What is the Rapaport team reading? The editors and reporters sat down to pick the content from around the web that’s helped expand their knowledge of the diamond and jewelry industry this week.
The ‘Diamond Dream’ Is in Peril, Analyst Warns (JCK)
“In this article, business analyst Pranay Narvekar talks about what he sees as potential pitfalls for the diamond industry. He discusses the progression of the “diamond dream,” from something aspirational to a now more tenuous state, and the key to success being in the ability to revive that dream. The head of Pharos Beam Consulting also speaks about how the rising popularity of lab-grown diamonds has shifted consumer perception of the value of a diamond. He points out that even once consumer sentiment recovers, the trade will still have challenges, including excess stock buildup that will limit any pricing rebound for a long while. That is in stark contrast with items like Rolex watches or Hermès bags, which have limited capacity and therefore always have strong demand. While his concerns are not all new, they provide a strong and urgent warning to the trade to reevaluate using the same traditional marketing and sales techniques, and instead, look to find ways to pull in the new generations and make them understand the value of a natural diamond.”
“In this article, business analyst Pranay Narvekar talks about what he sees as potential pitfalls for the diamond industry. He discusses the progression of the “diamond dream,” from something aspirational to a now more tenuous state, and the key to success being in the ability to revive that dream. The head of Pharos Beam Consulting also speaks about how the rising popularity of lab-grown diamonds has shifted consumer perception of the value of a diamond. He points out that even once consumer sentiment recovers, the trade will still have challenges, including excess stock buildup that will limit any pricing rebound for a long while. That is in stark contrast with items like Rolex watches or Hermès bags, which have limited capacity and therefore always have strong demand. While his concerns are not all new, they provide a strong and urgent warning to the trade to reevaluate using the same traditional marketing and sales techniques, and instead, look to find ways to pull in the new generations and make them understand the value of a natural diamond.”
Leah Meirovich
Managing EditorInside the Tiny Spanish Village That Elsa Peretti Called Home—and Tiffany’s New Pieces Paying Tribute to Her (Vogue)
“If, like me, you spent the summer trapped in your hometown and working, this article invites both of us on a trip through Elsa Peretti’s Casa Pequeña, in the village of Sant Martí Vell in Spain’s Catalonia region. Fifty years ago, after her unforgettable partnership with Tiffany & Co, the designer bought a modest cottage and started filling it with her art. Through its objects and different pieces, we can delve further into the artist’s growth, creativity and passion. The property is, after her death, a tribute to her legacy and influence on jewelry history.”
“If, like me, you spent the summer trapped in your hometown and working, this article invites both of us on a trip through Elsa Peretti’s Casa Pequeña, in the village of Sant Martí Vell in Spain’s Catalonia region. Fifty years ago, after her unforgettable partnership with Tiffany & Co, the designer bought a modest cottage and started filling it with her art. Through its objects and different pieces, we can delve further into the artist’s growth, creativity and passion. The property is, after her death, a tribute to her legacy and influence on jewelry history.”
Vanina Pikholc
Podcast and Video ProducerPandora CEO on Lab-Grown Diamonds, Jewelry (Bloomberg)
“Pandora has been one of the leading voices promoting synthetics to consumers. In 2021, it announced it would no longer sell natural diamonds, even though it never sold many to start with. In this Bloomberg interview, Pandora CEO Alexander Lacik predicts that, in 10 years, the vast majority of diamonds sold will be lab-grown. This, he says, reflects lower production costs as well as consumers’ environmental concerns. He also cited a figure Pandora has put out before claiming that the carbon footprint of a synthetic diamond was about 5% of that for a natural.”
“Pandora has been one of the leading voices promoting synthetics to consumers. In 2021, it announced it would no longer sell natural diamonds, even though it never sold many to start with. In this Bloomberg interview, Pandora CEO Alexander Lacik predicts that, in 10 years, the vast majority of diamonds sold will be lab-grown. This, he says, reflects lower production costs as well as consumers’ environmental concerns. He also cited a figure Pandora has put out before claiming that the carbon footprint of a synthetic diamond was about 5% of that for a natural.”
Joshua Freedman
Senior AnalystTrove of Ancient Gold Pieces, Jewelry and Coins from Egypt’s Last Dynasty Discovered in Dozens of Tombs (CBS News)
“Egyptian archaeologists have uncovered tombs dating back 2,500 years. Artifacts from 63 tombs 125 miles north of Cairo are said to have belonged to wealthy ancient Egyptians, with evidence proving that the bodies were buried with gold foil figures that were meant to serve the deceased in the afterlife. Other interesting finds included statues, pottery vessels, and coins dating back to the Ptolemaic period.”
“Egyptian archaeologists have uncovered tombs dating back 2,500 years. Artifacts from 63 tombs 125 miles north of Cairo are said to have belonged to wealthy ancient Egyptians, with evidence proving that the bodies were buried with gold foil figures that were meant to serve the deceased in the afterlife. Other interesting finds included statues, pottery vessels, and coins dating back to the Ptolemaic period.”
Suzanne Watkin
News ReporterMain image designed by David Polak.
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