Rapaport TradeWire June 8, 2023

June 8, 2023

Rapaport Market Comment - June 8, 2023 Diamond trading very slow. Dealers cautious as prices continue to decline. Jewelers have curbed buying and lowered their short-term expectations due to economic uncertainty and synthetic-diamond competition. Manufacturers trying to diminish inventory by scaling back production, since demand is hard to stimulate in current market. Mixed sentiment at Las Vegas shows. Positive Luxury and Couture fairs reflect strong high end, but middle America under pressure from rising cost of living. Signet 1Q sales -9% to $1.7B. Christie's NY sells $62M (97% by value); pear, 126.76 ct., D, IF diamond goes for $13.6M ($108K/ct.). Rough market weak; De Beers has reduced prices of 1 ct.+ rough by 5% to 10% at June sight. Rapaport partners with GIA and Okavango Diamond Company to list "Green Star" responsibly sourced stones on RapNet. Read More

RAPNET DIAMOND INDEX (RAPI™)   Weekly Monthly Y2Y 0.30 ct -0.61% -2.32% -3.07% 0.50 ct -0.68% -3.80% -22.00% 1.00 ct -0.54% -1.79% -23.56% 3.00 ct -0.16% -0.94% -15.94%

Market Reports   United States: Fancy shapes and colors are pockets of strength in overall weak polished sector…   Belgium: Dealers buying for specific orders rather than bulk as jewelers limit inventory purchases…   Israel: Buyers still not enticed by high discounts…   India: Sluggish interest in 0.50 to 3 ct. diamonds…   Hong Kong: Retailers preparing summer promotions and willing to sacrifice profit margins to clinch revenues…

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Podcast: The Future of Russian Sanctions US restrictions on Russian goods will likely tighten to reflect the actual behavior of jewelers and the public, says Tiffany Stevens, head of the Jewelers Vigilance Committee (JVC). Listen Here

The State of the Jewelry Market: Interview with Lisa Bridge By Martin Rapaport The CEO of retailer Ben Bridge and president of the American Gem Society reveals her insights on bridal, synthetics, and selling to the Gen Z consumer. Read More

Advertorial: Meet the Lion of Merelani This record-breaking tsavorite of nearly 117 carats recently joined the Smithsonian's National Gem Collection. Read More

Diamond Trade Slow as Vegas Shows Close to Mixed Reviews The fairs did not boost the market as many hoped they would. See More Signet Slashes Forecast as Sales Slump Engagements dried up in first fiscal quarter, retailer reports. See More Diamond Prices, Market Sentiment Weak RAPI fell in May and continued to downtrend during first week of June. See More De Beers Lowers Prices as Weak Demand Continues Miner also extends flexibility in certain slow categories at June sight. See More Peace of Light Diamond Brings In $13.6M at Christie's 126.76-carat stone appeared without reserve at New York Magnificent Jewels auction. See More Couture Show Outperforms Expectations for Many Exhibitors Brands report upbeat mood and good orders from both major and independent retailers. See More New Venue Boosts Buyers at Las Vegas Antique Fair Wynn resort's location near other jewelry shows helped increase traffic, say vendors. See More Rapaport Launches Green Star Source Program Group collaborating with Okavango Diamond Company and GIA on traceability project. See More Petra Postpones June Rough Sale Miner will tender the goods in August, hoping market will improve. See More Indian Billionaire Launches Jewelry Business with $607M Venture Aditya Birla conglomerate owner Kumar Birla will open retail stores across India. See More De Beers' Tracr Platform Now Open to the Industry Brilliant Earth joins miner's blockchain project. See More 50ct. Lab-Grown Diamond Is Largest on Record, IGI Claims India's Ethereal created the CVD stone in eight months — and has already sold it. See More Tourism Resurgence Buoys Hong Kong Luxury Sales Revenue from jewelry, watches, clocks and valuable gifts up 75% year on year in April. See More IGI Grades Bicolor Lab-Grown Diamonds Stones contain sections of both blue and yellow in honor of Ukraine. See More Hong Kong Polished Imports Rebound Shipments up 24% year on year in first quarter. See More Israel's Diamond Shipments Continue Downward Trend Imports and exports fell by most key measures in May. See More

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