Rapaport TradeWire June 29, 2023

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RAPAPORT ® TRADEWIRE ®
June 29, 2023
 
Rapaport Market Comment - June 29, 2023

Trading slow. Weak demand for 0.25 ct. and larger polished is leading to price declines. Focus on memo. Jewelers limiting inventory and buying for specific orders. US seasonally quiet ahead of summer vacation. Mixed outlook as American job market improves, but Federal Reserve warns it could raise interest rates at July and September meetings. Muted activity at small Hong Kong show; few overseas buyers present. US sanctions four gold and diamond companies and one individual that have supported Russia's Wagner military group. Rough market under pressure as deadline approaches for De Beers-Botswana deal. Birks FY sales -10% to $124M; loss of $5.7M vs. profit of $1M a year earlier.

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RAPNET DIAMOND INDEX (RAPI™)
  Weekly Monthly Y2Y
0.30 ct -0.16% -1.02% -2.54%
0.50 ct -0.67% -3.38% -22.86%
1.00 ct -0.24% -2.34% -23.87%
3.00 ct -0.17% -1.22% -16.03%
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Market Reports
<p><strong>United States: </strong>Retailers requesting memo instead of buying for stock amid uncertain trading conditions…</p>    United States: Retailers requesting memo instead of buying for stock amid uncertain trading conditions…
<p><strong>Belgium: </strong>Rough sluggish due to drop in polished orders…</p>    Belgium: Rough sluggish due to drop in polished orders…
<p><strong>Israel: </strong>Reduced production has created a shortage of quality goods…</p>    Israel: Reduced production has created a shortage of quality goods…
<p><strong>India: </strong>Businesses struggling to manage costs…</p>    India: Businesses struggling to manage costs…
<p><strong>Hong Kong: </strong>Weak demand likely to continue until September Jewellery & Gem World fair…</p>    Hong Kong: Weak demand likely to continue until September Jewellery & Gem World fair…
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Is De Beers' Lab-Grown Bridal Launch Such a Shock?
By Joshua Freedman

Many say it was an obvious move, but questions about pricing remain.

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Behind the Gavel: Benoît Repellin of Phillips Shares His Passion for the Job
By Anthony DeMarco

As the company's new global jewelry head, he's managing not just the auction house's offerings, but thousands of appreciative Instagram followers.

 
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Five Celebrities Changing the Way Gen Z Accessorizes
By Isabella Yan

From putting maximalism in the spotlight to encouraging men to don pearls, jewelry influencers are spearheading a fine-jewelry evolution via red-carpet glow ups, brand collaborations and viral TikTok moments.

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<p>Indian producer Greenlab quit natural stones five years ago.</p>
How a 7.5ct. Lab-Grown Diamond Ended Up in Jill Biden's Hands
Indian producer Greenlab quit natural stones five years ago.
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<p>Treasury targets four businesses and one individual funding military outfit and its leader Yevgeniy Prigozhin.</p>
US Sanctions Gold and Diamond Companies Aiding Wagner Group
Treasury targets four businesses and one individual funding military outfit and its leader Yevgeniy Prigozhin.
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<p>Small wonders: This Italian brand's signature technique brings its Damisa Ice necklace and ring to life in exquisite detail.</p>
Sicis Jewels Makes Modern Masterpieces from Micromosaics
Small wonders: This Italian brand's signature technique brings its Damisa Ice necklace and ring to life in exquisite detail.
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<p>Feeling blue-green: A type of chalcedony discovered by chance in the islands of Indonesia, this gem is distinctive for its gleaming copper flecks.</p>
A Stunning New Gemstone: Introducing Aquadité
Feeling blue-green: A type of chalcedony discovered by chance in the islands of Indonesia, this gem is distinctive for its gleaming copper flecks.
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<p>Watches and jewelry are top categories as customers look to buy ">
Bain: China Resurgence to Drive Luxury Growth
Watches and jewelry are top categories as customers look to buy "less but better."
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<p>Decline of 10% reflects reorganization of Vancouver retail business and impact of inflation.</p>
Birks Sees Drop in Full-Year Sales and Profit
Decline of 10% reflects reorganization of Vancouver retail business and impact of inflation.
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<p>Kashmir sapphire weighing 7.58 carats fetches $1 million — more than double its upper estimate.</p>
Christie's Paris Jewelry Sale Yields Highest-Ever Result
Kashmir sapphire weighing 7.58 carats fetches $1 million — more than double its upper estimate.
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<p>Rough and polished shipments dropped, according to data from GJEPC.</p>
India's Diamond Trade Slows in May
Rough and polished shipments dropped, according to data from GJEPC.
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<p>Memorandum of understanding calls for collaboration between CIBJO and IGDA.</p>
Trade Groups Sign Deal on Lab-Grown Diamonds
Memorandum of understanding calls for collaboration between CIBJO and IGDA.
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<p>Bulgari blue-green diamond ring was top seller, bringing in more than $1 million.</p>
Doyle's New York Jewelry Auction Achieves $4.1M
Bulgari blue-green diamond ring was top seller, bringing in more than $1 million.
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<p>Gold-plated and gem-set Monopoly board sells for more than five times its estimate.</p>
45-Piece Sidney Mobell Collection Scores Big for Bonhams
Gold-plated and gem-set Monopoly board sells for more than five times its estimate.
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