Rapaport TradeWire July 7, 2022

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July 7, 2022
 
Rapaport Weekly Market Comment - July 7, 2022

News: Polished trading seasonally slow due to US summer vacations. Economic uncertainty fueling caution. Shift in sentiment with buyers setting market terms and polished inventories rising despite sanctions on Russian rough. 1 ct. RAPI -1.8% in June. Rough shortages expected to support prices in 2H. Expectations for strong De Beers sight next week. Kimberley Process reports 2021 global rough production +51% to $13.98B, volume +12% to 120M cts., average price +35% to $117/ct. Petra Diamonds' price index +8% at $93M June tender. India raises goods and services tax on polished to 1.5%. Birks FY sales +27% to $141M, profit of $1M vs. $4.5M loss. G7 countries ban gold imports from Russia.

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RAPNET DIAMOND INDEX (RAPI™)
Size Weekly Monthly Y2Y
0.30 ct -0.6% -1.5% -2.9%
0.50 ct -0.7% -2.2% 4.1%
1.00 ct -0.4% -1.9% 16.1%
3.00 ct -0.4% -1.3% 21.9%
Market Reports
<p><strong>United States: </strong>Bridal supporting the market during summer wedding season amid boom in post-pandemic nuptials…</p>
United States: Bridal supporting the market during summer wedding season amid boom in post-pandemic nuptials…
<p><strong>Belgium:</strong> Continued frustration with local banks blocking diamond accounts…</p>
Belgium: Continued frustration with local banks blocking diamond accounts…
<p><strong>Israel:</strong> Buyers increasingly resistant to prices…</p>
Israel: Buyers increasingly resistant to prices…
<p><strong>India: </strong>Manufacturers operating below capacity due to low supply and market uncertainty…</p>
India: Manufacturers operating below capacity due to low supply and market uncertainty…
<p><strong>Hong Kong: </strong>Consumers showing greater preference for gold than diamonds…</p>
Hong Kong: Consumers showing greater preference for gold than diamonds…
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Top Stories of the Week
<p>Midstream polished inventory grew in June despite limitations on rough supply.</p>
Diamond Prices Slide Amid Economic Uncertainty
Midstream polished inventory grew in June despite limitations on rough supply.

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<p>Rough ban should feature in next sanctions package, says Transparency International.</p>
Nonprofit Urges Europe to Outlaw Russian Diamonds
Rough ban should feature in next sanctions package, says Transparency International.

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<p>June sales of $93 million were 8% higher than in previous month.</p>
Strong Demand Bolsters Prices at Petra Tender
June sales of $93 million were 8% higher than in previous month.

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<p>Hard-luxury category up 7% year on year.</p>
Hong Kong Jewelry Sales Rise in May
Hard-luxury category up 7% year on year.

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<p>Technology company to distribute co-branded Light Performance certificates together with National Gemstone Testing Center.</p>
Sarine Partners with China Lab on Grading Reports
Technology company to distribute co-branded Light Performance certificates together with National Gemstone Testing Center.

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<p>Transactions through Shanghai exchange fell 46% in first half.</p>
China Diamond Imports Slump as Lockdowns Bite
Transactions through Shanghai exchange fell 46% in first half.

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<p>Figure up 27% as economy reopens.</p>
Birks Notes Surge in Revenue for 2021
Figure up 27% as economy reopens.

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<p>2021 incident count exceeded pre-coronavirus levels, according to JSA report.</p>
Jewelry Crimes Rise; Value of Losses Drops
2021 incident count exceeded pre-coronavirus levels, according to JSA report.

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<p>Higher output in Angola and Zimbabwe offsets closure of Australia's Argyle mine.</p>
Global Rough Production Rebounds in 2021
Higher output in Angola and Zimbabwe offsets closure of Australia's Argyle mine.

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<p>Cornette de Saint Cyr is fourth acquisition this year.</p>
Bonhams Snaps Up French Auction House
Cornette de Saint Cyr is fourth acquisition this year.

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<p>Increase in GST will enable companies to reduce their overall bills.</p>
India Tax Rise Will Help Industry, Says Trade Body
Increase in GST will enable companies to reduce their overall bills.

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