Rapaport TradeWire May 18, 2023

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RAPAPORT ® TRADEWIRE ®
May 18, 2023
 
Rapaport Market Comment - May 18, 2023

Polished trading quiet. Jeweler inventory replacement down amid economic caution. Dealers hope Las Vegas shows will raise sentiment. GemGenève demonstrates strong demand for branded luxury. Richemont FY2023 jewelry sales +21% to $14.6B. Brilliant Earth 1Q revenue -2% to $98M. Sotheby's Geneva raises $85M; pear, 11.16 ct., fancy-vivid-blue, VS1 sells for $25M ($2.3M/ct.). Rough market slow as cutters keep production low. De Beers May sale -21% to $480M. Feriel Zerouki becomes president of World Diamond Council. Industry mourns passing of former London Diamond Bourse president Harry Levy. THE RAPAPORT PRICE LIST WILL NOT BE PUBLISHED ON MAY 26 DUE TO THE JEWISH HOLIDAY OF SHAVUOT.

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RAPNET DIAMOND INDEX (RAPI™)
  Weekly Monthly Y2Y
0.30 ct -0.33% 0.36% -1.01%
0.50 ct -1.10% -3.17% -20.29%
1.00 ct -0.58% -2.40% -23.20%
3.00 ct 0.16% -1.13% -15.36%
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Market Reports
<p><strong>United States: </strong>Dealers preparing for Las Vegas shows with hopes buyers will purchase now that price levels have dropped; appointments being made but uncertainty about potential buying…</p>    United States: Dealers preparing for Las Vegas shows with hopes buyers will purchase now that price levels have dropped; appointments being made but uncertainty about potential buying…
<p><strong>Belgium: </strong>Diamonds lagging behind lower price-point products such as gold jewelry…</p>    Belgium: Diamonds lagging behind lower price-point products such as gold jewelry…
<p><strong>Israel: </strong>Very few sales as US, China and Hong Kong jewelers reduce inventory following drop in consumer demand…</p>    Israel: Very few sales as US, China and Hong Kong jewelers reduce inventory following drop in consumer demand…
<p><strong>India: </strong>Surat factories reducing production and taking extended summer vacations due to market conditions…</p>    India: Surat factories reducing production and taking extended summer vacations due to market conditions…
<p><strong>Hong Kong: </strong>Gradual return of outbound tourism since border reopening, but traffic well below pre-pandemic levels…</p>    Hong Kong: Gradual return of outbound tourism since border reopening, but traffic well below pre-pandemic levels…
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Rapaport Breakfast at JCK Las Vegas

How can independent retailers sell natural diamonds in a profitable, ethical, reliable and sustainable manner? Martin Rapaport will address this question at the Rapaport Breakfast, taking place at the JCK Las Vegas show on Sunday, June 4, at 8 a.m. Pacific Daylight Time. Attendance is in person or via an online broadcast.

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Brands Still Have a Long Way to Go in Their Sustainability Quest
By Milena Lazazzera

Purpose and profit: The costs of not embracing ethical practices are rising.

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A Year in the Life of Watch Auctions
By Carol Besler

The hammer went down on more than $760 million in sales in 2022, says The Mercury Project. What's next?

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<p>US private-equity firm could sign deal with sellers this weekend, according to Indian media.</p>
Blackstone Set to Buy IGI for up to $550M: Report
US private-equity firm could sign deal with sellers this weekend, according to Indian media.
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<p>May cycle brought in 21% less than a year earlier.</p>
De Beers Sales Slip in Uncertain Market
May cycle brought in 21% less than a year earlier.
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<p>May and July sales will take place together.</p>
De Beers Merges Two Auctions Amid Slow Market
May and July sales will take place together.
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<p>Supervisory board to consider former Almazy Anabara chief as Sergey Ivanov's replacement.</p>
Alrosa Lines Up Pavel Marinychev as Potential CEO
Supervisory board to consider former Almazy Anabara chief as Sergey Ivanov's replacement.
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<p>Stone was most valuable jewel at recent Geneva auction season, says Sotheby's.</p>
Bulgari Blue Diamond Rakes In over $25 Million
Stone was most valuable jewel at recent Geneva auction season, says Sotheby's.
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<p>Christie's garners $202.2 million from three-part auction.</p>
Heidi Horten Jewelry Collection Sets Record in Geneva
Christie's garners $202.2 million from three-part auction.
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<p>Assortment brings in $6.7 million at Geneva Magnificent Jewels sale.</p>
28-Piece JAR Jewelry Collection Sells Out at Christie's
Assortment brings in $6.7 million at Geneva Magnificent Jewels sale.
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<p>D-color, internally flawless stone carries estimate of up to $15 million at New York Magnificent Jewels.</p>
Christie's to Offer 127ct. Diamond Without Reserve
D-color, internally flawless stone carries estimate of up to $15 million at New York Magnificent Jewels.
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<p>April revenue up 0.4% from March and 1.6% year on year.</p>
US Retail Sales Gain as Inflation Eases
April revenue up 0.4% from March and 1.6% year on year.
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<p>Ronnie Vanderlinden takes on vice presidency.</p>
Feriel Zerouki Becomes President of World Diamond Council
Ronnie Vanderlinden takes on vice presidency.
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<p>Consumers bought more pieces but at lower prices in first quarter.</p>
Brilliant Earth Incurs Loss Amid Shift to Cheaper Jewelry
Consumers bought more pieces but at lower prices in first quarter.
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<p>Revenue from segment gained 21% in latest fiscal year.</p>
China's Reopening Lifts Richemont's Jewelry Sales
Revenue from segment gained 21% in latest fiscal year.
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<p>First-quarter sales and profit dropped amid price decline and weakening of product mix.</p>
Rough Slowdown Hits Lucara
First-quarter sales and profit dropped amid price decline and weakening of product mix.
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<p>Group net profit was $800,000, down from around $3.4 million reported a year earlier.</p>
Sarine Revenue Drops Amid Economic Caution
Group net profit was $800,000, down from around $3.4 million reported a year earlier.
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<p>Exchange's honorary life chairman made broad contribution to industry.</p>
Former London Diamond Bourse President Harry Levy Dies
Exchange's honorary life chairman made broad contribution to industry.
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<p>Executive previously ran the auction house's jewelry division in Europe.</p>
Benoît Repellin Takes On Global Role at Phillips
Executive previously ran the auction house's jewelry division in Europe.
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<p>Grandson of Zales Jewelers founder will become an industry consultant.</p>
Stanley Zale Exits Stuller After 17 Years
Grandson of Zales Jewelers founder will become an industry consultant.
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