Rapaport TradeWire March 2, 2023

March 2, 2023

Rapaport Market Comment - March 2, 2023 Hong Kong shows open to busy traffic as Chinese buyers attend first major trade events since Covid-19 restrictions. Steady demand for small polished; 0.30 ct. RAPI +3.5% in Feb., 1 ct. -0.1%. Some manufacturers offering higher discounts to offload old inventory, planning to ramp up production in anticipation of 2H market improvement. Rough prices rising at tenders. Sarine 2022 sales -5% to $59M, profit -47% to $9M. Rio Tinto approves $40M Diavik mine extension to 2026. Russian diamonds facing further scrutiny as G7 explores sanctions. US considering traceability regulations to prevent imports of "substantially transformed" Russian diamonds polished in other centers. Watch Video

RAPNET DIAMOND INDEX (RAPI™)   Weekly Monthly Y2Y 0.30 ct 0.53% 3.52% -7.84% 0.50 ct -0.23% 0.12% -19.30% 1.00 ct 0.07% -0.05% -21.92% 3.00 ct -0.34% -0.83% -15.15%

Market Reports   United States: Some larger dealers see buying opportunities as suppliers offer deeper discounts for bulk orders…   Belgium: Inventory levels high, but some scarcities in popular items…   Israel: Goods below 0.50 ct. steady; 0.70 ct. and larger weak…   India: Surat polished production below capacity as rough prices remain high and profit margins thin…   Hong Kong: Robust traffic at jewelry fairs. Border reopening has enabled mainland companies to attend…

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Will the Wedding Boom Continue? By Leah Meirovich The bridal sector hopes the momentum will last following the busiest year for nuptials in almost four decades. Read More

De Beers' Price Hike Exposes Profitability Concerns By Joshua Freedman Manufacturers are split on whether small diamonds deserved such a sharp increase. Read More

Video: What Young Industry Members Expect in 2023 By Joshua Freedman Four participants in a recent Young Diamantaires trip share their hopes and predictions. Watch Video

Keep Alrosa Diamonds Separate, JVC Warns Government will likely address loophole that enables Russian stones to enter US, group says. See More G7 to 'Work on Further Measures' Against Russian Diamonds Rough and polished stones escape latest round of Western sanctions. See More Hong Kong Sees Highest Luxury Sales in Three Years Easing of Covid-19 restrictions supported demand in January. See More Rio Tinto Spends $40M to Keep Diavik Going Extra year could add 2.2 million carats of rough production. See More LVMH Wants to Buy Richemont: Report Share prices stable amid takeover rumors. See More India Manufacturing Slump Hits Sarine Results Sales of cutting equipment fell in 2022. See More LVMH and Tiffany Team Up for Inclusive Training Program Collaboration targets diverse community of aspiring jewelry artisans. See More Brand Strategy Boosts Michael Hill's Revenue Sales increased 11% in latest fiscal half as jeweler cut back on discounting. See More Firestone Still Struggling Despite Strong Sales Robust market for smaller diamonds boosted figures in second fiscal quarter. See More Dubai Jewelry Show Sees 20% Increase in Visitors Buyers attended from 95 countries and regions, organizers say. See More Christie's Names Emmanuel Danan to Head Luxury Segment Paris-based executive spent 17 years at L'Oréal. See More "> Annie Wong Becomes Chow Tai Fook's First COO Appointment comes amid "transformation" process at Hong Kong-based jeweler. See More 6ct. Diamond Ring Fetches $240,000 at Bonhams California Sale brings in a total of $2.3 million. See More BlueRock's Mining Unit Enters Business Rescue Company requests suspension of shares amid financial uncertainty. See More

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