four in the UK.

    The company has also affirmed its plans to increase its presence by adding outlets in Manchester and a third location in London. Furthermore, they are considering long-term expansion plans which include entry into Ireland and France markets.

    Global Presence

    On an international scale, Malabar Gold & Diamonds owns and operates over 400 stores that are spread across 13 countries.

    Questions & Answers

    What is the size of the new Birmingham outlet of Malabar Gold & Diamonds?

    The Birmingham outlet is the brand’s largest in the UK, spanning an impressive 5700 square feet.

    Where are the current locations of Malabar Gold & Diamonds in the UK?

    Malabar Gold & Diamonds operates retail locations in Birmingham, Leicester, Southall, and Green Street, London.

    What are the future expansion plans of Malabar Gold & Diamonds?

    The company has plans to add outlets in Manchester and a third location in London. They’re also considering long-term expansion into Ireland and France.

  • Luk Fook to add 500 stores this year and expand online

    Luk Fook to add 500 stores this year and expand online

    Hong Kong jeweler Luk Fook’s revenue and profit rose by around 30% to 40% for the full fiscal year that ended March 31, the company estimated.

    A low base of comparison with the previous year — which saw pandemic-related restrictions — is responsible for the increase during the period, Luk Fook said last week. In fiscal 2021, business in China was weak, and Hong Kong and Macau were on lockdown.

    The company’s expansion in mainland China, strong sales of gold products, and the easing of restrictions in Hong Kong and Macau also buoyed sales, it explained.

    The retailer saw an “encouraging recovery of retail atmosphere in the first three quarters of the year,” it noted.

    Reports from other Hong Kong-based jewelers indicated that the fourth quarter of fiscal 2022 and the start of the 2023 financial year had been challenging. Tse Sui Luen said sales had plunged sharply during the period amid the fifth wave of the pandemic, while Chow Tai Fook reported a 13% drop in the first two months of the current fiscal year.

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  • Diamond prices showing signs of revival

    Diamond prices showing signs of revival

    Asia is driving early signs of a revival in diamond prices amid an unstable global market affected by the Covid-19 crisis and protests.

    Rapaport, which monitors diamond trading trends, says the Hong Kong diamond market has regained traction as more demand comes from China, although there are concerns about tensions related to new Chinese security laws. Meanwhile, in the US, jewelry retailing is expected to remain subdued as the country experiences social unrest over police brutality and the on-going Covid-19 pandemic.

    Polished diamond prices remained stable in May, mainly focusing on online trading. Despite a significant drop since January, the RapNet Diamond Index (RAPI) for 1-carat diamond recorded a 2-per-cent increase in May.

    The industry has changed to adapt to new customer shopping behaviors, says the Rapaport report. More jewelry retailers have shifted their focus to online channels, predominantly offering classic models such as solitaire necklaces or tennis bracelets. Marketing strategies are changing to promoting diamonds as a symbol of values and emotional connection, the company says.

    Meanwhile, mining companies are also shifting to digital platforms and targeting markets less affected by lockdowns.

  • Luxiee secures six-figure funding from Singapore angel

    Luxiee secures six-figure funding from Singapore angel

    Singapore-headquartered online diamond marketplace, Luxiee, has raised a six-figure investment in a private seed-funding round.

    The team secured financier Kewee Kho, also vice-chairman of Roadbull Logistics and independent director of Courts Asia, as the leading investor.

    Luxiee, launched in January, bills itself as the world’s first online diamond marketplace that connects consumers directly to established suppliers in a transparent matching model that removes the middle-man, resulting in better value for customers. The funds raised will be channeled towards marketing, branding, public relations, and media placement, as well as building the business’ staff.

    “It’s about time a traditional industry like diamonds experience a new way of delivering real value to customers. It is a disruption to an old school economy,” said Kho in a statement. “The impressive background of Luxiee’s solid management team, with experts coming together from the creative, digital marketing, and precious gems industries, reinforces my belief in this new and current business model. Transformative growth awaits, and I look forward to an exciting and rewarding journey with the team.”

    Luxiee CEO Nicholas Lim said it was exciting to have an experienced investor like Kewee Kho on board.

    “We look forward to his strategic direction and advice. His confidence in the business is added assurance to the formula of our business model, and we are driven by opportunities to accelerate our growth.”

