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Day: 2 January 2020

A decade of diamonds

by: Cassandra Tanti
02/01/2020

As we enter the 2020’s, Antonio Cecere, President of Geneva Diamond Exchange and Founder of Monaco Diamond Exchange, explains the diamond industry of the past decade and what expectations look like for the 10 years ahead.
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Monaco Life: Ethical sourcing underwent great scrutiny in the recent past. How much does consumer confidence affect the jewellery sector in regards to synthetic and conflict diamonds?
Antonio Cecere: According to a recent poll by Rapaport, consumers lately have grown more concerned to the extent that they are willing to pay more for diamonds that are proven to be natural and ethically sourced. As a result, the Diamond Standards Organisation (DSO) filled the gap between polished diamonds and the Kimberley Process (KPCS), the rough diamond compliance scheme, by implementing a certification system for polished diamonds designed to inform and reassure consumers on the conformity of their purchases.
What were last decade’s expectations and have they been met by the market?
The expectations started very high with China driving demand for the first 18 months and the prices of polished diamonds soaring rapidly. After an excellent start, the market slowed down after 2011 and the prices stagnated until the end of the decade. This is due to macroeconomics and the general state of the economy across jurisdictions; more recently the trade war between US and China also impacted the trade. Overall, the jewellery demand from 2010 to 2018 increased by 16% according to De Beers.
What were the reasons for setting high the expectations and what were the major causes for the slowdown?
China and India were rapidly growing new-markets and their overall size commanded high projections in terms of volumetric consumption. In addition, the knowledge that there will be a widening gap between diamond supply and demand in the following decade also created excitement around this asset class. However, the financial crisis that started in 2008 eventually caught up with the diamond market because consumers’ purchasing power came to suffer and the diminishing bank credit affected cutters and polishers alike.
Is this performance analysis valid for all types of diamonds?
We tend to generalise, but no, this is not valid for all diamonds. Smaller diamonds, less than one carat, are the ones that most suffered whilst on the opposite side of the spectrum fancy colour diamonds had a rather positive 10-year performance across all colours. Typically, pinks and blues outperformed yellows which are slightly more common; reds and greens remained the most sought after although the price tag reflects their rarity.
What can we expect in the next decade?
The world of diamonds has technologically evolved in the last couple of years and so have the purchasing patterns. On-line sales have grown exponentially in the last decade redesigning the supply chain order and, after a reassessment period, diamond prices will continue their historical growth. Quite indicative of this transformation are the results of auction houses that had a decade of jewellery record sales supported by on-line bidders. Sotheby’s, for instance, achieved its biggest 10 jewellery sales ever in the last decade, selling almost 700 items valued at over a million US dollars and 41 items at over 10 million US dollars. Undoubtedly, this trend will continue in the new decade.
What will be the catalysers to the diamonds’ performance in the next decade?
In regards to the ethical concerns, Diamond Standards Organisation is set to reassure consumers on the validity of their purchases therefore re-establishing confidence and connecting Kimberley Process to polished diamonds. Lab-grown diamonds production will be led by De Beers and Swarovski who have the magnitude and the ability to guide the market, set the prices and add transparency to the process. Surely, the closure of important mines like Argyle in 2021 followed by Ekati and Diavik is going to impact the market and limit the global yearly output which will result in the current stockpile to be fully absorbed. Concurrently, the consolidation of the mining sector due to taxation and extraction costs will further benefit overall pricing. Finally, technology will better support the diamond sector both with blockchain innovation and with alternative financing methods like tokenization.
 
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Last weekend to enjoy Christmas Village

by: Stephanie Horsman
02/01/2020

Extend the holiday spirit and visit the final days of Monaco’s White Christmas-themed Christmas Village. 

After this Sunday, the igloos and chalets will all disappear from Port Hercule, as will the delicious snacks and festive drinks, but there is still time to enjoy Monaco’s Christmas Village.  

This weekend will feature jugglers and dancers, as well as special workshops for the kids including face-painting and drawing, not to mention the games and rides, featuring the huge Ferris wheel that has come to be emblematic of the event.

The ice skating rink remains open until March, giving visitors more time to show off their skills and spend some good quality time with family and friends in the open air setting.

Once the village is gone, there is still fun to be had. Selected Sundays from 8am-12pm starting from the 12th January, the ice rink is transformed into a racing circuit for remote-controlled cars.

 
 

Top Marques to showcase replica of car from To Catch a Thief

by: Stephanie Horsman
02/01/2020

A 1954 Sunbeam Alpine, the car driven by Grace Kelly in the 1955 Hitchcock classic To Catch a Thief, will be exhibited at the Top Marques show in Paris next month.

Acquired by the Collection of Cars of HSH the Prince of Monaco in 2012, the ice blue version of the same car famously driven by his mother in the film along the Moyenne Corniche, with a terrified Cary grant at her side, will be on display at the Retromobile show in the French capital in February.

The car was lovingly restored to be an exact replica of the Sunbeam from the movie and is an extremely rare example.  

As an added treat, Top Marques has invited Thierry Boutsen, former Formula 1 and endurance pilot and owner of his latest venture, Boutsen Classic Cars, to join them at their stand in Paris, who will be available to meet the public and sign autographs over the weekend.

