Rapaport TradeWire March 16, 2023

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RAPAPORT ® TRADEWIRE ®
March 16, 2023
 
Rapaport Market Comment - March 16, 2023

Polished trading slower than expected after Hong Kong show, but dealers more upbeat than before. China outlook positive even though buyers lack urgency and are testing price levels. US market stable. Large jewelry chains driving demand for small goods. Signet Jewelers 4Q revenue -5% to $2.7B, profit -12% to $277M. Brilliant Earth 4Q sales -2% to $120M, profit -46% to $6M. Petra Diamonds rough prices +12.5% in 1Q; fancy colors and small stones strong. Gem Diamonds 2022 revenue -6% to $189M, profit -26% to $20M. Burgundy Diamond Mines buys Ekati owner Arctic Canadian for $136M. Martin Rapaport to address New York Diamond Dealers Club on Monday, March 20, 2:30 p.m. EST. Register here.

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RAPNET DIAMOND INDEX (RAPI™)
  Weekly Monthly Y2Y
0.30 ct 0.49% 2.28% -9.05%
0.50 ct -0.09% -0.57% -21.17%
1.00 ct -0.68% -0.70% -25.09%
3.00 ct -0.25% -1.38% -17.12%
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Market Reports
<p><strong>United States: </strong>Elongated ovals, cushions and emeralds are hot categories…</p>    United States: Elongated ovals, cushions and emeralds are hot categories…
<p><strong>Belgium: </strong>Good orders for rough that yields fancy colors and small stones…</p>    Belgium: Good orders for rough that yields fancy colors and small stones…
<p><strong>Israel: </strong>Dealers apprehensive amid slow sales…</p>    Israel: Dealers apprehensive amid slow sales…
<p><strong>India: </strong>Rough demand steady despite recent price hikes, as some manufacturers seek to raise polished production…</p>    India: Rough demand steady despite recent price hikes, as some manufacturers seek to raise polished production…
<p><strong>Hong Kong: </strong>Chinese buyers still cautious and focusing on cheaper, low-margin items…</p>    Hong Kong: Chinese buyers still cautious and focusing on cheaper, low-margin items…
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The Industry's Russia Crisis: Formulating Sanctions
By Avi Krawitz

The Russia situation is forcing the diamond trade to take responsible sourcing to the next level. Considering the industry's long history of dealing with reputational challenges, the ongoing war in Ukraine adds a new dimension.

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Why the High End Is Driving the Watch Industry
By Anthony DeMarco

Luxury brands are having a moment, but a new Apple product is providing tough competition for the cheaper segment.

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The 3D Printing Revolution
By Jennifer Heebner

Designer Christian Tse is working to perfect this promising production method for precious metals.

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<p>Revenue fell 5% year on year in the three months that ended January 28.</p>
Signet Cautious After Slowdown in Holiday Quarter
Revenue fell 5% year on year in the three months that ended January 28.
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<p>Belgian lab sues former Istanbul partner amid bitter split.</p>
HRD Antwerp Hits Back at 'Upgrading' Allegations
Belgian lab sues former Istanbul partner amid bitter split.
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<p>Australia-based business agrees to purchase 100% of Arctic Canadian Diamond Company.</p>
Ekati Mine Sells to Burgundy for $136M
Australia-based business agrees to purchase 100% of Arctic Canadian Diamond Company.
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<p>Consumers sought discounts in February amid inflation, according to Mastercard.</p>
Valentine's Day Drives 'Spike' in Jewelry Sales
Consumers sought discounts in February amid inflation, according to Mastercard.
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<p>Revenue down 0.4% in February, according to US Census Bureau data.</p>
US Retail Sales Slip in Seasonal Lull
Revenue down 0.4% in February, according to US Census Bureau data.
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<p>Fourth-quarter sales declined 2% year on year.</p>
Brilliant Earth Revenue Drops in 'Promotional Environment'
Fourth-quarter sales declined 2% year on year.
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<p>March tender saw 12.5% increase compared with December.</p>
Petra Rough Prices Rise Amid China Recovery
March tender saw 12.5% increase compared with December.
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<p>High inflation, increased diesel prices and electricity interruptions resulted in 26% drop.</p>
Economic Challenges Dent Gem Diamonds Full-Year Profit
High inflation, increased diesel prices and electricity interruptions resulted in 26% drop.
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<p>The diamond, which Kwiat cut and polished, carries valuation of $400,000.</p>
Investment Platform Luxus Selling Shares in 5ct. D-Flawless
The diamond, which Kwiat cut and polished, carries valuation of $400,000.
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<p>Lab collaborating with Singapore-based retailer JannPaul Diamonds.</p>
GCAL Launches 8X Grade for Proprietary Cuts
Lab collaborating with Singapore-based retailer JannPaul Diamonds.
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<p>July 10 symposium will be first of its kind, says host DMCC.</p>
Lab-Grown Conference to Take Place in Dubai
July 10 symposium will be first of its kind, says host DMCC.
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<p>Executive spent 28 years as president of North America division.</p>
Former IGI Chief Jerry Ehrenwald Dies
Executive spent 28 years as president of North America division.
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<p>Esteemed polisher held several patents.</p>
Israel Itzkowitz, Coinventor of Princess Cut, Dies
Esteemed polisher held several patents.
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