Rapaport TradeWire February 16, 2023

February 16, 2023

Rapaport Market Comment - February 16, 2023 China recovery lifts global sentiment. Dealers uncertain about US, but better-than-expected 4Q GDP growth of 2.9% calms recession fears. Valentine's Day shopping boosts Jan. US jewelry sales 6.5%, Mastercard says. Average amount spent on engagement rings -3% in 2022 amid rising demand for lab-grown and fancy-shape center stones, The Knot reports. Kering notes outstanding jewelry category. Brands increasingly focusing on source verification as pressure builds to broaden Russian sanctions and clarify legal requirements for dealing in Russia-sourced diamonds. Sightholders anticipate stable prices at next week's sight. Hong Kong 2022 polished imports +3% to $14.8B, exports +1% to $13B. Watch Video

RAPNET DIAMOND INDEX (RAPI™)   Weekly Monthly Y2Y 0.30 ct 0.91% 3.25% -8.17% 0.50 ct 0.19% 0.03% -16.84% 1.00 ct -0.01% -0.75% -20.14% 3.00 ct 0.39% 0.37% -12.95%

Market Reports   United States: Jewelry retail expected to be seasonally slow until start of summer wedding period…   Belgium: Dealers seeing uptick in demand…   Israel: Buying difficult due to some scarcities and price differences in popular items…   India: Rough market slower than usual for this time of year as concerns rise about manufacturing profitability…   Hong Kong: More Chinese buyers present and looking for goods, but still not at pre-lockdown levels…

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The Industry's Russia Crisis: The Importance of Alrosa By Avi Krawitz The diamond market has yet to feel the full effect of the war in Ukraine. Initial predictions pointed to a potential supply shortage that would result from having Alrosa, with its large share of global rough production, off the market. However, those scarcities have not emerged significantly. Read More

More Couples Choosing Fancy-Shaped Diamonds By Anthony DeMarco Jewelers point to celebrities, social media, and a shift away from tradition as reasons for trend. Read More

US Wholesale: Diamond Suppliers Cautious After Solid Year By Joyce Kauf The steady barrage of negative economic news has dealers concerned about the impact on business. Read More

Engagement Ring Spending Slips as More Turn to Lab-Grown 36% of center stones in 2022 were synthetic diamonds, according to The Knot. See More Valentine's Day Shopping Revives Jewelry Sales Category up 6.5% in January following nine months of stagnant growth, says Mastercard SpendingPulse. See More Kering Reports 'Outstanding' Year for Jewelry Boucheron, Pomellato and Qeelin all saw strong growth in 2022. See More US Retail Sales Bounce Back as Inflation Eases January revenue up 3% from December, according to US Census Bureau. See More Joint Sustainability Project Puts Focus on Small Businesses UN teams up with Watch & Jewellery Initiative 2030 to help improve ethical practices. See More Robust Luxury Market Boosts Watches of Switzerland Revenue rose 17% year on year in third fiscal quarter, driven by expansion in Europe. See More Organizations to Split Up for World Diamond Congress IDMA and WFDB will not host 40th edition together as they have in the past. See More Sotheby's Luxury Auction Beats Forecasts for Jewelry, Watches Both categories saw highest or near-highest results in over five years at London event. See More Dazzling Diamond Pieces to Lead Bonhams Auction Top item is marquise-shaped, 6.09-carat diamond ring with high estimate of $200,000. See More New Initiative Tackles Colored-Stone Traceability AGTA partners with Colorado School of Mines to bring transparency to African gem operations. See More Gübelin Taps AI for Gemstone-Source Proof Gemtelligence analyzes emeralds, sapphires and rubies to determine origins and detect treatments. See More Diamonds Do Good Doles Out $300K in Grants Group allots funds for mining and manufacturing communities in Africa, Canada and India. See More GSI Names New Head of Business Development Pinky Jalui has worked in gem and jewelry industry for over 20 years.   See More

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