Rapaport TradeWire February 2, 2023

February 2, 2023

Rapaport Market Comment - February 2, 2023 Trading slow for this time of year. US market cautious amid economic uncertainty. China-Hong Kong improving, with reports of good luxury sales during Lunar New Year. Trade hoping for release of pent-up Chinese demand and tourist shopping after Covid-19 restrictions lifted. Polished prices continue to decline; 1 ct. RAPI -0.9% in Jan. Small stones steady. Cutters refraining from large rough purchases. De Beers Jan. revenue -32% to $450M; 2022 sales volume -8% to 33.4M cts., production +7% to 34.6M cts., average price +35% to $197/ct. Letšeng 2022 sales -6% to $189M, average price -4% to $1,755/ct. LVMH 2022 watch and jewelry revenue +18% to $11.5B, operating profit +20% to $2.2B. Watch Video

RAPNET DIAMOND INDEX (RAPI™)   Weekly Monthly Y2Y 0.30 ct -0.35% 3.01% -5.92% 0.50 ct -0.55% -0.19% -14.02% 1.00 ct -0.87% -1.00% -17.52% 3.00 ct -0.10% -0.37% -9.54%

Market Reports   United States: Elongated fancies are strongest sellers among loose stones, especially clean G-H, SI goods…   Belgium: Rough market cautious; less new supply available than usual…   Israel: Buyers are cherry-picking clean goods with the best proportions…   India: Polished production still below capacity due to global uncertainty…   Hong Kong: Mainland demand picking up following end of Covid-19 restrictions and opening of Hong Kong border…

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EU Sanctions Are Back on the Table. Will They Work? By Joshua Freedman The bloc is considering a quota or other restrictions on Russian diamonds. Industry members and politicians claim only a global effort will have an impact. Read More

Webinar: What's Shaping the Market? In our quarterly webinar series, Rapaport Senior Analyst Avi Krawitz will examine the main forces affecting the diamond market in 2023 and outline the state of the industry at the start of the year. The webinar will take place on Wednesday, February 15, at 10 a.m. Eastern Time and again on Thursday, February 16, at 3:30 p.m. India Time. Register Here

Sales Decline at De Beers' First Sight of 2023 Miner garners $450 million in January cycle. See More India Makes Sweeping Reforms to Promote Lab-Grown Sector Government abolishes import duty on diamond seeds, pledges research grant. See More De Beers' Rough Prices Rise 23% in 2022 Demand slowed in fourth quarter as midstream inventories grew. See More Record Tiffany Revenue Buoys LVMH Brand doubled its high-jewelry sales and saw strong demand for Lock bracelet collection. See More Large-Stone Deficit Dents Gem Diamonds Sales Recoveries of special-size rough fell well below 14-year average. See More "> De Beers Cuts Staff in North America Restructuring has impacted "small number" of US employees. See More Fewer US Jewelry Stores Shuttered in 2022 436 businesses closed last year, compared to 536 in 2021. See More NDC, Lorraine Schwartz Choose New Crop for Designer Program Six participants will receive credit, retail opportunities and selling support. See More Caryl Capeci to Take Helm at Starboard Cruise Services Former Chow Tai Fook executive will oversee onboard shopping business's jewelry and luxury categories. See More Watch Featuring over 17K Natural Diamonds Scores Guinness Record International Gemological Institute (IGI) graded each stone in timepiece from Indian company Renani Jewels. See More Asian Star Sales Drop Amid Consumer Slowdown Revenue fell 30% year on year in last quarter of 2022. See More World Jewellery Confederation to Launch CIBJO Academy Institution will help educate industry and public about standards and terminology. See More

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