Swiss jeweler De Grisogono SA has acquired the rights to market a 404-carat rough diamond which it bought from Dubai trader Nemesis International DMCC.
The giant diamond was discovered by Lucapa Diamond Co at its Lulo mine in Angola. Nickolas Polak, a director of Nemesis International, declined to disclose a price, but in February Lucapa said it sold the 404-carat diamond for $22.5 million, Bloomberg reported.
The Diamond Producers Association, an organization of the world's leading diamond miners, has launched two movies as part of its campaign to attract millennial buyers.
The movies are part of the 'Real Is Rare' brand campaign which followed more than six months of research which featured interviews with young people aged around 18 to 35 in the United States.
The U.S. economy expanded at a rate of just 2% in the third quarter of this year which was less than previously officially reported by the government.
The revised figures indicate that more than six years into a recovery, the economy is growing at a rate that that is lower than the historical average.
CEO Sidney Toledano said that although China's rate of economic growth and demand for diamonds is declining and luxury sales are also on a downward trajectory, the jewelry and fashion house is still seeing solid consumer demand.
In particular, demand is strong for jewelry.
Analytics company comScore predicts a 14-percent increase on last year in November-December 2015 holiday season spending. Total online retail spending is seen reaching $70.1 billion.
Meanwhile, same-store sales for gold plunged 29 percent on the year, and sales of gem-set jewelry dropped by 10 percent.
The two shows attracted a record-breaking number of exhibitors in 2014, hosting more than 3,850 exhibitors from 53 countries and regions, and welcoming over 74,000 visitors from 145 countries and regions.
The industry organization also projects non-store sales in 2015 to rise between 7 and 10 percent. The 4.1 percent rise would see the biggest annual growth rate since 2011 when retail sales jumped by 5.1 percent.