47th Street Jeweler’s Row Insider – April 6, 2017

This week’s diamond news – from the diamond district, NYC

Jewelers Row 47th Street Sells More than Diamonds – Cocaine, Police Say

Friday, March 31, 2017, People usually go to the Diamond District looking for wholesale diamonds, NYC style.  The New York Drug Enforcement Task Force said that 21 Divine, one of the Best jewelry stores in NYC, was selling another kind of rare and expensive commodity, cocaine. A 121-pound shipment of the illicit drug arrived at the store located at 43rd W. 47th Street last week. The police followed three packages sent from LA based jewelry business, “Sapphire” all the way to Jeweler’s Row where they were signed for by Junior Lopez-Pena.

Lopez Pena was arrested as he tried to leave the location. At the business, the police discovered the drugs and a money counter, the press release states.

The value of the confiscated drugs was $2M

This week’s diamond news – from the diamond industry

Kay Jewelers reports $10,700 stolen rings

Apparently two men found $10,700 worth of diamond rings too irresistible to refuse, so they didn’t. Kay Jewelers of Effingham reported that two men entered their shop and stole two bridal ring sets worth over 10,000 on Sunday April 2.

This was the second robbery from this Kay Jewelers location in the last 12 months. Last year, on September 11, a necklace valued at $3,399 and a bracelet valued at $2939 were also stolen.

De Beers Reports Third Quarter Gain of 4.9%

Diamond Titan De Beers reported a third cycle sales gain of 4.9% versus the second cycle ($580M vs $553M). This is related to the success of the Hong Kong International Jewelry Show held last month. This was down, however, from their third cycle 2016 where sales of $666 million.

“Pink Star” Diamond sells for $71.2m

Hong Kong – April 4, 2017

Local Jeweler Chow Tai Fook won a bidding war for a 59.6 carat pink diamond. The “Pink Star” as it is called, is an internally flawless specimen, graded by GIA and is fancy vivid pink according to Sotheby’s. The price…$71.2m