Rapaport TradeWire December 2, 2022

December 2, 2022

Rapaport Market Comment - December 1, 2022 Diamond trading slow amid weak demand and declining prices. 1 ct. RAPI -3.1% in Nov. Some categories stabilizing; smalls stronger than larger certified goods. Manufacturers reducing production due to high inventory. Rough market cautious ahead of Dec. 6 De Beers sight. Retail optimistic as NRF reports record foot traffic and digital sales over Thanksgiving weekend. Adobe estimates US e-commerce +6% to $11.3B on Cyber Monday. China weak; Hong Kong improving. Christie's withdraws emerald-cut, 13.15 ct., fancy-vivid-pink, VVS1 stone from next week's NY auction, sells $46M (86% by lot) in HK, including necklace with 52 round, D, IF diamonds (104.84 total cts.) for $5.9M ($56,493/ct.). Watch Video

RAPNET DIAMOND INDEX (RAPI™)   Weekly Monthly Y2Y 0.30 ct -0.14% -0.42% -7.67% 0.50 ct -0.62% -2.33% -9.55% 1.00 ct -0.62% -3.10% -4.53% 3.00 ct -0.20% -2.14% 3.60%

Market Reports   United States: Commercial, bread-and-butter bridal range weak…   Belgium: Market quiet amid cautious retail spending and low dealer sentiment across Europe…   Israel: Focus on memo supply, with hope for strong sell-through during December…   India: Polished production down due to excess inventory and high rough prices…   Hong Kong: Consumer spending improving as holidays approach and local economy rebounds…

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In Shaky Market, Small Diamonds Are Winning By Joshua Freedman Melee goods — and the rough that produces them — have been performing better than larger sizes due to strong luxury demand and a supply squeeze. Read More

Designers Put Modern Twists on Classic Diamond Pieces By Francesca Fearon Studs, bracelets and rivières are getting a refresh. Read More

Secondhand Watches Are in Big Demand. Is the Surge Sustainable? By Carol Besler Pre-owned timepieces are beating jewelry at auction and outselling hard-to-get newer models. Read More

Top Stories of the Week GIA to Offer Cheaper Lab-Grown Report Digital-only document will not state growth method or treatment information. See More Cyber Monday Sees Highest-Ever Haul Consumers spent $11.3 billion, up 6% year on year. See More Holiday Weekend Shopper Count 'Shatters' Expectations Almost 200 million made purchases between Thanksgiving and Cyber Monday. See More Government Stimulus Drives Hong Kong Retail Recovery Jewelry and other hard-luxury items up 14% year on year in October. See More Christie's Garners $46M from Hong Kong Sale Diamond necklace leads auction with price of $5.9 million. See More Black Friday Reels In Record Holiday Spending Promotions enticed consumers to part with their cash despite inflation, Mastercard says. See More Rio Tinto Production to Slump as Diavik Dries Up Output will fall to between 3 million and 3.8 million carats next year, company predicts. See More Lucara Outlook Strong Following Supply Deal Miner expects revenue of up to $230 million next year. See More Petra Extends Tanzania Mine Closure Production at Williamson unlikely to resume before mid-2023. See More Hong Kong Rebound Supports Luk Fook Sales Revenue growth in municipality offsets weak mainland demand. See More LVMH Acquires Italian Jewelry Producer Takeover of Pedemonte Group will boost Bulgari owner's manufacturing capacity. See More Petra Diamonds Sees Rough Prices Dip 5% Slow Chinese market dented demand at latest tender. See More Firestone Restarts Mining Following Long-Term Shutdown Company still faces hefty financial challenges after two-and-a-half-year closure. See More Delgatto to Finance Sierra Leone Mine Funds will enable Newfield Resources to increase production at Tongo site. See More Phillips Upbeat on Market After $7M Hong Kong Sale 26.12-carat, D-flawless diamond leads Jewels and Jadeite auction. See More

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