Rapaport TradeWire April 7, 2022

Polished trading cautious as prices continue decline.

Industry Retail Mining General

April 7, 2022 RAPAPORT MARKET COMMENT  Polished trading cautious as prices continue decline. 1 ct. RAPI +0.5% in March but down in recent weeks; 0.30 ct. for March -3.9%. US bridal supporting the market. March jewelry sales +12%, Mastercard SpendingPulse reports. Uncertainty growing due to geopolitical and economic volatility and China Covid-19 lockdowns. Alrosa suspension from Responsible Jewellery Council highlights market split in criteria for ethical sourcing. Kering withdraws from RJC; Bulgari steps down from board; John Hall appointed interim executive director. US Congress members request extension of Russian sanctions to polished cut outside Russia. Rapaport halts all activity with Russia and Belarus, introduces rough source disclosure on RapNet, launches new social responsibility website, sr.rapaport.com.

RAPNET DIAMOND INDEX (RAPI™)   Weekly Monthly Y2Y 0.30 ct -0.47% -7.51% 1.87% 0.50 ct -0.78% -4.70% 11.43% 1.00 ct -0.78% -4.37% 29.83% 3.00 ct -0.90% -2.74% 33.23% 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: Staff shortages preventing manufacturers from meeting demand... Belgium: US bridal driving orders for 1 to 1.50 ct. polished... Israel: Very few transactions with Chinese buyers amid Shanghai lockdowns... India: Domestic market seeing pockets of demand but sluggish overall... Hong Kong: Consumers avoiding luxury purchases as virus continues to spread...

Rapaport Group Takes Action Following Russian Invasion  WITH RAPAPORT Rapaport has suspended all activity with Russian and Belarusian companies and enabled sellers on RapNet to list the origin of their diamonds.

Crisis Mismanagement  WITH AVI KRAWITZ The Responsible Jewellery Council (RJC) must still play a leading role in the industry's ethical-sourcing efforts, despite the drama that unfolded in recent weeks.

The RJC, Russia and Hollywood Glamour  WITH THE RAPAPORT DIAMOND PODCAST The editorial team discusses the recent turmoil at the RJC, which saw the executive director and several brands leave the organization.

UPS AND DOWNS Tanishq to Set Up 45 to 60 New Jewelry Stores in India Good Times: Luxury Watchmakers Face Soaring Demand David Yurman vs. Mejuri Infringement Case Heats Up Hong Kong Retail Sector Entered 'Mini Ice Age' in February

WEEKLY NEWS industry Diamond Trade Cautious Amid Geopolitical Turmoil Prices softened in March, particularly for goods below 0.30 carats. Lawmakers Seek Review of Sanction 'Loopholes' Bipartisan group urges US government to examine its interpretation of "Russian origin." RJC Appoints John Hall as Interim Chief Former Rio Tinto executive takes over following resignation of Iris Van der Veken. Moscow Bourse Suspends WFDB Membership Russian exchange paused activities in early March. retail Bulgari Quits RJC Board Watches of Switzerland resigns membership of standards organization. Jewelry Sales Strong in March Category up 12% year on year. Kering Joins Exodus from RJC Luxury group's Boucheron, Pomellato, Qeelin and Gucci brands leave the organization. Pandora Hires New China Boss Irving Holmes Wong was previously managing director for Asia Pacific at beauty brand Avon. mining Alrosa Leaves the Responsible Jewellery Council Standards group cites legal review as reason for not taking action against the miner. BlueRock's Average Price Skyrockets Figure rises to $1,000 per carat at March tender. general Christie's to Sell 128-Piece Patek Philippe Collection Watches will go under hammer in Geneva, Hong Kong and New York. Ruby and Diamond Ring Blows Away Estimate Piece fetches $25,265 at Fellows auction. TAG Heuer Puts Lab-Grown Diamonds in New Watch LVMH brand uses stones from Israel's Lusix.

Contact Us         © Copyright 2022 by Rapaport USA Inc. All Rights Reserved. Rapaport®, TradeWire®, RapNet®, Index® and JNS® Jewelry News Service are registered trademarks.

Rapaport USA 133 East Warm Springs Road Suite 100 Las Vegas Nevada 89119 USA You received this email because you are subscribed to Rapaport TradeWire® from Rapaport USA. Update your email preferences to choose the types of emails you receive. Unsubscribe from all future emails