    Luxiee says the direct connection between supplier and consumer through its platform allows consumers to enjoy up to a 300-per-cent reduction in the diamond price compared with those sold at luxury retail outlets. For example: a 1.0 Carat, F Color, VS2 Clarity, Excellent Cut diamond can sell for as low as SG$7000 (US$5000).

  • De Beers Diamonds expands into Kowloon

    De Beers Diamonds expands into Kowloon

    De Beers Diamond Jewellers Hong Kong has launched a retail location, its fourth, in Kowloon.

    The 1000sqft store features bridal diamond jewellery including engagement rings and wedding bands, as well as high jewellery and iconic collections such as Talisman.

    The opening brings the chain’s global store count to 34. De Beers launched its retail chain in 2001 in partnership with LVMH. The miner last year bought out the luxury jeweller’s 50 per cent stake.

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  • De Beers Inks Japan Retail Grading Deal

    De Beers Inks Japan Retail Grading Deal

    The International Institute of Diamond Grading & Research (IIDGR) has partnered with Japanese bridal-jewelry retailer I-PRIMO to provide it with polished grading reports.

    The De Beers-owned laboratory will grade diamonds showcased at all 68 I-PRIMO stores in Japan, with the aim of boosting consumer confidence, IIDGR said last week. The reports will use De Beers’ “Ideal Optical Symmetry” technology, which provides a magnified image of a stone’s light performance. The companies plan to extend the program eventually to I-PRIMO’s stores in Taiwan, Hong Kong and Shanghai.

    IIDGR has previously entered partnerships with Singapore’s Soo Keep Group, as well as Hong Kong-based retailer Luk Fook, with which it issues co-branded grading reports.

    “Our ability to tailor bespoke solutions for our customers, backed by our innovative proprietary technologies, has been well-received and is supporting our growth in the region,” said IIDGR president Jonathan Kendall.

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  • Diamond group De Beers buys out retail partner LVMH

    Diamond group De Beers buys out retail partner LVMH

    Anglo American’s diamond specialist De Beers has bought the 50 percent stake held by French luxury goods group LVM in De Beers Diamond Jewellers for an undisclosed sum, taking full ownership of the retail operation.

    Analysts said the joint venture no longer fitted LVMH’s strategy, while Anglo American, which has long dominated global rough diamond sales, has been developing its presence on the high-margin diamond retail market.

    LVMH had no comment. De Beers said in a statement that fully integrating De Beers Diamond Jewellers would enable the group to enhance value.

    Anglo American, which along with other mining companies has largely recovered from a deep commodities downturn in 2015, has put diamonds, along with copper and platinum, at the heart of its portfolio.

    One of the advantages of diamonds is that they are a counter-cyclical luxury product that can generate profits even when bulk industrial commodities are in a downturn.

    De Beers Diamond Jewellers’ retail network comprises 32 stores in 17 countries. This includes a growing business in greater China, an established presence in London and Paris, and a new flagship location in New York.

    In addition, De Beers’ Forevermark high-end diamond brand has expanded into 2,000 outlets globally and it says it expects the growth to continue this year.

    Analysts said LVMH had finally ended a joint venture that dated back to when the group did not have any branded jewelry of its own.

    “The situation is very different today, as they own one of the megabrands in this space: Bulgari,” Luca Solca, analyst at Exane BNP Paribas, said.

    “It seems appropriate therefore to turn the page on this and relegate it to the ‘experiments that didn’t work’ pile.”

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  • Hong Kong International Diamond, Gem & Pearl Show Opens

    Hong Kong International Diamond, Gem & Pearl Show Opens

    The International Diamond, Gem & Pearl Show opened today and continues through 4 March at the AsiaWorld-Expo. This fourth edition of the show, organised by the Hong Kong Trade Development Council (HKTDC), welcomes more than 1,900 exhibitors from 39 countries and regions to showcase raw jewellery materials including quality diamonds, precious gems, semi-precious stones and exquisite pearls.

