Rapaport TradeWire April 27, 2023

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. Read More

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%

Market Reports   United States: Retailers focused on memo supply to avoid owning inventory during period of uncertainty…   Belgium: Rough buying slow ahead of next week's De Beers sight (May 2-5)…   Israel: Widening price gap between bulk inventory purchases and specific trades…   India: Concern about decline in bulk orders, with low expectations for coming months…   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. Read More

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.     Listen Here

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. Read More

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

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