Rapaport TradeWire April 27, 2023

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RAPAPORT ® TRADEWIRE ®
April 27, 2023
 
Rapaport Market Comment - April 27, 2023

Diamond market quiet. US demand sluggish as jewelers reduced inventory purchases amid slowdown in engagement ring sales. Trade hoping Vegas shows will raise activity for 2H. Niche suppliers optimistic for GemGenève as European luxury sales are robust. Kering 1Q revenue +2% to $6.6B, boosted by "outstanding" jewelry. Rough trade cautious ahead of May sight. De Beers 1Q production flat at 8.9M cts., sales volume +23% to 9.7M cts. Diavik mine 1Q production -4% to 954K cts. Letšeng 1Q sales -30% to $37M, average price -22% to $1,431/ct. Tiffany & Co. reopens renovated flagship New York store. US sanctions 52 entities for funding Hezbollah terror group via diamond and luxury sales.

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RAPNET DIAMOND INDEX (RAPI™)
  Weekly Monthly Y2Y
0.30 ct 0.23% 0.39% -0.59%
0.50 ct -0.48% -1.86% -18.57%
1.00 ct -0.46% -1.96% -22.43%
3.00 ct -0.83% -1.75% -15.48%
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Market Reports
<p><strong>United States: </strong>Retailers focused on memo supply to avoid owning inventory during period of uncertainty…</p>    United States: Retailers focused on memo supply to avoid owning inventory during period of uncertainty…
<p><strong>Belgium: </strong>Rough buying slow ahead of next week's De Beers sight (May 2-5)…</p>    Belgium: Rough buying slow ahead of next week's De Beers sight (May 2-5)…
<p><strong>Israel: </strong>Widening price gap between bulk inventory purchases and specific trades…</p>    Israel: Widening price gap between bulk inventory purchases and specific trades…
<p><strong>India: </strong>Concern about decline in bulk orders, with low expectations for coming months…</p>    India: Concern about decline in bulk orders, with low expectations for coming months…
<p><strong>Hong Kong: </strong>Chinese buyers cautious due to economic uncertainty on the mainland…</p>    Hong Kong: Chinese buyers cautious due to economic uncertainty on the mainland…
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Rapaport Wins Prestigious Award for Russia Coverage

Rapaport's news team has picked up a Jesse H. Neal Award for its reporting of the Russia-Ukraine war and the conflict's impact on the diamond industry.

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Podcast: Young Diamantaires Leave Their Mark

More than 50 members of the Young Diamantaires group embarked on a fact-finding trip to Surat and Mumbai in March, exploring the impact of manufacturing and trading of the local industry and the contribution it makes to the community.  

 
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Interview with Sotheby's Exec Paul Redmayne
Anthony DeMarco

Behind the gavel: Introducing the auction house's senior vice president for luxury sales in Dubai.

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<p>Production from South Africa deposit down 56% as company moves from open pit to undergound.</p>
De Beers Output Flat Amid Mine Transition
Production from South Africa deposit down 56% as company moves from open pit to undergound.
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<p>Nazem Ahmad and codefendants conspired to obtain grading services, according to allegations.</p>
Diamond Trader Evaded US Sanctions, Attorney's Office Claims
Nazem Ahmad and codefendants conspired to obtain grading services, according to allegations.
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<p>Now known as the Landmark, refurbished Fifth Avenue building has additional three stories.</p>
Tiffany Reopens Revamped New York Flagship
Now known as the Landmark, refurbished Fifth Avenue building has additional three stories.
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<p>Boucheron, Pomellato and Qeelin brands had ">
Jewelry Sales Buoy Kering Revenue
Boucheron, Pomellato and Qeelin brands had "outstanding" performance, according to company.
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<p>Miner had trouble accessing material from open pit at Diavik.</p>
Rio Tinto Output Falls in First Quarter
Miner had trouble accessing material from open pit at Diavik.
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<p>Storm Mountain recovered fancy-intense stone in Lesotho on March 23.</p>
Kao Mine Yields 108ct. Pink Diamond
Storm Mountain recovered fancy-intense stone in Lesotho on March 23.
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<p>Some 133 companies exited the sector, compared to 187 during the same period of 2022.</p>
US Jewelry Business Closures Ease in First Quarter
Some 133 companies exited the sector, compared to 187 during the same period of 2022.
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<p>March shipments to municipality up 62% year on year.</p>
Hong Kong Recovery Buoys Swiss Watch Exports
March shipments to municipality up 62% year on year.
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<p>Brandee Dallow, Steven Holtzman and Feriel Zerouki bring director total to 34.</p>
JVC Welcomes Three New Board Members
Brandee Dallow, Steven Holtzman and Feriel Zerouki bring director total to 34.
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