The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
Sales of rough diamonds at De Beers rose more than 12 percent in the latest sales cycle, its parent Anglo American said on Wednesday, as demand improves on the back of easing Covid-19 restrictions and ahead of the December festive season.
De Beers, the world’s biggest diamond producer by the value of its gems, has struggled with a drop in sales and prices as the pandemic hammered demand and related lockdowns prevented buyers from traveling to sale sites.
The company had in July warned of job cuts and outlined a plan to overhaul its business.
Sales of $450 million in the ninth sales cycle, or between Nov. 2 and Nov. 16, was higher than the $400 million a year earlier.
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However, it was a slight decline from the $467 million it sold in the eighth cycle between Sept. 21 and Oct. 9.
De Beers Chief Executive Officer Bruce Cleaver said he expects “reasonable” demand to continue throughout the holiday season, adding that there was stable consumer demand for diamond jewelry at the retail level in the United States and China.
The Hood By Air co-founder’s ready-to-wear capsule for the Paris-based perfume and fashion house will be timed to coincide with the Met Gala in New York.
The result confirms sector-wide fears that luxury demand would continue to slow.
IWC’s chief executive says it will keep leaning into its environmental message. But the watchmaker has scrapped a flagship sustainability report, and sustainability was less of a focus overall at this year’s Watches and Wonders Geneva.
The larger-than-life Italian designer, who built a fashion empire based on his own image, died in Florence last Friday.