Rapaport TradeWire January 26, 2023

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RAPAPORT ® TRADEWIRE ®
January 26, 2023
 
Rapaport Market Comment - January 26, 2023

Polished market selective as jewelers start to replenish inventory they sold during holiday season. Buyers lack urgency. Dealers uncertain amid slow demand and mixed price trends. Midstream inventory slightly down as polished production remains low. Rough supply has dropped due to Alrosa restrictions. Mountain Province 2022 sales +25% to $297M, average price +49% to $112/ct. India's 2022 polished exports -3% to $22.9B, rough imports +4% to $18.5B. Luxury jewelers upbeat and expect China recovery to drive growth. Swatch 2022 jewelry and watch sales +2% to $7.8B. Birks Nov.-Dec. holiday same-store sales -3.2%. RJC appoints journalist and curator Melanie Grant as executive director.

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RAPNET DIAMOND INDEX (RAPI™)
  Weekly Monthly Y2Y
0.30 ct 1.30% 3.40% -5.58%
0.50 ct 0.20% 0.22% -13.23%
1.00 ct 0.26% -0.47% -16.18%
3.00 ct 0.16% -0.47% -8.98%
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Market Reports
<p><strong>United States: </strong>Elongated ovals, 1 to 1.50 ct., F-H, SIs are hot, driven by retailers replenishing holiday inventory…</p>    United States: Elongated ovals, 1 to 1.50 ct., F-H, SIs are hot, driven by retailers replenishing holiday inventory…
<p><strong>Belgium: </strong>Small and mid-size dealers that supply commercial qualities note quiet trading…</p>    Belgium: Small and mid-size dealers that supply commercial qualities note quiet trading…
<p><strong>Israel: </strong>Buyers struggling to find goods they need…</p>    Israel: Buyers struggling to find goods they need…
<p><strong>India: </strong>Inventory has declined and there are shortages in certain in-demand categories, such as elongated fancies…</p>    India: Inventory has declined and there are shortages in certain in-demand categories, such as elongated fancies…
<p><strong>Hong Kong: </strong>Tourist traffic from mainland improving since Covid-19 restrictions were lifted; Macau busy during Chinese New Year…</p>    Hong Kong: Tourist traffic from mainland improving since Covid-19 restrictions were lifted; Macau busy during Chinese New Year…
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Podcast: Selling Diamonds on Instagram

Icerock Diamonds owner Sam Karmiel chats with Rapaport's Avi Krawitz about his journey in the industry and how he started using Instagram to engage with customers and close sales.

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New York Winter Show Combines Beauty with History
By Anthony DeMarco

The arts and antiques fair displayed a diverse array of important and quirky jewels.

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Vicenzaoro Show Signals Strong Outlook for Luxury
By David Brough

Organizers and exhibitors expressed optimism for the market in 2023 following steady trading and buoyant sentiment at the Italian jewelry fair.

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<p>Writer and curator takes helm at sustainability standards organization.</p>
RJC Names Melanie Grant as Executive Director
Writer and curator takes helm at sustainability standards organization.
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<p>Revenue slips amid slow November sales and uncertain economic situation.</p>
Birks Endures Tough Holiday Season
Revenue slips amid slow November sales and uncertain economic situation.
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<p>Category will be the biggest by value, ahead of flowers and candy.</p>
Valentine's Day Jewelry Spending to Exceed $5.5B – NRF
Category will be the biggest by value, ahead of flowers and candy.
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<p>Mainland and Hong Kong have seen sales pick up in January.</p>
Swatch Group Upbeat for 2023 Amid China Recovery
Mainland and Hong Kong have seen sales pick up in January.
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<p>Revenue rose 25% last year.</p>
Higher Average Price Buoys Mountain Province
Revenue rose 25% last year.
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<p>Exports rose in 2022 as US demand outweighed China slowdown.</p>
Luxury Strength Drives Growth in Swiss Watch Trade
Exports rose in 2022 as US demand outweighed China slowdown.
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<p>Full-year shipments down 3% amid second-half slowdown.</p>
India's 2022 Polished Exports Drop
Full-year shipments down 3% amid second-half slowdown.
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<p>Spending shifted away from e-commerce toward physical stores.</p>
Strong Holiday Sales Spur Record Revenue at Michael Hill
Spending shifted away from e-commerce toward physical stores.
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<p>Former Alrosa USA president Rebecca Foerster returns after stepping down last year.</p>
Diamonds Do Good Elects New Board
Former Alrosa USA president Rebecca Foerster returns after stepping down last year.
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<p>Former footwear executive is jewelry brand's third leader since 2014.</p>
John Hardy Names Frédéric Levy as CEO
Former footwear executive is jewelry brand's third leader since 2014.
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<p>Jewelry wholesaler ">
Herco Owner Retires, Sells Business to Quality Gold
Jewelry wholesaler "is now in good hands," says Reuven Itelman.
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