Rapaport TradeWire July 20, 2023

July 20, 2023

Rapaport Market Comment - July 20, 2023 Diamond prices falling following De Beers' sharp reduction of rough prices in many categories and synthetic diamonds' takeover of commercial-quality real-diamond demand. Brands buying perfect fancy shapes and select large diamonds. Vivid and intense yellows also selling well. Fine-quality diamonds better than commercial goods. Synthetic-diamond prices crashing, with fine-quality synthetics (F-G, VVS-VS) in 2 to 3 ct. selling for $300-$500/ct. De Beers 2Q sales -19% to 7.6M cts., production -5% to 7.6M cts. US consumer spending weak, with revenue growth slowing to 0.2% in June, Census Bureau reports. Asia recovery supporting luxury brands: 1Q sales at Richemont's jewelry brands +19% to $4B. China gold demand improving, but diamonds slow. Watch Video

RAPNET DIAMOND INDEX (RAPI™)   Weekly Monthly Y2Y 0.30 ct -0.77% -1.28% -1.54% 0.50 ct -1.49% -4.16% -23.71% 1.00 ct -0.67% -2.31% -23.94% 3.00 ct 0.20% -1.52% -15.52%

Market Reports   United States: Rounds very weak, with dealers holding off purchases…   Belgium: Rough market sluggish. Synthetic-diamond competition causing deep concern…   Israel: Business weak, with few traders willing to make purchases…   India: Polished production remains low; companies cutting inexpensive or lab-grown rough to keep factories running…   Hong Kong: Jewelers offering discounts to stimulate summer retail sales…

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Podcast: Dispatches from the Lab-Grown Symposium Amish Shah, founder of Altr Created Diamonds, joins Rapaport's Joshua Freedman to discuss the inaugural Lab-Grown Diamond Symposium, which took place in Dubai last week.   Listen Here

De Beers Sales Fall Amid Slow Trading Rough-price index declined 2% in first half of 2023. See More US Sales Still Positive in June, but Growth Slows Retail revenue up 0.2% compared with May, Census Bureau reports. See More Signet Buys SJR National Repair Center Move is part of retailer's efforts to expand its jewelry-service division. See More Richemont Sales Strengthen as Asia Rebounds Revenue from Buccellati, Cartier, and Van Cleef & Arpels up 19% year on year in first fiscal quarter. See More Swatch Group Gains as China, Hong Kong Reopen Lifting of travel restrictions drove 11% sales growth in first half. See More Karowe Underground Expansion to Cost More, Take Longer Lucara to shell out additional $163 million on project. See More Luk Fook Sales Rise, but Diamonds Still Slow Hong Kong-based retailer to focus on gold jewelry. See More

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