Rapaport TradeWire March 9, 2023

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

Mixed sentiment amid slow trading. Expectations rising for 2H recovery as US shows signs of improvement despite lingering economic uncertainty. Hong Kong fair demonstrates pent-up Chinese demand, with buyers testing price points. Dealers happy to reconnect with Chinese market after Covid-19 disruptions. Small-stone segment strong; some concerned that recent rough-price hikes outpaced polished, putting pressure on cutters' profit margins. De Beers Feb. sales -24% to $495M. Sightholders planning larger purchases later in the year. Manufacturers increasing production but still operating well below capacity. Israel Feb. polished exports +80% to $642M, rough imports -10% to $101M.

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RAPNET DIAMOND INDEX (RAPI™)
  Weekly Monthly Y2Y
0.30 ct 0.39% 2.71% -10.45%
0.50 ct -0.10% -0.29% -21.32%
1.00 ct -0.09% -0.03% -25.08%
3.00 ct -0.12% -0.75% -17.49%
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Market Reports
<p><strong>United States: </strong>Robust bridal segment driving solid retail jewelry business…</p>    United States: Robust bridal segment driving solid retail jewelry business…
<p><strong>Belgium: </strong>Dealers holding large inventories and offering deeper discounts for items that are difficult to move…</p>    Belgium: Dealers holding large inventories and offering deeper discounts for items that are difficult to move…
<p><strong>Israel: </strong>Fancy shapes moving better than rounds…</p>    Israel: Fancy shapes moving better than rounds…
<p><strong>India: </strong>Activity stable after Hong Kong shows signaled strong appetite for goods in China…</p>    India: Activity stable after Hong Kong shows signaled strong appetite for goods in China…
<p><strong>Hong Kong: </strong>Industry enjoying boost from March shows. Visitor traffic strong after more than two years of disruption…</p>    Hong Kong: Industry enjoying boost from March shows. Visitor traffic strong after more than two years of disruption…
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Hong Kong Fairs: More Show Than Dough
By Joshua Freedman

The recent exhibitions saw strong footfall, but buyers' price expectations made sales difficult.

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NDC Plans Synthetics Myth-Busting Campaign

David Kellie, CEO of the Natural Diamond Council, chats with Rapaport's Avi Krawitz about the organization's latest projects — including a rebuttal to the lab-grown sector's sustainability claims, a path to partnering with other sectors of the trade, and the group's ongoing work with brand ambassador Lily James.

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Trash to Treasure: The Brands Turning Used Materials into Jewelry
By Diana Jarrett

To reduce waste, companies are recycling gold and silver from discarded electronics and film.

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<p>Retail inventory replenishment slower than usual for first quarter.</p>
Press Release: Polished Trading Cautious Despite China Boost
Retail inventory replenishment slower than usual for first quarter.
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<p>Revenue declined at second sight of the year.</p>
De Beers Sees Further Sales Slowdown
Revenue declined at second sight of the year.
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<p>US and European Union officials discuss potential restrictions.</p>
Government and Industry Meet on Russia Sanctions
US and European Union officials discuss potential restrictions.
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<p>Responsible sourcing efforts must focus on leaving no one behind, writes Iris Van der Veken.</p>
Sustainability in a Rapidly Changing World: A 2023 Perspective
Responsible sourcing efforts must focus on leaving no one behind, writes Iris Van der Veken.
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<p>Elliot Carlyle is on a mission to give underrepresented creators the resources they need to succeed.</p>
The Man Helping Open Doors for Jewelers of Color
Elliot Carlyle is on a mission to give underrepresented creators the resources they need to succeed.
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<p>Huawei technology in operation at Jwaneng deposit in Botswana.</p>
De Beers to Expand 5G-Ready Mining
Huawei technology in operation at Jwaneng deposit in Botswana.
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<p>Revenue down 4.6% year on year in fourth quarter.</p>
Macy's Sales Slip in Challenging Economy
Revenue down 4.6% year on year in fourth quarter.
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<p>Piece brings in $82,550, well below $350,000 low estimate.</p>
Diamond Ring Sold Without Reserve Falls Short at Sotheby's
Piece brings in $82,550, well below $350,000 low estimate.
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<p>Star of show was 35-carat Leviev diamond ring that fetched $2.7 million.</p>
Bonhams Sells Every Jewel on Offer at New York Auction
Star of show was 35-carat Leviev diamond ring that fetched $2.7 million.
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<p>Chan Sai-Cheong will exit at end of March.</p>
Chow Tai Fook China Boss to Depart
Chan Sai-Cheong will exit at end of March.
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<p>Eva Violante succeeds Sara Thomeier in role.</p>
Phillips Names New Head of Jewelry for Americas
Eva Violante succeeds Sara Thomeier in role.
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<p>Stone is miner's first 100-carat-plus discovery this year.</p>
Gem Diamonds Unearths 122ct. Rough from Letšeng
Stone is miner's first 100-carat-plus discovery this year.
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<p>Government predicts midyear recovery.</p>
Polished Up, Rough Down in Mixed February for Israel Trade
Government predicts midyear recovery.
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<p>Miner hopes revenue from 72.53-carat rough will offset decreased volume.</p>
Diamcor Sales 'Lower Than Expected' at Tender
Miner hopes revenue from 72.53-carat rough will offset decreased volume.
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