    On Thursday (2 March), the 34th HKTDC Hong Kong International Jewellery Show will begin its five-day run at the Hong Kong Convention and Exhibition Centre (HKCEC). The International Jewellery Show, which is dedicated to finished jewellery products, along with the International Diamond, Gem & Pearl Show, feature a total of about 4,480 exhibitors from 52 countries and regions, forming the world’s largest jewellery marketplace for sourcing and networking.

    “The outlook for the jewellery industry is positive, based on signs of recovery in the United States economy while emerging markets such as the Chinese mainland and ASEAN are displaying a sustained demand for jewellery,” Benjamin Chau, Deputy Executive Director, HKTDC, said. “However, with fierce competition in the market, jewellery manufacturers and retailers have to stay ahead of the curve by seeking out the best suppliers and keeping up with market trends by understanding the latest materials, technological advancements and the needs of buyers and consumers. Our fairs are designed to address these issues.”

    – Quality diamonds and gems from around the globe –

    Dedicated zones facilitate convenient sourcing of various product categories. The Hall of Fine Diamonds gathers top-of-the-range diamond suppliers from around the world showcasing high carat and top quality diamonds. Exhibitors include Dharam Creations (Booth no.: 2-L24), Kiran (Booth no.: 2-K02) and Novel Collection (Booth no.: 2-R02) from Hong Kong, NIMESH GEMS (Booth no.: 2-T10) and Venus Jewel (Booth no.: 2-R08) from India, SwissDiam (Booth no.: 2-Q06) from Switzerland, Kristall (Booth no.: 2-S21) from Russia, Gemstar (Booth no.: 2-T17) from Israel and DBS Diamond (Booth no.: 2-S12) from the US. Treasures of Nature features a variety of precious gemstones. As well as popular emeralds, rubies and opals, rarer precious stones such as Ceylon pink sapphires, light red spinels and Paraiba gems are also on show. Treasures of Ocean presents natural precious pearls that offer top quality and value. The Rough Stones & Minerals zone, which was launched last year, returns to present unpolished and uncut precious stones and gems to buyers.

    Aside from product zones, 22 group pavilions including Australia, Brazil, the Chinese mainland, Colombia, Germany, India, Italy, Japan, Thailand and the US showcase different jewellery raw materials. Prominent jewellery trade organisations have also set up their own pavilions, including Antwerp World Diamond Centre, International Colored Gemstone Association and Tanzanite Foundation.

    – One-stop platform for buying missions –

    The HKTDC organised more than 110 buying missions comprising over 7,400 buyers from some 70 countries and regions. Aside from gaining insights into the latest products and sourcing opportunities worldwide, buyers can also participate in seminars under a variety of themes. GIA experts are invited to introduce natural IIa diamonds, while a buyer forum will analyse the opportunities arising from the Belt and Road Initiative. Exhibitors and buyers will be able to exchange ideas while appreciating exquisite gems. Business matching services are also provided for buyers to meet with potential suppliers to enhance sourcing efficiency.

    – International Jewellery Show opens Thursday –

    The 34th edition of the Hong Kong International Jewellery Show will kick off at the HKCEC on 2 March. The show is set to offer finished jewellery products, including elite jewellery collections, premier brands, antique jewellery as well as new designer brands etc. The synergy between the two shows will generate more effective and convenient business exchanges among raw material suppliers and finished jewellery brands.

    The International Jewellery Show will provide a diverse sourcing opportunity, featuring the Hall of Fame devoted to the elegance of popular brands; Hall of Extraordinary with rare and top-tier jewellery pieces; Design Galleria that showcases innovative creations; World of Glamour spotlighting Hong Kong-based exhibitors; as well as Treasures of Craftsmanship where jewellery and art converge.

    A number of networking receptions will also be organised during the International Jewellery Show. Events include the Gala Dinner on the first day (2 March) sponsored by Tanzanite Foundation, where invited guests will enjoy a menu prepared by Chef Robert Fontana, ASEAN Chairman of Disciples Escoffier International Asia, while appreciating jewellery parades and other performances. The culinary and visual pleasure will surely enrich the night already full of networking opportunities. During the fair period, jewellery parades will allow buyers to examine selected items from exhibitors. Themed seminars will furnish industry players with the latest product trends, market information and technological advancements.

    During the concurrent fair period a free shuttle bus service will be provided between AsiaWorld-Expo (Hong Kong International Diamond, Gem & Pearl Show) and downtown areas (including HKCEC). Please visit the fair website for more details.

