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Rapaport TradeWire July 11, 2019

July 11, 2019

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Rapaport TradeWire
July 11, 2019
RAPAPORT MARKET COMMENT
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Diamond trade seasonally slow with concerns about weak demand and low profit. Oversupply continues despite drop in rough buying. Producers raising rough inventory as 1H sales slump and mine production remains steady. Alrosa 1H sales -32% to $1.8B. Kimberley Process reports 2018 global rough production +3% to $14.5B, volume -2% to 148.4M cts. Indian government raises gold import duty from 10% to 12.5% and keeps duty on polished diamonds at uncompetitive 8.25%. India’s introduction of separate import code for lab-grown rough diamonds is important step in differentiating natural from synthetic diamonds. Rapaport calls for implementation of such codes in US and other markets.

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RAPNET DIAMOND INDEX (RAPI)
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WeeklyMonthlyY2Y
0.30 ct-0.58%-3.62%-21.59%
0.50 ct-0.36%-2.28%-8.44%
1.00 ct0.03%-1.05%-5.40%
3.00 ct-0.55%-3.59%-17.32%
RAPI Yearly Graph
The RapNet Diamond Index (RAPI™) is the average asking price in hundred $/ct. of the 10 percent best priced diamonds, for each of the top 25 quality round diamonds (D-H, IF-VS2, GIA-graded, RapSpec-A3 and better) offered for sale on RapNet - Rapaport Diamond Trading Network.
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Market Reports
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us_5840aa69ec879f1de3edd967fee55ef1.png United States: Weak sentiment among dealers in low-end melee as buyers push for deeper discounts...
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be_5840aa69ec879f1de3edd967fee55ef1.png Belgium: Fancy shapes doing okay, with nice-make ovals and pears selling well...
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il_5840aa69ec879f1de3edd967fee55ef1.png Israel: Fewer transactions, since many US wholesalers are on vacation and Far East customers remain cautious...
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in_5840aa69ec879f1de3edd967fee55ef1.png India: Strong gold demand supported jewelers in June, but rise in import duty expected to curb sales...
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hk_5840aa69ec879f1de3edd967fee55ef1.png Hong Kong: Drop in tourist arrivals is affecting jewelers, and local consumer confidence is down...
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Webinar: A Race to the Bottom?
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WITH Avi Krawitz

Rapaport’s senior analyst will host two webinars next Wednesday and Thursday (July 17 and 18) assessing the current challenges in the market.

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UPS AND DOWNS
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up-arrow.png 13.11.12d-3--_dd0c6367b2f1d50b399e05818ad2a4ba.jpgHow Alrosa Digs for Rough in Russia’s Permafrost
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up-arrow.png Tiffany-Blue-Box_190711_110008_8191048eeb1e274e15c6b985ed74d5ec.jpgInside Tiffany’s New Philippines Store
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down-arrow.png hong-kong_cb5e51f64baccefb3970f1c00b6c1fc1.JPGHong Kong Protests Hit Consumer Spending
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down-arrow.png Polished-diamonds-in-parcel-450_d7f93dffee635da6743f5d3de385946d.jpgFake Broker Dupes Indian Trader
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WEEKLY NEWS
industry
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Will Gemologists Survive Automation?
AI-powered grading will eliminate human error and improve efficiency, tech firm claims.
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JCK Lab-Grown Section Shows Rising Demand
Synthetic-diamond “neighborhood” nearly doubles in size at the 2019 fair.
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India Hikes Import Tax on Precious Metals
Move will negatively affect jewelry trade, GJEPC argues.
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Rough Prices Set for Slump – Analyst
Panmure Gordon predicts 5% drop this year.
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retail
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Forevermark Unveils New Bridal Campaign
Launch comes amid concerns of softening sales for the category.
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Gucci Forays into High-End Jewelry
Brand opens store in prestigious Paris location.
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Michael Hill to Repay Retail Workers up to $17M
Australian company’s full-year sales drop 4.5%.
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High Gold Prices Mute Titan Growth
Jewelry revenues up 13% in first fiscal quarter, but lower than planned.
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mining
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Alrosa Sales Fall Amid Diamond Oversupply
Proceeds slump 43% in June, 33% for first half.
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Firestone Finds Its Biggest Fancy Yellow
Stone weighing 54 carats will go on sale at September tender.
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Global Diamond Production Value Rises
Higher output in Botswana drove overall increase for 2018.
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Stornoway Prices Continue to Fall
Inventory surplus has dented market for larger stones, miner says.
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general
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WDC Exec Ranked Among Africa’s Most Influential
List of top women recognizes Marie-Chantal Kaninda for her work in mining communities.
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Manufacturer LDC Acquires Metal-Casting Company
Deal between Rhode Island businesses will add “new resources and capabilities,” says CEO.
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Rough Trading Slowed in 2018
Global imports fell 3%, according to Kimberley Process data.
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Recycled-Jewelry Veteran Joins Fortuna
Sam Ziefer will oversee the auction house’s business development.
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FINANCE
Diamond Industry Stock Report
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Indian stocks slumped this past week after the government raised import duties for gold and precious metals. Titan Company (-15%) lost ground following disappointing sales figures, and PC Jeweller (-7%) dropped as well. US and Hong Kong retailers fared better amid expectations that the US Federal Reserve would cut interest rates. Signet (+10%) rose after a slide the previous week, while Chow Sang Sang (+2.8%) led Hong Kong equities.

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Rapnet Trade Wire
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Article originally published on Diamonds.net here

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