Rapaport TradeWire April 20, 2023

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RAPAPORT ® TRADEWIRE ®
April 20, 2023
 
Rapaport Market Comment - April 20, 2023

Tough market as prices continue to decline amid slow demand. US buyers distracted by Passover and Easter holidays and tax deadlines. China slow, but Hong Kong continues to improve: Chow Tai Fook FY4Q retail sales +14%; Luk Fook FY4Q same-store sales +83%. Greater caution in melee than a month ago. Rough prices weak on secondary market as polished production levels remain below capacity. India March polished exports -33% to $1.6B, rough imports -19% to $1.7B. Petra Diamonds FY3Q sales -52% to $68M due to Williamson mine shutdown, despite firm March tender prices. Mountain Province 1Q sales +42% to $95M. Sotheby's HK sells $50M. Signet Jewelers predicts 4Q engagement boom.

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RAPNET DIAMOND INDEX (RAPI™)
  Weekly Monthly Y2Y
0.30 ct 0.16% -0.32% -1.08%
0.50 ct -0.47% -1.81% -18.32%
1.00 ct -0.74% -2.00% -22.62%
3.00 ct 0.02% -1.00% -15.37%
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Market Reports
<p><strong>United States: </strong>Engagement ring segment slightly down, with slow demand for 1 ct., F-I, VS-SI, 3X goods…</p>    United States: Engagement ring segment slightly down, with slow demand for 1 ct., F-I, VS-SI, 3X goods…
<p><strong>Belgium: </strong>Dealers cautious about raising inventory of commercial-quality rounds…</p>    Belgium: Dealers cautious about raising inventory of commercial-quality rounds…
<p><strong>Israel: </strong>Select categories of fancies selling well, with shortages also supporting prices…</p>    Israel: Select categories of fancies selling well, with shortages also supporting prices…
<p><strong>India: </strong>Rising appetite for non-certified diamonds in below-1-carat goods as manufacturers seek to save on grading costs…</p>    India: Rising appetite for non-certified diamonds in below-1-carat goods as manufacturers seek to save on grading costs…
<p><strong>Hong Kong: </strong>Local retail boosted by return of tourist traffic; mainland China sluggish…</p>    Hong Kong: Local retail boosted by return of tourist traffic; mainland China sluggish…
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The De Beers-Botswana Divide
By Avi Krawitz

De Beers is embroiled in momentous negotiations with the Botswana government that are threatening to derail their model partnership. As the deadline for new marketing and mining deals approaches, the 54-year relationship is under unprecedented stress.

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Webinar: Diamond Reports in a Digital World

The diamond-grading sector is changing, with laboratories carrying out origin verification and other added services to benefit the industry. Panelists discussed these issues on a special webinar, sponsored by the International Gemological Institute (IGI) and moderated by Rapaport News Editor Joshua Freedman.

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Cartier's Looking Glass Is Luxury's Latest Frontier
By Sarah Jordan

Mirror imaging: The French brand's virtual try-on device shows that the future of jewelry retail has arrived. Will the house's competitors follow its lead?

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<p>Global network enabled funds to reach financier of Lebanese terrorist group, Treasury claims.</p>
US Sanctions Diamond Firms Over Alleged Hezbollah Links
Global network enabled funds to reach financier of Lebanese terrorist group, Treasury claims.
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<p>Rapaport Group Chairman Martin Rapaport explains how the diamond industry can navigate the hurdles lab-grown and Russian sanctions generate.</p>
Podcast: Diamond Supply-Chain Challenges and Opportunities
Rapaport Group Chairman Martin Rapaport explains how the diamond industry can navigate the hurdles lab-grown and Russian sanctions generate.
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<p>March-April issue presents fresh design and sections alongside regular features.</p>
Rapaport Magazine Means Business: New Look, New Feel, New Stories
March-April issue presents fresh design and sections alongside regular features.
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<p>Inflation and tough labor market resulted in 1% decline in March, according to US Census Bureau.</p>
US Retail Sales Slip Amid Economic Slowdown
Inflation and tough labor market resulted in 1% decline in March, according to US Census Bureau.
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<p>Several big-ticket items did not appear in results.</p>
Sotheby's Hong Kong Sale Brings In $50M
Several big-ticket items did not appear in results.
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<p>Companies had gone to court over latter's alleged infringement on former's signature designs.</p>
David Yurman, Mejuri Settle Copyright Lawsuits
Companies had gone to court over latter's alleged infringement on former's signature designs.
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<p>Hong Kong-based retailer benefited from reopening of Chinese market.</p>
Chow Tai Fook Sales Recover
Hong Kong-based retailer benefited from reopening of Chinese market.
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<p>Bevilles has 26 shops across the country.</p>
Michael Hill Buys Australia Jewelry Chain for $30M
Bevilles has 26 shops across the country.
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<p>Same-store sales up 83% in fourth quarter.</p>
Hong Kong Reopening Boosts Luk Fook
Same-store sales up 83% in fourth quarter.
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<p>Drop in tenders during third quarter also affected revenue.</p>
Petra Sales Falter Amid Mine Shutdown
Drop in tenders during third quarter also affected revenue.
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<p>Company saw record first-quarter sales of $95 million.</p>
Strong Market for Small Stones Buoys Mountain Province
Company saw record first-quarter sales of $95 million.
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<p>May auction will feature 25 pieces by the designer.</p>
Christie's Geneva to Offer Largest Collection of JAR Jewels
May auction will feature 25 pieces by the designer.
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<p>Revenue from division up 23% amid reopening of Indian economy.</p>
Titan Closes Year with Strong Rebound in Jewelry Sales
Revenue from division up 23% amid reopening of Indian economy.
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<p>Rough and polished shipments fell, according to data from GJEPC.</p>
India's Diamond Trade Slows in March
Rough and polished shipments fell, according to data from GJEPC.
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<p>Decline reflects global slowdown, government says.</p>
Israel's Diamond Exports Slump in March
Decline reflects global slowdown, government says.
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