  • IIDGR establishes its first retail partnership in Asia

    IIDGR establishes its first retail partnership in Asia

    The International Institute of Diamond Grading & Research (IIDGR), part of The De Beers Group of Companies has established its first retail partnership in Asia for its generic polished diamond grading services. The partnership with Soo Kee Group in Singapore formally launches in February under the retailer’s bridal specialist brand, Love & Co. for its proprietary Lovemarque diamond collection.

    Soo Kee Group will become the first Singaporean retailer to offer bespoke IIDGR grading reports.

    Jonathan Kendall, President of IIDGR, said: “We’ve seen a significant uplift in demand for our grading services in many markets, especially in the Far East – alongside the Soo Kee Group partnership, we have plans to expand the grading service elsewhere in Asia. However, we see this as just the start. Increasing numbers of retailers are expressing their desire to use our diamond grading reports as they understand the importance of integrity in their offer to consumers – and with its use of leading De Beers technology, IIDGR is perfectly placed to provide this.”

    IIDGR initially launched its generic grading services in early 2016, with a focus on reliability, integrity, consistency and repeatability. The grading services employ De Beers’ industry-leading proprietary technology as well as highly skilled and experienced gemmology experts. IIDGR issues Diamond Grading Reports and Diamond Identification Reports for any unset, natural, untreated diamonds weighing a minimum of 0.10ct. The Institute grades every clarity and all colours including fancy colours.

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  • Jubilee Enterprise plans stores for two diamond brands

    Jubilee Enterprise plans stores for two diamond brands

    Jubilee Enterprise, a listed diamond-jewellery retailer in Thailand, has revealed a plan to open physical stores under two strategic brands.

    Chief executive officer Unyarat Pornprakit said Jubilee Enterprise was currently managing two brands, Jubilee Diamond and Forevermark.

    “Jubilee Diamond is a diamond-jewellery brand that the company owns, which is currently the No 1 diamond-jewellery brand in Thailand, with the largest number of outlets, more than 120 branches across the country,” she said.

    “Meanwhile, Forevermark is a diamond brand owned by De Beers Group for which Jubilee Enterprise is Thailand’s exclusive authorised retailer.

    “The business plans for the two brands are different in direction and each will contribute to the company in a different way.

    “Forevermark has so far been in Thailand for less than a year but is the No 1 diamond brand in the world. Forevermark has a unique diamond selection process and works exclusively with top-class diamond cutters, which results in all Forevermark diamonds being stunningly beautiful. The difference is so obvious we can experience it with the naked eye.

    “‘Beautiful’ is one of the promises of the Forevermark brand, where other promises are ‘rare’ and ‘responsibly sourced’. Therefore the plan for Forevermark involves brand education and outlet expansion.

    “We currently only have three doors outlets for Forevermark but all of them perform quite well. We plan to have at least three and as many as five more doors outlets by the end of 2017. We see potential in more locations within Bangkok as well as other major cities,” Unyarat said.

    She said that for now the company only had Forevermark exclusive rights for Thailand, including e-commerce. Thus no plans to take Forevermark outside the country are on the drawing board yet.

    The focus of the outlet expansion for Forevermark will be physical stores in Thailand.

    For Jubilee Diamond, the company is looking into the obvious potential within Cambodia, Laos, Myanmar and Vietnam but no solid plans have been drafted yet.

    As Thailand’s retail developers have started their own overseas expansion, the company’s choice of investment platforms has also increased. Its expansion strategy will likely involve business partners, but not for financial reasons.

    “One of the key trigger points will be when our e-commerce platform is launched. Even without the platform, there are some demands from nearby countries through digital channels. Therefore, physical expansion may not be our first overseas initiative,” Unyarat said.

    She said the budget for next year’s expansion would mainly go into diamond inventory, which can always be liquidated. Normally, the investment per branch expansion is around Bt7 million and Bt10 million. So the total cost for the new outlets would be between Bt80 million and Bt100 million next year. Other costs are significantly less critical, thus make the company’s expansion plan a safe move.

    “Jubilee Diamond’s business plan does not have brand expansion as a key strategy, since the brand is already the largest in the market.

