Rapaport TradeWire May 4, 2023

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RAPAPORT ® TRADEWIRE ®
May 4, 2023
 
Rapaport Market Comment - May 4, 2023

Diamond market slow after difficult start to 2023. 1 ct. RAPI -2.4% in April, -5% so far this year. Economic uncertainty weighing on sentiment as jewelers reduce inventory purchases. Conference Board's US Consumer Confidence Index hits 9-month low in April. NRF predicts record Mother's Day jewelry sales. Chinese shoppers and traders cautious. Luxury doing well, spurring optimism for next week's GemGenève show and Geneva auctions. Midstream holding large polished stockpiles despite reduced manufacturing. Rough trading sluggish during sight week. De Beers adds flexibility to supply amid weak demand. Hong Kong 4Q polished imports +6% to $3.7B, polished exports -8% to $3B.

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RAPNET DIAMOND INDEX (RAPI™)
  Weekly Monthly Y2Y
0.30 ct 0.17% 0.44% -0.51%
0.50 ct -0.91% -2.42% -19.07%
1.00 ct -0.78% -2.33% -22.97%
3.00 ct -0.05% -1.51% -15.02%
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Market Reports
<p><strong>United States: </strong>Weak bridal retail sales leading to sluggish wholesale…</p>    United States: Weak bridal retail sales leading to sluggish wholesale…
<p><strong>Belgium: </strong>Stable demand for 0.30 to 1 ct., H-I, SI2 goods…</p>    Belgium: Stable demand for 0.30 to 1 ct., H-I, SI2 goods…
<p><strong>Israel: </strong>Polished market weak, with decrease in US purchases…</p>    Israel: Polished market weak, with decrease in US purchases…
<p><strong>India: </strong>Domestic sector stable, with Akshaya Tritiya festival (April 22) stimulating momentum for gold jewelry sales…</p>    India: Domestic sector stable, with Akshaya Tritiya festival (April 22) stimulating momentum for gold jewelry sales…
<p><strong>Hong Kong: </strong>Retail gradually improving, driven by tourist revival…</p>    Hong Kong: Retail gradually improving, driven by tourist revival…
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Diamond Trends Webinar with Avi Krawitz: Why the Diamond Market Has Slowed

Wholesale diamond trading has remained sluggish in the second quarter. But what has influenced the difficult start to 2023? In our upcoming webinar, Rapaport Senior Analyst Avi Krawitz will examine this question and outline the state of the industry as we approach the midpoint of the year.

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The Dirt on Greenwashing
By Vivien Johnston Glass

Hiding unethical practices behind a veneer of sustainability is a serious issue in the luxury sector.

 
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<p>1ct. RAPI down 2.4% amid weakness in US and China.</p>
Polished Diamond Prices Declined in April
1ct. RAPI down 2.4% amid weakness in US and China.
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<p>11.16-carat, fancy-vivid stone has belonged to the same European collector since 1970.</p>
Bulgari Blue Diamond Bears $25M Price Tag at Sotheby's
11.16-carat, fancy-vivid stone has belonged to the same European collector since 1970.
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<p>Consumers will spend a total of $7.8 billion on gifts from the category, says National Retail Federation.</p>
Mother's Day Jewelry Spending to Hit Record High
Consumers will spend a total of $7.8 billion on gifts from the category, says National Retail Federation.
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<p>Danish retailer opened 87 concept stores and 112 shop-in-shop locations during the period.</p>
Network Expansion Boosts Pandora's 1Q Revenue
Danish retailer opened 87 concept stores and 112 shop-in-shop locations during the period.
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<p>Revenue from jewelry and other valuable items reached three-year high in March.</p>
Hong Kong Luxury Sales Soar Amid Tourism Revival
Revenue from jewelry and other valuable items reached three-year high in March.
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<p>Signet chain will offer service at 28 stores before expanding it over the summer and fall.</p>
Zales to Debut Lab-Grown Diamond Jewelry Rental
Signet chain will offer service at 28 stores before expanding it over the summer and fall.
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<p>Miner sold seven diamonds for more than $1 million each in first quarter, compared to nine a year earlier.</p>
Gem Diamonds Revenue Shrinks Amid Dearth of Large Stones
Miner sold seven diamonds for more than $1 million each in first quarter, compared to nine a year earlier.
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<p>Exchange is the first bourse to provide financial support to the organization.</p>
Antwerp Diamantkring Backs Natural Diamond Council
Exchange is the first bourse to provide financial support to the organization.
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<p>Ring is expected to fetch up to HKD 8.8 million ($1.1 million).</p>
7ct. Burmese Ruby to Lead Bonhams Hong Kong Auction
Ring is expected to fetch up to HKD 8.8 million ($1.1 million).
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<p>New recruits come from a cross-section of the jewelry, diamond and fashion industries, as well as from civil society organizations.</p>
WJI 2030 Adds Seven Members to Its Board
New recruits come from a cross-section of the jewelry, diamond and fashion industries, as well as from civil society organizations.
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<p>Piece carries price tag in excess of $1 million.</p>
Rio Tinto Puts Rare Argyle Ring Up for Sale
Piece carries price tag in excess of $1 million.
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<p>Initiative allows companies to partner directly with the online marketplace.</p>
EBay Launches 'Brand-Certified' Luxury Platform
Initiative allows companies to partner directly with the online marketplace.
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<p>BDB president made his mark as chairman and managing director of Mohit Diamonds.</p>
Anoop Mehta Receives Lifetime Achievement Award
BDB president made his mark as chairman and managing director of Mohit Diamonds.
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