Rapaport TradeWire June 29, 2023

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. Read More

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%

Market Reports   United States: Retailers requesting memo instead of buying for stock amid uncertain trading conditions…   Belgium: Rough sluggish due to drop in polished orders…   Israel: Reduced production has created a shortage of quality goods…   India: Businesses struggling to manage costs…   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. Read More

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.   Read More

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. Read More

How a 7.5ct. Lab-Grown Diamond Ended Up in Jill Biden's Hands Indian producer Greenlab quit natural stones five years ago. See More US Sanctions Gold and Diamond Companies Aiding Wagner Group Treasury targets four businesses and one individual funding military outfit and its leader Yevgeniy Prigozhin. See More 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. See More 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. See More "> Bain: China Resurgence to Drive Luxury Growth Watches and jewelry are top categories as customers look to buy "less but better." See More Birks Sees Drop in Full-Year Sales and Profit Decline of 10% reflects reorganization of Vancouver retail business and impact of inflation. See More Christie's Paris Jewelry Sale Yields Highest-Ever Result Kashmir sapphire weighing 7.58 carats fetches $1 million — more than double its upper estimate. See More India's Diamond Trade Slows in May Rough and polished shipments dropped, according to data from GJEPC. See More Trade Groups Sign Deal on Lab-Grown Diamonds Memorandum of understanding calls for collaboration between CIBJO and IGDA. See More Doyle's New York Jewelry Auction Achieves $4.1M Bulgari blue-green diamond ring was top seller, bringing in more than $1 million. See More 45-Piece Sidney Mobell Collection Scores Big for Bonhams Gold-plated and gem-set Monopoly board sells for more than five times its estimate. See More

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