Author: Steven Joseph

Nivoda, a B2B diamond marketplace, has secured USD $11 million in its Series A funding round. The funding round was led by Headline, a global venture capital firm, and has allowed Nivoda to set its sights on further expanding its service offering and enhancing its customer experience​. Following the arrival of new Nivoda chief product officer James Morgan, who joined the company from Amazon Prime Europe in October 2022, Nivoda has outlined plans to expand its product range to include coloured gemstones. Additionally, the company will focus on introducing shorter delivery times and new payment and credit options to its…

The Bank of England (BoE) has announced a 0.25% rise in its policy interest rate, bringing it to 4.5%. This marks the twelfth consecutive increase in UK interest rates, driven by persistent inflation that has consistently surpassed the central bank’s expectations. Headline Consumer Price Index (CPI) inflation remained above 10% in March, significantly higher than in mainland Europe or the US. Inflation Forecast Revised Upwards The Monetary Policy Report (MPR) was published alongside the latest decision, detailing the BoE’s current assessment of inflation and the economic outlook. Notably, the BoE has revised its growth and inflation forecasts upwards. The GDP…

Everledger, the Australian-based blockchain company, has regrettably entered voluntary administration after an expected funding round failed to materialise. The company, which specialises in tracking the provenance of diamonds and other luxury goods, was placed into administration after it was unable to meet its debt obligations. Everledger, founded in 2015 by Leanne Kemp, has been an industry pioneer in utilising blockchain technology to ensure transparency in the supply chains of diamonds, art, high-end fashion, wine, and even luxury automobile manufacturing. Among its high-profile partnerships were luxury fashion brand Alexander McQueen and automaker Ford, with whom it collaborated to track electric vehicle…

The full day footfall data from the Coronation of His Majesty King Charles III on May 6 shows a mixed picture for UK retailers. Overall, retail destinations across the UK experienced a 20.6% drop in shoppers compared to the previous Saturday (April 29). This dip was even more pronounced between 10 am and 3 pm during the ceremony and parade, with footfall plunging by 24.6%. However, it wasn’t all gloomy news for retailers. Despite the overall downturn, some key shopping hotspots witnessed a surge in footfall, according to data from MRI Springboard. London’s Knightsbridge, for instance, bucked the trend with…

Rio Tinto, the owner of the now-closed Argyle mine in East Kimberley, Australia, has recently revealed the Argyle Rose. The Argyle Rose is priced at A$2 million and will be exclusively available for purchase through the designers Solid Gold Diamonds, located in Perth. The piece showcases the last diamonds mined from the Argyle mine, including rare pink and blue diamonds. A Captivating Masterpiece The centrepiece of the Argyle Rose is a 1.36 carat fancy deep pink radiant-cut diamond. This is one of only twelve diamonds with a colour grading of 1P from the last 30 years of Argyle’s production. Surrounding…

The RapNet Diamond Index (RAPI™), a leading global diamond pricing index, reported a 2.4% drop for 1-carat polished diamonds in April. This decrease has brought the index down to 7,159 as of May 1st, compared to its 7,543 standing at the start of the year. Diamond prices across other sizes also exhibited weakness, with only 0.30-carat diamonds showing some stability. Dampened Demand in Major Markets This downturn in diamond prices is primarily due to sluggish demand in the US and China, the world’s leading markets for diamond jewellery. Avi Krawitz, Senior Analyst at Rapaport, explains, “Polished trading was quieter than…