Top Marques’ participation at the Retromobile exhibition, held annually at Porte de Versailles, marks a new strategic partnership between the two entities. This has prompted Top Marques to announce the addition of two full spaces for their upcoming event held every June in Monaco, which will be devoted exclusively to classic cars.

Top Marques fans will therefore not only be able to wonder at the supercars, hypercars and latest novelties in the world of automobiles, but will also be able to step back in time to marvel at the graceful lines and cool elegance of cars from days gone by.  

Retromobile runs from 5th to 9th February.

French union’s vow no surrender following Macron speech

by: Staff Writer
02/01/2020

Brace yourself for more strike action. The leader of France’s hardline CGT union has urged all workers to join pension strikes that have crippled public transport over the past month, as a showdown with President Emmanuel Macron enters a second month.
In his New Year’s address on Tuesday, Macron vowed not to back down on his plan to replace France’s 42 separate pension schemes with a single system that would require people to work longer.
The government says the changes are necessary to make the system fairer for all and more sustainable but unions argue that workers, particularly in the public sector, will lose out.
Reacting to Macron’s speech, CGT leader Philippe Martinez called for strikes “everywhere” from next week, both “in the public and the private sector”.
“Faced with a self-satisfied president who thinks that everything is going fine in this country we have to send a stronger warning sign,” he told BFM news channel.
“We’re calling on all the French to mobilise, attend demonstrations and go on strike,” he added.
The 28-day strike, which left thousands of travelers stranded over the Christmas holidays, is on course to exceed the longest transport strike to date in France, which lasted for 28 days in 1986 and early 1987.
Macron’s New Year’s address was closely watched for signs that the government’s resolve might be weakening.
But while calling for a “rapid compromise” during a new round of negotiations with unions next week, Macron vowed that the reforms “will be carried out.”
Already another day of mass protests is set for 9th January, when teachers, dockers, hospital workers and other public sector employees are expected to join transport workers by striking for the day.
Energy workers have also called for a three-day blockade of the country’s oil refineries and fuel depots starting 7th January, raising the specter of petrol shortages.
But the strike participation rate is waning, with just 7.7% of employees at train operator SNCF on strike Tuesday, far below the levels seen when the protest began on 5th December.
Source: AFP 
 

Louis and Marie Ducruet share wedding video

by: Cassandra Tanti
02/01/2020

Louis Ducruet has given the world a unique glimpse of “the happiest day of his life”, posting a video of his marriage to Marie Chevallier on social media. The son of Princess Stephanie tied the knot with his long-time love in July, but it is clear the couple is still full of emotion five months in.
27-year old Louis Ducruet married 27-year-old Marie Chevallier on 27th July in a fittingly elaborate wedding in Monaco, surrounded by friends and family.
On Monday 30th December, Louis Ducruet published a short video on his Instagram featuring highlights of the day. It includes the couple’s arrival at the Cathedral of Our Lady Immaculate and Marie in her stunning white dress with enormously long train, the ceremony, and all the fun of the after party. They are surrounded by their loved ones: the family of the bride, their friends, and the family of the groom including Prince Albert II and Princess Charlene, Princess Stephanie and her former husband Daniel Ducruet… rare images of the parents of Louis and Pauline, who divorced in 1996.
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“Remembering the best day of this 2019 year! Surrounded by family and friends ❤️ Excited to start this new year with the person I’m proud to call my wife ❤️ I love you”, Prince Albert’s nephew wrote in a caption on the video. The bride, who also shared the video, posted a similar message: “Before jumping into 2020, all I can think about is how amazing this year has been to us ❤️ I love you my soulmate.”
The happy couple also welcomed a new member to their family in 2019: Pancake, a gorgeous dog pictured in a matching Christmas jumper in the couple’s holiday post.
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Top photo: Screenshot of Louis and Marie Ducruet’s wedding video posted on Instagram
 
 
 

Don’t let gastro get you

by: Stephanie Horsman
02/01/2020

This year, Monaco and the surrounding regions have been hit hard by the highly infectious bug that causes gastroenteritis, more commonly known simply as “gastro”. Here’s how to protect yourself and loved ones from catching it.

Gastro is nothing new to these parts, but this winter, the strain that is affecting the region is particularly virulent. Symptoms include fever, headache, vomiting and/or diarrhoea, loss of appetite and fatigue. Needless to say, you know it when you have it.

Though sometimes a bacterial infection, it is more likely to be caused by a virus that can survive on surfaces from eight hours up to a week. Once caught, the sufferer is extremely contagious for three days.

To avoid contracting this disease in the first place, and to avoid the spread of it, health care professionals recommend regular hand washing, particularly after using the toilet, before and after handling food, after using public transport and before being in contact with small children.

Anti-bacterial gels are not sufficient, as they do not eradicate all the germs, but used in conjunction with hand washing are a good tool to help prevent the spread of the virus.

If possible, avoid places where the virus is likely to be easily spread.

If you are one of the unlucky recipients of gastro, rest and adequate rehydration are the keys to a fast recovery. Small and frequent doses of water a teaspoon at a time to decrease the risk of vomiting are advised. Once feeling better, food in small quantities should also be reintroduced. Broth, crackers, rice and pasta are good bets, while dairy and fibre-filled options such as fruits and vegetables should be avoided.  

The worst of the bug should last no longer than one to three days, though it sometimes lingers a bit longer. Children and the elderly are at most risk, so be vigilant when coming into contact with them, taking added precautions to ensure they do not get sick.