    The key business driver for Jubilee Diamond is market differentiation, which comes from product innovation, a unique brand experience, and supply sourcing strategy.

    “Best-quality diamonds have always been the brand’s key strength, but a few years ago, Jubilee Diamond began slowly introducing a unique brand experience and product innovation,” she said.

    Unyarat said the company’s outlet-expansion strategy would be tied closely with partners that are major retail developers.

    “For the Jubilee Diamond brand, you can expect to find our stores in all major shopping complexes and department stores. So by next year, there should be at least over 125 Jubilee Diamond stores throughout Thailand,” she said.

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  • Diamonds are China millennials’ best friend

    Diamonds are China millennials’ best friend

    Diamonds may be a girl’s best friend, and that’s especially true of female millennials in China.

    According to diamond-producing giant De Beers SA, 68 percent of diamond jewellery sales in China ($6.78 billion in 2015) are driven by millennial women, many of whom are college-educated, not married and quickly cultivating a collection of the gems.

    Bloomberg spoke with one 27-year-old Chinese woman who, like many of her peers, has a 15-plus-piece diamond collection including a 2.5-carat solitaire given to her by her parents.

    The fact that she’s not married is part of the trend to — as she said — not wait passively for a diamond gift from a man. For Chinese millennial women, independence is the top trait they aspire to: More than 40 percent of them say financial independence is more important than marriage, with 32 percent saying that independence is what personal success looks like to them.

    That’s according to research by J. Walter Thompson surveying 4,300 women across nine countries in 2015. Some jewellery companies have made a conscious decision to not even show any couples at all in their advertisements.

    A sparkling opportunity

    In the top four diamond markets in the world, there are more than 220 million millennial women who spent $26 billion on diamond jewellery last year. Behind China is India but after a significant drop, followed by the U.S and then Japan. Within this four-country demographic, more diamonds have been acquired than any other generation, and yet the demographic hasn’t even come into their most affluent years.

    Compared to their Chinese mothers who historically bought jade and gold, these millennial women are struck by the western lifestyle that includes the glamour of Harry Winston and Tiffany gems. Having those diamonds is a status signal of wealth and accomplishment, rather than love. As a result, more jewellery companies have popped up in China trying to get their share of the desire. Boston-based Hearts on Fire was usurped in 2014 by Hong Kong’s Chow Tai Fook, grabbing nearly 6 percent market share.

    But it’s not just about status, as the gems are seen as assets that will not depreciate in the way that other high-end items like bags and shoes can due to wear and seasonality.

    Gold x diamonds

    Chow Tai Fook has noticed this by rolling out lines of jewellery that mix gold with diamonds to make sure their female millennials — half the business — stay engaged, and it has also pulled in celebrities like hunky actor Li Min-ho and rapper G-Dragon — both millennials — to appeal to these women.

    But even with diamond jewellery being a sign of independence, the divorce rate in China is more than triple what it was back in 2002 — currently 2.8 per 1,000 people, back just 14 years ago it was 0.9 per that same thousand. More than 3.84 couples went their separate ways in 2015, which is 5.6 percent more than 2014.

    But those diamonds are still forever, even if marriage isn’t or has never even happened yet. And diamond companies know this. De Beers research cites the American trend of couples spending more on their second marriage than on their first. Experts say those Chinese millennials may follow suit as well.

  • Le Lumiere joins WDM Authorised Diamond Dealer programme

    Le Lumiere joins WDM Authorised Diamond Dealer programme

    Joining the list of retail jewellers who are part of the WDM Authorised Diamond Dealer programme is Le Lumiere owned by Tomei, a leading Malaysian retail jewellery chain. Le Lumiere has become the first Malaysian retail jewellery to be part of the program.

    An agreement to this effect was signed between Datuk Ng Yih Pyng, Managing Director at Le Lumiere’s parent company and WDM Chairman Alex Popov.

    Datuk Ng added appreciated Le Lumiere achieving the status of the pioneer retail jeweller in order to acquire the title of WDM Authorised Diamond Dealer in Malaysia. This furthers the company’s efforts to ‘sustain the retailer’s image, contribute to the improvement of consumer confidence in diamonds and diamond jewellery, and thereby increase sales of diamonds and diamond jewellery.’

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