Rapaport TradeWire March 31, 2022

Polished prices under pressure.

Retail Industry Mining General

March 31, 2022 RAPAPORT MARKET COMMENT  Diamond market sluggish due to US economic caution and China Covid-19 restrictions. Polished price decline fueling uncertainty. Buyers waiting for further decreases. Suppliers willing to negotiate to raise liquidity and reduce inventory of less desirable goods. Rough market restrained amid decline in prices on secondary market. De Beers maintains stable prices at March sight. Split in Responsible Jewellery Council over Russia sanction policy; executive director Iris Van der Veken quits; Pandora and Richemont leave over Alrosa membership. Tiffany & Co. halts purchasing of polished from Russian rough. UK government places sanctions on Alrosa.

RAPNET DIAMOND INDEX (RAPI™)   Weekly Monthly Y2Y 0.30 ct -3.62% -4.10% 2.18% 0.50 ct -2.12% -1.36% 12.21% 1.00 ct -1.63% 0.74% 31.23% 3.00 ct -0.98% 0.72% 34.98%   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.

Market Reports United States: Outlook for 2H uncertain amid economic slowdown and inflation worries... Belgium: Rough trading steady, with prices on secondary market softening... Israel: Significant drop in demand for stones below 0.30 ct... India: Manufacturers buying rough but maintaining lower polished production... Hong Kong: Many jewelers closing stores and shifting to e-commerce...

UPS AND DOWNS Zimbabwe's Diamond Miners Aim to Increase Production The Best Jewelry from the 2022 Oscars Belgium Braces for Zelensky's Fury over Russian Diamonds South Africa Miners' Union Says Petra Will Cut 150 Jobs

WEEKLY NEWS industry RJC Head Iris Van der Veken Resigns Executive director was dissatisfied with organization's failure to suspend Alrosa, sources says. Pandora Exits RJC over Boycott Dispute Jeweler stopped all business with Russia and Belarus when invasion began. 228ct. Diamond to Take Center Stage at Christie's Stone could fetch up to $30M at Geneva auction. UK Lays Down Sanctions Against Alrosa Government will freeze miner's British assets and ban citizens from transacting with the company. RETAIL Tiffany Presses 'Pause' on Russian Diamonds Jeweler will also not use stones from the country that have been cut and polished elsewhere, it said. Chopard Stops Sourcing Russian Diamonds Luxury brand will not purchase newly mined goods from sanctioned companies. Consumers Choose Sustainability over Price Younger shoppers are driving the trend, according to Platinum Guild International. mining Rough Prices Drop as Trading Cools Valuations fall by up to 40% for smallest sizes on the secondary market. Mountain Province Profit Surges in Strong Market Demand for Gahcho Kué goods recovered in 2021. Former Grib Diamonds Exec Joins Trans Atlantic Paul Duncombe will be chief operating officer for Dubai. Lulo's Rough-Diamond Resources Climb Company identified new material and improved its knowledge of existing areas. general 45ct. Diamond to Set Record at Christie's Sale Piece is highest-valued jewel to be offered online. JBT Elects Richard Katz as Chairman Richline senior vice president succeeds Ann Arnold. Jewelers' Security Alliance Elects New Officers Steven Kaiser to remain as chair for three more years.

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