Rapaport TradeWire February 9, 2023

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RAPAPORT ® TRADEWIRE ®
February 9, 2023
 
Rapaport Market Comment - February 9, 2023

Diamond market segmented. Smaller goods stable; larger stones above 0.50 ct. weak amid price uncertainty. US demand cautious due to sluggish economic outlook, but dealers see steady orders at Centurion show in Arizona. NRF expects jewelry to top list of Valentine's Day gifts but predicts lower sales than last year. China recovery boosting trader sentiment. Chinese luxury market improving after Covid-19 lockdowns led to 10%-15% decline in local jewelry segment for 2022, Bain reports. Titan Company FY3Q sales +16% to $1.4B, profit -10% to $123M. Rough trading slow; manufacturers keeping production low due to high polished inventory. Sotheby's brings in $13M at Hong Kong sale.

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RAPNET DIAMOND INDEX (RAPI™)
  Weekly Monthly Y2Y
0.30 ct 1.18% 3.70% -6.31%
0.50 ct 0.31% 0.00% -14.53%
1.00 ct -0.11% -0.92% -18.48%
3.00 ct -0.20% -0.33% -10.74%
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Market Reports
<p><strong>United States: </strong>Retail jewelers buying, but not in the significant quantities typical of January-February…</p>    United States: Retail jewelers buying, but not in the significant quantities typical of January-February…
<p><strong>Belgium: </strong>Steady demand from European luxury houses following robust holiday season for high-end retail…</p>    Belgium: Steady demand from European luxury houses following robust holiday season for high-end retail…
<p><strong>Israel: </strong>Fancy shapes with excellent proportions moving well…</p>    Israel: Fancy shapes with excellent proportions moving well…
<p><strong>India: </strong>Chinese recovery driving improvement in 0.30 to 0.69 ct., D-K, VS-I1, 3X diamonds…</p>    India: Chinese recovery driving improvement in 0.30 to 0.69 ct., D-K, VS-I1, 3X diamonds…
<p><strong>Hong Kong: </strong>Sellers holding prices firm after recent declines…</p>    Hong Kong: Sellers holding prices firm after recent declines…
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Podcast: The Importance of Tracking Your Diamond

Traceability has become a central issue in the diamond and jewelry industry, with the Russia-Ukraine conflict accelerating demand for source-verification programs.

Listen Here
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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
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For Love of Lapis Lazuli
By Cynthia Unninayar for Jewelry Connoisseur

This deep-blue stone has been gracing sculptures, mosaics, paintings and personal adornments for millennia. 

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<p>1-carat RAPI down 0.9% in January.</p>
Press Release: Diamond Trade Sees Cautious Start to 2023
1-carat RAPI down 0.9% in January.
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<p>Lab-grown diamonds, sustainability were hot topics at Phoenix and Tucson fairs.</p>
Exhibitors Upbeat at Centurion Show
Lab-grown diamonds, sustainability were hot topics at Phoenix and Tucson fairs.
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<p>Is inflation hitting the industry, or is the market experiencing a correction following a blockbuster 2021?</p>
US Retail: Performance Down for the Holidays
Is inflation hitting the industry, or is the market experiencing a correction following a blockbuster 2021?
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<p>The most important game of the year happens in February, and the winners take home the ultimate jewelry prize: a championship ring.</p>
Super Bowl Bling: How to Capitalize on the Football Fanfare
The most important game of the year happens in February, and the winners take home the ultimate jewelry prize: a championship ring.
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<p>Jewelers Vigilance Committee (JVC) now accepting submissions until March 10.</p>
FTC Extends Deadline for 'Green Guides' Feedback
Jewelers Vigilance Committee (JVC) now accepting submissions until March 10.
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<p>Segment contracted 10% to 15%, while fashion and watches had much steeper drops.</p>
Jewelry One of Stronger Categories in Ailing China Luxury Market
Segment contracted 10% to 15%, while fashion and watches had much steeper drops.
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<p>Pinks and blues also see increases.</p>
Yellows Lead Fancy-Color Price Index Rise in 2022
Pinks and blues also see increases.
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<p>Ruba Abu-Nimah started with the luxury jeweler in March 2021 following its takeover by LVMH.</p>
Tiffany Creative Director Exits Company
Ruba Abu-Nimah started with the luxury jeweler in March 2021 following its takeover by LVMH.
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<p>Select increases across its product portfolio drove 9% growth in fourth quarter.</p>
Pandora Revenue Up as Price Hikes Pay Off
Select increases across its product portfolio drove 9% growth in fourth quarter.
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<p>London-based private-equity owner Epiris purchased company in 2018.</p>
Bonhams Auction House Goes on the Block for $1B
London-based private-equity owner Epiris purchased company in 2018.
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<p>Revenue from hard luxury down 3% for the month.</p>
Hong Kong Retail Sales Slip in December
Revenue from hard luxury down 3% for the month.
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<p>Revenue up 16% year on year in fiscal quarter that ended December 31.</p>
Strong Holiday Season Buoys Sales at Titan
Revenue up 16% year on year in fiscal quarter that ended December 31.
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<p>Emeralds were top sellers, as were pink and yellow diamonds.</p>
Color Grabs Spotlight at Sotheby's Auction
Emeralds were top sellers, as were pink and yellow diamonds.
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<p>Malabar Gold & Diamonds will open showrooms in UK, Australia, Canada, Turkey, Egypt, Bangladesh and South Africa.</p>
Indian Jeweler Broadens Reach to 7 New Countries
Malabar Gold & Diamonds will open showrooms in UK, Australia, Canada, Turkey, Egypt, Bangladesh and South Africa.
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