Rapaport TradeWire July 27, 2023

July 27, 2023

Rapaport Market Comment - July 27, 2023 Weak polished demand leads to further decline in rough market. De Beers July sales -36% YOY to $410M, 1H revenue -21% to $2.8B, earnings -83% to $85M. Falling prices making for buyer's market. US discretionary spending low. Federal Reserve raises interest rates 0.25 basis points, aiming to reduce inflation to 2% from 3% in June. American consumer confidence +6% in July, Conference Board reports. Concerns about major manufacturers going into synthetics. Antwerp shuts for summer break. Okavango July sales of $107M ($151/ct.) are its highest this year. LVMH 1H jewelry and watch revenue +11% to $6B after reopening of Tiffany NY flagship. US places sanctions on new Alrosa CEO Pavel Marinychev. Watch Video

RAPNET DIAMOND INDEX (RAPI™)   Weekly Monthly Y2Y 0.30 ct 0.25% -1.19% -0.94% 0.50 ct -1.04% -4.73% -24.08% 1.00 ct -0.42% -2.49% -23.76% 3.00 ct -0.20% -1.29% -15.23%

Market Reports   United States: Very little demand for 0.30 to 2.99 ct. diamonds as synthetics offer shoppers lower prices, especially in 1 to 2 ct. range…   Belgium: Declines in rough and polished prices denting sentiment…   Israel: Suppliers trying to sell directly to jewelers, seeking better margins and bigger pool of customers…   India: Domestic market has weakened, since few weddings take place at this time of year…   Hong Kong: Concerns arising about mainland China demand, as post-lockdown recovery has not extended to diamonds…

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The Diamond Jewelry Gen-Z Is Buying Right Now By Joshua Hendren When younger shoppers are ready to invest in natural diamonds, they want designs that are simple, timeless and versatile, luxury brands say. Read More

De Beers Earnings Slide in Challenging First Half Weak consumer demand, lower average selling price, and rise in costs impact bottom line. See More US Imposes Sanctions on New Alrosa CEO Measures against Pavel Marinychev are part of efforts to restrict Russian military financing. See More De Beers Sales Slump at July Sight Midstream is being cautious about buying, says CEO. See More Russia to Launch Online Jewelry Marketplace – Report Ministry of Finance believes platform will simplify exports. See More De Beers Sees First Output from Venetia Underground Construction of South Africa project is 70% complete. See More Tiffany Store Revamp Drives Jewelry Growth at LVMH Division's sales up 11% in first half of 2023. See More Rio Tinto Revenue Falters Amid Dwindling Supply Diamond sales came to $250 million in the first half, compared with $465 million a year earlier. See More Hong Kong Recovery Buoys Swiss Watch Exports Shipments to municipality up 46% year on year in June. See More Michael Hill Plans to Expand Bevilles Throughout Australia Retailer in discussions to open new locations before Christmas. See More Krischer Reelected as Head of NY Diamond Dealers Club CEO of Esskay Gems was first named president in 2020. See More Tupac Shakur's Diamond and Ruby Ring Rakes In $1M Piece becomes most valuable hip-hop artifact ever sold, according to Sotheby's. See More

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