LMVH profit jumps as Japan, Europe join China luxury rebound

/ Jul 27, 2017

LMVH profit jumps as Japan, Europe join China luxury rebound

LVMH's first-half profit grew at the fastest rate since 2011 as Japan and Europe joined a luxury industry recovery led by China, showing double-digit sales increases in the second quarter. The world's biggest luxury-goods company said Japan was boosted by promotional activity like staging Louis ...

World's last wild frankincense forests are under threat

Dec 25, 2016

World's last wild frankincense forests are under threat

In a tradition dating to Biblical times, men rise at dawn in the rugged Cal Madow mountains of Somaliland in the Horn of Africa to scale rocky outcrops in search of the prized sap of wild frankincense trees. Bracing against high winds, Musse Ismail Hassan ...

Record crushed, diamond intact: 'Oppenheimer Blue' draws $58M

May 19, 2016

Record crushed, diamond intact: 'Oppenheimer Blue' draws $58M

The "Oppenheimer Blue" diamond sold Wednesday for more than 56.8 million Swiss francs ($57.6 million) including fees, crushing the previous record for the most expensive diamond ever sold at auction. Capping a lively and even laughter-filled auction at Christie's, the hammer came down to applause ...

Nov 19, 2015

Small Canadian firm finds second-biggest gem-quality diamond ever

A small Canadian diamond company has found what it says is the world's second-biggest gem-quality diamond ever recovered, and the largest in more than a century, at its mine in Botswana. Lucara Diamond Corp. said on Wednesday the 1,111-carat stone was found at its Karowe ...

Oct 29, 2015

Chinese luxury shopping undeterred by economic jitters

A study shows that wealthy Chinese remain the No. 1 buyers of luxury products worldwide, inured to economic turmoil at home as they zigzag the globe in search of deals on everything from handbags to jewelry. The study by Bain & Company consultancy released Thursday ...

Made in North Korea: goods store opens to brisk business in Seoul

Aug 7, 2015

Made in North Korea: goods store opens to brisk business in Seoul

A shop in South Korea's capital specializing in goods made in the North has run nearly $140,000 through its tills in just three months of business, helping dispel the notion that products from the impoverished state are shoddy and undesirable. The Kaesong Industrial Complex Shop ...

Slowboat to China: No quick fix for luxury yacht firm Ferretti

Jun 29, 2015

Slowboat to China: No quick fix for luxury yacht firm Ferretti

When Chinese industrial conglomerate Weichai Group snapped up cash-strapped Italian luxury yacht builder Ferretti in 2012, the deal looked like a match made in heaven. Debt-laden Ferretti, known for the elegant Riva speedboats favoured by film star Sophia Loren, was the world's top maker of ...

China hints it will end ivory trade

/ Jun 26, 2015

China hints it will end ivory trade

In the struggle to curb the slaughter of elephants, conservationists are hailing as a possible game-changer the unexpected pledge by a senior Chinese official to stop the ivory trade in a country whose vast, increasingly affluent consumer market drives elephant poaching across Africa. Now they ...