Revenue Down, Stores Closed at Chow Sang Sang
March 27, 25
Chow Sang Sang suffered a net loss of 74 of its 1,032 stores last year, amid weak demand, record-high gold prices and an economic slowdown in China, as well as Hong Kong and Macau. China's third biggest jewelry retailer (by revenue) ... Read More...
Stacks of Cash: Two Charged with $1.7m Jewelry Raid
March 27, 25Two men in the US have been charged with a $1.7m sledgehammer raid on a jewelry store. They are alleged to have taken pictures of themselves holding stacks of cash just hours later. Kevin Williams, 26, and Byron Wilson, 24, both from New Jersey... Read More...
Anglo American "Talking to Banks about De Beers IPO"
March 27, 25Anglo American is reportedly in talks with banks about an IPO (initial public offering) for De Beers, its loss-making diamond unit, as a possible alternative to a sale. Anglo announced plans in May 2024 to offload its less profitable assets and focus... Read More...
Mining Union Fights Petra on Job Losses
March 26, 25South Africa's National Union of Mineworkers (NUM) says it will oppose any move to replace permanent employees at Petra's Finsch and Cullinan mines with outsourced labor. Masibulele Naki, the NUM's chief diamond sector negotiator... Read More...
Botswana's Economic Outlook Now Negative, says S&P
March 25, 25Botswana's economic outlook has been downgraded from stable to negative by S&P Global Ratings (S&P) on account of low demand for diamonds. It forecasts a steep rise in government debt unless there is a substantial increase in diamond prices or... Read More...
Memo by John Jeffay
March 27Remember Gerald Ratner? He managed to wipe $500m off the value of Ratners Group, the British jewelry company, almost overnight with his frank assessment of the goods it sold. It was back in 1991 that he made his infamous comments at an Institute of Directors... Read More...