08282016Sun
Last updateTue, 23 Aug 2016 8pm

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Gold sinks 7 sessions in a row, loses 4.7% last week

gold bricksBy Myra P. Saefong
Markets/Commodities Reporter

MarketWatch.com

Prices tank as upbeat U.S. jobs report lifts the dollar

Gold futures on Friday extended their losing streak to a seventh straight session, settling at their lowest level in more than three months after a better-than-anticipated jobs report made a December interest-rate rise look more likely.

December gold GCZ5, +0.18% lost $16.50, or 1.5%, to settle at $1,087.70 an ounce. Prices logged their lowest settlement since Aug. 5. For the week, they lost about 4.7%, for a third straight week of declines.

December silver SIZ5, +0.50% took a hit along with gold, falling 29.2 cents, or 2%, to $14.691 an ounce. For the week, prices saw a 5.6% decline.


Jewelers Mutual, millennial expert Jeff Fromm share insights on ways to attract millennial shoppers

Mutual(NEENAH, Wis.) - There are currently 11.8 million Millennials ages 18-30 living in U.S. households with annual incomes exceeding $100,000. By 2018, Millennials will take over the luxury market.* Is the jewelry industry ready?

It’s a question the team at Jewelers Mutual Insurance Company has been asking itself. As the only insurer exclusively insuring jewelry for over 100 years, they plan to be around for 100 more and know to do so requires staying relevant to the most influential consumers. “The number one consumer changing the face of today’s jewelry shopper is the millennial,” said Trina Woldt, Chief Marketing Officer at Jewelers Mutual.

Polished diamond prices soften in October

RapNet Diamond Index (RAPI™) for 1ct. GIA-Graded diamonds -1.3%

(NEW YORK) - The Rapaport Group reports polished diamond prices fell in October despite rising expectations for the U.S. holiday season. Trading improved but turnover is well below last year’s levels. Suppliers are holding large polished inventory, while dealers are trying to buy select goods at deep discounts.

The RapNet Diamond Index (RAPI™) for 1-carat, GIA-graded diamonds fell 1.3 percent in October. RAPI for 0.30-carat diamonds slipped 0.1 percent and RAPI for 0.50-carat diamonds declined 1 percent. RAPI for 3-carat diamonds slid 0.4 percent.

Stuller announces 2016 Annual Bench Jeweler Workshop

Stuller 11 15Introducing the Battle of the Benches competition

(LAFAYETTE, La.) - Stuller has revealed a revamped 2016 Bench Jeweler Workshop itinerary including a new, live competition on the showroom floor held at their global headquarters in Lafayette, LA April 1 - 3, 2016.

“We’ve taken this year’s event to a new level,” says Tammy Kidder, vice president of merchandising. “Not only is Workshop a great opportunity for jewelers from around the country to come together to share tips, and learn from each other and industry professionals, but we’re also adding some friendly competition to the mix.”

Three tips for investing in colored stone jewelry from Steven Royce Designs

(NEW YORK) - Steven Royce Designs, a New York-based design house specializing in colored gemstones, will be launching a social media campaign with the goal of educating consumers in how to best invest in jewelry.

“In the last few years, we’ve been getting more and more requests from people all over the U.S., Canada and, increasingly, China and the Far East, who are interested in our jewelry specifically for investment purposes,” said Steven Royce Designs Vice President Jason Rahimi. “We’re finding that there are many people who are eager to invest in jewels, but they are not sufficiently informed about the marketplace. We believe that an educated client is our best customer, so we’re going to start sharing information and advice publicly and we encourage potential investors to contact us with any questions.”

Duchess Kate dazzles in diamonds at her first State Banquet

princessThe Duchess of Cambridge looked every bit a princess tonight as she and Prince William attended their first State Banquet in honor of the President of China and his wife Madame Peng.

Kate looked regal in a bespoke red Jenny Packham gown wearing the Lotus Flower Tiara on loan from the Queen, diamond chandelier earrings and a stunning diamond bracelet. She first wore the Lotus Flower Tiara (or Papyrus Tiara, as it’s sometimes called) at the 2013 Diplomatic Reception. It's only the third time the Duchess has worn a tiara.

There was speculation that the Duchess may have worn the late Princess Diana’s Cambridge Lovers Note Tiara, which was a gift from the Queen to William’s mother, because it bears the Duke And Duchess of Cambridge’s name. Instead, Kate appeared to give a nod to Chinese culture wearing a red dress which symbolizes luck, good fortune and joy, and selecting the Lotus Flower Tiara which also has great historical significance in China.

Inside De Beers’s Hunt for Africa’s Elusive Diamonds

 

In Kalahari Desert, miner attempts to uncover next big discovery—without which the industry faces diminishing output
By Scott Patterson

Oct. 23, 2015 3:33 a.m. ETKALAHARI DESERT, Botswana—Crouching in the sun-scorched sand, De Beers geologist Charles Skinner picked up an ashy, white cylinder of rock and looked for shimmering evidence that an ancient volcano was sitting below his feet, containing billions of dollars’ worth of diamonds.Mr. Skinner is at the vanguard of a new effort by diamond merchant De Beers to uncover the first major diamond mine in at least 20 years. De Beers last year...

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