MONTH IN REVIEW
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AUCTIONS
‘Exceptional
quality’ diamond
sold for $40m
Gem Diamonds has announced the
sale of an ‘exceptional quality’ 910-carat
D colour Type IIa diamond, which was
sold for $40m (£28m) in Antwerp on 12
March 2018.
It was
recovered from
the Letšeng
mine in January
2018 and is the
fifth largest gem
quality diamond
ever recovered.
Clifford Elphick, Gem Diamonds
CEO, said: “We are delighted with
the outcome of the sale of this iconic
diamond, which demonstrates the
exceptional quality of The Lesotho
Legend itself, as well as reaffirming the
unique quality of the Letšeng diamond
production.”
When the diamond was recovered
Elphick said: “Since Gem Diamonds
acquired Letšeng in 2006, the mine
has produced some of the world’s most
remarkable diamonds, including the
603-carat Lesotho Promise, however,
this exceptional top quality diamond
is the largest to be mined to date and
highlights the unsurpassed quality of
the Letšeng mine.”
QUOTE OF THE MONTH
“There is very little
doubt that AC/DC is
and continues to be one
of the most iconic rock
bands of all time and it
has been a pleasure to
collaborate with them.”
This is what Elie Bernheim,
CEO Raymond Weil, said after
unveiling a limited edition
AC/DC inspired watch.
April 2018 | jewelleryfocus.co.uk
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“This important KP
review period gives
us the opportunity to
address contemporary
challenges facing the
diamond industry
and implement reforms
to protect the human
rights, freedoms and
development of people
who depend on the
diamond trade
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ACQUISITION
Richemont’s
Yoox Net-a-Porter
acquisition
approved by
Italian regulator
Italian market watchdog Consob has
given the green light for Richemont’s
takeover of luxury online retailer Yoox
Net-A-Porter (YNAP).
Stephane Fischler , World Diamond
Council (WDC) acting president
FINANCIAL UPDATE
Signet Jewelers
reports
‘challenging’
fiscal year
Signet Jewelers has posted its fourth
quarter and fiscal 2018 results, which
showed same store sales declined by
5.2% in the fourth quarter and declined
overall by 5.3% for the full fiscal year.
The groups said it aims to
implement its ‘Signet Path to Brilliance’
transformation strategy, in order to
drive growth and long-term financial
performance.
Virginia Drosos, Signet Jewelers
CEO, said: “Fiscal 2018 was a
challenging year for Signet. We gained
sales momentum in our Zales banner
in the fourth quarter as our strategic
initiatives began to take hold, but we
experienced challenges at our Kay and
Jared banners, including execution
issues related to the first phase of our
credit outsourcing transaction.”
She added: “Looking ahead, fiscal
2019 will be an important transition
year as we implement our Signet Path
to Brilliance transformation plan, and
we expect to see improved operational
and financial performance beginning in
fiscal 2020.”
Swiss-based Richemont, which
owns brands such as Cartier,
Montblanc and Dunhill London,
already has a stake in the YNAP
Group, but in January made a public
tender offer to buy the remaining
shares for £33.50 per share.
YNAP Group is the Milan-based
company that owns British online
retailers Mr Porter, The Outnet and
Net-A-Porter, as well as Yoox.
Now that Consob’s approval has
been given Richemont announced
that the offer will now from 8:30am on
19 March 2018 until 5:30pm on 9 May
2018, and if agreed with Consob will
be reopened from 8:30am on 21 May
2018 until 5:30pm on 25 May 2018.
Richemont said that the total value
of the offer, in the event of its full
acceptance, will amount to £2.44bn
In its full year report last week,
YNAP Groups’ full-year net
revenues reached over €2bn for the
first time, increasing 16.9 % to €2.1 bn
(£1.86 bn).
In the UK, YNAP’s net revenue
increased 13.7% to €286.8m (£257.1m)
on a reported basis in the financial
year ending 31 December.
JEWELLERY FOCUS
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