Rapaport TradeWire July 14, 2022

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July 14, 2022
 
Rapaport Weekly Market Comment - July 14, 2022

News: Polished market flat during summer lull. US jewelers optimistic for 2H despite economic uncertainty and inflation +9.1% in June. Rough prices stable at De Beers sight. Manufacturers competing for responsibly sourced rough. Cutters have reduced operations due to scarcities and lower polished demand; larger factories shifting between natural and lab-grown production based on availability and price trends. Gahcho Kué 2Q production -29% to 1.3M cts. Chow Tai Fook 1Q sales -4% due to China pandemic resurgence. Watches of Switzerland FY revenue +37% to $1.5B, profit doubles to $121M. Iris Van der Veken named executive director of Watch & Jewellery Initiative 2030 for sustainability.

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RAPNET DIAMOND INDEX (RAPI™)
Size Weekly Monthly Y2Y
0.30 ct -1.3% -2.8% -4.2%
0.50 ct -0.8% -2.6% 2.2%
1.00 ct -0.4% -2.1% 13.0%
3.00 ct -0.2% -1.2% 21.8%
Market Reports
<p><strong>United States: </strong>Suppliers agreeing to short-term memo to satisfy jewelers' immediate requirements…</p>
United States: Suppliers agreeing to short-term memo to satisfy jewelers' immediate requirements…
<p><strong>Belgium:</strong> European buyers cautious after euro slides to parity with US dollar (EUR 1 = $1) for first time in 20 years…</p>
Belgium: European buyers cautious after euro slides to parity with US dollar (EUR 1 = $1) for first time in 20 years…
<p><strong>Israel:</strong> Prices softening as suppliers look to raise liquidity and offload excess inventory…</p>
Israel: Prices softening as suppliers look to raise liquidity and offload excess inventory…
<p><strong>India: </strong>Small goods performing better than 1 ct. and larger…</p>
India: Small goods performing better than 1 ct. and larger…
<p><strong>Hong Kong: </strong>Jewelers expect weak consumer sentiment through third quarter…</p>
Hong Kong: Jewelers expect weak consumer sentiment through third quarter…
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Podcast: Jewelry's Pivotal Moment

Lisa Bridge, CEO of jewelry chain Ben Bridge, talks with Rapaport's Avi Krawitz about her recent appointment as president of the American Gem Society and the mood among US retailers.

 

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How a 910ct. Rough Became a Sparkling Van Cleef Collection
By Joshua Freedman

Antwerp-based manufacturers Taché and Samir Gems bought the Lesotho Legend from Gem Diamonds back in 2018. After a delay due to Covid-19, the final product hit the headlines this month as an exquisite set of Van Cleef & Arpels jewels.

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Gone Phishing: How to Stay Safe from Cybercrime
By Jennifer Heebner

With major companies falling prey to hacker attacks, it's only a matter of time until smaller jewelers become the next victims of digital fraud. Security experts explain the surest ways of navigating the risks.

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Top Stories of the Week
<p>Watch & Jewellery Initiative 2030 will focus on building climate resilience, preserving resources, and fostering inclusiveness.</p>
Iris Van der Veken Joins Cartier-Kering Initiative
Watch & Jewellery Initiative 2030 will focus on building climate resilience, preserving resources, and fostering inclusiveness.

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<p>Ransom payment — in Bitcoin — prevented publication of client data, court document says.</p>
Graff Paid $7.5M to Cyber Hackers: Lawsuit
Ransom payment — in Bitcoin — prevented publication of client data, court document says.

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<p>Category up 16% year on year in June.</p>
Jewelry Sales Climb as Luxury Spending Persists
Category up 16% year on year in June.

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<p>Customers seek gifts, engagement rings, and jewelry for all occasions throughout the year now.</p>
Summer Looking Steady for US Stores
Customers seek gifts, engagement rings, and jewelry for all occasions throughout the year now.

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<p>Total e-commerce sales down 6% from May.</p>
US Online Spending Softens in June
Total e-commerce sales down 6% from May.

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<p>Former Samuels Jewelers CEO defrauded LLD Diamonds of more than $2.6 million in goods, Manhattan district attorney says.</p>
Nehal Modi Convicted of Grand Larceny
Former Samuels Jewelers CEO defrauded LLD Diamonds of more than $2.6 million in goods, Manhattan district attorney says.

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<p>Virus resurgence led to 3.7% drop for three months ending June 30.</p>
Chow Tai Fook Sales Slide During Covid-19 Wave
Virus resurgence led to 3.7% drop for three months ending June 30.

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<p>Full-year sales rise 37% to $1.48 billion.</p>
Watches of Switzerland Sees Record Revenue
Full-year sales rise 37% to $1.48 billion.

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<p>Second-quarter output fell amid Covid-19 outbreak and processing-plant obstacles.</p>
Mountain Province Lowers 2022 Production Forecast
Second-quarter output fell amid Covid-19 outbreak and processing-plant obstacles.

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<p>Piece designed for duchess of Windsor rakes in $820,000, nearly triple its high estimate.</p>
Van Cleef Zip Necklace Sets Record at Christie's
Piece designed for duchess of Windsor rakes in $820,000, nearly triple its high estimate.

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<p>Company jumps to 66th place from 78 last year.</p>
Signet Moves Steadily Up List of Top 100 Retailers
Company jumps to 66th place from 78 last year.

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<p>Jewelry revenue at Indian retailer up 207% in first fiscal quarter.</p>
Titan Sales Recover After Two Years of Disruption
Jewelry revenue at Indian retailer up 207% in first fiscal quarter.

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